Commodities in the last trading week of the year saw a big bounce in Platinum and Palladium recovering from a when prices collapsed on Chinese economic data combined with the explosive COVID infection wave being a serious threat to Chinese auto consumption and as such a threat for auto catalyst inputs like palladium. We saw a mixed result in energy markets. Gasoline, WTI, Brent Oil and Heating oil all higher. Whilst Natural gas sold off hard again, down another 11% … Continue reading “Commodity Traders Weekly Outlook: Platinum Surges as Natural Gas Slumps Again”
Commodity Traders Weekly Outlook: Heating Oil and Natural Gas Rebound as Palladium Collapses
Commodities saw a big bounce in energy with heating oil bouncing 12.19% on the week and Natural gas, oil and gasoline all up over 4%. The Bloomberg commodity index increased 0.9% (up 13.7% y-t-d). Wheat futures higher for the week but lower Friday as funds continue to be short Chicago wheat on slow demand for US wheat and chatter of higher Russia and Australia supplies. Silver and copper both gave back some of last week’s gains. Palladium prices collapsed as … Continue reading “Commodity Traders Weekly Outlook: Heating Oil and Natural Gas Rebound as Palladium Collapses”
Commodity Traders Weekly Outlook: Soybeans Rise; Oil, Heating Oil and Gasoline Crash
A mixed week for commodities with oil breaking down more getting all the attention. The Bloomberg commodity index dropped 2.4% (up 12.7% y-t-d). The USDA WASDE report was a big influence on grains, Soybean Meal, Soybeans and Canola among the leaders with Wheat and Oats amongst the weakest, while Corn hung in near unchanged. Silver and copper were again solid this week on supply concerns. Gasoline, Brent and WTI crude and heating oil were all the laggards all down around … Continue reading “Commodity Traders Weekly Outlook: Soybeans Rise; Oil, Heating Oil and Gasoline Crash”
Commodity Traders Weekly Outlook: Silver Soars While Natural Gas Crashes
Silver and copper were the leaders this week with fresh lows in the dollar with a tempering of Fed rate hike aggressiveness. Shanghai copper warehouse stocks this week fell by 7.2% at a 4-week low and LME stocks are at a 2 1/2 week low. WTI oil recovered strongly with the Russia oil Cap agreement, an OPEC+ meeting and a large storage draw. Natural gas gave us the flipside in energy, as the weakest commodity on the board with a … Continue reading “Commodity Traders Weekly Outlook: Silver Soars While Natural Gas Crashes”
Natural Gas and Palladium Best Performing Futures Third Quarter of 2022, Lumber and Gasoline the Worse
Futures and commodities saw another period of extreme volatility in the third quarter of 2022 as central banks aggressively rose interest rates globally to belatedly fight inflation. These movers sent the USD soaring, with the British Pound hitting an all-time low. The Chinese Yuan, Euro and Japanese Yen hitting historical lows. Commodities had violent swings depending on how big the reversal to the mean was after the moves at the start of the year. Consistency was not a theme for … Continue reading “Natural Gas and Palladium Best Performing Futures Third Quarter of 2022, Lumber and Gasoline the Worse”
Lumber Futures in Perfect Storm Continue to Soar After Hurricane Harvey & Irma
Lumber futures are at 12 year highs after Hurricane Harvey and Irma. Prices have been rallying since the housing crash of 2008 and earlier this year the U.S. administration imposed tariffs on plywood coming from China and lumber coming from Canada. Wildfires across Canada and the western U.S. also pushed prices higher pre hurricanes.