Aluminum prices are the key driver of aluminum producers’ earnings.
On May 17, 2017, WTI (West Texas Intermediate) crude oil (UCO) (USO) (OIIL) (USL) active futures were trading at a discount of $3.14 per barrel to Brent crude oil (BNO) active futures.
On May 17, 2017, June 2017 crude oil (DBO) (OIIL) (USL) futures contracts were trading at a discount of $1.47 to June 2018 futures contracts.
From May 10 to May 17, 2017, the United States Oil ETF (USO) has risen 3.3%.
US crude oil (DBO) (USL) (OIIL) futures contracts for June 2017 delivery rose 3.7% between May 10 and May 17, 2017.
US commercial crude oil inventories fell ~1.8 MMbbls (million barrels) during the week ended May 12, 2017, to ~520.8 MMbbls.
The US oil rig count reached 712 in the week ended May 12, 2017, a jump of nine rigs from the previous week, according to the latest data released by Baker Hughes (BHI).
US crude oil (USO) (OIIL) (USL) (DBO) futures contracts for June 2017 delivery closed at $49.07 per barrel on May 17, 2017, 0.8% higher than the previous day’s closing price.
The EIA reported that US distillate inventories fell by 1.9 MMbbls (million barrels) to 146.8 MMbbls on May 5–12, 2017.
US gasoline inventories fell by 0.4 MMbbls to 240.7 MMbbls on May 5–12, 2017. A market survey expected US gasoline inventories to fall by 0.7 MMbbls.
US gasoline futures contracts for June delivery fell 0.1% to $1.60 per gallon on May 17, 2017. Prices fell due to a lower fall in US gasoline inventories.
US refineries operated at 93.4% of their operable capacity in the week ending May 5, 2017. The rise in refinery demand is bullish for crude oil prices.
US crude oil production fell by 9,000 bpd to 9,305,000 bpd on May 5–12, 2017. Production fell 0.1% week-over-week, but rose 5.8% year-over-year.
The EIA reported that US crude oil inventories fell by 1.8 MMbbls to 520.8 MMbbls on May 5–12, 2017. US crude oil inventories fell 0.3% week-over-week.
WTI (West Texas Intermediate) crude oil (UCO) (XLE) (USO) futures contracts for June delivery rose 0.84% and closed at $49.07 per barrel on May 17, 2017.
One of the critical elements that plays on precious metals besides the overall market sentiment is the US dollar.
On May 16, 2017, the implied volatilities of Royal Gold (RGLD), Coeur Mining (CDE), Agnico Eagle (AEM), and IAMGOLD (IAG) stood at 27.2%, 49.4%, 30.8%, and 44.7%, respectively.
Gold prices rose for the fifth straight trading day on Tuesday, May 16.
Precious metals have experienced sharp falls in prices, as the upcoming Federal Reserve meeting could result in another interest rate hike.
Precious metals have witnessed sudden and considerable downswings in their prices since mid-April 2017.