Speculators shunned precious metals by reducing their exposure to U.S. futures and options contracts traded on the Comex division of the New York Mercantile Exchange and on the Nymex, according to U.S. government data released Friday.
For the week ended March 20, speculators in the Commodity Futures Trading Commission’s weekly commitment of traders report cut back to their net-long positions in all precious metals markets for both the disaggregated and legacy reports. Speculators’ positions in copper, however, increased.
Courtesy of Parity Energy
WTI Crude Oil – May 106.87 +1.52 (Range 105.16 – 108.25)
ATM Vol – K12 24.6 -0.2 \ M12 26.6 unch \ N12 26.8 -0.2
Tomorrow’s Expected 1-StdDev Range for K12: +/-$1.65
Source: The Darmouth
Peter Beutel ’77, a well-known energy analyst and former member of Zeta Psi fraternity, died of a heart attack at age 56 in his home on March 8. Beutel, son of news anchor Bill Beutel, founded Cameron Hanover, a company that provides analysis of energy markets, in 1995, according to his business partner Vince Lanci.
Beutel also published the Cameron Hanover Daily Energy Hedger report, which has been quoted by Dow Jones, the Associated Press, Reuters, Bloomberg, The Wall Street Journal, The New York Times, Barrons, Financial Times, BusinessWeek, Money, Fortune and USA Today, according to Beutel’s business partner Thomas Blakeslee. Beutel was a regular correspondent on trading and energy prices on CNN, ABC, CBS, NBC and Bloomberg, he said.
An executive of the world’s largest mining company rocked stock and currency markets last week with comments on China. “The economy is shifting, it’s changing,” said Ian Ashby, president of the iron ore division of BHP Billiton, on Tuesday in Perth. “Steel growth rates will flatten and they have flattened.”
The forecast, made on the eve of the Global Iron Ore & Steel Forecast Conference, caught investors by surprise and sent stocks sharply lower in Asia and Europe. U.S. shares were also affected. The Australian dollar and euro declined. Click here to read full article.