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| As on Oct 18, 2021 12:00 AM |
Your results on : Mid Session |
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The International Energy Agency or IEA noted in its latest Oil Market Report (OMR) that the ongoing energy crisis has prompted a switch to oil that could boost demand by 500 kb/d compared with normal conditions. This contributed to an upward revision to our 2021 and 2022 forecast, by 170 kb/d and 210 kb/d respectively. Global oil demand is now forecast to rise by 5.5 mb/d in 2021 and 3.3 mb/d in 2022 when it reaches 99.6 mb/d, slightly above pre-Covid levels. IEA noted that world oil supply has resumed its uptrend as OPEC+ continues to unwind cuts, the US bounces back from Hurricane Ida and maintenance winds down. From September through end-2021, global output is set to rise 2.7 mb/d with OPEC+ accounting for 1.5 mb/d and non-OPEC+ pumping the rest. Total oil output fell 260 kb/d in September to 96 mb/d, led by steeper US hurricane losses. Global refinery activity in 3Q21 continued to disappoint, with lower throughputs in China and India in August only partially offset by a stronger performance in OECD Asia and Europe. Implied 3Q21 refined product balances show the largest draw in eight years, which explains the strong increase in refinery margins in September despite significantly higher crude prices. OECD total industry stocks drew by 28 mb in August to 2 824 mb, 162 mb below pre-Covid five-year average. Preliminary September data for the US, Europe and Japan show on-land industry stocks fell by a further 23 mb. Crude oil held in floating storage decreased by 8.5 mb to 98 mb in August. Powered by Commodity Insights |
| China's industrial production gained an annual 3.1% in the month of September, slowing from 5.1% in August. Chinese Retail sales rose at an annual 4.4% rate in September, rising from 2.5% in the previous month. Chinese Fixed asset investment was up 7.3% year-on-year in September, down from 8.9% a month earlier Powered by Commodity Insights |
| Large precious metals speculators increased their net long positions in the Silver futures markets last week, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC). The non-commercial futures contracts of Silver futures, traded by large speculators and hedge funds, totaled a net position of 17987 net contracts in the data reported through week ended October 11, 2021. This was a gain of 1608 net contracts from the previous week and pulled up net longs from 27 month low. The commercial trader's position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -30292 contracts on the week. This was a weekly change of -2514 net contracts. Powered by Commodity Insights |
| Large energy speculators sharply added to their net long positions in the WTI Crude Oil futures market last week, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC). The non-commercial futures contracts of WTI Crude Oil futures, traded by large speculators and hedge funds, totaled a net position of 404776 contracts in the data reported through week ended October 11, 2021. This was a weekly rise of 6469 net contracts and pushed up net longs to around two month high. The commercial trader's position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -453684 contracts on the week. This was a weekly change of -10425 net contracts. Powered by Commodity Insights |
| The large base metals speculators continued to reduce their net long positions in the Copper futures markets last week, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC). The non-commercial futures contracts of Copper futures, traded by large speculators and hedge funds, totaled a net position of 22481 net contracts in the data reported through week ended October 11, 2021. This was a weekly gain of 8064 net contracts and pulled up net longs from six week low. The commercial traders' position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -25867 contracts, recording a weekly change of -6949 net contracts. Powered by Commodity Insights |
| Large precious metals speculators increased their net long positions in the Gold futures markets last week, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC). The non-commercial futures contracts of Gold futures, traded by large speculators and hedge funds, totaled a net position of 185539 contracts in the data reported through October 11, 2021. This was a weekly rise of 2957 net contracts and pushed up net longs to three week high. The commercial traders' position, hedgers or traders engaged in buying and selling for business purposes, totaled a net short position of -207614 contracts on the week. This was a weekly change of -3912 net contracts. Powered by Commodity Insights |
| The Solvent Extractors' Association (SEA) of India has stated that India's export of oilmeals for the month of September 2021 is provisionally reported at 183,625 tons compared to 287,247 tons in September 2020 i.e. down by 36%. The overall export of oilmeals during April - Sept., 2021 is reported at 1,275,764 tons compared to 1,300,516 tons i.e. down by 2%. In current year financial year 2021-22, export of oilmeals in first six months (April-Sept) marginally down due to lesser export of soybean meal. Export of Rapeseed meal is more or less same, due to higher shipment to South Korea, Thailand and Bangladesh and also castormeal export perform more or less same compared to last year Ricebran Extraction is performing better due to larger demand from Vietnam and Bangladesh. Powered by Commodity Insights |
Quotes as on 14 October 2021, annual change in percent WHEAT US - HRW (Gulf) $342, 29, EU France Grade 1 (Rouen) $318, 31 MAIZE (CORN) US - 3YC (Gulf) $262, 21 BARLEY EU - France (Rouen) $283, 33 SOYABEANS US - No.2 (Gulf) $494, 11, Argentina (Up River) $537, 19 RICE Thailand 5% Broken $386, - 14 Powered by Commodity Insights |
| The US energy firms last week added oil and natural gas rigs for a sixth week in a row. The oil and gas rig count rose 10 to 543 in the week to October 15, its highest since April 2020, energy services firm Baker Hughes Co BKR.N said in its closely followed report on Friday. The total rig count is up 93% over this time last year. The US oil rigs rose 12 to 445 this week, their highest since April 2020, while gas rigs fell 1 to 98, their lowest since August. The increase in oil rigs was the biggest weekly build since April 2021. Powered by Commodity Insights |
LME Inventories Data - 15 October 2021 Copper 181400 (-5650), Aluminium 1118325 (-8225), Nickel 146022 (-270), Lead 48400 (-225), Zinc 188650 (-950). All figures in tonnes, Daily change in bracket.
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New Zealand service sector continued to contract in September, albeit at a much slower pace, the latest survey from BusinessNZ showed on Monday with a Performance of Service Index score of 46.9. That's up sharply from the downwardly revised 35.4 in August (originally 35.6), although it remains beneath the boom-or-bust line of 50 that separates expansion from contraction. Among the individual components, sales (45.3), new orders (47.5) and supplier deliveries (42.1) were in contraction, while employment (52.0) and stocks and inventories (51.5) expanded. Powered by Commodity Insights |
New Zealand consumer prices were up 4.9 percent on year in the third quarter of 2021, Statistics New Zealand said on Monday, up sharply from 3.3 percent in the previous three months. On a seasonally adjusted quarterly basis, New Zealand's consumer prices were up 2.2 percent, accelerating from the 1.3 percent gain in the three months prior. Powered by Commodity Insights |
China's gross domestic product expanded 4.9 percent on year in the third quarter of 2021, the National Bureau of Statistics said on Monday, down sharply from 7.9 percent in the three months prior. On a seasonally adjusted quarterly basis, GDP rose just 0.2 percent, down from the downwardly revised 1.2 percent growth in the previous three months (originally 1.3 percent). Powered by Commodity Insights |
| Government has reduced the import duty between 16.5 % to 19.25% on crude and refined Palm oil, soybean oil and sunflower oil with effect from 14th October 2021 upto 31st March 2022. The Solvent Extractors Association (SEA) has noted that the immediate trigger for this drastic duty reduction is largely on account of high price edible oil and onset of festive season and high food inflation. However the timing of reduction of import duty is a cause of concern as farmers are now harvesting record kharif soya and groundnut crop and reduction in import duty may affect the farmers' realization for their produce. The total benefit of duty reduction may not fully accrue to the Indian consumer. In fact, today after the announcement the duty reduction, the Malaysian Market has gone up by about RM 150 to 170 per tonne. Powered by Commodity Insights |
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