Commodity Roundup: China's oil demand falls, gold hits another record high on rate cut hopes

seekingalpha09-16

Oil prices (CO1:COM) (CL1:COM) rose on Monday, adding to last week's gains, as markets hope for an interest rate cut by the U.S. Federal Reserve. However, disappointing economic data from China curbed...

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However, disappointing economic data from China curbed...</p>\n\n<a href=\"https://seekingalpha.com/news/4149869-record-short-brent-and-gas-oil-positions-add-upside-risks-to-energy-saxo-bank\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"DBO","symbol_name":"原油ETF-PowerShares","start_time":0,"source_url":"https://seekingalpha.com/news/4149869-record-short-brent-and-gas-oil-positions-add-upside-risks-to-energy-saxo-bank","article_id":"2467141828","we_media_id":null,"thumbnails":["https://static.seekingalpha.com/cdn/s3/uploads/getty_images/1351963582/image_1351963582.jpg"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2467141828","pubTimestamp":1726481449,"columns":[],"sourceInfo":{"source_id":"seekingalpha","name":"Seeking Alpha"},"weMediaInfo":null,"summary":"Oil prices (CO1:COM) (CL1:COM) rose on Monday, adding to last week's gains, as markets hope for an interest rate cut by the U.S. Federal Reserve. 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Meanwhile, spot gold (XAUUSD:CUR) scaled another record high driven by a softer dollar, hitting an all-time high of $2,589.59 earlier in the session. Chinese refiners processed around 12.6m b/d of crude oil in August, down almost 10% MoM and 17.5% lower YoY. The numbers suggest that apparent oil demand fell below 12.5m b/d, down more than 15% YoY and to its weakest level since August 2022, ING reported.  \"The numbers also indicate that crude oil inventories in China built at a pace of around 3.2m b/d in August, the largest monthly build in Chinese crude oil inventories going as far back as 2015.\" Demand fears have left speculators increasingly bearish towards the oil market, ING's Warren Patterson and Ewa Manthey said, adding, that the latest positioning data shows that speculators sold 54,325 lots in ICE Brent over the last reporting week, leaving them with a net short of 12,680 lots, the first time speculators have held a net short in Brent. ETFs: (NYSEARCA:USO), (BNO), (UCO), (SCO), (USL), (DBO), (DRIP), (GUSH), (USOI) There is little on the energy calendar for this week. Instead, broader markets, including commodity markets, will focus on Wednesday's upcoming FOMC meeting. \"A near 7% slump in crude through technical support levels triggered a combination of long liquidation and fresh short selling, which overall left the combined net long in WTI and Brent at the lowest level in 12 years,\" Ole Hansen, Head of Commodity Strategy at Saxo Bank said. \"Recent and persistent weakness across the refined fuel market helped drive an increase in the net short position in the London and New York diesel futures. Combining the five major crude and fuel contracts, the net long of these fell to the lowest level since 2011, when the ICE Exchange started to collect Brent and gas oil data.\" While a cut is priced in, the uncertainty is whether we get a 25bp or 50bp cut. A 50-basis point cut could be slightly bearish for oil as it may raise recession fears, analysts said. Markets are currently pricing in a 59% probability of a 50-bp cut on Wednesday, according to the CME FedWatch tool. This would be the Fed's first-rate cut since 2020. Data on Friday showed that U.S. consumer sentiment improved in September amid subsiding inflation, though Americans remained cautious ahead of the November presidential elections. Elsewhere, gold suffered a small reduction while sellers attacked platinum to flip their net position back to a short in the week of September 10, Saxo Bank noted.  Zero-yield bullion tends to be a preferred investment amid lower interest rates and geopolitical turmoil. Meanwhile, Republican presidential candidate Donald Trump was the subject of a second assassination attempt on Sunday. ETFs: (NYSEARCA:GLD), (NYSEARCA:GDX), (GDXJ), (IAU), (NUGT), (PHYS), (GLDM), (AAAU), (SGOL), (BAR), (OUNZ), (SLV), (PSLV), (SIVR), (SIL), (SILJ)","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2467141828"}