Daily Close | Forex, Metals, Oil, Agriculture May 11, 2021



That’s boosting demand for feed grains because smallholders tended to feed pigs table scraps, while the farms use corn and soy meal. This video talks about the Brazil drought and the sugar and coffee market.


The slide in stocks should have kept Yen crosses at the day’s lows and prevented any meaningful gains in the euro. For now, the U.S. dollar traded lower against all of the major currencies except for the Swiss Franc. EONGYreported Q1 GAAP earnings of 31 euro cents/sh, a beat.


The shortfall in oil, iron, and copper commodities and higher prices herald inflation. Lumber, steel, copper, and most other industrial materials have soared over the past year. My suggestion to all gold bugs in the West: When it comes to the BDRY, watch the price action with a golden eagle eye! Author — investment book Bringing Home the Gold Editor — The Investor’s Edge®.


Other oils including crude palm oil, crude soyabean oil, crude sunflower oils and crude rapeseed oils also witnessed a similar or sharper rise in the prices. Also supporting prices were lingering fears of gasoline shortages due to the outage at the largest US fuel pipeline system after a cyber-attack over the weekend. Reuters News reported India’s top state oil refiners have already started reducing runs and crude imports as COVID-19 takes a toll on fuel demand.
Vessel Movements Thus far, gasoline markets have been more at risk than distillate markets, though concerns persist about jet fuel supply at smaller airports. The May East-West 380 fuel oil differential gained $0.25 to $10.00/mt, while the June contract gained $0.75 to $10.50/mt. After EIA’s report for last week’s mild build of 736,000 barrels, we expect total gasoline stocks to fall by 600,000 barrels for the week of May 7th. A sell-off in stock markets on the back of inflation worries also dragged down the oil market.
Optimism was fueled by brightening demand prospects after OPEC released its monthly report, which saw the demand forecast for its crude rise by 200,000 bpd this year. But this has stalled the supplies to the edible oil pipeline. The producer group held on to its prediction of a strong recovery in global oil demand, underpinned by growth in China and the US. We still don t know exactly when the pipeline will be fully un-Suezed, but gasoline supplies could be tight for a couple of weeks.
For more details visit the page US Gasoline Analysis or copy and paste link in EIKON search box: amers1.apps.cp.extranet.thomsonreuters.biz/cms/?navid=942731478 Your comments are always welcome. Note to readers in New England: You had even less gasoline available when this whole fiasco started. Prices At time of writing, the futures market shaped-up with front month NYMEX WTI at $65.34/bbl, RBOB at $2.14/gallon, and ULSD at $2.04/gallon. Gasoline moves on Line 1 from Houston to Greensboro, North Carolina, while other fuels travel on Line 2.
Sign up here.Today s Agenda Maybe don t panic-buy gasoline.

United States

Starting with New York Harbor (NYH) ULSD, we see front month ULSD as a differential (diff) to front month NYMEX ULSD at -0.06/cents per gallon (cpg). MEXICO DIESEL IMPORTS: last week Mexico had 1.05 million barrels of waterborne diesel imports, all from the US, arrive on 6 vessels. Until then, Refinitiv data show diesel import interest into the US, even as prices have remained relatively in-check and USGC refiners have started booking vessels for floating storage.
Thus, this week’s report will include typical weekly flows, but will also include an analysis of the US middle distillates market. Inflation fears also continue to plague Wall Street, keeping plenty of weight on “growth stocks” as well. But Dietz said the best answer to high prices is for more domestic production, which currently still benefits from hold-over tariff protections from the Trump administration. For jet fuel markets, the USGC diff to NYMEX ULSD moved -2.56/cpg to -26.06/cpg, while the NYH diff moved -1.56/cpg to -14.06/cpg.
The May 21 ULSD CIF Med cargoes differential was flat from the previous close at $4.50/mt, while the June 21 differential was up $0.25 at $4.75/mt.
The May 21 ULSD CIF NWE cargoes differential was flat from the previous close at $3.75/mt, while the June 21 differential was up $0.25 at $3.75/mt. is one of the worst performing stocks on the Nasdaq, off 36.9% to trade at $4.00 at last check. I must presume that Fed bankers, no matter how humble their origins, when they reach the plateau of high-level economic thinking, cannot see the forest for their statistical trees.
The tech-heavy Nasdaq Composite Index resumed its decline with the index plunging 2.6% on the May 10 trading session to post its worst day since March. The Nasdaq puked down below its 100DMA this morning and this rip back higher has pushed it back up to that 100DMA resistance… Today, Wall Street continues to use Zacks research including the Zacks Rank and Zacks Equity Research, which combines the best of quantitative and qualitative analysis. It happened as the Nasdaq 100 fell almost 2% at the open before bouncing back.That rebound didn’t last long.
He has been quoted in a variety of financial news publications, such as CNBC, the Wall Street Journal, and the New York Post. Bonus Crypto Reading: Wall Street traders find crypto to be an unspoiled new playhouse of financial engineering. The Fed seems to not only be fighting two wars ago, but laying the groundwork for the next one. Thanks to a few share buybacks (cough AMZN cough)… …the Nasdaq is now in the green for the day…
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