The Commodities Feed: Another week passes with no EU ban | ING Economics

The Commodities Feed: Another week passes with no EU ban | ING Economics

ING Economics ING Economics 20.05.2022 08:36
Your daily roundup of commodities news and ING views Tank farm for storage of petroleum products in Volgograd, Russia Energy It appears that another week will pass with the EU still unable to agree on a Russian oil ban. While it is taking longer than expected to come to an agreement, we believe that member states will eventually come to a deal. How much of an impact this will have on the market will depend on how watered down the final agreement is relative to the proposal. The effectiveness of the ban will also depend on the actions of countries outside the EU. Bloomberg reports that China is looking to potentially buy Russian crude for its strategic reserves. Although this shouldn’t come as too much of a surprise if China is set to increase its share of Russian oil purchases. The significant discounts available for Russian crude will prove very tempting for some buyers, like China and India. Self-sanctioning will already be affecting Russian oil flows to the EU, even in the absence of an official oil ban. This has left the EU to look elsewhere for alternative supplies, and whilst the US is an obvious candidate (given the expectation of relatively strong supply growth), we could in fact see US crude exports coming under pressure given the narrowing that we have seen in the WTI/Brent discount. The July WTI/Brent discount narrowed to less than US$2/bbl at one stage this week, after starting the month at more than a US$4/bbl discount. Inventories continue to point towards a tightening of the refined products market in Europe. The latest data from Insights Global show that gasoil inventories in the ARA region fell by 31kt over the week to 1.55kt, leaving inventories at multi-year lows. However, the big move over the week was in European gasoline inventories. Gasoline stocks in ARA fell by 342kt to 1.05mt. This decline over the week has seen gasoline inventories fall from more than a 5-year high to just below the 5-year average. Singapore also saw a further tightening in light distillate stocks over the week, with inventory levels declining by 815Mbbls to 13.74MMbbls, leaving them hovering just above the 5-year average. Clearly, the tightness that we are seeing in the US gasoline market is spreading into other regions. And given that the driving season is still ahead of us, we would expect to see further declines in inventories, which should prove supportive for gasoline prices over the summer. Read next: Altcoins: What Is Litecoin (LTC)? A Deeper Look Into The Litecoin Platform| FXMAG.COM European gas prices came under pressure yesterday. TTF fell by more than 3.7%, which saw the market settling at its lowest levels since the start of the war. European gas storage continues to improve due to strong LNG inflows. Storage in Europe is almost 41% full at the moment compared to a 5-year average of around 44% for this stage of the year. The gap between current inventories and the 5-year average continues to narrow. Assuming we go through injection season with no significant disruption to Russian gas flows, Europe should enter the next heating season with a comfortable inventory. However, this is a big assumption, and the risk of disruption is likely to continue to keep the market trading at historically high levels. US natural gas prices also came under pressure yesterday, selling off almost 2.7%. Weekly storage data shows that US gas storage increased by 89Bcf over the week, which was slightly higher than the 5-year average of 87Bcf. Agriculture The latest data from the Indian Sugar Mills Association shows that sugar production in India has increased to around 34.9mt so far this season. The association reported that around 116 sugar mills were still operating as of 15 May. ISMA maintained its export estimate at around 9mt for the current year, with around 8.5mt of export sales already made. The food ministry reported that sugar exports have increased to around 7.5mt as of 18th May, already surpassing last year’s 7.2mt of exports. The ministry estimates that around 3.5mt of sugar equivalent would be diverted to ethanol this year and expects this to grow with targets of around 6mt by 2025. Read next: Altcoins: What Is Monero? Explaining XMR. Untraceable Cryptocurrency!? | FXMAG.COM Read this article on THINK TagsSugar Russian oil ban Natural gas Gasoline shortage Disclaimer This publication has been prepared by ING solely for information purposes irrespective of a particular user's means, financial situation or investment objectives. The information does not constitute investment recommendation, and nor is it investment, legal or tax advice or an offer or solicitation to purchase or sell any financial instrument. Read more Follow FXMAG.COM on Google News
The UN Is Stepping In To Help Wheat Exports, Platinum Prices Experiencing Volatility and The West Turns To Asia For RBOB Gasoline Supply

The UN Is Stepping In To Help Wheat Exports, Platinum Prices Experiencing Volatility and The West Turns To Asia For RBOB Gasoline Supply

Rebecca Duthie Rebecca Duthie 19.05.2022 13:13
Summary: The UN plans to help bring wheat prices down and even out exports. Concerns around supply and demand causing Platinum price volatility. Asia beginning to supply the west with gasoline Read next: More Expensive Coffee!? Weather Conditions In South America Can Limit Crops. (WTI) Crude Oil Price Recovering, Palladium Prices Rise Amidst Concerns Around Supply  Wheat prices calm as the UN steps in The price of wheat futures have dropped in the wake of the UNs announcement of their plans to “revamp” wheat exports, especially those that were affected by the war in the Ukraine. Expectations of an increase in control over wheat exports and therefore more certainty around supply has brought the price of wheat slightly down. Concerns around supply of wheat have been heightened by the Ukraines issues around exporting as their ports are being targeted by the Russian forces, in addition, the wheat supply from India has been stripped away from the international market. Wheat Jul ‘22 Futures Price Chart Platinum prices seeing volatility On Wednesday the price of platinum futures hit $950, the price rise came amidst concerns that there will be an increase in demand in the automotive industry and a falling supply which is due to reduce the current surplus the metal has. There are concerns around supply due to the sanctions on Russia and operational problems with some of the largest producers in South Africa. Platinum Jul ‘22 Futures Price Chart RBOB Gasoline futures prices fall Although the price of RBOB gasoline futures is decreasing the demand is expected to increase in the summer as driving increases, putting the supply under even more pressure. The West is turning to Asia to supply them with gasoline barrels, the increased supply is driving the price down, however whether or not that will last is under question. RBOB Gasoline Jun ‘22 Futures Price Chart Read next: (XAUUD) Gold Regains Investor Interest As The Dollar Weakens, NGAS Prices Going Up, Cotton Price Rising Along With Concerns Around Supply   Sources: finance.yahoo.com, tradingeconomics.com
The Commodities Feed: Complex unable to escape risk-off move | ING Economics

The Commodities Feed: Complex unable to escape risk-off move | ING Economics

ING Economics ING Economics 19.05.2022 11:43
Your daily roundup of commodities news and ING views Source: Shutterstock Energy It was a sea of red across the commodities complex yesterday. The complex was swept up in the risk-off move seen across assets, driven by equities. Whilst lockdowns in Shanghai are slowly unwinding, rising Covid cases in parts of Beijing and the port city of Tianjin have led to some districts going into lockdown, which has not helped sentiment. Further lockdowns in Tianjin is a key risk, given that its port is the largest in Northern China. It is pretty clear that with China’s Covid-zero policy, demand risks will continue to linger. ICE Brent settled more than 2.5% lower yesterday, although it has managed to recover somewhat in early morning trading today.   The EIA weekly inventory report showed that US commercial crude oil inventories declined by 3.39MMbbls over the week, but when SPR releases are taken into consideration then total US crude oil inventories declined by 8.4MMbbls. US commercial crude inventories continue to hover below the low end of the 5-year range, with stocks standing at a little under 421MMbbls, compared to a 5-year average of 488MMbbls. Clearly, without the SPR releases commercial crude inventories would be significantly tighter at the moment. The EIA release will also do little to ease fears over a tightening US gasoline market. US gasoline inventories declined by 4.78MMbbls, leaving them at around 220MMbbls, the lowest levels seen at this stage of the year since 2014. Gasoline stocks on the US East Coast are looking even tighter, with these at their lowest levels since 2011 for this time of the year. While refiners have some room to increase runs (utilization rates increased by 1.8% percentage points to 91.8% over the week), gasoline demand should increase as we move into driving season, which suggests that we will see further tightness in the US gasoline market. In this case, we are likely to see further pressure on the US administration to try rein in gasoline prices. Chinese trade data shows that refined product exports remain under pressure. Diesel exports over April fell 80.6% YoY to 530kt. This was also 20.9% lower than levels exported over March. Whilst domestic fuel demand in China has been weaker due to Covid related restrictions (which would have increased domestic inventory levels), exports have been held back by reduced export quotas for refined products. Gasoline exports also declined in April, falling 33.4% YoY to 980kt. A reduction in Chinese exports has been a key driver in the tightening that we have seen in refined product markets across the globe. And this reduction in Chinese exports is more likely structural (with China wanting to drive consolidation within the domestic refining industry and cut emissions), which suggests that the tightness in refined markets is unlikely to disappear anytime soon. The UK gas market was also unable to escape the broader pressure across markets. Although, weakness in NBP is likely due to a well supplied domestic gas market, particularly when compared to continental Europe. Prompt NBP is trading at more than a US$6.5/MMBtu discount to TTF. UK gas storage is almost 92% full, well above the 5-year average of around 25%. Stronger storage numbers are due to robust LNG imports that we have seen this year. Although, to be fair the UK has very limited gas storage, working storage only meets around 1.5% of annual consumption in the UK, whilst in the EU working storage covers 26.5% of annual consumption. Strong LNG imports and limited storage capacity in the UK has meant that we have seen strong gas flows to continental Europe via the interconnector and BBL. The EU carbon market came under significant pressure yesterday, with the Dec-22 contract falling by more than 7.7% to settle at EUR84.64/t. Whilst the European Parliament’s environmental committee vote on Tuesday was supportive, Commission proposals to sell EUR20b worth of allowances from the Market Stability Reserve (MSR) weighed heavily on the market. These funds would be used to help fund the EU’s REPowerEU plan. Although, the move is a bit strange when you consider that the EU is moving closer towards agreeing on increasing the rate at which allowances are reduced every year, yet the Commission is proposing a large release from the MSR. Metals Metal markets were unable to escape the broader pressure we saw across markets yesterday. The risk-off move and stronger USD weighed heavily on the metals complex. At a conference yesterday, China Premier, Li Keqiang called on government agencies to act with a greater sense of urgency and implement policies faster. However, markets lack confidence despite vows for supportive measures and plans for Shanghai to reopen in June. A flaring up in Covid cases in other regions of China will not be helping sentiment. Despite the macro picture remaining dire for metals, some micro developments continue to point to a tight market, especially in the ex-China market. LME aluminium on-warrant stocks set a fresh new low at 206kt as of yesterday, with another 16kt of cancelled warrants signaling the potential for further outflows. However, physical premia have begun to show signs of peaking, and the US mid-west premium has remained below USc40/lb. This may be due to high inflation and uncertainty over the economic outlook, leaving some consumers on the sidelines. China Customs reported 170kt alumina exports in April, the highest since 2018 after the Alunorte accident. The jump in alumina exports comes amid a generally favourable export arb for Chinese onshore players, and a large amount of these exports are likely destined for Russia, as smelters there have been struggling with raw material supply. Detailed data will be available later this month, which should be able to confirm this. In addition, Chinese exports for unwrought copper and copper products rose 53% YoY to 116.5kt (highest since May 2016) in April. Cumulatively, exports rose 25% YoY to 362kt in the first four months of the year. Agriculture A sell-off in the broader financial market saw the CBOT grains complex also trading softer yesterday with CBOT wheat falling more than 4% yesterday. CBOT corn and soybean also declined on the back of weaker sentiment. Trade data from China’s Customs showed that corn imports increased 19.4% YoY to 2.2mt in April, while YTD imports were up 8.5% YoY to total 9.3mt. China’s corn imports are better than the market was expecting, with disruptions in Ukraine appearing not to have an impact on Chinese corn inflows so far. However, wheat imports fell 22.4% YoY to 0.7mt in April, while YTD imports were down 1.8% YoY to total 3.75mt. Read this article on THINK TagsGasoline shortage European gas China Trade Carbon price Alumina Disclaimer This publication has been prepared by ING solely for information purposes irrespective of a particular user's means, financial situation or investment objectives. The information does not constitute investment recommendation, and nor is it investment, legal or tax advice or an offer or solicitation to purchase or sell any financial instrument. Read more
Oil falls on Venezuala and EU, gold dips | Oanda

Oil falls on Venezuala and EU, gold dips | Oanda

Jeffrey Halley Jeffrey Halley 18.05.2022 15:30
Venezuela/Europe send oil lower Overnight, oil prices touched multi-week highs until the US announced it was starting a process, potentially leading to an easing of sanctions on Venezuela. That immediately saw oil reverse all its impressive intraday gains and both Brent crude and WTI finished slightly lower on the day. The EU effectively allowing European importers to pay for Russian gas via roubles should take the edge off European gas prices and flow through to oil prices. Brent crude finished 1.05% lower at USD 112.70 a barrel, having tested USD 116.00 intraday. WTI, by contrast, finished just 0.10% lower at USD 113.60 a barrel, having also tested USD 116.00 intraday. Prices are unmoved in Asia. Tight API inventory data and soaring diesel prices in the US have combined to send WTI to a premium over Brent and is likely to limit the downside for both contracts, Venezuela, or not. Tonight’s official crude inventory data dump will now be closely watched, and sharp falls in gasoline and distillates inventories could increase the WTI premium over Brent crude. Brent crude has resistance at USD 116.00 and support at USD 111.50 a barrel. WTI has taken resistance at USD 116.00 a barrel as well, with support at USD 111.50. Any progress on Venezuela’s supply returning to international markets is potentially a game-changer and should mean the top of my longer-term range, at USD 120.00 a barrel, remains intact. Gold’s price action doesn’t inspire confidence Despite the US dollar falling heavily overnight, and risk sentiment rising generally, gold prices fell 0.53% to USD 1815.00 an ounce overnight, easing to USD 1814.50 in Asia. US yields climbing higher may have played a part, but the direction of the US dollar has been more important of late. When gold falls as the US dollar falls heavily, we should all take that as a warning sign, suggesting lower prices are the path of least resistance. As such, I believe gold’s downside risks have ratcheted higher. Support lies at USD 1789.00, followed by USD 1780.00 an ounce. Failure of the latter suggests a deeper correction to USD 1700.00. That move could occur quite quickly if USD 1780.00 fails. Gold has resistance at USD 1836.00, followed by the 200-DMA at USD 1836.80, and then USD 1850.00 an ounce. This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.
More Expensive Coffee!? Weather Conditions In South America Can Limit Crops. (WTI) Crude Oil Price Recovering, Palladium Prices Rise Amidst Concerns Around Supply

More Expensive Coffee!? Weather Conditions In South America Can Limit Crops. (WTI) Crude Oil Price Recovering, Palladium Prices Rise Amidst Concerns Around Supply

Rebecca Duthie Rebecca Duthie 18.05.2022 12:35
Summary: With China likely to ease lockdowns and the Russian oil embargo, WTI Crude prices are rising. Coffee futures prices are rising again amidst concerns around supply. Concerns around supply heighten for Palladium.   WTI Crude Oil recovering WTI Crude Oil futures have been recovering this week after the poor market performance last week. Going forward, it is likely that the market will see oil prices go up, therefore raising gas prices as well. Despite the lockdowns in China suppressing oil demand, the possibility of the lockdowns being lifted the market will see the demand rise. The Russian oil embargo is likely to get tighter, which is heightening investors' concerns around the supply of oil, which is also pushing up the price. U.S President Joe Biden's attempt at reducing prices through releasing some of the U.S Crude Reserves into the market has not made a very noticeable impact so far, the release is expected to last until November. WTI Crude Oil Futures Price Chart Read next: (XAUUD) Gold Regains Investor Interest As The Dollar Weakens, NGAS Prices Going Up, Cotton Price Rising Along With Concerns Around Supply   Coffee futures recovering amidst supply concerns Coffee futures prices are recovering in the wake of the poor market performance of last week. The prices are rising again over concerns around weather conditions in South America as the coffee farmers in Brazil are expecting frost in the coming days. The adverse weather conditions could affect the coffee crop and lead to a poor harvest in the future. There are also expectations on smaller supplies from Columbia. With concerns around coffee supplies across the board, the price of futures is rising. Coffee Jul ‘22 Futures Price Chart Concerns around Palladium supply are pushing up the futures prices Palladium futures rose above $2000, it is possible that the market could continue to see this growth as the reduced supply from Russia continues and a deficit supply from South African suppliers heighten concerns. South African producers are facing operational challenges, causing their output to decrease. Palladium Jun ‘22 Futures Price Chart Read next: Commodities Prices Recovering After Poor Performance Early Last Week - Brent Crude Oil Prices, Silver Prices Fall As Investors Shy Away From Precious Metals & Corn  Sources: tradingeconomics.com, finance.yahoo.com  
Drivers Don't Want To Pay More For Petrol. Crude Oil Price: the latest upward momentum? | FxPro

Drivers Don't Want To Pay More For Petrol. Crude Oil Price: the latest upward momentum? | FxPro

Alex Kuptsikevich Alex Kuptsikevich 17.05.2022 12:17
Crude oil has added 15% since last Wednesday, rising to $112/bbl WTI and $113/bbl Brent. Both grades reached new two-month highs on Tuesday morning, despite a decidedly bearish news backdrop. Since early April, WTI has seen a sequence of higher highs and higher lows A sharper than previously estimated slowdown in China and not yet agreed package with Russian Crude oil phased embargo was met with buying in Crude, despite those suggesting lower demand and higher supply. Since early April, WTI has seen a sequence of higher highs and higher lows. Oil’s dip under the uptrend line last week only encouraged buyers, kick-starting the latest upward momentum. Read next: Altcoins: What Is Monero? Explaining XMR. Untraceable Cryptocurrency!? | FXMAG.COM This is the third time Brent has reached that horizon, from which it has rolled back in April and early May. A consolidation above $114 could signal a new buying wave and quickly take prices to the $120 area - near the late March peaks. It should not be surprising if WTI becomes more expensive than the heavier Brent in a few weeks In this case, the North Sea Brent lags behind the US WTI as the supply-demand balance favours the latter. It should not be surprising if WTI becomes more expensive than the heavier Brent in a few weeks, restoring the historic balance broken by tight OPEC+ quotas and once rampant US production. Read next: Altcoins: What Is Polkadot (DOT)? Cross-Chain Transfers Of Any Type Of Asset Or Data. A Deeper Look Into Polkadot Protocol | FXMAG.COM Nevertheless, be prepared that the oil rally that started from lows in April 2020, culminating in the war events in Ukraine, is coming to an end. The global economy and energy consumption are slowing to recover while the cartel continues to raise quotas. Temporarily, due to lower investment in production in previous quarters, OPEC has not kept pace with production increases. Still, this balance will change sooner rather than later, promising to keep the price from rising.
Gas Prices Have Increased As The Transportation Of The Fuel Had Been Limited Because Of The Ukrainian War, NYMEX WTI Went Below $100 Yesterday, But The End Fuel Crisis And Supply Chain Issues May Be Far From Now | ING Economics

(XAUUD) Gold Regains Investor Interest As The Dollar Weakens, NGAS Prices Going Up, Cotton Price Rising Along With Concerns Around Supply

Rebecca Duthie Rebecca Duthie 17.05.2022 12:11
Summary: A weakening US Dollar driving the price of gold up. NGAS prices are in recovery mode. Cotton prices rise. Read next: Commodities Prices Recovering After Poor Performance Early Last Week - Brent Crude Oil Prices, Silver Prices Fall As Investors Shy Away From Precious Metals & Corn  Gold (XAUUD) Gold gained on Tuesday after experiencing a consistent price fall during the trading week last week. The recovery in gold comes with the softening dollar. The weaker dollar makes gold more attractive to investors who are holding other currencies as it is considered a safe haven asset and a hedge against inflation. Gold Jun ‘22 Futures Price Chart NGAS Price back on the rise. Natural Gas prices are back on the rise. Investors are going long on NGAS futures as more Russian Oil disappears from the market, causing concerns around supply to intensify. As China prepares to ease lockdown restrictions, it is likely the world will see even more of a supply shock as the demand will increase with the reopening of the Chinese markets. NGAS Jun ‘22 Futures Price Chart Cotton Prices rise along with concerns around supply. Cotton prices have been rising during the trading week, this is because of a possible increase in demand as China prepares to ease lockdown restrictions running in conjunction with concerns around supply. The U.S are expecting lower than normal production this year due to the adverse weather conditions. Cotton Jul ‘22 Futures Price Chart Read next: (XAUUSD) Gold Struggles To Keep Up With The Strengthening US Dollar, Concerns Around Demand For Crude Oil, Concerns Around Copper Supply May Ease  Sources: tradingeconomics.com, finance.yahoo.com
COT: Copper short doubles in week of broad fund selling | Saxo Bank

COT: Copper short doubles in week of broad fund selling | Saxo Bank

Ole Hansen Ole Hansen 16.05.2022 13:44
Summary:  Our weekly Commitment of Traders update highlights futures positions and changes made by hedge funds and other speculators across commodities and forex up until last Tuesday, May 10. A week that saw continued risk off as the combination of high rates and potential recession as inflation surges kept stocks under pressure while lifting bond yields and the dollar. Commodities hurt by the prospect for lower growth, most critically in China, saw broad selling with funds cutting their exposure to a 21 month low. Focus on copper with funds doubling their short position ahead of a potential easing of lockdowns in China Saxo Bank publishes weekly Commitment of Traders reports (COT) covering leveraged fund positions in commodities, bonds and stock index futures. For IMM currency futures and the VIX, we use the broader measure called non-commercial. Link to latest report This summary highlights futures positions and changes made by hedge funds across commodities and forex up until last Tuesday, May 10. A week where a continued sell off in global stocks pushed the S&P 500 below 4,000 for the first time in more than a year while US bond yields climbed to a fresh cycle high. Financial markets have become increasingly challenged by a combination of high rates and a potential recession as inflation surges. In addition the wind has come out of the commodity bull market with China, a major consumer, paying an increasingly high price for its Covid Zero Policy. Adding to this continued dollar strength, and most asset classes from bonds and stocks to cryptos and commodities remain under pressure, and speculators in commodities and forex have adjusting their positions accordingly.  Commodities The Bloomberg Commodity Spot index dropped 3.1% on the week with losses in energy (-4%), industrial metals (-6.1%), precious metals (-2.5%) and softs (-3.7%) while grains managed a small plus led by wheat. Overall hedge funds and money managers responded to these changes by cutting bullish bets across the 24 major futures tracked in this by 9% to a 21 month low at 1.68 million lots, a 25% reduction since the recent peak in late February.  Twenty out of 24 commodity futures tracked in this update traded lower on the week with eighteen of those seeing positions being reduced with four commodities seeing position levels drop to the lowest in at least a year. Latest updates on crude oil, gold and wheat can be found in our daily Quick Take here Energy: Crude oil continued rangebound trading behavior triggered a small amount of net selling of WTI and Brent. The combined long at 410k lots remains near a cycle low with the current price action being high on uncertainty and low on trading signals. The product space was mixed with gas oil and gasoline seeing net reductions while the net long in NY Diesel rose by 20%.Metals: The exodus out of metals, both precious and industrial continued, and the combined long at just 49k lots across the five futures contract tracked, was the lowest in almost three years. Gold, still holding above its 200-day moving average last Tuesday saw its net long reduced for a fourth week to a three-month low at 73.9k lots with most of the 9k reduction being driven by long liquidation, and not fresh short selling. In silver speculators held a neutral position following an 89% slump in the net long to just 1.7k lots, with the bulk of the reduction being by short sellers looking for an even deeper slump.In copper, the net short doubled to a two-year high at 17.7k lots as the price drop extended towards key support at $4/lb. China lockdowns have been the main catalyst behind the recent 25% decline in the Bloomberg Industrial Metal Index. It highlights the potential risk of a price reversal once lockdowns start to ease, a bounce that may now receive some additional momentum from the hedge funds covering some of their short position.Agriculture: The whole sector, except wheat, got caught up in the strong dollar risk off move with the biggest reductions seen in soybeans, sugar, corn and cocoa. In grains, the net long across the six futures contract tracked in this was reduced for a third week, this after reaching a 12-year high last month. Surging wheat prices only managed to attract a small amount of buying, and despite an overriding bullish outlook due to global weather woes and Ukraine war, the net long in Chicago and Kansas wheat remains muted at 58k lots.ForexContinued broad dollar strength drove a 5% increase in the gross dollar long against ten IMM futures and the Dollar Index. However, the muted $1.2 billion increase to $22.8 billion, a four- month high, was caused by speculators (wrongly as it turned out) trying to buy EURUSD ahead of €1.05 support. This action triggered 22.9k lots or $3 billion equivalent of euro buying which helped flip the position back to a net long, just days before the break below force fresh long liquidation.What is the Commitments of Traders report? The COT reports are issued by the U.S. Commodity Futures Trading Commission (CFTC) and the ICE Exchange Europe for Brent crude oil and gas oil. They are released every Friday after the U.S. close with data from the week ending the previous Tuesday. They break down the open interest in futures markets into different groups of users depending on the asset class. Commodities: Producer/Merchant/Processor/User, Swap dealers, Managed Money and otherFinancials: Dealer/Intermediary; Asset Manager/Institutional; Leveraged Funds and otherForex: A broad breakdown between commercial and non-commercial (speculators) The reasons why we focus primarily on the behavior of the highlighted groups are: They are likely to have tight stops and no underlying exposure that is being hedged This makes them most reactive to changes in fundamental or technical price developments It provides views about major trends but also helps to decipher when a reversal is looming

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