Crude oil prices dropped in Asia on Wednesday with a first weekly data look at the impact of Hurricane Harvey ahead with industry
Gold prices gain in Asia on continued North Korea test threats – Gold prices rose in Asia as North Korea warned it could soon conduct a new test, likely of an ICBM, on its founding anniversary of Sept. 9, putting the U.S. and allies in the position of a response that could include an attempt to shoot it down. Overnight, gold prices surged on Tuesday, following a slump in the dollar on the back of rising geopolitical uncertainty and falling expectations that the Federal Reserve will hike rates for a third time later this year. Gold prices jumped to near one-year highs as geopolitical uncertainty remained front and center, fuelling safe-haven demand in the wake of North Korea’s largest and most powerful nuclear test over the weekend. Also adding to the rally in gold prices were comments from Federal Reserve Governor Lael Brainard urging the U.S. central bank to delay raising interest rates until the trend of slowing inflation improved.
LME Copper Net Long Positions Rise for Seven Weeks on End – LME copper net long positions held by fund managers had been growing for seven weeks in a row. CME Metals Trading Volumes Soar in August; Copper Positions Peak. As of the week ending September 1, LME copper net long positions totaled 78,054 lots, up 1,103 lots on a weekly basis and up an accumulative 38.5%.
LME Reports Higher Aluminum Net Long Positions – LME aluminum net long positions held by fund managers increased last week. China Aluminum Stocks Add further after Reaching All-Time High. Aluminum to Remain in Upward Track if China Intensifies Capacity Cuts and Environmental Crackdowns, SMM Says. Aluminum to Remain in Upward Track if China Intensifies Capacity Cuts and Environmental Crackdowns, SMM Says.
Crude oil drops in Asia with API estimates ahead, Irma tracked – Crude oil prices dropped in Asia on Wednesday with a first weekly data look at the impact of Hurricane Harvey ahead with industry estimates from the American Petroleum Institute and caution in the market as Hurricane Irma heads toward Florida. Overnight, crude futures settled higher on Tuesday, as Gulf Coast refineries began restarting operations, following the disruptions caused by Hurricane Harvey last week. Oil prices continued to pare losses sustained last week, after oil refineries, pipelines and transportation routes across Texas and Louisiana began restarting operation, improving U.S. refinery capacity, after flooding due to Hurricane Harvey shut down nearly a quarter of refinery capacity last week. The largest U.S. refineries at Port Arthur, however, are not expected to return to normal capacity for at least four weeks, according to Andy Lipow, president of Lipow Oil Associates. Crude oil’s strong start to the week could come under pressure, however, as analysts expect the Energy Information Agency’s report on crude inventories due Thursday to show an uptick in crude supplies following the lower demand from refiners last week.
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