<p>According to the CFTC Commitments of Traders report for the week ended January 7. NET LENGTH for crude oil futures rose + 12 415 contracts to 567 272 for the week. Speculative long positions gained +12 161 contracts while shorts dropped -254 contracts. For refined oil products, NET LENGTH for gasoline added +5 759 contracts […]
CFTC Commitments of Traders – NET LENGTH for Crude Oil Declined on Profit Taking
<p>According to the CFTC Commitments of Traders report for the week ended January 14. NET LENGTH for crude oil futures declined -36 960 contracts to 530 312 for the week. Speculative long positions fell -28 565 contracts while shorts gained +8 395 contracts. For refined oil products, NET LENGTH for gasoline rose +11 166 contracts […]
US Crude Oil Inventory Dropped Modestly. Petroleum Stockpiles Gained
<p>The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks slipped -1.9 mmb to 1294.4 mmb in the week ended January 17. Crude oil inventory dropped -0.41 mmb (consensus: -1.01 mmb) to 428.11 mmb. Stockpile fell in 3 out of 5 PADDs. Cushing stock slipped […]
CFTC Commitments of Traders – Traders Trimmed Bets on Crude Oil Prices
<p>According to the CFTC Commitments of Traders report for the week ended January 21. NET LENGTH for crude oil futures decreased -9 744 contracts to 520 568 for the week. Speculative long positions fell -11 216 contracts while shorts dropped -1 472 contracts. For refined oil products, NET LENGTH for gasoline rose +2 995 contracts […]
US Crude Inventory Gained over 3M bpd, while Distillate Stockpile Continued to Retreat from 2.5-Year High
<p>The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks added +1 mmb to 1295.4 mmb in the week ended January 24. Crude oil inventory gained +3.55 mmb (consensus: +0.48 mmb) to 431.65 mmb. Stockpile rose in 4 out of 5 PADDs. Cushing stock added […]
CFTC Commitments of Traders – NET LENGTH on Crude oil Futures Fell Sharply as Price Slumped on Coronavirus Concerns
<p>According to the CFTC Commitments of Traders report for the week ended January 28. NET LENGTH for crude oil futures declined -58 806 contracts to 461 762 for the week. Speculative long positions fell -10 973 contracts while shorts rose +47 833 contracts. For refined oil products, NET LENGTH for gasoline fell -23 085 contracts […]
US Crude Oil Inventory Jumped Last Week
<p>The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks dropped -0.89 mmb to 1294.91 mmb in the week ended January 31. Crude oil inventory gained +3.36 mmb (consensus: +2.83 mmb) to 435.01 mmb. Stockpile in PADD 3 (Gulf Coast) rose +4.92 mmb. Cushing stock […]
More Rate Cuts Expected as Novel Coronavirus Hurt China’s Economy Severely
<p>Earlier this week PBOC announced monetary easing measures to support the economy, in light of the severity of the novel coronavirus. Concerning the latest move, PBOC announced to cut the 7-day and 14-day reverse repo rate, each by -10 bps, to 2.4% and 2.55% respectively. The -10 bps reduction was more than the central bank’s […]
Soaring Inflation Makes PBOC’s Easing Measures More Challenging
<p>Headline inflation in China soared to +5.4% y/y, the highest level in almost a decade, in January. This came in higher than consensus of +4.9% and December’s +4.5%. Once again food, especially pork, price was the key driver of the jump. Food price soared +20.6% y/y, accelerating from +17.4% in December. Pork price rose +116% […]
China’s PMIs Dived in February, Just First Glimpse of the Disastrous Impact of Coronavirus Outbreak
<p>China’s PMIs slumped to the lowest on record in February. Both the official and Caixin’s reports show that China’s economic activities were severely hurt by the coronavirus outbreak. Since the number of infected cases spiraled in late January, the Chinese government has implemented measures to control the spread of coronavirus. Delay in pr