USCF logo

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

USCF logo

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. 

Get Live Briefs Pro

USCF logo

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. 

Get Live Briefs Pro on Your Platform

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