Commodities

Terrible Week For Major Commodities, With Large Losses Throughout The Complex

Crude oil and natural gas prices were mostly driven by Putin's efforts to gain acceptance for Nord Stream 2: he favored increasing OPEC+ supply further to please Washington, though the group left the meeting unadjourned with no changes to their existing agreement

Published ET

Wuxi Cobalt Front-Month Futures Prices | Sources: ϕpost, Refinitiv data

Wuxi Cobalt Front-Month Futures Prices | Sources: ϕpost, Refinitiv data

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NET POSITIONS OF MANAGED MONEY (WEEKLY COTR)

ENERGY

  • Light Sweet Crude reduced net long position
  • Ice Brent reduced net long position
  • Gasoline RBOB reduced net long position
  • No.2 Heating Oil reduced net long position
  • Ice Gasoil reduced net long position
  • Henry Hub Ice reduced net long position

BRENT Crude Net Management Money Positioning | Sources: phipost.com, Refinitiv data

METALS

  • Gold reduced net long position
  • Silver reduced net long position
  • Platinum reduced net long position
  • Palladium increased net short position
  • Copper-Grade#1 reduced net long position

AGRICULTURE

  • Wheat reduced net long position
  • Corn reduced net long position
  • Rough Rice increased net long position
  • Oats increased net long position
  • Soybeans reduced net long position
  • Soybean Oil reduced net long position
  • Soybean Meal reduced net long position
  • Lean Hogs increased net long position
  • Live Cattle increased net long position
  • Feeder Cattle turned to net long
  • Cocoa turned to net short
  • Coffee C reduced net long position
  • Robusta Coffee increased net long position
  • Frozen Orange Juice reduced net short position
  • Sugar No.11 reduced net long position
  • White Sugar reduced net long position

NOTABLE GAINERS THIS WEEK

  • CME Random Length Lumber up 18.3% (YTD: 3.8%), now at 906.70
  • CME Dry Whey up 8.9% (YTD: 44.2%), now at 63.75
  • Commodities Exchange Center Iron Ore 62% Fe CFR China (TSI) up 7.6% (YTD: -34.9%), now at 101.82
  • EEX European-Carbon- Secondary Trading up 7.5% (YTD: 144.1%), now at 78.62
  • Intercontinental Exchange Endex European Union Allowance (EUA) Yearly up 7.5% (YTD: 139.2%), now at 78.25
  • WUXI Metal Cobalt Bi-Monthly up 6.7% (YTD: 66.9%), now at 450.50
  • SGX Iron Ore 62% China CFR Swap Monthly up 4.9% (YTD: -35.4%), now at 100.72
  • ICE-US Cocoa up 4.1% (YTD: -6.5%), now at 2,421.00
  • CME Non-Fat Dry Milk up 3.8% (YTD: 36.0%), now at 153.50
  • DCE Coking Coal Continuation Month 1 up 3.6% (YTD: 78.3%), now at 2,675.00
  • CME Class III Milk up 3.6% (YTD: 17.7%), now at 18.60
  • DCE Iron Ore Continuation Month 1 up 3.3% (YTD: -43.9%), now at 605.50
  • CBoT Soybean Meal up 3.2% (YTD: -15.4%), now at 367.70
  • CME Cash settled Butter up 3.2% (YTD: 35.8%), now at 200.25
  • Palladium spot up 2.9% (YTD: -25.8%), now at 1,813.68

NOTABLE LOSERS THIS WEEK

  • NYMEX Henry Hub Natural Gas down -18.5% (YTD: 62.7%), now at 04.13
  • NYMEX RBOB Gasoline down -15.8% (YTD: 38.7%), now at 01.95
  • NYMEX Light Sweet Crude Oil (WTI) down -15.5% (YTD: 36.6%), now at 66.26
  • Crude Oil WTI Cushing US FOB down -15.2% (YTD: 37.3%), now at 66.29
  • NYMEX NY Harbor ULSD down -11.9% (YTD: 42.1%), now at 02.10
  • DCE Coke down -11.7% (YTD: -7.3%), now at 2,760.00
  • SHFE Bitumen Continuation Month 1 down -7.7% (YTD: 14.3%), now at 2,766.00
  • Shanghai International Exchange TSR 20 down -6.9% (YTD: 12.4%), now at 11,230.00
  • ICE-US Cotton No. 2 down -6.3% (YTD: 39.9%), now at 109.00
  • SHFE Rubber down -4.4% (YTD: 6.5%), now at 14,360.00
  • COMEX Copper down -4.3% (YTD: 21.4%), now at 04.28
  • ICE Europe Brent Crude down -3.9% (YTD: 34.9%), now at 69.88
  • CBoT Wheat down -3.8% (YTD: 24.0%), now at 794.50
  • Johnson Matthey Iridium New York 0930 down -3.5% (YTD: 59.6%), now at 4,150.00
  • Coffee Arabica Colombia Excelso EP spot down -3.4% (YTD: 79.2%), now at 5,673.00
S&P GSCI Sub Indices This Week | Sources: ϕpost, FactSet dataS&P GSCI Equal Weight Total Return Index | Sources: ϕpost, Refinitiv data

ENERGY THIS WEEK

  • WTI crude front month currently at US$ 66.26 per barrel, down -15.5% (YTD: +36.6%); 6-month term structure in tightening backwardation
  • Brent crude front month currently at US$ 69.88 per barrel, down -3.9% (YTD: +34.9%); 6-month term structure in tightening backwardation
  • Newcastle Coal (ICE Europe) currently at US$ 155.25 per tonne, down -1.4% (YTD: +92.9%)
  • Natural Gas (Henry Hub) currently at US$ 4.13 per MMBtu, down -18.5% (YTD: +62.7%)
  • Gasoline (NYMEX) currently at US$ 1.95 per gallon, down -15.8% (YTD: +38.7%); 6-month term structure in tightening backwardation
  • Low Sulphur Gasoil (ICE Europe) currently at US$ 619.00 per tonne, up 2.4% (YTD: +47.1%)
GSCI Energy | Sources: ϕpost, FactSet dataWTI, Brent 1-Month ATM Implied Volatilities | Sources: ϕpost, Refinitiv data

BASE METALS THIS WEEK

  • Copper (COMEX) currently at US$ 4.28 per pound, down -4.3% (YTD: +21.4%)
  • Iron Ore (Dalian Commodity Exchange) currently at CNY 605.50 per tonne, up 3.3% (YTD: -43.9%)
  • Aluminum (Shanghai) currently at CNY 18,930 per tonne, down -2.1% (YTD: +19.8%)
  • Nickel (Shanghai) currently at CNY 148,850 per tonne, down -2.1% (YTD: +20.6%)
  • Lead (Shanghai) currently at CNY 14,905 per tonne, up 0.1% (YTD: +3.1%)
  • Rebar (Shanghai) currently at CNY 4,301 per tonne, down -1.1% (YTD: +1.9%)
  • Tin (Shanghai) currently at CNY 290,170 per tonne, up 0.9% (YTD: +93.1%)
  • Zinc (Shanghai) currently at CNY 22,860 per tonne, down -2.2% (YTD: +10.7%)
  • Refined Cobalt (Shanghai) spot price currently at CNY 445,500 per tonne, up 5.2% (YTD: +62.6%)
  • Lithium (Shanghai) spot price currently at CNY 1,135,000 per tonne, up 5.6% (YTD: +134.0%)
GSCI Base Metals | Sources: ϕpost, FactSet dataLME Base Metals 1-Month ATM Implied Vols | Sources: ϕpost, Refinitiv data

PRECIOUS METALS THIS WEEK

  • Gold spot currently at US$ 1,782.87 per troy ounce, down -0.5% (YTD: -6.0%)
  • Gold 1-Month ATM implied volatility currently at 14.00, up 3.6% (YTD: -10.4%)
  • Silver spot currently at US$ 22.52 per troy ounce, down -2.6% (YTD: -14.6%)
  • Silver 1-Month ATM implied volatility currently at 24.66, up 1.5% (YTD: -39.0%)
  • Palladium spot currently at US$ 1,813.68 per troy ounce, up 2.9% (YTD: -25.8%)
  • Platinum spot currently at US$ 931.87 per troy ounce, down -2.5% (YTD: -12.8%)
  • Rhodium (Johnson Matthey, New York 09:30) currently at US$ 14,000 per troy ounce, up 2.2% (YTD: -17.9%)
  • Iridium (Johnson Matthey, New York 09:30) currently at US$ 4,150 per troy ounce, down -3.5% (YTD: +59.6%)
GSCI Precious Metals | Sources: ϕpost, FactSet dataGold, Silver 1-Month ATM Implied Volatilites | Sources: ϕpost, Refinitiv data

AGS THIS WEEK

  • Live Cattle (CME) currently at US$ 137.68 cents per pound, down 0.3% (YTD: +21.9%)
  • Lean Hogs (CME) currently at US$ 74.00 cents per pound, up 1.1% (YTD: +5.3%)
  • Rough Rice (CBOT) currently at US$ 14.07 cents per hundredweight, down -1.6% (YTD: +13.4%)
  • Soybeans Composite (CBOT) currently at US$ 1,267.25 cents per bushel, up 1.2% (YTD: -3.6%)
  • Corn (CBOT) currently at US$ 586.00 cents per bushel, down -0.1% (YTD: +21.1%)
  • Wheat Composite (CBOT) currently at US$ 794.50 cents per bushel, down -3.8% (YTD: +24.0%)
  • Sugar No.11 (ICE US) currently at US$ 18.79 cents per pound, down -3.1% (YTD: +21.0%)
  • Cotton No.2 (ICE US) currently at US$ 109.00 cents per pound, down -6.3% (YTD: +39.9%)
  • Cocoa (ICE US) currently at US$ 2,421 per tonne, up 4.1% (YTD: -6.5%)
  • Coffee Arabica (Colombia Excelso) currently at EUR 5,673 per tonne, down -3.4% (YTD: +79.2%)
  • Random Length Lumber (CME) currently at US$ 906.70 per 1,000 board feet, up 18.3% (YTD: +3.8%)
  • TSR 20 Rubber (Shanghai) currently at CNY 11,230 per tonne, down -6.9% (YTD: +12.4%)
  • Soybean Oil Composite (CBOT) currently at US$ 57.10 cents per pound, down -3.3% (YTD: +31.8%)
  • Crude Palm Oil (Bursa Malaysia) currently at MYR 5,173 per tonne, down -3.0% (YTD: +33.0%)
GSCI Agriculture Weekly | Sources: ϕpost, FactSet dataAgricultural Commodities 1-Month ATM Implied Volatilities | Sources: ϕpost, Refinitiv data

SHIPPING THIS WEEK

  • Baltic Dry Index (Baltic Exchange) currently at 3,115, up 16.3% (YTD: +128.0%)
  • Freightos China To North America West Coast Container Index currently at 14,924, up 1.7% (YTD: +255.4%)
  • Freightos North America West Coast To China Container Index currently at 909, up 8.9% (YTD: +75.6%)
  • Freightos North America East Coast To Europe Container Index currently at 471, down -19.2% (YTD: +29.8%)
  • Freightos Europe To North America East Coast Container Index currently at 7,318, down -1.8% (YTD: +291.5%)
  • Freightos China To North Europe Container Index currently at 14,320, down -0.3% (YTD: +152.9%)
  • Freightos North Europe To China Container Index currently at 1,287, down -2.6% (YTD: -6.4%)
  • Freightos Europe To South America West Coast Container Index currently at 6,968, up 26.7% (YTD: +311.9%)
Baltic Dry Index | Sources: ϕpost, Refinitiv dataFreightos Container Indices | Sources: ϕpost, Refinitiv data

CARBON EMISSION ALLOWANCES (CO2)

  • EUA futures front month (European Energy Exchange) currently at EUR 78.25 per tonne, up 7.5% (YTD: +139.2%)

CO2 EUA Front-Month Futures | Sources: phipost.com, Refinitiv data