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Weekly Commodities ETF Report: Crude Higher As Trump Puts Pressure on OPEC to Lower Crude Prices Ahead of Meeting

(MT Newswires) – Crude ended Friday’s session higher, extending gains from earlier in the week, when prices rose to a two-month high following the Energy Information Administration’s report that crude oil inventories dropped 2.057 million barrels last week, short of a 2.74-million-barrel decline expected by analysts. This compares with the American Petroleum Institute’s report last Tuesday that showed crude inventories rose by 1.2 million barrels last week. Meanwhile, Baker Hughes (BHGE) reported Friday that the active US rig count was down by one to 866 after last week’s jump, but still well above the year-earlier level of 744. Another factor in the uptick in crude prices is the anticipated decline in Iranian supplies as US sanctions against the Middle Eastern country take full effect in November. Traders are looking ahead to the meeting between the Organization of the Petroleum Exporting Countries and its allies at Algeria this weekend, to discuss production increases as US sanctions restrict Iranian exports. On Thursday, US President Donald Trump called on OPEC to lower oil prices, piling up pressure on the cartel.

Over the last five days, light, sweet crude oil for October delivery rose 3.05%, settling at $70.78 per barrel at the close of Friday’s session. In other energy futures, gasoline rose during the week, up 1.91% and settled at $2.00 per gallon on Friday. Meanwhile, natural gas rose 8.37% this week and was up Friday at $297 per 1 million British thermal unit.

The SummerHaven Dynamic Commodity Index Total Return Index (SDCITR) rose 1.75% higher this week, from an increase of 0.10% in the previous week.

Gold ended the Friday session lower, settling at $1,201.30 but ended the week 0.41% higher. The US dollar sank to a three-month low on Thursday, but by Friday the greenback moved up amid easing worries over the US-China trade war’s impact on the global economy. Traders are looking ahead to the Federal Reserve’s monetary policy meeting next week. It is widely expected that the Federal Reserve will certainly hike rates by a quarter of a point next week. The focus will really be on the central bank’s views on future hikes. On the other hand, copper ended Friday’s session higher at $2.86, and rallied 8.99% for the week as trade tensions between the US and China eased. Traders are also seeing signs of a sustained global deficit as well as an improved outlook for market fundamentals.

Agriculture commodities ended the week mostly mixed. Sugar had a weekly decline of 2.66% and settled at a price of $0.12 on Friday; coffee was around $0.99 per pound at Friday’s close, essentially flat with the prior week; and cocoa fell 2.84% for the week and closed Friday’s session at $2,167.  Among grains, corn was up 1.78% in the week and settled at $3.57 per bushel in Friday’s session; and wheat increased 2.10% and settled at $5.21 per bushel at the end of Friday’s session. Meanwhile, soybeans rose 2.32% for the week, closing at $8.47 per bushel on Friday.  This is the biggest weekly gain in a month for soybeans after strong demand helped prices recover from a 10-year low. The US Department of Agriculture reported that weekly US soybean export sales topped 900,000 tonnes, exceeding trade expectations. However, lingering concerns over the US-China trade spat could still cap soybean prices.

The SummerHaven Dynamic Agriculture Index Total Return Index (SDAITR) rose 1.21% for the week, compared with a decline of 1.20% in the prior week.


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