Commodities (Crude Oil & Copper) & Macro Outlook

According to the U.S. Commodity Futures Trading Commission (CFTC), speculators' net-long positions in NYMEX WTI crude oil declined by 12,491 contracts for the week of June 23, falling to 88,486 contracts.

According to the U.S. Commodity Futures Trading Commission (CFTC), as of the week ending June 23, speculators increased their net short positions in CBOT U.S. 2-year Treasury futures by 48,339 contracts to 1,318,846 contracts. Meanwhile, speculators reduced their net short positions in CBOT U.S. 10-

US crude oil futures settled at $69.23 per barrel today, declining $2.69 or 3.74% from the previous session.

President Trump said today that gasoline prices would soon drop to $2.5 per gallon.

Shanghai Futures Exchange crude oil 2608 futures contract closed down 2.48% at 459.90 yuan per barrel overnight (June 26). In the same session, SHFE gold futures climbed 1.34%, while silver futures gained 2.61%.

According to the Intercontinental Exchange (ICE), gasoline speculators reduced their net long positions by 294 contracts to 60,516 during the week ending June 23. In the same period, Brent crude oil speculators decreased their net long positions by 23,790 contracts to 90,338.

According to Baker Hughes, the number of active natural gas drilling rigs in the United States increased to 573 last week, marking the largest weekly gain since June 2022. The previous week's count stood at 563 rigs.

According to Baker Hughes, U.S. energy companies saw a weekly increase in rig count that reached its highest level since June 2022. The uptick reflects renewed drilling activity in the energy sector.

U.S. natural gas rigs stood at 125 for the week ending June 26, up from 122 the prior week, according to energy industry data.

U.S. total rig count reached 573 for the week ending June 26, up from 563 in the prior week.

Shanghai zinc futures rose 2.16% overnight, with tin and aluminum alloy climbing over 1.6%. Other metals also posted gains: Shanghai copper up 0.90%, aluminum up 0.81%, nickel up 0.36%, international copper up 0.63%, aluminum oxide up 0.64%, and stainless steel up 0.48%. Shanghai lead was the only d

U.S. oil drilling rigs totaled 440 for the week ending June 26, up from 433 in the prior week, according to Baker Hughes data.

According to Morgan Stanley analyst Michael Gapen, on June 27, the bank maintained its forecast for no Fed rate hike this year, but warned that a jobless rate below 4% or sustained high inflation could trigger rate

The U.S. oil rig count for the week ending June 26 will be released in 10 minutes.

LME copper rose 0.5% to $13,345.50 per ton today, though it dipped to $13,083 intraday, with the week tracking a decline of approximately 1.8%—the worst weekly performance since May 1. LME aluminum climbed 0.8% to $3,189 per ton, supported by the European Union's plan to impose a 15% export tax

According to Iraq's Oil Ministry, on June 26, the Organization of the Petroleum Exporting Countries (OPEC) began gradually restoring Iraq's oil production quota to pre-conflict levels. An Iraqi oil ministry official stated on June 25 that Iraq may consider withdrawing from OPEC if its crude oil quot

WTI remains in a corrective decline, with technical projections targeting the $60-$65 support region ahead. Weekly chart structure suggests a C-wave move may be nearing completion after months of weakness. Traders are watching price behavior closely as momentum indicators approach key

President Trump announced that any country imposing digital services taxes will face an immediate 100% tariff on all goods exported to the United States. The tariff will override any existing or future trade agreements with the affected

On June 26, Asian and European equity markets declined sharply amid weakness in semiconductor stocks. Japan's Nikkei 225 index fell 4.2%, China's Shanghai Composite dropped 2.26%, and Hong Kong's Hang Seng Index declined 1.76%. U.S. semiconductor stocks also retreated in pre-market trading, with

According to the U.S. Department of Commerce, the U.S. merchandise trade deficit widened 27.4% in May to $108.8 billion, marking the largest monthly deficit in over a year. The figure exceeded market expectations of $85 billion. The widening was driven by a 5.4% decline in exports, including