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Weekly Commodities ETF Report: Crude Hits Highest Level So Far in 2019 on OPEC-Led Production Cuts; Gold Rises on Progress in US-China Trade Talks

(MT Newswires) – Crude prices ended Friday’s session higher and the week in positive territory, briefly hitting 2019 highs above $65 per barrel earlier in the week, helped by supply cuts led by The Organization of the Petroleum Exporting Countries (OPEC) and the announcement of an even deeper cut by Saudi Arabia. OPEC cut nearly 800,000 barrels of output per day in January, just short of its goal of cutting 812,000 bpd, in a bid to tighten the oil market. Top exporter and de facto OPEC leader Saudi Arabia said earlier in the week that it plans to produce around 9.8 million barrels per day of oil in March, over half a million bpd below its pledged production level. Oil prices also remained supported by the partial closure of Saudi Arabia’s Safaniya offshore oil fields, which affected production capacity of more than 1 million barrels per day (bpd). Neither the cause of the outage or the expected duration were immediately known, according to reports. There is also concern of a demand slowdown ahead of normal spring refinery maintenance. Energy services firm Baker Hughes (BHGE) reported Friday that the number of oil rigs operating in the US rose by three to 857. The combined oil and gas rig count in the US climbed by two to 1,051 as gas rigs fell by one to 194. Earlier in the week, the Energy Information Administration said crude inventories rose by 3.6 million from the previous week to reach 450.8 million barrels. That’s about 6% above the five-year average for this time of the year. On the other hand, the American Petroleum Institute said the weekly crude inventories were down 998,000 barrels.

Light, sweet crude oil for March delivery rose 5.73% for the week, settling at $55.59 per barrel at the end of Friday’s session. In other energy futures, gasoline rose 7.26% during the week and settling at $1.74 per gallon on Friday. Natural gas for April delivery rose 1.03% for the week at $2.66 per 1 million British thermal unit.

The SummerHaven Dynamic Commodity Index Total Return Index (SDCITR) was 1.16% higher for the week, compared with a decline of 0.34% in the previous week.

Gold wrapped up the Friday session higher, settling at $1,322.10 and ending the week up 0.49% as two days of US-Chinese trade talks concluded on a positive note. High-level talks between American and Chinese officials ended in Beijing and it remains unclear whether the two sides have made any progress in resolving the thorny issues. Gold prices also remain supported by uncertainties around Brexit and increasing political uncertainty in Europe after Spanish Prime Minister Pedro Sanchez called for a snap general election in April. The dollar fell on the back of weak US retail sales data released Wednesday, logging its worst showing since September 2009. The data fanned concerns of slowing economic momentum in the world’s largest economy and reinforced expectations that the Federal Reserve will not raise interest rates this year. Meanwhile, copper closed Friday’s session at $2.80 per pound, inching 0.20% higher for the week. The red metal also benefitted from optimism following progress in the US-China trade talks, but gains were tempered by reports that China’s factory-gate price growth fell below estimates. For the month of January, producer price inflation growth from the largest consumer of copper was at its weakest pace since early September. Nevertheless, the outlook on copper demand remains positive as China also reported that its copper import numbers were up sharply, with shipments of unwrought copper up 14% in January to 479,000 tonnes. Copper concentrate imports rose 17% year over year to 1.9 million tonnes.

In agriculture commodities, grains ended the week mostly lower, despite the developments in the US-China trade talks: corn edged 0.20% higher in the week and settled at $3.83 per bushel in Friday’s session; wheat dropped 2.74% lower and settled at $5.07 per bushel at the end of Friday’s session; and soybeans fell 0.94% for the week, but closed Friday in positive territory at $9.21 per bushel.  The US Department of Agriculture (USDA) reported that export sales showed net cancellations of US soybeans totaling 610,900 tonnes in the week ended Jan. 3. The agency is continuing to clear the backlog resulting from the recent US government shutdown. Other commodities were mixed: sugar had a weekly increase of 3.48% and settled at a price of $0.13 per pound on Friday; coffee was around $1.02 per pound at Friday’s close, down 4.26% for the week; and cocoa rose 4.65% higher for the week and closed Friday’s session at $2,339 per tonne. According to a Reuters survey of analysts and traders, cocoa prices are set to increase despite a slight global surplus. Forecasts were for cocoa to have a global surplus of 30,000 tonnes for the 2018/19 season — just above 2017/18 estimates of 22,000 tonnes, according to the International Cocoa Organization. Analysts and traders have cited these factors that could underpin cocoa prices: currency volatility due to Brexit and lower quality supplies of Cameroon cocoa, as well as uncertain weather and possible political turmoil in Ivory Coast, a top producer of cocoa.

The SummerHaven Dynamic Agriculture Index Total Return Index (SDAITR) was up 0.50% for the week, compared with a decrease of 1.09% in the prior week.

 

Copyright © 2019 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. 

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Weekly Commodities ETF Report: Fears of Economic Slowdown, US-China Trade Talk Tensions Drive Most Commodities Lower

(MT Newswires) – Crude prices ended Friday’s session higher but ultimately ended the week in the red as concerns about a possible drop in energy demand due to a global economic slowdown and the ongoing US-China trade dispute continue to weigh on the commodity. Although prices have been moving up at times amid expectations the OPEC-led production cuts and US sanctions on Venezuela’s state-run oil company will tighten global crude supply, recent data showing higher crude output in the US held gains in check.  Energy services firm Baker Hughes (BHGE) reported Friday that the number of oil rigs operating in the US rose by seven to 854. The combined oil and gas rig count in the US climbed by four to 1,049 as gas rigs fell by three to 195. Earlier in the week, the Energy Information Administration said crude inventories increased by 1.26 million barrels last week, less than the 2.2 million-barrels gain expected. On the other hand, data from the American Petroleum Institute showed a build of 2.5 million barrels of US crude inventories last week.

Light, sweet crude oil for March delivery fell 4.77% for the week, settling at $52.72 per barrel at the end of Friday’s session. In other energy futures, gasoline rose during the week, up 0.76% and settling at $1.45 per gallon on Friday. Natural gas for March delivery slumped 4.50% this week at $2.58 per 1 million British thermal unit.

The SummerHaven Dynamic Commodity Index Total Return Index (SDCITR) was 0.34% lower this week, compared with an increase of 0.02% in the previous week.

Gold wrapped up the Friday session higher as global growth worries prompted traders to shun riskier investments like equities and seek the safe-haven asset, however the yellow metal ended the week slightly lower, down 0.32%, closing at $1,318.50. Meanwhile, these same concerns drove copper lower at Friday’s close, settling at $2.81 per pound, but the red metal ended the week up 1.43%. On Thursday, Germany reported an unexpected decline of 0.4% in its industrial output for December — the fourth consecutive monthly decrease. As well, the European Commission lowered its growth forecasts for Italy and Germany and the eurozone as a whole.  Meanwhile, the Bank of England said it sees its slowest economic growth in a decade and lowered its 2019 GDP growth forecast to 1.2% from 1.7%.

In agriculture commodities, grains ended the week lower: wheat dropped 1.24% lower and settled at $5.17 per bushel at the end of Friday’s session; corn slipped 1.06% in the week and settled at $3.74 per bushel in Friday’s session; and soybeans fell 0.11% for the week, but closed Friday in positive territory at $9.15 per bushel. It was the second weekly loss in a row for soybeans, even though the commodity started the week with modest gains. Prices for soybean futures rose on fears of a decline in crop yields from South American; however, those gains dissipated when Parana, the second largest producing state in Brazil, reported that crops had minimal damage from drought, and that the soybean harvest was ahead of the season. Separately, worries over the US-China trade deal resurfaced to weigh on commodities during the week after US President Donald Trump said there were no plans for a meeting with Chinese President Xi Jinping before the March 1 trade deal deadline.  Also, there have been reports that Trump will sign an executive order that would ban the use of Chinese-made wireless equipment in US networks — a move that aims to increase cyber security for the US but might exacerbate trade tensions.

Other soft commodities were mixed: sugar had a weekly increase of 1.03% and settled at a price of $0.13 per pound on Friday; coffee was around $1.03 per pound at Friday’s close, down 1.30% for the week; and cocoa inched 1.01% higher for the week and closed Friday’s session at $2,196 per tonne.

The SummerHaven Dynamic Agriculture Index Total Return Index (SDAITR) was down 1.09% for the week, compared with a decrease of 0.52 in the prior week.

 

Copyright © 2019 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

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Weekly Commodities ETF Report: Sanctions on Venezuela, Tighter Production Boost Crude Prices; Gold, Soybeans Gain on Strong Economic Data, Progress in Trade Talks

(MT Newswires) – Crude prices ended Friday’s session higher as tighter US sanctions on Venezuela’s access to the global financial system and reduced exports by Saudi Arabia to the US combined for unexpected tightness in supplies for US refiners.  The Organization of the Petroleum Exporting Countries (OPEC) and its allies also appear to be making headway in plans to trim nearly 1.2 million barrels per day from the market in the first six months of the year. Reuters reported that crude oil production from OPEC dropped by a massive 890,000 bpd in January from the previous month. That marked the largest month-on-month drop since January 2017. Meanwhile, the US oil rig count, an indicator of crude output, fell by 15 in the week to 847, posting the steepest decline in three weeks, according to data from energy services firm Baker Hughes (BHGE). The North American total was down by three in the week to 1,288 — unchanged from a year ago.  Earlier in the week, the Energy Information Administration said that US stockpiles of commercial crude rose by 919,000 barrels to 445.9 million, much less than an expected increase of more than 3 million barrels but still 7% above the five-year average for this time of year. On the other hand, the American Petroleum Institute said US crude oil inventories rose 1.1 million barrels to 445.7 million last week, less than the expected increase of 3.2 million barrels in the weekly estimates.

Light, sweet crude oil for March delivery rose 3.27% for the week, settling at $55.26 per barrel at the end of Friday’s session. In other energy futures, gasoline jumped during the week, up 2.09% and settling at $1.44 per gallon on Friday. Natural gas for March delivery slumped 10.26% during the week, closing at $2.73 per 1 million British thermal unit.

The SummerHaven Dynamic Commodity Index Total Return Index (SDCITR) was 0.02% higher this week, compared with a decline of 0.06% in the previous week.

Gold wrapped up the Friday session slipping lower but ended the week up 1.05%, closing at $1,322.10. At one point during the week the yellow metal hit eight-month highs following the Federal Reserve’s decision to leave interest rates unchanged on Wednesday. The Fed also removed a sentence describing the risks to the economic outlook as “roughly balanced” with Fed Chair Jerome Powell saying “the case for raising rates has weakened somewhat.” With bond yields turning lower and the dollar staying somewhat subdued, the demand for the safe-haven yellow metal increased yet again. Strong US economic data also pushed gold to weekly gains, as fairly upbeat US jobs data and acceleration in manufacturing activity eased concerns about US economic growth. According to the data released by the Labor Department, nonfarm payroll employment surged by 304,000 jobs in January compared with economist estimates for an increase of about 165,000 jobs. A separate report from the Institute for Supply Management showed growth in the manufacturing sector unexpectedly reaccelerated in January after seeing a substantial slowdown in December. The ISM said its purchasing managers index climbed to 56.6 in January from a revised 54.3 in December, with a reading above 50 indicating growth in the manufacturing sector. Copper ended the week up 1.41% and settled at $2.77 per pound, but weak data out of China’s manufacturing sector has kept those gains in check. China’s manufacturing activity fell at the sharpest pace in nearly three years in January, due to declines in both new work and production, survey data from IHS Markit showed on Friday. The Caixin/Markit Manufacturing Purchasing Managers Index (PMI) for January fell a second straight month, reaching 48.3 – its worst reading since February 2016 – from 49.7 in December and well below the 49.5 level expected.

Agriculture commodities ended the week mixed: among grains, wheat edged 0.67% higher and settled at $5.24 per bushel at the end of Friday’s session; corn slipped 0.53% in the week and settled at $3.78 per bushel in Friday’s session; and soybeans fell 0.65% for the week, but closed Friday in positive territory at $9.17 per bushel. Friday’s gains were sparked by optimism that the US and China might reach a trade deal before the March 1 deadline. The two-day US-China trade talks ended without concrete results, but China had promised to “substantially” expand purchases of US soybeans. US President Donald Trump said he hopes to accommodate China and reach a deal by the March 1 deadline. He also said he would meet Xi Jinping soon to try to seal a comprehensive trade deal. Meanwhile, other commodities such as sugar had a weekly increase of 1.61% and settled at a price of $0.13 per pound on Friday; coffee was around $1.04 per pound at Friday’s close, down 2.90% for the week; and cocoa fell 2.29% for the week and closed Friday’s session at $2,168 per tonne.

The SummerHaven Dynamic Agriculture Index Total Return Index (SDAITR) was down 0.52% for the week, compared with a decrease of 0.19% in the prior week.

 

Copyright © 2019 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

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Weekly Commodities ETF Report: Crude Sees First Decline in Four Weeks; Gold Closes Week Higher on Temporary End to Government Shutdown

(MT Newswires) – Crude prices ended Friday’s session higher but recorded their first weekly decline in four weeks after domestic supplies in the US hit their highest level in two months, outweighing the impact of political turmoil in Venezuela, a country whose oil reserves are bigger than Saudi Arabia’s. The Energy Information Administration (EIA) said that crude oil inventories in the US soared by 8 million barrels over a week to Jan. 18. That increase compares with expectations for a 42,000 barrel-drop in a Reuters’ survey of analysts. The report was released a day later than usual due to the Martin Luther King, Jr. holiday on Jan. 21. At 445.0 million barrels as of Jan. 18, excluding special reserves, the inventories are 9% above their five-year average for this time of year, the EIA report noted. It is also the highest level since late November. The EIA, in its annual 2019 report, which was also released Thursday, said the US produced almost 11 million barrels per day of crude oil in 2018, exceeding its previous 1970 record of 9.6 million barrels per day. The American Petroleum Institute had said Tuesday that crude oil stocks jumped by 6.6 million barrels last week to 443.6 million. Finally, the number of oil rigs operating in the US jumped by 10, after having slumped by 21 last week, to 862, according to data from energy services firm Baker Hughes (BHGE), which tracked the seven-day period ending Jan. 25. The combined oil and gas rig count in the US was rose by nine to 1,059 as gas rigs fell by one to 197.

Light, sweet crude oil for March delivery fell 0.74% for the week, settling at $53.69 per barrel at the end of Friday’s session. In other energy futures, gasoline fell during the week, down 3.93% and settling at $1.40 per gallon on Friday. Natural gas for March delivery declined 3.86% this week at $3.07 per 1 million British thermal unit.

The SummerHaven Dynamic Commodity Index Total Return Index (SDCITR) was 0.06% lower this week, compared with an increase of 1.10% in the previous week.

Gold wrapped up the Friday session higher, closing at $1,304.20, to end the week up 1.57%. The yellow metal’s gains came on the back of a subdued dollar, with traders looking ahead to the Federal Reserve’s monetary policy meeting next week. It is speculated that the Fed might leave interest rates unchanged or speak about pausing interest rate hikes sometime soon. Meanwhile, after two separate proposals to re-open the government failed in the Senate on Thursday, President Donald Trump said Friday that he would approve an agreement to end the longest-ever government shutdown — allowing the government to re-open until Feb. 15, with federal employees getting salaries — while work goes on toward a deal for border security. Trump also reassured workers that they would be given back pay for the days they had been furloughed. Copper, on the other hand, finished Friday’s session at $2.73 per pound, closing the week up 0.85%, after Freeport McMoRan, the world’s second-biggest copper miner, forecast a drop in output in 2019. The company, which reported its fourth-quarter earnings results on Thursday, said that it expects sales volumes for the year 2019 to approximate 3.3 billion pounds of copper.

Agriculture commodities ended the week mixed: among grains, wheat edged 0.82% higher and settled at $5.20 per bushel at the end of Friday’s session; corn was slipped 0.13% in the week and settled at $3.80 per bushel in Friday’s session; and soybeans managed to eke out a weekly gain of 0.93%, closing at $9.25 per bushel on Friday, even as trade concerns have been weighing on the commodity for the past five days. A delegation from China is set to arrive in the US next week for trade negotiations, but markets are skeptical about the two nations striking a trade deal anytime soon. On Thursday, Commerce Secretary Wilbur Ross, in an attempt to underscore the complexity of a mutually beneficial trade deal, said in an interview with CNBC that a resolution to the trade conflict is still “miles and miles” away. But the outlook for soybeans was slightly upbeat as Brazil lowered its forecast for the 2018-19 soybean harvest to 16.8 million tonnes from the previous 19.1 million tonnes, after the Parana state, the country’s second-largest soybean producer, experienced a dry spell last month. Meanwhile, other commodities such as sugar had a weekly increase of 4.30% and settled at a price of $0.12 per pound on Friday; coffee was around $1.07 per pound at Friday’s close, up 1.33% for the week; and cocoa fell 3.08% for the week and closed Friday’s session at $2,225 per tonne.

The SummerHaven Dynamic Agriculture Index Total Return Index (SDAITR) was 0.19% lower for the week, compared with an increase of 0.65% in the prior week.

 

Copyright © 2019 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

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Weekly Commodities ETF Report: Crude Climbs for the Week as OPEC Reports Production Cut; Optimism for US-China Trade Deal Boosts Copper, Soybeans

(MT Newswires) – Crude prices ended Friday’s session higher, hovering near one-month highs to close the week in positive territory after members of the Organization of the Petroleum Exporting Countries (OPEC) reported the biggest monthly drop in production in nearly two years as part of efforts to keep oil markets balanced over the whole of 2019. Collective output from OPEC members fell by 751,000 barrels a day last month, to 31.58 million as part of the agreement reached at the meeting Dec. 7 in Vienna. Separately, the International Energy Agency (IEA) said in a closely-watched report that the level of crude output from the US would once again be a major factor this year, saying that ” …the US, already the biggest liquids supplier, will reinforce its leadership as the world’s number one crude producer. By the middle of the year, US crude output will probably be more than the capacity of either Saudi Arabia or Russia.” Meanwhile, the latest data from the Energy Information Administration showed that crude oil inventories in the US fell by 2.68 million barrels in the week ended Jan. 11. That was much higher than the expected drop.  The American Petroleum Institute said Tuesday that crude oil stocks fell 560,000 barrels last week to 437 million barrels, less than the 1.3 million barrel-decline expected. Finally, Baker Hughes (BHGE) said Friday that the number of oil rigs operating in the US plunged by 21 in the week to 852, the lowest level in seven months.

Light, sweet crude oil for February delivery rose 3.89% for the week, settling at $53.80 per barrel at the end of Friday’s session. In other energy futures, gasoline rose during the week, up 2.60% and settling at $1.47 per gallon on Friday. Natural gas for March delivery jumped 6.91% for the week at $3.24 per 1 million British thermal unit.

The SummerHaven Dynamic Commodity Index Total Return Index (SDCITR) was 1.10% higher this week, compared with an increase of 1.72% in the previous week.

Gold wrapped up the Friday session lower, closing at $1,282.60, to end the week down 0.59%– the first weekly loss since mid-December. The yellow metal’s weakness came on the heels of positive developments in the US-China trade talks, which lifted stocks, while comments from New York Fed President John Williams hinting at a pause in interest rate hikes helped strengthen the dollar. Investors are optimistic about the possibility of a trade deal between the US and China ahead of a scheduled visit to the US by Chinese Vice Premier Liu He. The visit will be on Jan. 30-31, during which trade negotiations are expected to continue. Meanwhile, Williams said Friday in remarks delivered to the New Jersey Bankers Association that the Federal Reserve might consider pausing rate hikes or adjusting the path of balance sheet normalization after recent data pointed to easing economic tailwinds. He is the latest in a series of Fed officials who have hinted at a pause in interest rate increases. Copper, on the other hand, finished Friday’s session at $2.72 per pound, closing the week up 2.05%, with gains spurred on by optimism that a bilateral trade deal between the US and China can finally be reached; specifically, Treasury Secretary Steven Mnuchin had reportedly proposed easing tariffs on Chinese imports to give China an incentive to make better trade concessions. The plan faced some opposition from Trade Representative Robert Lighthizer, however, who raised concerns that it might show weakness from the US. For months, prices for metals, particularly copper, have been driven lower by the trade deadlock between the two countries – with fears that tariffs would exacerbate the slowdown in global growth. China accounts for about half of global copper demand.

Agriculture commodities ended the week mixed: among grains, wheat fell 0.58% and settled at $5.18 per bushel at the end of Friday’s session; corn was up 0.46% in the week and settled at $3.82 per bushel in Friday’s session; and soybeans rose 0.49% for the week, closing at $9.17 per bushel on Friday. On Thursday, CNBC, citing tanker-tracking firm ClipperData, reported that soybean shipments to China at the start of this year declined some 37% compared with the same period in 2018. The decline has raised concerns for US farmers, but the latest developments in the trade negotiations between the US and China have been encouraging. Specifically, China said Friday that it is willing to increase imports from the US by $1 trillion over the next six years, according to a report from Bloomberg. The “buying spree” would reduce China’s trade surplus to zero by 2024. Negotiators on the US side, however, were skeptical of the plan, and had asked that the trade gap should be closed in as early as two years. It was also unclear if the products in this ” buying spree” would include agricultural commodities such as soybeans. Meanwhile, other commodities such as sugar had a weekly increase of 2.35% and settled at a price of $0.13 per pound on Friday, while coffee was around $1.05 per pound at Friday’s close, up 1.35% for the week and cocoa fell 2.21% for the week and closed Friday’s session at $2,307 per tonne.

The SummerHaven Dynamic Agriculture Index Total Return Index (SDAITR) was 0.65% higher for the week, compared with a decline of 0.68% in the prior week.

 

Copyright © 2019 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. 

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Weekly Commodities ETF Report: Crude, Precious Metals End Week Higher on Positive US-China Trade Developments

(MT Newswires) – Crude prices ended the week higher, as investors increasingly see efforts by the Organization of the Petroleum Exporting Countries (OPEC) and other oil producing countries to curb output succeeding – and supporting prices this year. OPEC and its allies agreed in early December to trim 1.2 million barrels per day from the market for the first six months of 2019, and possibly beyond after assessing the market again at a meeting scheduled for April.  Also helping buoy crude prices were hopes that the US and China can reach a reasonable trade deal before a March 2 deadline, although this optimism slowly dwindled as the week went on. Three days of US-Chinese talks aimed at ending a costly tariff battle wrapped up Wednesday on a high note, with China’s Commerce Ministry saying that the two sides held an “extensive, in-depth, and detailed exchange” on trade issues, including structural factors. Further negotiations are set to follow this month. Meanwhile, the latest data from the Energy Information Administration showed that domestic crude supplies fell by 1.7 million barrels for the week ended Jan. 4, compared with expectations for a decline of 1.4 million barrels in crude supplies, according to S&P Global Platts estimates. The American Petroleum Institute had said Tuesday that US crude oil stocks fell 6.1 million barrels. Finally, Baker Hughes (BHGE) said Friday that the number of oil rigs operating in the US fell by four to 873, the third consecutive sequential decline. It was the lowest level since Dec. 14. A year ago, the US oil rig count was at 752. The North American total was higher by 108 in the week to 1,259, also up from the year-ago tally of 1,215.

Light, sweet crude oil for February delivery rallied 6.98% for the week, settling at $51.59 per barrel at the end of Friday’s session. In other energy futures, gasoline rose during the week, up 3.60% and settling at $1.40 per gallon on Friday. Natural gas for March delivery jumped 3.58% this week at $2.95 per 1 million British thermal unit.

The SummerHaven Dynamic Commodity Index Total Return Index (SDCITR) was 1.72% higher this week, compared with an increase of 0.44% in the previous week.

Gold closed the Friday session in positive territory, closing at $1,289.50, to end the week 0.18% higher, but failing to breach the psychologically important $1,300-an-ounce level. The yellow metal managed to settle higher after equities lost some ground due to profit taking and on concerns about the ongoing government shutdown and skepticism about a potential trade deal between the US and China. Recent comments by Federal Reserve Chairman Jerome Powell that the central bank will be patient in determining when to hike interest rates weighed on the greenback earlier in the day. However, the currency forced its way up against most major currencies as the session progressed and the dollar index edged up slightly to 95.20. One of the key economic data releases during the week was the December consumer price index, which slipped by 0.1% after coming in unchanged in November. Excluding food and energy prices, the core consumer price index rose by 0.2% in December, matching the increases seen in the two previous months as well as expectations. On the other hand, copper also benefitted from the positive US-China trade developments as well as from the dovish statements from the Federal Reserve, which in turn pushed the dollar lower. Copper ended Friday’s session up at $2.66 per pound and up 0.49% for the last five days – the biggest weekly gain since mid-November.

Agriculture commodities ended the week mixed: among grains, wheat rose 0.73% and settled at $5.20 per bushel at the end of Friday’s session; corn was down 0.98% in the week and settled at $3.78 per bushel in Friday’s session; and soybeans fell 1.27% for the week, closing at $9.10 per bushel on Friday. This was the first time in the last three weeks that soybeans fell, slipping to the weakest level since Jan. 3, as the market awaits more purchases from China. Also, Brazil is set to harvest its soybean crop and will therefore provide some competition for US soybeans. Meanwhile, other commodities closed higher on the week;   sugar had a weekly increase of 6.96% and settled at a price of $0.13 per pound on Friday; coffee was around $1.04 per pound at Friday’s close, up 2.31% for the week; and cocoa rose 0.08% for the week and closed Friday’s session at $2,356 per tonne.

The SummerHaven Dynamic Agriculture Index Total Return Index (SDAITR) was 0.68% lower for the week, compared with the 0.25% increase in the prior week.

 

Copyright © 2019 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. 

Premium Financial News

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Weekly Commodities ETF Report: Crude, Gold End Week in Positive Territory as Optimism for Upcoming US-China Trade Talks Grows

(MT Newswires) – Crude prices dropped in the fourth quarter of 2018 amid worries over growing production and waning global demand, but the key commodity finished Friday higher amid broader gains in US stock markets. Hopes of a trade truce between the US and China and output cuts put into place by members of the Organization of the Petroleum Exporting Countries (OPEC) infused much-needed confidence into the commodities market. Representatives from the world’s two largest economies are expected to hold trade talks in Beijing next week, according to news reports. This comes after tense relations between the two countries in recent months following the imposition of hefty levies on imported goods by both nations. Global oil output was lower meanwhile after ministers from OPEC and non-OPEC countries decided in early December to adjust overall production by 1.2 million barrels per day effective from January 2019 for an initial period of six months. The decision came in view of a growing imbalance between global oil supply and demand. Meanwhile, the latest data from the Energy Information Administration showed that US stockpiles of commercial crude came in at about 441.42 million barrels in the week ending Dec. 28, compared with 441.41 million barrels the week earlier. This compares with the American Petroleum Institute’s report that US crude oil stocks fell 4.5 million barrels last week to 443.7 million barrels, versus an expected dip of 3.1 million barrels. Finally, Baker Hughes (BHGE) said Friday that the number of oil rigs operating in the US dropped by eight to 877 in the seven-day period ending Jan. 4. The combined oil and gas rig count in the US also fell by eight to 1,075 as gas rigs were flat at 198.

Light, sweet crude oil for February delivery jumped 6.78% for the week, settling at $47.96 per barrel at the end of Friday’s session. In other energy futures, gasoline rose during the week, up 4.80% and settling at $1.35 per gallon on Friday. Natural gas, however, sank 8.49% this week at $2.91 per 1 million British thermal unit.

The SummerHaven Dynamic Commodity Index Total Return Index (SDCITR) was 0.44% higher this week, compared with a decline of 0.20% in the previous week.

Gold closed the Friday session in the red, settling at $1,285.80, but logged modest gains to end the week 0.24% higher, as optimism returned to stocks ahead of the scheduled US and China trade talks. China’s commerce ministry said that China and the US would hold vice ministerial-level trade talks in Beijing on Jan 7-8 in a bid to defuse trade tensions. Additionally, a strong labor market report coupled with remarks from Federal Reserve Chair Jerome Powell eased Wall Street’s fears of the Fed hiking rates into a recession. Powell assured investors that the Fed listens to Wall Street and would adjust balance-sheet normalization if needed. Meanwhile, the US Labor Department reported 312,000 new jobs in December, versus forecasts for an increase of 182,000. The number also brings the total employment gains for the year 2018 to 2.64 million — a three-year high. The unemployment rate rose to 3.9% from the previous rate of 3.7% — due mainly to the number of people who joined the workforce in search of jobs. On the other hand, copper ended Friday’s session up at $2.65 per pound, with much of the gains sparked by upbeat data on China’s services sector. The Caixin China Composite Purchasing Managers’ Index data –  which covers both manufacturing and services –  showed a further rise in overall Chinese business activity during December. The rate of expansion picked up from November, with the Composite Output Index rising from 51.9 to a five-month high of 52.2. Readings above 50 signal expansion while those below indicate contraction. Services companies in China registered a solid rate of activity growth, while manufacturing output expanded slightly after two months of stagnation. For the week, however, the red metal fell 1.31%, as doubts over China’s weakening economy in 2019 persisted, with Citigroup citing mixed economic data and a slowdown in household consumption.

Agriculture commodities ended the week mixed, with grains among the gainers: wheat rose 0.93% and settled at $5.17 per bushel at the end of Friday’s session; corn was up 2.07% in the week and settled at $3.83 per bushel in Friday’s session; and soybeans rose 2.99% for the week, closing at $9.22 per bushel on Friday. Wheat was higher on expectations of strong demand for US supplies, while soybeans were up as adverse weather in Brazil and Argentina threatened to affect the supply of soybeans from those countries. Meanwhile, other commodities such as sugar had a weekly decline of 3.71% and settled at a price of $0.12 per pound on Friday; coffee was around $1.02 per pound at Friday’s close, up 0.54% for the week; and cocoa fell 2.33% for the week and closed Friday’s session at $2,361 per tonne.

The SummerHaven Dynamic Agriculture Index Total Return Index (SDAITR) was 0.25% higher for the week, compared with the 0.91% decrease in the prior week.

 

Copyright © 2019 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. 

Premium Financial News

USCF logo

Weekly Commodities ETF Report: Crude Continues Weekly Slump on Forecasts of Weaker Demand in 2019; Gold Higher on Government Shutdown, Trade Worries

(MT Newswires) – Crude ended Friday’s session higher, but closed the week in the red, with Friday’s gains following a near 4% dive on Thursday. The price action continues the low-volume turbulent patch that many markets were experiencing in the past week. Prices hit 18-month lows for the week, despite the planned 1.2 million-barrel-per-day output cut by the Organization of the Petroleum Exporting Countries. Markets continue to see the supply and demand balance as out of kilter, with demand seen falling back in 2019 on the back of an anticipated slowing in global economic activity. The latest data from the Energy Information Administration showed that US stockpiles of commercial crude were “virtually unchanged” in the week ending Dec. 21. Inventories came in at 441.4 million barrels compared with 441.5 million barrels reported a week earlier. The stockpiles are still about 7% above the five-year average for this time of year. The slight change in the stockpiles data contrasts with the American Petroleum Institute’s expectation for a jump of 6.9 million barrels in the week to 448.2 million. Finally, Baker Hughes (BHGE) said Friday that the number of oil rigs operating in the US increased by two to 885 in the week ending Dec. 28. The combined oil and gas rig count in the US also rose by three to 1,083 as gas rigs rose by one to 198.

Light, sweet crude oil for February delivery fell 0.55% for the week, settling at $45.33 per barrel at the end of Friday’s session. In other energy futures, gasoline fell during the week, down 0.25% and settling at $1.30 per gallon on Friday. Meanwhile, natural gas for March delivery sank 8.11% on the week at $3.15 per 1 million British thermal unit.

The SummerHaven Dynamic Commodity Index Total Return Index (SDCITR) was 0.20% lower for the  week, compared with a decline of 2.57% in the previous week.

Gold ended the Friday session higher, settling at $1,283.00 and ending the week 1.88% higher. Prices for the yellow metal were higher for most of the week and hovered near a fresh six-month high as the dollar weakened against most major currencies and equities tumbled on growth concerns and political uncertainty after a historic run up north on Wednesday. Concerns about a partial US government shutdown and doubts about the US and China agreeing on a long-term trade deal before the expiry of the agreed 90-day truce also contributed to the sell-off in stock markets and made investors rush to the safe-haven metal. Additionally, US President Donald Trump’s recent comments about the Federal Reserve’s interest rate decisions, and market speculation that the Fed might go slow on monetary tightening from here on appear to be capping the dollar’s upside. On the other hand, copper ended Friday’s session up at $2.68 per pound, and closed the week 0.39% higher, logging weekly gains for the first time in five weeks. However, these gains were held in check by continuing concerns over the slowdown in economic growth in China, underscored by a decline in earnings of the country’s industrial firms in November. On Thursday, China’s National Bureau of Statistics reported that November industrial profits slipped 1.8% to RMB594.8 billion or $86.3 billion — the first decline since December 2015.

Agriculture commodities ended the week mostly higher. Sugar had a weekly increase of 0.32% and settled at a price of $0.12 per pound on Friday; coffee was around $1.01 per pound at Friday’s close, up 1.30% for the week; and cocoa rose 5.59% for the week and closed Friday’s session at $2,408 per tonne. Among grains, wheat fell 0.44% and settled at $5.12 per bushel at the end of Friday’s session; corn was down 0.92% in the week and settled at $3.76 per bushel in Friday’s session; and soybeans fell 0.08% for the week, closing at $8.96 per bushel on Friday.  In agricultural commodities news, China earlier announced that it is allowing imports of rice from the US — including brown rice, polished rice and crushed rice — for the first time, ahead of the trade talks that would resume between the two countries in early January. How much rice will be imported from the US, however, was not indicated. According to a report from Reuters, experts say that the price of US rice is not as competitive compared with rice sourced from Southeast Asia, and therefore China’s move can be taken as a gesture of goodwill. Rice closed the Friday session at $0.10 per cwt and fell 4.83% for the week.

The SummerHaven Dynamic Agriculture Index Total Return Index (SDAITR) was 0.91% lower for the week, compared with the 2.49% decrease in the prior week.

 

Copyright © 2019 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. 

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Weekly Commodities ETF Report: Crude Logs Weekly Decline on Worries Over Slowing Global Growth, Weaker Demand; Gold Ekes Out Gains Following Fed Rate Decision

(MT Newswires) – Crude ended Friday’s session lower and closed out last week in the red, amid worries that a slowdown in the global economy could undercut crude oil demand. These concerns have overshadowed media reports suggesting that production cuts from the Organization of the Petroleum Exporting Countries (OPEC) starting next month will be deeper than expected. Russian oil output has been at a record high of 11.42 million barrels per day (bpd) in December so far and US shale output is growing steadily, leaving investors wondering whether the OPEC supply cuts of 1 million to 1.3 million barrels a day would be enough to stabilize the oil market. Back home, the latest data from the Energy Information Administration showed that US crude oil inventories dropped last week by 497,000 barrels — less than the 2.4 million barrels decrease expected but still the third straight weekly decline. This compares with the American Petroleum Institute report that US crude oil inventories showed a surprise gain of 3.5 million barrels. Finally, Baker Hughes (BHGE) said Friday that the number of oil rigs operating in the US jumped by 10 to 883, the highest level since Nov. 30. The combined oil and gas rig count in the US also rose by nine to 1,080 as gas rigs slipped by one to 197.

Light, sweet crude oil for February delivery had a sharp decline of 11.88% for the week, settling at $45.59 per barrel at the end of Friday’s session. In other energy futures, gasoline fell during the week, down 10.21% and settling at $1.31 per gallon on Friday. Meanwhile, natural gas for March delivery sank 2.95% this week at $3.54 per 1 million British thermal unit.

The SummerHaven Dynamic Commodity Index Total Return Index (SDCITR) was 2.57% lower this week, compared with a decline of 1.00% in the previous week.

Gold ended the Friday session lower, settling at $1,258.10 but ultimately ending the week 1.34% higher. The yellow metal logged gains and hit a near six-month high on the back of weakness from the US dollar, which fell against its rivals in European trade. The greenback was weighed by the Federal Reserve’s decision reiterating its commitment to tighten monetary policy, despite rising risks to growth. The Fed hiked the federal-funds rate by 0.25 percentage points to a range between 2.25% and 2.5% and said it has now penciled in two rate hikes in 2019, not the three moves seen in September, and still forecasts one more hike for 2020. On the other hand, copper ended Friday’s session down at $2.67 per pound, and closed the week 3.14% lower, even as an industry study group reported a widening supply deficit for the red metal. The International Copper Study Group (ICSG) reported that the global world refined copper market showed a 168,000 tonne deficit in September, compared with a 43,000 tonne deficit in August. Analysts are now expecting the red metal to benefit from the supply-demand deficit in 2019, especially if the US-China trade dispute becomes resolved in the next year.

Agriculture commodities ended the week mostly lower. Sugar had a weekly decrease of 3.37% and settled at a price of $0.12 per pound on Friday; coffee was around $1.00 per pound at Friday’s close, down 2.54% for the week; and cocoa rose 0.62% for the week and closed Friday’s session at $2,271 per tonne. Among grains, wheat fell 3.11% and settled at $5.14 per bushel at the end of Friday’s session; and corn was down 1.62% in the week and settled at $3.79 per bushel in Friday’s session. Meanwhile, soybeans fell 1.92% for the week, closing at $8.98 per bushel on Friday. Reuters had reported that China intends to make a third round of US soybeans purchases before the year-end. The report, which cited two unnamed sources familiar with the matter, said that China will be purchasing more than 2 million tonnes, likely just before the Christmas holiday. This would bring the total US sales to China to more than 5 million tonnes in December. However, this would still be less than a quarter of the purchases China made in the same month a year ago.

The SummerHaven Dynamic Agriculture Index Total Return Index (SDAITR) was 2.49% lower for the week, compared with the 0.11% 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. 

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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.