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Weekly Commodities ETF Report: Crude Logs Weekly Loss But Rises Friday on Upbeat Jobs Report, US-China Trade Deal Progress; Gold Ends Higher on Fed Rate Cut

(MT Newswires) – Crude ended Friday’s session higher on a better-than-expected US jobs report. The price gains came after the release of a US nonfarm payrolls report that showed the country added 128,000 jobs last month, well above the 95,000 new jobs expected by Action Economics. Comments from US Commerce Secretary Wilbur Ross that the initial phase of a trade agreement with China will be ready for signing by mid-month also supported prices, as did positive economic data from China, where factory activity rose at the fastest pace in two years. Earlier in the week, oil prices had declined as Bloomberg reported that Chinese officials were concerned that they may not be able to reach a trade deal with the United States and China was unwilling to make concessions on demands for structural changes to its economy. Worries that the trade war will continue come a day after the US government data showed that stockpiles of crude rose last week, which some in the market saw as a sign that demand for oil is weak. The Energy Information Administration said inventories of crude oil rose by 5.7 million barrels to 438.9 million barrels in the week ended Oct. 25. The data also showed that US stockpiles of crude oil are now about 1% above the five-year average for this time of year. The weekly gain followed a decline of 1.7 million barrels in the prior period, which was the first decrease since early September. This compares with the American Petroleum Institute’s report on Tuesday that US oil inventories fell by 708,000 barrels the previous week, while forecasts called for a rise of about one million barrels. Meanwhile, the number of oil rigs operating in the US fell for the second straight week to remain at a 30-month low. The crude equipment tally fell by five to 691 in the week through Friday to remain at their lowest level since 688 were operating in the week ended April 21, 2017, data from Houston-based energy services firm Baker Hughes (BKR) showed. A year ago, there were 874 oil rigs operating.

Light, sweet crude oil for November delivery fell 1.04% for the week, settling at $54.18 per barrel at the end of Friday’s session. In other energy futures, gasoline was up 1.24% over the five-day period and settled at $1.59 per gallon on Friday. Natural gas was up 9.92% on the week, ending Friday at $2.63 per 1 million British thermal unit.  

The SummerHaven Dynamic Commodity Index Total Return Index (SDCITR) fell 0.30% for the week, compared with a growth of 1.17% in the prior week.

Gold ended Friday at $1,514.80 and the week up 0.54%, with prices gaining support from the Federal Reserve move earlier in the week to cut the target range on its policy lending rate for a third straight time.  Gold saw losses early Friday as the US dollar rose following a better-than-expected jobs report and trade optimism, which reduced the metal’s appeal as a safe haven. On the other hand, copper prices rose during Friday’s session, ending at a settlement price of $2.64 but ultimately closed the week down 0.84% following the upbeat factory activity data from China. The Caixin/Markit’s Manufacturing Purchasing Managers’ Index for October showed that China’s manufacturing output rose to 51.7 last month from 51.4 in September and much better than the 51 reading that economists had predicted in a Reuter’s poll.

In agricultural commodities news, US corn declined on Friday, settling at a price of $3.89 per bushel on worries over possible delays in the crop’s harvest, but managed to eke a weekly gain of 0.19%. Soybeans also ended the week 1.52% higher, closing Friday’s session at $9.37 per bushel as the prospects for a “phase one” trade deal between the US and China once again turned positive. However, Washington’s demand for China to buy as much as $50 billion of US farm products — something Beijing has been reluctant to commit to — could remain a point of contention in future negotiations between the two countries. Meanwhile, wheat ended the week down 0.29%, closing the Friday session at a price of $5.16 per bushel. Other commodities were mostly higher: sugar had a weekly increase of 1.14% and settled at a price of $0.12 per pound on Friday; cocoa was up 0.65% for the week and closed Friday’s session at $2,478 per tonne;  and coffee was around $1.04 per pound at Friday’s close, up 5.04% for the week.

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Commodity trading is highly speculative and involves a high degree of risk. Commodities and futures generally are volatile and are not suitable for all investors. Investing in commodity interests subject each Fund to the risks of its related industry. An investor may lose all or substantially all of an investment. These risks could result in large fluctuations in the price of a particular Fund’s respective shares. Funds that focus on a single sector generally experience greater volatility. Leveraged and inverse exchange-traded products pursue daily leveraged investment objectives which means they are riskier than alternatives which do not use leverage. They are not suitable for all investors and should be utilized only by investors who understand leverage risk and who actively manage their investments. For further discussion of these and additional risks associated with an investment in the Funds please read the respective Fund Prospectus before investing.

The SummerHaven Dynamic Commodity Index Total ReturnSM (SDCITR) is an index designed to reflect the performance of a portfolio of 14 commodity futures. The index is reformulated each month from 27 possible futures contracts. The 14 selected contracts are equally weighted and represent six sectors: Energy (WTI crude oil, Brent crude oil, natural gas, heating oil, gasoil, RBOB gasoline), Precious Metals (gold, silver, platinum), Industrial Metals (aluminum, copper, lead, nickel, tin, zinc), Grains (corn, soybeans, soybean meal, soybean oil, wheat), Livestock (live cattle, feeder cattle, lean hogs) and Softs (coffee, cocoa, cotton and sugar). One Cannot invest directly in an index.

Performance is historical and does not guarantee future results; current performance may be lower or higher. Investment returns/principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Most recent performance is available at

The Caixin Manufacturing PMI Purchasing Managers’ Index measures the performance of the manufacturing sector and is derived from a survey of private 430 industrial companies. The Manufacturing Purchasing Managers Index is based on five individual indexes with the following weights: New Orders (30 percent), Output (25 percent), Employment (20 percent), Suppliers’ Delivery Times (15 percent) and Stock of Items Purchased (10 percent), with the Delivery Times index inverted so that it moves in a comparable direction.

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USO002079 Ex. 12/31/2019