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Weekly Commodities ETF Report: Crude Ends in the Red Ahead of OPEC+ Meeting; Gold Gains as Equities Slip on Trade Deal Uncertainty

(MT Newswires) – Crude ended Friday’s session lower ahead of this week’s meeting of the Organization of the Petroleum Exporting Countries (OPEC), Russia and other oil-producing countries (known as the OPEC+ group) to decide on whether to extend 1.2 million barrels per day of production cuts.  Most analysts are expecting an extension of at least three months to the agreement, though a few are calling for deeper cuts. Meanwhile, the US Energy Information Administration said oil inventories rose by 1.6 million barrels the week ending Nov. 22 to 452.0 million barrels, placing stocks at 3% above the five-year average. The rise compares with a build of 3.639 million barrels in commercial supplies reported by the American Petroleum Institute.  Finally, the US oil rig count fell by three to 668 during the week that ended Nov. 27, the lowest level since March 2017, according to data compiled by energy services firm Baker Hughes (BKR). The combined oil and gas rig count in the US fell by one to 802 as gas rigs were up by two to 131.

Light, sweet crude oil for December delivery slipped 4.26% for the week, settling at $58.11 per barrel at the end of Friday’s session. In other energy futures, gasoline was down 4.36% over the previous five days and settled at $1.68 per gallon on Friday. Natural gas was down 14.42% for the week, ending Friday at $2.50 per 1 million British thermal unit.

The SummerHaven Dynamic Commodity Index Total Return Index (SDCITR) fell 1.34% this week, compared with a decline of 1.26% in the prior week.

Gold ended Friday higher at $1,460.80 and the week up 0.55%, benefitting from its safe-haven status as equities weakened. Copper prices, meanwhile, fell during Friday’s session, ending at a settlement price of $2.70 but closed the week 0.55% higher.  Both the precious metal and the industrial metal responded to developments in the ongoing trade negotiations between the United States and China, although by the end of the week there was little new information following the approval of a new US law supporting Hong Kong protesters earlier in the week. China threatened to retaliate after the bill was signed but has not yet taken any steps to act on its disapproval; however, a report from Global Times said Chinese officials are now pondering banning the US officials who drafted the pro-democracy Hong Kong bill from entering China and its territories. Earlier in the week, an unnamed senior Trump administration official told Politico that the US and China are only “millimeters” away from reaching an interim trade agreement.

Among agricultural commodities, soybeans ended the week 2.64% lower, closing Friday’s session at $8.82 per bushel; corn rose 2.39% for the week,  settling at a price of $3.73 per bushel on Friday; and wheat ended the week up 6.07%, closing the Friday session at a price of $5.27 per bushel. Other commodities were higher: sugar had a weekly increase of 2.53% and settled at a price of $0.13 per pound on Friday; cocoa was down 3.26% for the week and closed Friday’s session at $2,568 per tonne;  and coffee was around $1.19 per pound at Friday’s close, up 3.88% 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.

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USO002079 Ex. 1/31/2020