Commodities

Looking At GSCI Sub-Indices, Energy Is Off To A Great Start This Year, Led By Natural Gas And Heating Oil

Among macro trends, shipping has seen a continued slide since the beginning of the year (Baltic dry index down 20% YTD and down 69% since October), while EV-related base metals have done really well (Lithium up 20% and Nickel up 10% YTD)

Published ET

S&P GSCI Energy Year-To-Date Performance By Sub-Indices | Sources: ϕpost, FactSet

S&P GSCI Energy Year-To-Date Performance By Sub-Indices | Sources: ϕpost, FactSet

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NOTABLE GAINERS THIS WEEK

  • ICE Europe Newcastle Coal Monthly up 10.6% (YTD: 27.8%), now at 216.75
  • Zhengzhou Exchange Thermal Coal up 10.0% (YTD: 0.6%), now at 710.00
  • SHFE Nickel up 9.3% (YTD: 8.8%), now at 165,200.00
  • NYMEX Henry Hub Natural Gas up 8.8% (YTD: 14.3%), now at 04.26
  • DCE Coking Coal Continuation Month 1 up 8.2% (YTD: 15.2%), now at 2,366.00
  • Brent Crude Spot Free On Board (FOB) Sullom Voe North Sea up 6.6% (YTD: 12.6%), now at 88.48
  • NYMEX Light Sweet Crude Oil (WTI) up 6.2% (YTD: 11.4%), now at 83.82
  • Brent Forties and Oseberg Dated FOB North Sea Crude up 6.2% (YTD: 13.2%), now at 87.54
  • NYMEX NY Harbor ULSD up 6.1% (YTD: 13.1%), now at 02.63
  • Crude Oil WTI Cushing US FOB up 6.1% (YTD: 11.3%), now at 83.77
  • ICE-US Cocoa up 5.5% (YTD: 5.5%), now at 2,680.00
  • ICE Europe Brent Crude up 5.3% (YTD: 10.6%), now at 86.06
  • NYMEX RBOB Gasoline up 5.2% (YTD: 8.5%), now at 02.42
  • ICE Europe Low Sulphur Gasoil up 5.2% (YTD: 12.3%), now at 749.25
  • CME Random Length Lumber up 4.1% (YTD: 7.8%), now at 1,308.70

ICE Europe Newcastle Coal | Sources: phipost.com, Refinitiv data

NOTABLE LOSERS THIS WEEK

  • Baltic Exchange Capesize Index down -38.5% (YTD: -35.3%), now at 1,496.00
  • Baltic exchange dry index down -22.9% (YTD: -20.4%), now at 1,764.00
  • Baltic Exchange Panamax Index down -19.7% (YTD: -7.7%), now at 2,375.00
  • Baltic Exchange Supramax Index down -8.5% (YTD: -17.2%), now at 1,897.00
  • Baltic Exchange Handysize Index down -8.3% (YTD: -18.7%), now at 1,192.00
  • Johnson Matthey Rhodium New York 0930 down -6.3% (YTD: 15.9%), now at 16,400.00
  • Baltic Exchange clean tank index down -5.4% (YTD: -24.7%), now at 593.00
  • Coffee Robusta Vietnam Grade 1 Wet Pol spot down -5.1% (YTD: 0.0%), now at 1,922.00
  • Intercontinental Exchange European Union Allowance (EUA) Yearly down -3.9%, now at 82.08
  • EEX European-Carbon- Secondary Trading down -3.8% (YTD: 0.0%), now at 80.23
  • CBoT Soybeans down -3.2% (YTD: 2.1%), now at 1,369.75
  • Palladium spot down -2.7% (YTD: -0.9%), now at 1,880.84
  • CBoT Rough Rice down -2.5% (YTD: -3.0%), now at 14.56
  • CBoT Wheat down -2.2% (YTD: -3.8%), now at 741.50
  • CBoT Corn down -1.7% (YTD: 0.5%), now at 596.25
S&P GSCI Sub-indices This Week | Sources: ϕpost, FactSetS&P GSCI Equal Weighted Total Return Index | Sources: ϕpost, Refinitiv data

NET POSITIONS OF MANAGED MONEY (WEEKLY CFTC REPORT)

ENERGY

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

Brent Crude CFTC Net Positioning | Sources: phipost.com, Refinitiv data

METALS

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

AGRICULTURE

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

ENERGY THIS WEEK

  • WTI crude front month currently at US$ 83.82 per barrel, up 6.2% (YTD: +8.9%); 6-month term structure in widening backwardation
  • Brent crude front month currently at US$ 86.06 per barrel, up 5.3% (YTD: +8.5%); 6-month term structure in widening backwardation
  • Newcastle Coal (ICE Europe) currently at US$ 216.75 per tonne, up 10.6% (YTD: +27.4%)
  • Natural Gas (Henry Hub) currently at US$ 4.26 per MMBtu, up 8.8% (YTD: +19.7%)
  • Gasoline (NYMEX) currently at US$ 2.42 per gallon, up 5.2% (YTD: +5.3%); 6-month term structure in widening backwardation
  • Low Sulphur Gasoil (ICE Europe) currently at US$ 749.25 per tonne, up 5.2% (YTD: +10.5%)
GSCI Energy This Week | Sources: ϕpost, FactSetBrent, WTI 1-Month ATM Implied Volatilities | Sources: ϕpost, Refinitiv data

BASE METALS THIS WEEK

  • Copper (COMEX) currently at US$ 4.41 per pound, up 0.2% (YTD: +0.6%)
  • Iron Ore (Dalian Commodity Exchange) currently at CNY 721.50 per tonne, up 3.1% (YTD: +5.2%)
  • Aluminum (Shanghai) currently at CNY 21,070 per tonne, up 1.0% (YTD: +4.8%)
  • Nickel (Shanghai) currently at CNY 165,200 per tonne, up 9.3% (YTD: +9.6%)
  • Lead (Shanghai) currently at CNY 15,600 per tonne, up 2.1% (YTD: +1.6%)
  • Rebar (Shanghai) currently at CNY 4,620 per tonne, up 0.6% (YTD: +2.4%)
  • Tin (Shanghai) currently at CNY 315,180 per tonne, up 3.0% (YTD: +5.5%)
  • Zinc (Shanghai) currently at CNY 24,445 per tonne, up 1.0% (YTD: +3.4%)
  • Refined Cobalt (Shanghai) spot price currently at CNY 500,000 per tonne, up 1.2% (YTD: +2.7%)
  • Lithium (Shanghai) spot price currently at CNY 1,605,000 per tonne, up 3.9% (YTD: +20.2%)
GSCI Base Metals This Week | Sources: ϕpost, FactSetLME Base Metals 1-Month ATM Implied Volatilities | Sources: ϕpost, Refinitiv data

PRECIOUS METALS THIS WEEK

  • Gold spot currently at US$ 1,817.35 per troy ounce, up 1.2% (YTD: +0.2%)
  • Gold 1-Month ATM implied volatility currently at 11.98, down -6.5% (YTD: -5.4%)
  • Silver spot currently at US$ 22.94 per troy ounce, up 2.6% (YTD: -0.4%)
  • Silver 1-Month ATM implied volatility currently at 21.90, down -2.7% (YTD: -2.7%)
  • Palladium spot currently at US$ 1,880.84 per troy ounce, down -2.7% (YTD: -4.3%)
  • Platinum spot currently at US$ 969.50 per troy ounce, up 1.3% (YTD: +0.7%)
  • Rhodium (Johnson Matthey, New York 09:30) currently at US$ 16,400 per troy ounce, down -6.3% (YTD: +16.3%)
  • Iridium (Johnson Matthey, New York 09:30) currently at US$ 4,000 per troy ounce
GSCI Precious Metals This Week | Sources: ϕpost, FactSetGold, Silver 1-Month ATM Implied Vols | Sources: ϕpost, Refinitiv data

AGS THIS WEEK

  • Live Cattle (CME) currently at US$ 137.98 cents per pound, up 0.5% (YTD: -0.8%)
  • Lean Hogs (CME) currently at US$ 80.90 cents per pound, up 1.6% (YTD: -2.2%)
  • Rough Rice (CBOT) currently at US$ 14.56 cents per hundredweight, down -2.5% (YTD: -2.6%)
  • Soybeans Composite (CBOT) currently at US$ 1,369.75 cents per bushel, down -3.2% (YTD: +2.2%)
  • Corn (CBOT) currently at US$ 596.25 cents per bushel, down -1.7% (YTD: +0.0%)
  • Wheat Composite (CBOT) currently at US$ 741.50 cents per bushel, down -2.2% (YTD: -4.9%)
  • Sugar No.11 (ICE US) currently at US$ 18.33 cents per pound, up 1.4% (YTD: -2.5%)
  • Cotton No.2 (ICE US) currently at US$ 119.77 cents per pound, up 4.0% (YTD: +4.7%)
  • Cocoa (ICE US) currently at US$ 2,680 per tonne, up 5.5% (YTD: +3.9%)
  • Coffee Arabica (Colombia Excelso) currently at EUR 5,617 per tonne, up 1.4% (YTD: +2.0%)
  • Random Length Lumber (CME) currently at US$ 1,308.70 per 1,000 board feet, up 4.1% (YTD: +6.9%)
  • TSR 20 Rubber (Shanghai) currently at CNY 11,630 per tonne, up 0.6% (YTD: +1.4%)
  • Soybean Oil Composite (CBOT) currently at US$ 58.46 cents per pound, down -0.8% (YTD: +4.1%)
  • Crude Palm Oil (Bursa Malaysia) currently at MYR 5,280 per tonne, down -0.6% (YTD: +2.9%)
S&P GSCI Agriculture This Week | Sources: ϕpost, FactSet dataAgros 1-Month ATM Implied Vols | Sources: ϕpost, Refinitiv data

SHIPPING THIS WEEK

  • Baltic Dry Index (Baltic Exchange) currently at 1,764, down -22.9% (YTD: -20.5%)
  • Freightos China To North America West Coast Container Index currently at 14,681, up 0.7% (YTD: +7.1%)
  • Freightos North America West Coast To China Container Index currently at 1,101, up 4.3% (YTD: +25.8%)
  • Freightos North America East Coast To Europe Container Index currently at 448, unchanged (YTD: -17.0%)
  • Freightos Europe To North America East Coast Container Index currently at 6,771, up 11.6% (YTD: -4.6%)
  • Freightos China To North Europe Container Index currently at 14,268, down -0.8% (YTD: +0.4%)
  • Freightos North Europe To China Container Index currently at 1,014, down -20.0% (YTD: -10.3%)
  • Freightos Europe To South America West Coast Container Index currently at 8,529, up 6.8% (YTD: +9.2%)

Freightos Container Shipping Indices | Sources: phipost.com, Refinitiv data

CARBON EMISSION ALLOWANCES (CO2)

  • EUA front-month futures (ICE) currently at EUR 82.08 per tonne, down -3.9% (YTD: +2.4%)

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