USCF logo

Weekly Commodities ETF Report: Crude and Copper End Week Lower on China’s Lackluster Refinery and Industrial Data; Gold Declines Ahead of Expected Fed Interest Rate Hike

(MT Newswires) – Crude ended Friday’s session lower to end the week in the negative, as refinery data from China last month showed a slowdown from the previous two months and raised demand concerns. Industrial data from China showed November refinery throughput reached 12.28 million barrels per day (bpd), up 2.9% from the same month last year, according to the National Bureau of Statistics, adding that was below the 12.43 million bpd in October and a record of 12.49 million bpd in September. Meanwhile, a report from the International Energy Agency on Thursday said that total global oil supply in November fell by 360,000 barrels a day as a result of outages in the North Sea and Canada, as well as a decline in Russian output. The agency expects oil demand growth next year to remain unchanged at 1.4 million barrels a day but expects a supply deficit in the second quarter of the year. In November, the agency had predicted a surplus for the entire year. Back home, the latest data from the Energy Information Administration showed crude oil stockpiles in the US dropped by about 1.21 million barrels in the week ended Dec. 7, falling for the second successive week after 10 successive weeks of increases. The decline, however, was almost three times lower than the expected level. This compares with the American Petroleum Institute report that US crude inventories in the US fell by 10.2 million barrels in the week. Finally, Baker Hughes (BHGE) said Friday that the number of oil rigs operating in the US fell by four to 873. The combined oil and gas rig count in the US also fell by four to 1,071 as gas rigs were flat at 198.

Light, sweet crude oil for January delivery had a weekly decline of 1.76%, settling at $51.20 per barrel at the end of Friday’s session. In other energy futures, gasoline fell during the week, down 2.05% and settling at $1.43 per gallon on Friday. Meanwhile, natural gas for March delivery sank 14.18% this week at $3.61 per 1 million British thermal unit.

The SummerHaven Dynamic Commodity Index Total Return Index (SDCITR) was 1.00% lower this week, compared with a gain of 2.07% in the previous week.

Gold ended the Friday session lower, settling at $1,241.40 and ultimately ending the week down 0.95% as the US dollar gained in strength against most major currencies, riding on somewhat encouraging US retail sales data. According to a report from the Commerce Department, retail sales growth in November was slightly weaker than expected due to a steep drop in sales by gas stations, although underlying retail sales growth remained strong. The report said retail sales edged up by 0.2% in November after spiking by an upwardly revised 1.1% in October. Besides the retail sales data, a likely 25-basis points hike in US interest rates next week supported the dollar’s uptick. The Federal Reserve, which is scheduled to announce its monetary policy Dec. 19, is widely expected to raise interest rates for the fourth time this year. However, contrary to earlier indications and expectations, the central bank is unlikely to keep hiking rates in the coming year. Meanwhile, US President Donald Trump said that he hopes the Fed “won’t be raising interest rates anymore.” On the other hand, copper ended Friday’s session down at $2.76 per pound, but managed to squeeze through a gain of 0.33% for the week, even as downbeat economic data from China weighed on industrial metals as a whole. China reported that industrial production for November was 5.4% — the slowest growth pace since early 2016. Forecasts were for 5.9%. It also said that its retail sales for the same month were up 8.1% — the slowest pace of growth since early 2003. Expectations were for 8.8%. The impact of the lackluster industrial data, however, was mitigated by China’s announcement it would rescind retaliatory tariffs on imported US autos.

Agriculture commodities ended the week mostly mixed. Sugar had a weekly increase of 0.24% and settled at a price of $0.13 per pound on Friday; coffee was around $1.02 per pound at Friday’s close, down 1.83% for the week; and cocoa rose 4.79% for the week and closed Friday’s session at $2,237 per tonne. Among grains, wheat fell 0.33% and settled at $5.30 per bushel at the end of Friday’s session; and corn was down 0.13% in the week and settled at $3.85 per bushel Friday. Meanwhile, soybeans fell 1.59% for the week, closing at $9.14 per bushel on Friday. The ongoing trade discussions between the US and China continue to weigh on prices of agricultural products, and traders are keeping an eye on the developments. On Wednesday, China made good on its pledge to increase soybean imports. The US Department of Agriculture reported that private exporters sold 1.13 million tonnes of beans to China. This is the first major purchase of US soybeans since Trump and his Chinese counterpart Xi Jinping struck a trade war truce earlier this month. However, traders were expecting the country to buy between 3 million and 5 million tonnes. There is still some uncertainty if China will buy more in the near future.

The SummerHaven Dynamic Agriculture Index Total Return Index (SDAITR) rose 0.11% higher for the week, a slight improvement from the 0.03% increase in the prior week.

 

Copyright © 2018 MT Newswires, www.mtnewswires.com.

Information Contact: Justin Hillstrom – 720.917.0770 Email: Justin.hillstrom@alpsinc.com, Website is www.uscfinvestments.com

Investing involves risks, including loss of principal.

Commodity ETP Disclosures:  Download a copy of a Fund’s Prospectus by clicking one of the following:
USCIUSAGUSOUSLUSOUDNOUSODBNOUNGUNL, UGAUHN, or CPER  

Please read any Prospectus carefully before investing.

These Funds are not mutual funds or any other type of Investment Company within the meaning of the Investment Company Act of 1940, as amended, and are not subject to regulation thereunder.

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.

Please read the Prospectus carefully before investing.

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 www.uscfinvestments.com.

Past performance does not guarantee future results.

This information is intended for U.S. residents.

Funds distributed by ALPS Distributors, Inc. 

USCF logo

Weekly Commodities ETF Report: Crude Ends Week Higher as OPEC, Other Oil Producers Agree to Cut Production; Gold Logs Biggest Weekly Gain Since August

(MT Newswires) – Crude oil ended Friday’s session higher, with the week starting off with modest losses ahead of the scheduled meeting of the Organization of Petroleum Exporting Countries (OPEC) and other key producers. There was some uncertainty as Russia appeared reluctant to cut back production, fueling concerns that global supplies will well outstrip demand in 2019. Additionally, US President Donald Trump has been pressuring the organization to keep prices low, tweeting, “Hopefully Opec will be keeping oil flows as is, not restricted. The World does not want to see, or need, higher oil prices!” On Friday, crude prices turned higher following news that OPEC and other oil producers ended their two-day meeting in Vienna with an agreement to cut their output by 1.2 million barrels in an effort to reduce the market oversupply that has hurt prices and producers’ revenue in recent weeks. Iranian Oil Minister Bijan Namdar Zangeneh confirmed the size of the cut at the meeting of the 25 countries that account for nearly half of global oil supplies. If the group fully implements the plan, current global oil production would decrease by about 1.2%. Back home, the Energy Information Administration reported that crude stockpiles in the US dropped sharply last week for the first time in 11 weeks, announcing a drawdown of 7.3 million barrels in the week to Nov. 30, compared with analyst expectations for a decrease of just 942,000 barrels. This compares with the American Petroleum Institute report that US crude oil inventories surged by 5.4 million barrels to 448 million barrels last week. Finally, Baker Hughes (BHGE) said Friday that the number of oil rigs operating in the US dropped to 877 last week, the lowest since Nov. 2.

Light, sweet crude oil for January delivery had a weekly uptick of 3.25%, settling at $52.61 per barrel at the end of Friday’s session. In other energy futures, gasoline rose during the week, up 5.33% and settled at $1.49 per gallon on Friday. Meanwhile, natural gas for January delivery fell 2.84% for the week and was up Friday at $4.49 per 1 million British thermal unit.

The SummerHaven Dynamic Commodity Index Total Return Index (SDCITR) was 2.07% higher for the week, compared with a gain of 0.23% in the previous week.

Gold ended the Friday session higher, settling at $1,252.60 — the highest settlement price since July. It ended the week up 2.10% — the biggest weekly gain since August. As with most commodities, the yellow metal logged gains after the announced trade truce between the US and China earlier in the week. Gold’s gains solidified after the US dollar slipped against major currencies amid speculation the Federal Reserve will pause its interest rate hike agenda in the coming year. Chances of the Fed pausing monetary tightening in the foreseeable future have increased following the release of the Labor Department’s monthly jobs report that showed a much-less-than-expected addition in US employment in the month of November. Traders are now looking ahead to the Fed’s Federal Open Market Committee meeting, to be held Dec. 18-19.

On the other hand, copper ended Friday’s session up at $2.76 per pound, getting some lift from the US dollar’s decline but ultimately ended the week down 1.45% — the third weekly decline in a row. The US-China trade dispute continues to weigh on industrial metals, despite the announced trade truce earlier in the week. There is skepticism about the truce between the two countries, which was compounded by the arrest of a Chinese executive in Canada reportedly at the behest of US officials. Huawei Technologies’ Chief Financial Officer Meng Wanzhou was arrested in Canada and may be extradited to the US on suspicions of breaching the trade embargo on Iran. Meng is the daughter of the founder of the smartphone and telecoms equipment maker, who’s also a former high-ranking official in the Chinese military.

Agriculture commodities ended the week mostly higher, lifted by developments in the trade dispute between the US and China — despite doubts that a concrete deal could be signed soon. Grains were the biggest gainers for the week — wheat increased 3.15% and settled at $5.31 per bushel at the end of Friday’s session; corn was up 2.26% in the week and settled at $3.86 per bushel in Friday’s session; and soybeans rose 2.55% for the week, closing at $9.17 per bushel on Friday. Traders are now waiting for China to renew its purchase of US soybeans and other agricultural products — the real confirmation that the trade negotiations have made progress. However, soybeans could see more pressure in the weeks ahead on expectations that Argentina could raise its soybean exports to China to 14 million tonnes this season, should the US-China trade war continue. Additionally, Brazil’s soybean output is forecast to reach record levels, which would in turn reduce China’s need for US-sourced soybeans. In other agriculture commodities, sugar had a weekly decline of 0.16% and settled at a price of $0.13 per pound on Friday; coffee was around $1.04 per pound at Friday’s close, down 3.30% for the week; and cocoa rose 3.00% for the week and closed Friday’s session at $2,225 per tonne.

The SummerHaven Dynamic Agriculture Index Total Return Index (SDAITR) rose 0.03% higher for the week, a smaller gain from the 0.22% increase in the prior week.

 

Copyright © 2018 MT Newswires, www.mtnewswires.com.

Information Contact: Justin Hillstrom – 720.917.0770 Email: Justin.hillstrom@alpsinc.com, Website is www.uscfinvestments.com

Investing involves risks, including loss of principal.

Commodity ETP Disclosures:  Download a copy of a Fund’s Prospectus by clicking one of the following:
USCIUSAGUSOUSLUSOUDNOUSODBNOUNGUNL, UGAUHN, or CPER

Please read any Prospectus carefully before investing.

These Funds are not mutual funds or any other type of Investment Company within the meaning of the Investment Company Act of 1940, as amended, and are not subject to regulation thereunder.

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.

Please read the Prospectus carefully before investing.

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 www.uscfinvestments.com.

Past performance does not guarantee future results.

This information is intended for U.S. residents.

Funds distributed by ALPS Distributors, Inc. 

Get Live Briefs Pro

USCF logo

Weekly Commodities ETF Report: Crude Edges Lower, OPEC to Discuss Possible Output Cuts; Metals, Soft Commodities Get Lift on Hopes for US-China Trade Talks

(MT Newswires) – Crude ended Friday’s session lower, on pace for sharp declines this month of more than 20%. Worries about slowing growth continue, coinciding with signs of crude output increasing. On Friday, Russian Energy Minister Alexander Novak said during an interview with the TASS news agency that the Organization of Petroleum Exporting Countries (OPEC) and other key producers were comfortable with prevailing crude prices, causing markets to recalibrate odds for OPEC and non-OPEC countries to agree to an output trim at meetings that were scheduled for the sidelines of last weekend’s G20 gathering. On Wednesday, the Energy Information Administration reported that crude oil inventories in the US increased by 3.58 million barrels in the week to Nov. 23. That was the tenth straight weekly increase in inventories. The increase was also much more than the expected level. Meanwhile, the American Petroleum Institute reported on Tuesday a crude oil inventory build of 3.5 million barrels for the week ending Nov. 23. Distillate stockpiles rose by 1.2 million barrels, but gasoline supplies declined by 2.6 million barrels. Finally, Baker Hughes (BHGE) said Friday that the number of oil rigs operating in the US rose by two to 887 during the week, fluctuating within the narrow zone that’s constrained the tally in the month of November.

Light, sweet crude oil for January delivery had a weekly uptick of 0.60%, settling at $50.93 per barrel at the end of Friday’s session. On Thursday, the US oil benchmark dipped below the $50 a barrel mark for the first time in a year. In other energy futures, gasoline rose during the week, up 1.86% and settling at $1.40 per gallon on Friday. Meanwhile, natural gas rose 6.15% during the week and was up Friday at $4.61 per 1 million British thermal unit.

The SummerHaven Dynamic Commodity Index Total Return Index (SDCITR) was 0.23% higher for the week, from a decline of 3.65% in the previous week.

Gold ended the Friday session lower, down 0.18% for the week and settling at $1,226.00 as the US dollar gained in strength against most major currencies. Focus has been on the G20 summit and the much-awaited meeting of US President Donald Trump and Chinese President Xi Jinping, on the sidelines of the summit. According to reports, Trump said he was close to doing something on trade with Beijing but was not sure if he wanted to do it. Earlier in the week, the yellow metal logged gains as traders speculated on future rate hikes from the Federal Reserve. The minutes of the Fed’s November meeting suggest a rate hike in December, while indicating there may not be three increases in rates next year as projected earlier. According to the minutes, a few participants expressed uncertainty about the timing of future increases. On the other hand, copper ended Friday’s session down at $2.79 per pound, but eked out gains of 0.65% for the week. Prices for the red metal also reacted to developments in the ongoing trade dispute between the US and China, logging gains in the first part of the week. However, soft data from China dragged prices down in the latter half. China’s manufacturing for the month of November was flat month over month, with the Official Manufacturing Purchasing Managers Index coming in at 50.0, in line with the prior month and below expectations for a reading of 50.2.

Agriculture commodities ended the week mostly higher, lifted by optimism that a trade deal between the US and China might be signed over the weekend. Sugar had a weekly increase of 1.18% and settled at a price of $0.13 per pound on Friday; coffee was around $1.08 per pound at Friday’s close, down 3.24% for the week; and cocoa rose 2.28% for the week and closed Friday’s session at $2,203 per tonne. Among grains, wheat increased 1.78% and settled at $5.16 per bushel at the end of Friday’s session; and corn was up 1.76% in the week and settled at $3.78 per bushel in Friday’s session.  Meanwhile, soybeans rose 1.42% for the week, closing at $8.95 per bushel on Friday. Hopes for an end to the trade dispute between the US and China drove the modest price increases among most of the soft commodities, particularly soybeans, which has been the hardest hit by the prolonged trade spat. On Thursday, the US Department of Agriculture reported that China had bought a mere $9 billion worth of agricultural exports this fiscal year — down 45%, mainly due to the trade war. Higher soybeans sales to other countries are not expected to offset lost demand from China even as stocks in the US swelled due to record harvests.

The SummerHaven Dynamic Agriculture Index Total Return Index (SDAITR) rose 0.22% higher for the week, compared with a decline of 0.87% in the prior week.

 

Copyright © 2018 MT Newswires, www.mtnewswires.com.

Information Contact: Justin Hillstrom – 720.917.0770 Email: Justin.hillstrom@alpsinc.com, Website is www.uscfinvestments.com

Investing involves risks, including loss of principal.

Commodity ETP Disclosures:  Download a copy of a Fund’s Prospectus by clicking one of the following:
USCIUSAGUSOUSLUSOUDNOUSODBNOUNGUNL, UGAUHN, or CPER  

Please read any Prospectus carefully before investing.

These Funds are not mutual funds or any other type of Investment Company within the meaning of the Investment Company Act of 1940, as amended, and are not subject to regulation thereunder.

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.

Please read the Prospectus carefully before investing.

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 www.uscfinvestments.com.

Past performance does not guarantee future results.

This information is intended for U.S. residents.

Funds distributed by ALPS Distributors, Inc. 

USCF logo

Weekly Commodities ETF Report: Crude Ends Week Sharply Lower as Oversupply Worries Overshadow Hopes for OPEC Production Cuts

(MT Newswires) – Crude ended Friday’s session in negative territory, extending its recent decline to its lowest level in more than a year. A continued increase in supply, which has outpaced global demand for crude, has contributed to the lower prices, despite oil producers reportedly looking to cut production. Scotiabank analysts Friday morning said indications of record output from Saudi Arabia and the resumption of China’s imports from Iran, which will increase supply in other exporting countries, are also weighing on oil prices. The Organization of the Petroleum Exporting Countries (OPEC) is considering a deal to discuss cutting production at an upcoming meeting on Dec. 6. Upset over US waivers on Iranian crude imports earlier this month, Saudi Arabia is in discussion with OPEC and its allies to cut global output by about 1.4 million barrels per day, or 1.5% of global supply, media reports suggest. The latest media reports on Friday also said that OPEC will balance this reduction in output with US President Donald Trump’s demands for lower prices. On Wednesday, the Energy Information Administration reported that for the week ended Nov. 16, US crude oil inventories had a higher-than-expected build of 4.9 million barrels — the ninth consecutive weekly build. In last week’s report, crude oil inventories rose 10.3 million barrels to 442.1 million barrels. Meanwhile, the American Petroleum Institute said on Tuesday that US weekly crude oil inventories fell by 1.5 million barrels to 439.2 million barrels, versus an expected increase of 2.9 million barrels. Finally, the number of oil rigs operating in the US decreased to the lowest level in three weeks, Baker Hughes (BHGE) said. Data from the energy services firm showed that the rig count, an indicator of future crude output, fell by three to 885 in the week.

Light, sweet crude oil for January delivery had a weekly decline of 10.68%, settling at $50.42 per barrel at the end of Friday’s session. In other energy futures, gasoline declined during the week, down 12.23% lower and settling at $1.38 per gallon on Friday. Meanwhile, natural gas fell 0.75% this week and was down Friday at $4.36 per 1 million British thermal unit.

The SummerHaven Dynamic Commodity Index Total Return Index (SDCITR) was 3.65% lower this week, from a decline of 0.96% in the previous week.

Gold ended the Friday session higher, settling at $1,223.20, to close the week up 0.80%. On Wednesday, the yellow metal hit its highest settlement price in two weeks on the back of weakness in the dollar. But by Friday, gold had trimmed its gains as traders became more cautious ahead of next week’s G20 summit in Buenos Aires, Argentina, taking place from Nov. 30 to Dec. 1. Trump and his Chinese counterpart, Xi Jinping, are expected to meet on the sidelines of the G20 summit.  The talks are unlikely to trigger a breakthrough as the two leaders have deep disagreements on an array of issues. The US tariff rate on $200 billion in Chinese goods is set to increase to 25% from 10% on Jan. 1. Trump also said he would move ahead with imposing another round of tariffs on an additional $267 billion in goods, effectively covering all Chinese exports to the US, if no agreement can be reached. On the other hand, copper ended Friday’s session down at $2.79 per pound, but scraped by with gains of 0.56% for the week.  Much of the weakness in the red metal was brought on by lingering trade war concerns. Traders are digesting the latest report from the World Bureau of Metal Statistics, which recorded a deficit in the copper market of 6.3 kiloton in the period from January to September 2018. This compares with a surplus of 93.8 kiloton in the whole of 2017. For the January to September 2018 period, world mine production was 15.36 million tonnes and refined production was 17.52 million tonnes; global consumption was 17.53 million tonnes compared with 17.49 million tonnes for the same months in 2017.

Agriculture commodities ended the week mainly lower. Sugar had a weekly decline of 1.34% and settled at a price of $0.13 per pound on Friday; coffee was around $1.11 per pound at Friday’s close, down 2.46% for the week; and cocoa fell 3.98% for the week and closed Friday’s session at $2,122 per tonne. Among grains, wheat fell 1.46% and settled at $5.07 per bushel at the end of Friday’s session; and corn was down 2.05% in the week and settled at $3.71 per bushel in Friday’s session.  Meanwhile, soybeans fell 0.93% lower for the week, closing at $8.81 per bushel on Friday, as prices continued to be pressured by concerns over a prolonged trade war between the US and China. Meanwhile, the US Department of Agriculture said that private exporters reported the sale of 123,567 tonnes of soybeans for delivery to unknown destinations during the 2018-19 marketing year.

The SummerHaven Dynamic Agriculture Index Total Return Index (SDAITR) fell 0.87% lower for the week, compared with a decline of 0.02% in the prior week.

 

Copyright © 2018 MT Newswires, www.mtnewswires.com.

Information Contact: Justin Hillstrom – 720.917.0770 Email: Justin.hillstrom@alpsinc.com, Website is www.uscfinvestments.com

Investing involves risks, including loss of principal.

Commodity ETP Disclosures:  Download a copy of a Fund’s Prospectus by clicking one of the following:
USCIUSAGUSOUSLUSOUDNOUSODBNOUNGUNL, UGAUHN, or CPER 

Please read any Prospectus carefully before investing.

These Funds are not mutual funds or any other type of Investment Company within the meaning of the Investment Company Act of 1940, as amended, and are not subject to regulation thereunder.

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.

Please read the Prospectus carefully before investing.

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 www.uscfinvestments.com.

Past performance does not guarantee future results.

This information is intended for U.S. residents.

Funds distributed by ALPS Distributors, Inc. 

Get Live Briefs Pro on Your Platform

USCF logo

Weekly Commodities ETF Report: Crude Sinks as US Approves Exemptions to Ban on Iran Crude Imports; Hopes for US-China Trade Deal Lifts Copper, Soybeans

(MT Newswires) – Crude ended Friday’s session with sharp losses, hovering near seven-month lows, as the US agreed to waivers for eight jurisdictions to continue to import Iranian crude following the imposition of sanctions next week. Even with these exemptions, expectations are for a supply contraction of 500,000 barrels per day in Iranian exports, which will help in balancing the effect of the crude oversupply that the market has been seeing, and bringing the market back into balance, according Jefferies, in a note to clients. The issue of oversupply has remained in the forefront, especially following recent data that indicates OPEC’s October output is at its highest level since November 2016. This is coupled with a strong build in oil inventories in the US. The Energy Information Administration reported Wednesday that weekly crude oil inventories in the US rose 3.22 million barrels, less than the 4.11 million barrels gain expected. This also compares with the American Petroleum Institute’s report last Tuesday that US crude supplies rose by 5.7 million barrels last week, more than analyst forecasts for a 4.1 million-barrel build. 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 fell by one to 874 in the seven-day period ending Nov. 2. The combined oil and gas rig count in the US also fell by one to 1,067 as gas rigs were flat at 193.

Light, sweet crude oil for December delivery had a weekly decline of 6.97%, settling at $63.14 per barrel at the end of Friday’s session. In other energy futures, gasoline declined during the week, slumping 6.14% lower and settling at $1.71 per gallon on Friday. Meanwhile, natural gas rose 0.21% this week and was up Friday at $3.31 per 1 million British thermal unit.

The SummerHaven Dynamic Commodity Index Total Return Index (SDCITR) fell 1.86% this week, from a decline of 0.04% in the previous week.

Gold ended the Friday session lower, settling at $1,233.30 and ended the week down 0.07%, as the dollar strengthened on upbeat economic data throughout the week. The yellow metal sank to a three-week low on Wednesday after upbeat US consumer confidence data. According to the Conference Board on Tuesday, US consumer confidence increased to 137.9 in October, hitting its highest level since September 2000. Economists had expected the consumer confidence index to drop to 136.3. On Thursday, gold enjoyed a brief rebound as the dollar index eased on reports of progress in Brexit negotiations. The UK and EU negotiators entered into a tentative deal on all aspects of a future partnership on services, as well as the exchange of data, the Times reported. By Friday, however, gold had given up those modest gains after the dollar traded higher once again following a report that US job growth rebounded sharply in October and wages recorded their largest annual gain in nine and a half years. Meanwhile, copper ended Friday’s session higher at $2.81, and gained 2.46% for the week. The red metal’s prices had fallen to a six-week low Tuesday on continuing concerns that the trade war between the US and China would restrict demand for industrial metals. However, copper had risen sharply after President Donald Trump tweeted on Thursday that he had a conversation with China President Xi Jinping that went well, saying the two had discussed trade. Trump added that he was optimistic about a trade deal. Bloomberg then reported Friday that Trump had requested a drafting of a US-China trade accord. Although Larry Kudlow, top economic adviser to Trump, refuted the report, Trump reassured reporters late Friday that the two countries are much closer to a trade deal. According to UK-based brokerage Kingdom Futures, the copper rally Friday is a “hint” of what effect a trade deal would have on the metals market.

Agriculture commodities ended the week mixed. Sugar had a weekly decline of 2.89% and settled at a price of $0.13 per pound on Friday; coffee was around $1.20 per pound at Friday’s close, up 0.29% for the week; and cocoa rose 1.72% for the week and closed Friday’s session at $2,301 per tonne.  Among grains, soybeans surged 3.41% for the week, closing at $8.88 per bushel on Friday, reaching their biggest weekly gain in six months following news of the possible trade deal between the US and China. Meanwhile, wheat rose 0.74% on the week and settled at $5.09 per bushel at the end of Friday’s session; and corn was up 0.68% in the week and settled at $3.71 per bushel in Friday’s session. The US Department of Agriculture released its baseline projections for 2019, saying that corn will become the most widely planted US crop next year. Corn acreage is expected to expand by 3%. Based on normal weather and yields. The USDA is expecting corn plantings of 92 million acres, which would result in  14.93 billion bushels, the second-largest ever. The USDA also noted how corn prices have strengthened, suggesting that the crop is more profitable than soybeans, which continue to be affected by trade developments. Corn prices are expected to improve for the 2019 crop.

The SummerHaven Dynamic Agriculture Index Total Return Index (SDAITR) rose 0.88% for the week, compared with an incease of 0.27% in the prior week.

 

Copyright © 2018 MT Newswires, www.mtnewswires.com.

Information Contact: Justin Hillstrom – 720.917.0770 Email: Justin.hillstrom@alpsinc.com, Website is www.uscfinvestments.com

Investing involves risks, including loss of principal.

Commodity ETP Disclosures:  Download a copy of a Fund’s Prospectus by clicking one of the following:
USCIUSAGUSOUSLUSOUDNOUSODBNOUNGUNL, UGAUHNor CPER  

Please read any Prospectus carefully before investing.

These Funds are not mutual funds or any other type of Investment Company within the meaning of the Investment Company Act of 1940, as amended, and are not subject to regulation thereunder.

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.

Please read the Prospectus carefully before investing.

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 www.uscfinvestments.com.

Past performance does not guarantee future results.

This information is intended for U.S. residents.

Funds distributed by ALPS Distributors, Inc. 

USCF logo

Weekly Commodities ETF Report: Crude Sinks as Supply Concerns Resurface, US Production Hits New Record

(MT Newswires) – Crude ended Friday’s session in negative territory, declining for a tenth consecutive day, on renewed supply concerns as the US oil rig count jumped the most in six months along with weekly production in the US that hit a new record as inventories surged. The number of oil rigs operating in the US jumped by 12 to 886, which is also the highest level since March 6, 2015, according to data from Baker Hughes (BHGE). The combined oil and gas rig count in the US surged by 14 to 1,081 as gas rigs also climbed by two to 195. On Wednesday, the Energy Information Administration reported that crude inventories in the US increased by 5.8 million barrels in the week ended Oct. 2, rising much more than forecasts. This compares with the American Petroleum Institute’s report last Tuesday that US crude stocks climbed by 7.8 million barrels in the week ending Nov. 2 to 432 million. Earlier in the week, prices had risen following market chatter that ministers from the Organization of Petroleum Exporting Countries and its allies will discuss the possibility of cutting production again next year to support prices at $70 a barrel in its meeting in Abu Dhabi this Sunday. However, those gains melted as rising output and fears of a drop in crude demand due to economic slowdown weighed on the commodity once again. Crude oil’s current losing streak is reportedly its longest over three decades.

Light, sweet crude oil for December delivery had a weekly decline of 4.80%, settling at $60.19 per barrel at the end of Friday’s session. In other energy futures, gasoline declined during the week, slumping 5.01% lower and settling at $1.62 per gallon on Friday. Meanwhile, natural gas rose 11.89% this week and was up Friday at $3.72 per 1 million British thermal unit.

The SummerHaven Dynamic Commodity Index Total Return Index (SDCITR) fell 1.92% this week, from a decline of 1.86% in the previous week.

Gold closed the Friday session lower, settling at $1,208.60 and ended the week down 1.97%, recording its biggest weekly fall in more than two months, as the US dollar gained in strength on the back of the Federal Reserve’s statement that it would continue to raise interest rates gradually. The greenback’s gains were also spurred by inflation data, which showed the US producer price index to have increased by a more than expected 0.6% in October, raising prospects of a rate hike in December. With more rate increases very likely in the coming year as well, the dollar has been moving higher against most major currencies. On Thursday, the Federal Reserve left interest rates unchanged, citing realized and expected labor market conditions and inflation. The central bank reiterated that it expects further gradual increase in interest rates will be consistent with sustained expansion of economic activity, strong labor market conditions, and inflation near its 2% objective over the medium term. Meanwhile, copper ended Friday’s session at $2.69  per pound, and fell 4.93% for the week, due to worries over a slowdown in the Chinese economy, which would affect demand for materials, especially those used for manufacturing and construction. On Thursday, China reported that its copper imports in October declined 19%. China consumes nearly half the world’s  copper.

Agriculture commodities ended the week lower. Sugar had a weekly decline of 4.91% and settled at a price of $0.13 per pound on Friday; coffee was around $1.14 per pound at Friday’s close, down 5.1% for the week; and cocoa fell 1.00% for the week and closed Friday’s session at $2,287 per tonne. Among grains,wheat fell 1.23% and settled at $5.02 per bushel at the end of Friday’s session; and corn was down 0.47% in the week and settled at $3.70 per bushel in Friday’s session.  Meanwhile, soybeans slipped 0.08% lower for the week, closing at $8.87 per bushel on Friday, as the US Department of Agriculture (USDA) cut its US soybean crop estimates, but said it expects stocks to rise sharply due to the ongoing US- China trade war, which is weighing on exports. The USDA on Thursday said it expects 2018/19 US soybean production at 4.600 billion bushels, down from its previous estimate of 4.690 billion bushels. The agency boosted its estimate of the 2018/19 soybean ending stocks to 955 million bushels, above the average analysts’ estimate of 898 million bushels. It also lowered its export forecasts for the current marketing year to 1.900 billion bushels from 2.060 billion bushels.

The SummerHaven Dynamic Agriculture Index Total Return Index (SDAITR) declined 1.59% for the week, compared with an incease of 0.88%in the prior week.

 

Copyright © 2018 MT Newswires, www.mtnewswires.com.

Information Contact: Justin Hillstrom – 720.917.0770 Email: Justin.hillstrom@alpsinc.com, Website is www.uscfinvestments.com

Investing involves risks, including loss of principal.

Commodity ETP Disclosures:  Download a copy of a Fund’s Prospectus by clicking one of the following:
USCIUSAGUSOUSLUSOUDNOUSODBNOUNGUNL, UGAUHN, or CPER

Please read any Prospectus carefully before investing.

These Funds are not mutual funds or any other type of Investment Company within the meaning of the Investment Company Act of 1940, as amended, and are not subject to regulation thereunder.

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.

Please read the Prospectus carefully before investing.

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 www.uscfinvestments.com.

Past performance does not guarantee future results.

This information is intended for U.S. residents.

Funds distributed by ALPS Distributors, Inc. 

 

Get Live Briefs Pro

USCF logo

Weekly Commodities ETF Report: Crude Sinks as US Approves Exemptions to Ban on Iran Crude Imports; Hopes for US-China Trade Deal Lifts Copper, Soybeans

(MT Newswires) – Crude ended Friday’s session with sharp losses, hovering near seven-month lows, as the US agreed to waivers for eight jurisdictions to continue to import Iranian crude following the imposition of sanctions next week. Even with these exemptions, expectations are for a supply contraction of 500,000 barrels per day in Iranian exports, which will help in balancing the effect of the crude oversupply that the market has been seeing, and bringing the market back into balance, according Jefferies, in a note to clients. The issue of oversupply has remained in the forefront, especially following recent data that indicates OPEC’s October output is at its highest level since November 2016. This is coupled with a strong build in oil inventories in the US. The Energy Information Administration reported Wednesday that weekly crude oil inventories in the US rose 3.22 million barrels, less than the 4.11 million barrels gain expected. This also compares with the American Petroleum Institute’s report last Tuesday that US crude supplies rose by 5.7 million barrels last week, more than analyst forecasts for a 4.1 million-barrel build. 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 fell by one to 874 in the seven-day period ending Nov. 2. The combined oil and gas rig count in the US also fell by one to 1,067 as gas rigs were flat at 193.

Light, sweet crude oil for December delivery had a weekly decline of 6.97%, settling at $63.14 per barrel at the end of Friday’s session. In other energy futures, gasoline declined during the week, slumping 6.14% lower and settling at $1.71 per gallon on Friday. Meanwhile, natural gas rose 0.21% this week and was up Friday at $3.31 per 1 million British thermal unit.

The SummerHaven Dynamic Commodity Index Total Return Index (SDCITR) fell 1.86% this week, from a decline of 0.04% in the previous week.

Gold ended the Friday session lower, settling at $1,233.30 and ended the week down 0.07%, as the dollar strengthened on upbeat economic data throughout the week. The yellow metal sank to a three-week low on Wednesday after upbeat US consumer confidence data. According to the Conference Board on Tuesday, US consumer confidence increased to 137.9 in October, hitting its highest level since September 2000. Economists had expected the consumer confidence index to drop to 136.3. On Thursday, gold enjoyed a brief rebound as the dollar index eased on reports of progress in Brexit negotiations. The UK and EU negotiators entered into a tentative deal on all aspects of a future partnership on services, as well as the exchange of data, the Times reported. By Friday, however, gold had given up those modest gains after the dollar traded higher once again following a report that US job growth rebounded sharply in October and wages recorded their largest annual gain in nine and a half years. Meanwhile, copper ended Friday’s session higher at $2.81, and gained 2.46% for the week. The red metal’s prices had fallen to a six-week low Tuesday on continuing concerns that the trade war between the US and China would restrict demand for industrial metals. However, copper had risen sharply after President Donald Trump tweeted on Thursday that he had a conversation with China President Xi Jinping that went well, saying the two had discussed trade. Trump added that he was optimistic about a trade deal. Bloomberg then reported Friday that Trump had requested a drafting of a US-China trade accord. Although Larry Kudlow, top economic adviser to Trump, refuted the report, Trump reassured reporters late Friday that the two countries are much closer to a trade deal. According to UK-based brokerage Kingdom Futures, the copper rally Friday is a “hint” of what effect a trade deal would have on the metals market.

Agriculture commodities ended the week mixed. Sugar had a weekly decline of 2.89% and settled at a price of $0.13 per pound on Friday; coffee was around $1.20 per pound at Friday’s close, up 0.29% for the week; and cocoa rose 1.72% for the week and closed Friday’s session at $2,301 per tonne.  Among grains, soybeans surged 3.41% for the week, closing at $8.88 per bushel on Friday, reaching their biggest weekly gain in six months following news of the possible trade deal between the US and China. Meanwhile, wheat rose 0.74% on the week and settled at $5.09 per bushel at the end of Friday’s session; and corn was up 0.68% in the week and settled at $3.71 per bushel in Friday’s session. The US Department of Agriculture released its baseline projections for 2019, saying that corn will become the most widely planted US crop next year. Corn acreage is expected to expand by 3%. Based on normal weather and yields. The USDA is expecting corn plantings of 92 million acres, which would result in  14.93 billion bushels, the second-largest ever. The USDA also noted how corn prices have strengthened, suggesting that the crop is more profitable than soybeans, which continue to be affected by trade developments. Corn prices are expected to improve for the 2019 crop.

The SummerHaven Dynamic Agriculture Index Total Return Index (SDAITR) rose 0.88% for the week, compared with an incease of 0.27% in the prior week.

 

Copyright © 2018 MT Newswires, www.mtnewswires.com.

Information Contact: Justin Hillstrom – 720.917.0770 Email: Justin.hillstrom@alpsinc.com, Website is www.uscfinvestments.com

Investing involves risks, including loss of principal.

Commodity ETP Disclosures:  Download a copy of a Fund’s Prospectus by clicking one of the following:
USCIUSAGUSOUSLUSOUDNOUSODBNOUNGUNL, UGAUHN, or CPER  

Please read any Prospectus carefully before investing.

These Funds are not mutual funds or any other type of Investment Company within the meaning of the Investment Company Act of 1940, as amended, and are not subject to regulation thereunder.

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.

Please read the Prospectus carefully before investing.

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 www.uscfinvestments.com.

Past performance does not guarantee future results.

This information is intended for U.S. residents.

Funds distributed by ALPS Distributors, Inc. 

Get Live Briefs Pro

USCF logo

Weekly Commodities ETF Report: Crude Edges Lower as Markets Cautious on Iran Sanctions, Oversupply Concerns; Gold Logs Modest Gains Following Sharp Sell-Off in Stocks

(MT Newswires) -Crude ended Friday’s session higher, rebounding from losses earlier this week. Traders continue to be cautious ahead of Iran sanctions despite Saudi Arabia reassuring markets on oil supply and recent data showing a sharp build in American crude inventories. Saudi Arabia’s Oil Minister Khalid al-Falih recently said that the kingdom has no intention of an oil embargo on Western consumers, despite the current crisis following allegations that it murdered journalist Jamal Khashoggi. The minister added that Saudi Arabia would work to increase supply. Back home, the Energy Information Administration reported Wednesday that crude oil inventories in the US had a build of 6.3 million barrels in the week to Oct. 19, exceeding analysts’ forecasts by a significant margin. This also compares with the American Petroleum Institute’s report last Tuesday that US commercial crude inventories had risen by 9.88 million barrels for the same week. Following these reports, there has been speculation that the market could well be heading into oversupply in the fourth quarter.  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 two in the week to 875, and that compares with 737 in operation in the same period of 2017. The tally is at the highest levels since early March 2015.

Despite ending Friday with gains and closing the session at $67.59 per barrel, light, sweet crude oil for December delivery had a weekly decline of 2.69%. In other energy futures, gasoline declined during the week, slumping 5.08% lower and settling at $1.81 per gallon on Friday. Meanwhile, natural gas fell 1.43% this week and was down Friday at $3.23 per 1 million British thermal unit.

The SummerHaven Dynamic Commodity Index Total Return Index (SDCITR) fell 0.04% this week, from a decrease of 0.94% in the previous week.

Gold ended the Friday session modestly higher, settling at $1,235.80 and ended the week up 0.46%. Seeking refuge from risk, investors poured into safe havens, driving gold up to its highest level since July and dragging the yield on the 10-year Treasury note down by another 5 basis points to a three-week low. The yellow metal is  benefitting from its safe-haven status after Wall Street suffered its biggest one-day fall since 2011 earlier this week. The sharp sell-off in equities was sparked by concerns over earnings, Italian government finances and escalating trade tensions. Meanwhile, copper ended Friday’s session lower at $2.74, and fell 1.19% for the week  The red metal’s prices continued to trade lower even as its outlook brightened somewhat: according to a Reuters poll, copper prices are on track to rebound by next year, as more robust supply/demand fundamentals are expected to offset macro-economic concerns. The Reuters report cited comments from analyst firm ABN AMRO, which noted that copper prices will see an increase once trade war concerns ease and better Chinese economic figures are reported. And although copper shortages are still possible next year, analysts have lowered forecasts for a global copper deficit to 44,000 tonnes from an earlier estimate of 151,000 tonnes.

Agriculture commodities ended the week mostly lower. Sugar had a weekly decline of 1.15% and settled at a price of $0.14 per pound on Friday; coffee was around $1.20 per pound at Friday’s close, down 1.92% for the week; and cocoa rose 4.12% for the week and closed Friday’s session at $2,251 per tonne.  Among grains, corn was up 0.61% in the week and settled at $3.68 per bushel in Friday’s session; soybeans fell 1.47% for the week, closing at $8.58 per bushel on Friday; and wheat fell 1.75% and settled at $5.05 per bushel at the end of Friday’s session. Wheat saw its greatest weekly decline since early September as expectations for higher wheat exports from Russia pressured US wheat prices. Additionally, the International Grains Council on Thursday raised its forecast for global wheat production after China released improved outlook for its wheat crop. The council now sees wheat production at 728.8 million tonnes, up from a previous forecast of 716.7 million tonnes.

The SummerHaven Dynamic Agriculture Index Total Return Index (SDAITR) rose 0.27% for the week, compared with an decline of 1.05% in the prior week.

 

Copyright © 2018 MT Newswires, www.mtnewswires.com.

Information Contact: Justin Hillstrom – 720.917.0770 Email: Justin.hillstrom@alpsinc.com, Website is www.uscfinvestments.com

Investing involves risks, including loss of principal.

Commodity ETP Disclosures:  Download a copy of a Fund’s Prospectus by clicking one of the following:
USCIUSAGUSOUSLUSOUDNOUSODBNOUNGUNL, UGAUHNor CPER 

Please read any Prospectus carefully before investing.

These Funds are not mutual funds or any other type of Investment Company within the meaning of the Investment Company Act of 1940, as amended, and are not subject to regulation thereunder.

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.

Please read the Prospectus carefully before investing.

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 www.uscfinvestments.com.

Past performance does not guarantee future results.

This information is intended for U.S. residents.

Funds distributed by ALPS Distributors, Inc. 

Get Live Briefs Pro

USCF logo

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.

 

Copyright © 2018 MT Newswires, www.mtnewswires.com.

Information Contact: Justin Hillstrom – 720.917.0770 Email: Justin.hillstrom@alpsinc.com, Website is www.uscfinvestments.com

Investing involves risks, including loss of principal.

Commodity ETP Disclosures:  Download a copy of a Fund’s Prospectus by clicking one of the following:
USCIUSAGUSOUSLUSOUDNOUSODBNOUNGUNL, UGAUHNor CPER  

Please read any Prospectus carefully before investing.

These Funds are not mutual funds or any other type of Investment Company within the meaning of the Investment Company Act of 1940, as amended, and are not subject to regulation thereunder.

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.

Please read the Prospectus carefully before investing.

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 www.uscfinvestments.com.

Past performance does not guarantee future results.

This information is intended for U.S. residents.

Funds distributed by ALPS Distributors, Inc. 

USCF logo

Weekly Commodities ETF Report: Crude Oil Caps Volatile Session With Slim Friday Gains While Gold Climbs Amid Global Economic Uncertainty, Corn Firms as Trump Pushes Year-Round E15

(MT Newswires) – Crude ended Friday’s session higher, as fears of disruptions to global oil supplies helped offset growth worries. An uptick in crude’s prices came on the heels of the news that Hurricane Michael made landfall along the Gulf Coast on Wednesday as a category 4 storm. Following hurricane warnings, offshore producers including Anadarko Petroleum, BHP Billiton, BP and Chevron reportedly evacuated workers from 13 oil and gas platforms in the Gulf — this is expected to cut oil production in the Gulf by about 40%. Meanwhile, the International Monetary Fund (IMF) predicted Iran’s economy would contract over the next two years due to reduced oil production as US sanctions targeting Iran’s crude oil exports come into force on Nov. 4. However, it forecast increased growth in Saudi Arabia and its oil-rich neighbors in the Gulf on the back of higher oil production. Back home, the Energy Information Administration on Thursday reported that commercial crude inventories in the US increased by 6.0 million barrels from the previous week. This compares with the week earlier build of 8 million barrels and the American Petroleum Institute’s report Wednesday looking for a major build of 9.75 million barrels. Finally, Baker Hughes (BHGE) said late Friday the number of oil rigs operating in the US rose by eight to 869, the biggest advance in 10 weeks.

Over the last five days, light, sweet crude oil for November delivery was down 3.8%, settling at $71.34 per barrel at the close of Friday’s session. In other energy futures, gasoline declined during the week, edging 6.8% lower and settling at $1.940 per gallon on Friday. Meanwhile, natural gas rose 2.7% this week but was down Friday at $3.088 per 1 million British thermal unit.

The SummerHaven Dynamic Commodity Index Total Return Index (SDCITR) fell 1.2% this week, from an increase of 0.97% in the previous week.

Gold ended the Friday session lower as equities recovered from sharp selling, settling at $1.222 but eventually ended the week up 1.2%. The yellow metal slipped lower on Tuesday to a one-week low as the US dollar hit a seven-week high; gold, however, edged higher mid-week, benefitting from its safe- haven status as traders shunned equities amid mounting concerns over a budget showdown between Italy and the EU and on worries about a slowing Chinese economy. Concerns over Italy’s budget have eased somewhat following a statement from the country’s finance minister, reassuring traders that the government will do all it can to restore market confidence. Meanwhile, China’s currency slipped past a psychological bulwark as the IMF lowered its forecast for Chinese economic growth in 2019 to 6.2% from 6.4%, citing “negative effect of recent tariff actions.”

On the other hand, copper ended Friday’s session higher at $2.8005, and rose 2.01% for the week.

Agriculture commodities ended the week mostly mixed. Sugar had a weekly increase of 3.9% and settled at a price of $0.1312 per pound on Friday; coffee was around $1.165 per pound at Friday’s close, up 6.7% for the week; and cocoa climbed 6.3% for the week and closed Friday’s session at $2,160 per tonne. Among grains, wheat fell 1% and settled at $5.17 per bushel at the end of Friday’s session, while soybeans slipped 0.2% for the week, closing at $8.68 per bushel on Friday. Meanwhile corn was up 1.4% in the week and settled at $3.74 per bushel in Friday’s session, following President Donald Trump’s directive to allow the year-round sale of a higher concentration of ethanol in gasoline — a move that would benefit corn farmers, who have been affected by a slump in corn prices as a result of the US-China trade war. Trump is pushing to make available E15, or gasoline with 15% ethanol, throughout the year, hoping that it will expand biofuels and in turn, help farmers by spurring sales of ethanol. E15 had been banned in summer months due to smog concerns.

The SummerHaven Dynamic Agriculture Index Total Return Index (SDAITR) rose 1.1% for the week, compared with an increase of 1.63% in the prior week.

 

Copyright © 2018 MT Newswires, www.mtnewswires.com.

Information Contact: Justin Hillstrom – 720.917.0770 Email: Justin.hillstrom@alpsinc.com, Website is www.uscfinvestments.com

Investing involves risks, including loss of principal.

Commodity ETP Disclosures:  Download a copy of a Fund’s Prospectus by clicking one of the following:
USCIUSAGUSOUSLUSOUDNOUSODBNOUNGUNL, UGAUHN, or CPER  

Please read any Prospectus carefully before investing.

These Funds are not mutual funds or any other type of Investment Company within the meaning of the Investment Company Act of 1940, as amended, and are not subject to regulation thereunder.

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.

Please read the Prospectus carefully before investing.

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 www.uscfinvestments.com.

Past performance does not guarantee future results.

This information is intended for U.S. residents.

Funds distributed by ALPS Distributors, Inc. 

Get Live Briefs Pro on Your Platform