The EIA estimates that US crude oil production fell by 1,074,000 bpd (barrels per day) to 8,406,000 bpd on October 6–13, 2017.
The EIA estimates that crude oil inventories fell by 5.7 MMbbls to 456.4 MMbbls on October 6–13, 2017—the lowest levels since August 25, 2017.
December US crude oil (UCO) (USL) (OIL) futures contracts were trading flat at $52.26 per barrel in electronic exchange at 2:20 AM EST on October 19, 2017.
Crude oil prices are at a three-week high due to geopolitical tensions in Iraq and major producers’ ongoing production cuts.
The RSI levels of AGI, AG, BTG, and NGD are currently 62.3, 47.2, 35.9, and 53.1, respectively.
On a YTD (year-to-date) basis, Yamana has the highest correlation to gold, while Pan American has the lowest correlation.
Precious metal prices fell significantly on Tuesday. However, a few miners rose despite the decline in gold and silver.
India and China remain the top two consumers of gold (IAU) and silver (SLV).
On October 17, 2017, Brent crude oil (BNO) active futures closed $6 above the WTI (West Texas Intermediate) crude oil futures.
On October 17, 2017, US crude oil (USO) (OIIL) December 2018 futures traded $0.46 below the December 2017 futures.
In the week ended October 6, 2017, US commercial crude oil stockpiles fell ~2.8 MMbbls (million barrels) to 462.2 MMbbls.
In the week ended October 13, 2017, the US oil rig count fell by five to 743. On a year-over-year basis, the count has risen 72.0%.
From October 10–17, 2017, US crude oil December futures rose 1.7%. The S&P 500 Index (SPY) and the Dow Jones Industrial Average Index (DIA) rose 0.30% and 0.70%, respectively.
The iShares Gold Trust (IAU) and the iShares Silver Trust (SLV) have risen 1.1% and 3.2%, respectively, on a 30-day-trailing basis.
On October 16, 2017, GG, NEM, SBGL, and GFI had implied volatilities of 28.9%, 25.9%, 63%, and 40.4%, respectively.
A rise in US Treasury yields causes a slump in precious metals because these metals bear no intermediary cash flows, and investors prefer yield-bearing assets.
AGI, SLW, ABX, and KGC currently have RSI levels of 50.3, 74.3, 44.4, and 50, respectively.
Ongoing worries in North Korea and political chaos in Washington have been crucial in boosting the prices of precious metals.
After the rise we saw on Friday, October 13, precious metals had a down day on Monday, October 16.
In the week ending October 13, the Fertilizer Affordability Index rose to 0.67x from 0.66x a week ago. The index is issued by Mosaic (MOS).