Commodities Weekly: Oil Retreats From Recent Peak

 | Jul 16, 2019 01:12AM ET

Energy gains are being dialed back as production restarts in the Gulf of Mexico while gold marks time. Agricultural commodities are mixed, though the majority are under pressure from abundant supply.

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Slower China Q2 GDP, easing Middle East tensions and better weather conditions in the Gulf of Mexico all combined to pull CRUDE OIL prices from 7-1/2 week highs yesterday. Last week, storm Barry had halted more than 70% of production in the Gulf of Mexico which, combined with weekly data showing a large drawdown in stockpiles, had boosted prices to the highest since May 23.

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Xinhua News reported that China’s oil output in June was unchanged from the previous month but 1% higher year-on-year, but the nation still imported 40 million tons of crude oil in the month. Meanwhile, the Korea Customs Service stated that South Korea imported 11.5 million tons of crude in June, a 13% reduction from a year earlier.

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Non-commercial positioning showed that investors trimmed net long positions in the week to July 9, according to CFTC.

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