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CSI Commodity Equity Index overview: Crude Oil Product and Gold prices decline while the Copper market experiences extreme dislocation.
On Friday, oil prices fell as market Indicators showed ample supply, and the threat of the USA restricting Iranian Crude Oil Product exports was questioned. Due to worries about Trump's tariffs on Copper, extreme dislocation occurred in the copper markets of the USA and London on Friday. Gold prices retreated from near historical highs, temporarily halting the momentum towards $3000 per ounce. Crude Oil Product: Oil prices drop as ample supply outlook overshadows concerns over Iranian exports. Oil prices declined as a key market Indicator suggested ample supply, overshadowing worries about the USA's threats to curb Iranian Crude Oil Product exports. The near-month WTI contract is only 1 cent higher than the next-month contract, down from about a month ago.
Crude Oil Product: Oil prices are falling as ample supply overshadows concerns over Iranian exports.
Oil prices fell as a key market indicator suggested ample supply, overshadowing concerns over the USA's threats to curb Iranian Crude Oil Product exports. The near-term WTI contract was only 1 cent higher than the next month's contract, down from a premium of about $1.52 one month ago. The spot price spread is the weakest since last November. Earlier, oil prices surged by 1% after USA Treasury Secretary Mnuchin stated in an interview with Fox Business Channel that the USA is committed to reducing Iranian oil exports to 100,000 barrels per day. However, doubts about the feasibility of this plan and ongoing concerns that USA President Trump’s tariffs will harm demand led to a subsequent decline in oil prices.
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