Lunes 20/04/20 Actividad económica en Chicago

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Lunes

Eventos económicos

Actividad económica en Chicago


NEXT WEEK'S MAJOR U.S. ECONOMIC REPORTS & FED SPEAKERS
TIME (ET) REPORT PERIOD ACTUAL FORECAST PREVIOUS
MONDAY, APRIL 20
8:30 am Chicago Fed national activity index March 0.16
TUESDAY, APRIL 21
10 am Existing home sales March 5.32 mln 5.77mln
WEDNESDAY, APRIL 22
None scheduled
THURSDAY, APRIL 23
8:30 am Weekly jobless claims 4/18 4.00 mln 5.25 mln
9:45 am Markit manufacturing PMI (flash) April -- 48.5
9:45 am Markit services PMI (flash) April -- 39.8
10 am New home sales March 610,000 765,000
FRIDAY, APRIL 24
8:30 am Durable goods orders March -12.0% 1.2%
8:30 am Core capital goods orders March -8.5% -0.8%
10 am Consumer sentiment index April 68.0 71.0

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ST CHG %CHG
Crude Oil Futures 14.81 -3.46 -18.94
Brent Crude Futures 27.41 -0.67 -2.39
Gold Futures 1687.40 -11.40 -0.67
Silver Futures 15.325 0.030 0.20
DJIA Futures 23975 -184 -0.76
S&P 500 Futures 2849.25 -20.85

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75.01 2.68
China: Shanghai Composite 2852.55 14.06 0.50
Japan: Nikkei 225 19669.12 -228.14 -1.15
UK: FTSE 100 5797.07 10.11 0

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117.78 1.38
Japan: Nikkei 225 19669.12 -228.14 -1.15
UK: FTSE 100 5796.73 9.77 0.17
Crude Oil Futures 14.82 -3.45 -18.88
Gold Futures 1686.60 -12.20 -0.72
Yen 107.73 0.20 0.19
Euro 1.0861 -0.0014

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Live Spot Prices

SPOT PRICE IS OPEN
Price: US$/lb

Copper April 20,03:39
Bid/Ask 2.3477 - 2.3489
Change +0.0081 +0.35%
Low/High 2.3350 - 2.3613
Charts

Nickel April 20,03:39
Bid/Ask 5.5559 - 5.5582
Change +0.1383 +2.55%
Low/High 5.3359 - 5.5672
Charts

Aluminum April 20,03:39
Bid/Ask 0.6687 - 0.6690
Change +0.0021 +0.32%
Low/High 0.6662 - 0.6748
Charts

Zinc April 20,03:38
Bid/Ask 0.8772 - 0.8781
Change +0.0003 +0.03%
Low/High 0.8729 - 0.8856
Charts

Lead April 20,03:39
Bid/Ask 0.7474 - 0.7485
Change -0.0023 -0.30%
Low/High 0.7433 - 0.7610
Charts

Uranium Apr 13, 2020
Ux U308 price: 29.50
Change from

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US crude plummets 19% as coronavirus pandemic ravages oil demand
PUBLISHED SUN, APR 19 202010:07 PM EDTUPDATED MOMENTS AGO
Eustance Huang
@EUSTANCEHUANG
U.S. crude prices plunged in afternoon Asian trade on Monday as traders continued to fret over a slump in demand due to the coronavirus pandemic.
ANZ’s Daniel Hynes described the situation stateside as “quite dire.”
Prices on the May contract for West Texas Intermediate crude futures tanked 19% to $14.80 per barrel. The futures contract is set to expire on Tuesday, according to Refinitiv.
GP: US Oil Workers Oil Boom in Texas's Permian Basin 191030
Workers extracting oil from oil wells in the Permian Basin in Midland, Texas on May 1, 2018.
Benjamin Lowy | Getty Images
U.S. crude prices plunged in afternoon Asian trade on Monday as traders continued to fret over a slump in demand due to the coronavirus pandemic — and one analyst described the situation stateside as “quite dire.”

Prices on the May contract for West Texas Intermediate crude futures tanked 19% to $14.80 per barrel. Earlier, WTI for May delivery fell to $14.47 per barrel — its lowest level since mid-March 1999 when it traded for as low as $14.40 per barrel. Meanwhile, international benchmark Brent crude futures edged 2.8% lower to $27.28 per barrel.


ANZ’s Daniel Hynes told CNBC’s “Squawk Box” on Monday that one of the reasons behind the “crater” in U.S. crude prices was the impending expiration of the May futures contract, set to happen on Tuesday, according to Refinitiv. The June WTI contract fell 5.87% to $23.56 per barrel.

Front month futures contracts typically converge with spot prices as they near expiry.

“There will be traders in the market who only want to trade the paper, so they will roll over into the next futures contract. That means selling the May contract and buying the June,” Hynes, who is a senior commodity strategist at ANZ, told CNBC in a follow-up email exchange.

“But there are also traders who are buying for clients who trade the physical. So they hold the contract to expiry and deliver the crude,” or accept the crude if they are on the other side of the trade, he said.

This could be why there’s a steeper fall in the May futures contract compared to the June contract. Spot prices are “particularly weak” at the moment, Hynes said, adding that spot U.S. crude is trading for as low as $12-13 per barrel. This was caused by a combination of a “collapse in demand and a subsequent lack of storage,” he said.


In a normal market, the spread between the spot price and the one month forward futures contract “may only be around 40-50 cents per (barrel),” he said. “At the moment, it’s been as high as $8-10 (per barrel).”

Hynes said that prices are likely to “remain under pressure” over the next month or so.

The coronavirus pandemic has dealt a severe blow to economic activity around the globe and sapped demand for energy. While OPEC and its oil producing allies finalized a historic agreement earlier this month to cut production by 9.7 million barrels per day, the International Energy Agency has warned that the cuts may not be enough to offset a severe plunge in oil demand.

With demand at near-paralysis, oil and fuel tanks around the world are close to brimming — a stark evidence of the global glut and a function of the “contango” structure of the futures market, where contracts for later delivery trade at a premium to the front-month.

That’s led to a dash by traders to lease floating or onshore storage in a bid to sell the fuel for a profit when prices rebound.

Global oil storage is “rapidly filling – exceeding 70% and approaching operating max,” Steve Puckett, executive chairman of TRI-ZEN International, an energy consultancy, told CNBC earlier this month.

“The real problem of the global supply-demand imbalance has started to really manifest itself in prices,” Bjornar Tonhaugen, head of oil markets at Rystad Energy, wrote in a Monday note. “As production continues relatively unscathed, storages are filling up by the day.”

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LAST CHG %CHG
Crude Oil Futures 11.52 -6.75 -36.95
Brent Crude Futures 26.40 -1.68 -5.98
Gold Futures 1703.10 4.30 0.25
Silver Futures 15.425 0.130 0.85
DJIA Futures 23683 -476 -1.97
S&P 500 Futures 2819.00 -51.10

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