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Weekly Commodities ETF Report: Crude Rebounds for the Week as Iran Sanctions Come Back Into Focus

(MT Newswires) – Crude ended Friday’s session higher, recovering from losses earlier this week. Oil had come under pressure, sinking to five-week lows, after the Energy Information Administration reported Wednesday that crude supplies in the US logged an increase of 6.5 million barrels, a far larger than expected and the fourth consecutive weekly increase. This compares with the American Petroleum Institute’s report last Tuesday that US commercial crude inventories had a draw of 2.13 million barrels. But crude rebounded by Friday as investors shifted their focus back to the impending US sanctions on Iran’s oil exports, which will come into force on Nov. 4. Oil supplies could also be affected by any sanctions that the US may impose on Saudi Arabia with US politicians speaking of sanctioning Saudi officials found culpable in the killing of US journalist Jamal Khashoggi. The kingdom already said that if it receives any action, it would respond with greater action. US President Donald Trump said on Thursday, he presumes Khashoggi had likely been killed and that the US response to Saudi Arabia will likely be “very severe.” The last bit of data for the week is Baker Hughes’ (BHGE) report late Friday that the number of oil rigs operating in the US rose by four to 873, climbing for a second week to the highest level since March 6, 2015. The combined oil and gas rig count in the US climbed by four to 1,067 as gas rigs rose by one to 194 but miscellaneous barrels slipped by one.

Over the last five days, light, sweet crude oil for November delivery was down 3.09%, settling at $69.12 per barrel at the close of Friday’s session. In other energy futures, gasoline declined during the week, edging 1.71% lower and settling at $1.91 per gallon on Friday. Meanwhile, natural gas rose 2.40% this week and was up Friday at $3.39 per 1 million British thermal unit.

The SummerHaven Dynamic Commodity Index Total Return Index (SDCITR) fell 0.94% this week, from an decrease of 1.2 % in the previous week.

Gold ended the Friday session lower, settling at $1,228.70 and eventually ended the week up 0.66%. On Thursday, the yellow metal logged gains despite the US dollar rising to a one-week high on hawkish Fed minutes. The minutes of the Federal Reserve’s latest policy meeting indicated that the US central bank is staying the course on rate hikes, despite President Donald Trump calling it the “biggest threat” to his presidency. Meanwhile, copper ended Friday’s session higher at $2.78, and fell 1.07% for the week  The red metal’s prices were pressured by the increase in the US dollar, and tracked Chinese stock markets lower following expectations for a slowdown in global economic growth. Chinese Premier Le Keqiang had said that China’s economy faces increasing downward pressure amid an ongoing trade war with the US.

Agriculture commodities ended the week mostly mixed. Sugar had a weekly increase of 6.27% and settled at a price of $0.14 per pound on Friday; coffee was around $1.22 per pound at Friday’s close, up 4.38% for the week; and cocoa rose 0.09% for the week and closed Friday’s session at $2,162 per tonne.  Among grains, wheat fell 0.77% and settled at $5.15 per bushel at the end of Friday’s session, while corn was down 1.88% in the week and settled at $3.67 per bushel in Friday’s session. Meanwhile, soybeans fell 1.30% for the week, closing at $8.57 per bushel on Friday. This decline is the biggest loss for the commodity since mid-September, after low US. exports and improved harvest weather drove prices lower. The US Department of Agriculture put export sales of US soybeans in the latest week at 295,600 tonnes, below trade expectations.

The SummerHaven Dynamic Agriculture Index Total Return Index (SDAITR) fell 1.05% for the week, compared with an increase of 1.1% in the prior week.


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