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Crude remained constant as supply cut offset by rising inventory

发表时间:2019-02-10 00:00:00  来源:野望文存  浏览:次   【】【】【

This weekly report is provided by Huatai Financial USA on Friday afternoon, Chicago time. The data sources are INE, DME, CME, ICE, and various news sources.
*Note: 1. Volume, Open Interest and turnover include buy and sell (double-side counted); 2. Volume and Open Interest are measured in lots; 3. Turnover (notional value) is measured in 10,000 RMB; 4. Price is daily/weekly last trading price.


 Weekly Volume, Open Interest, and Turnover 

1,839,628 lots of China crude oil futures were traded during 1/28/2019 - 2/1/2019, and the weekly turnover (notional value) was 784,232,980,000 RMB, approximately $116.27 billion. The average daily trading volume for the current week was 367,926 lots/day. 

The weekly volume decreased significantly this week by 24% and reached its lowest since November 9th, according to the data from INE.


Historical Price (front-month contract price)

According to a new survey by Reuters, OPEC oil supply has fallen in January by the largest amount in two years. The 14-member group has pumped 30.98 million bpd in January, down 890,000 bpd from December, marking the largest month-on-month drop since January 2017. The Saudi-led OPEC and its 10 oil-producing allies, including Russia, reached an agreement to slash oil production by a total of 1.2 million bpd on Dec. 7, 2018 in a bid to shore up falling prices due to fears of oversupply. The deal came into force since Jan. 1 and will last for the first six months of 2019. An OPEC official said he hoped more members would deliver on their pledges and that the drop in supply so far was acceptable, calling it a “good start”.


However, oil remains in ample supply, not least because of soaring U.S. crude oil production, which jumped by more than 2 million bpd last year to a record 11.9 million bpd. This shows in high U.S. commercial crude oil stockpiles, which rose by 919,000 barrels in the week to Jan. 25, to 445.94 million barrels, EIA data showed. Stockpiles are 6.6 percent higher than a year ago. The increase came as output in Texas rose 115,000 bbl/d and Gulf of Mexico offshore production rose by 188,000 bbl/d.


As OPEC supply cut was offset by increase in US crude oil inventory, INE crude oil futures price moved constantly this week and closed at 423.2 RMB/barrel ($62.74 per barrel) on Friday, down by 1.8% WoW. It settled at 430.9 RMB/barrel.



China Iron Ore Futures Weekly Report

This weekly report is provided by Huatai Financial USA on Friday afternoon, Chicago time. The data sources are DCE, SGX, and various news sources.

*Note: 1. Volume, Open Interest and turnover include buy and sell (double-side counted); 2. Volume and Open Interest are measured in lots; 3. Turnover (notional value) is measured in 1,000,000 RMB; 4. Price is daily/weekly last trading price.


Weekly Volume, Open Interest, and Turnover

10,454,460 lots of Dalian iron ore futures were traded during 1/28/2019 - 2/1/2019, and the weekly turnover (notional value) was 602,353,000,000 RMB, approximately $89.31 billion. The average daily trading volume for the current week was 2,090,892 lots/day.

The weekly volume increased significantly this week by 56% and reached its highest since June 8th, according to the data from DCE.


Historical Price (front-month contract price)

A Chinese trade delegation in Washington said the latest round of talks with the United States made “important progress” for the current stage, China’s official Xinhua news agency reported. U.S. President Donald Trump said on Thursday he will meet with Chinese President Xi Jinping soon to try to seal a comprehensive trade deal as Trump and his top trade negotiator both cited substantial progress in two days of high-level talks.


The market is forecast to move into a deficit this year in the wake of a move by Brazil’s Vale SA, the world’s largest iron ore miner, to cut output following a catastrophic dam failure last week. In another setback for Vale, the city of Mangaratiba, in Rio de Janeiro, has temporarily shuttered the company’s Ilha Guaíba (TIG) iron ore terminal, with the miner also fined for failing to submit environmental licenses, according to a radio report. “While the company is proposing to increase production elsewhere, we estimate a net total loss of around 13mt (million tonnes) in 2019,” ANZ commodity strategists Daniel Hynes and Soni Kumari said in a note. “This will ultimately push the iron ore market back into deficit this year.”


As disruption issues and optimism about a Sino-U.S. trade deal lifted overall investor sentiment in Asia, DCE iron ore futures price rose sharply this week and closed at 621.5 RMB/ton ($92.15 per ton), up by 16.4% WoW. It settled at 604.0 RMB/ton.



China PTA Futures Weekly Report

This weekly report is provided by Huatai Financial USA on Friday afternoon, Chicago time. The data sources are ZCE, and various news sources.

*Note: 1. Volume, Open Interest and turnover include buy and sell (double-side counted); 2. Volume and Open Interest are measured in lots; 3. Turnover (notional value) is measured in 1,000,000 RMB.


12,647,884 lots of ZCE PTA futures were traded during 1/28/2019 to 2/1/2019, and the weekly turnover (notional value) was 408,841,000,000 RMB, approximately $60.62 billion. The average daily trading volume for the current week was 3,173,561 lots/day.

The weekly volume decreased significantly this week by 20%, according to the data from ZCE.


Other News

China gears up for financial opening as markets mature

Yuan-denominated bonds will be included in the Bloomberg Barclays Global Aggregate Index starting in April, the People's Bank of China (PBC), the central bank, announced on Thursday. (Source: Global Times)

China Meets Foreign Investors' Demands With Latest Rule Changes

China’s authorities have given international investors an early Spring Festival gift: ready access to almost all areas of the country’s capital markets.  (Source: Yahoo Finance)

Trump plans to meet Chinese President Xi Jinping to resolve trade dispute

President Donald Trump said Thursday he would meet Chinese President Xi Jinping next month in hopes of finalizing a trade deal, even as a leading business group warned that China had offered nothing new to resolve several major stumbling blocks during two days of talks this week. (Source: Chicago Tribune)

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