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Recap Of The Week For September 1, 2017

Recap of the week for September 1, 2017

September 1, 2017


  • Hurricane Harvey caused big distortions in the oil market
  • North Korea continues to provoke
  • Commodities rally as the dollar makes a new low below critical support and bounces
  • Gold up 2.65% on the week at a new high for 2017
  • Silver rallies 3.62% for the week closing in on $18 per ounce
  • Platinum up 3.29% and closes over $1000 per ounce
  • Palladium rockets 5.67% as it approaches $1000 for the first time since 2001
  • Copper up another 1.88% on the week and closes above $3.10 per pound for the first time since 2014
  • Iron ore rises 2.71% for the week
  • The Baltic Index edges 1.33% lower
  • Lumber rebounds 4.12% on the week
  • WTI crude oil down 1.21% as Hurricane Harvey weighs on the price of raw crude
  • Brent up 1.25% as Brent premium over WTI continues to climb higher and trades and closes at $4.78 premium to WTI in November
  • Gasoline explodes 13.17% higher as Texas gasoline refineries close after Harvey and heating oil gains 7.64% on the week- Expect to pay more for at the pump this weekend
  • Crack spreads explode on Hurricane Harvey – gasoline crack up 52.80% and heating oil crack rallies 28.01% on the week as oil products outperform the crude oil price and cause deviance in the oil market
  • Natural gas catches a bid and moves 4.79% higher on the week as inventories continue to trickle into storage and 4 tcf at the start of winter is likely to prove elusive
  • Ethanol up 3.18% for the week on higher gasoline prices
  • Soybeans moves just 0.53% higher on the week
  • Corn up just 0.50%on the week
  • CBOT wheat gains 0.80% for the week
  • Sugar corrects 2% lower this week
  • Coffee down 1.79% on the week
  • Cocoa up just 0.72% on the week
  • Cotton explodes 5.47% higher on Hurricane Harvey’s impact on the Texas cotton crop
  • FCOJ moves 0.78% higher on the week
  • Live cattle down 1.66% on the week as the 2017 grilling season ends on Monday
  • Feeder cattle up just 0.44% on the week
  • Hogs move 2.58% lower on the week
  • The dollar index up 0.10% on the week but makes a new low at 91.55 on Tuesday breaking below critical support at 91.88
  • December long-Bonds continue to edge higher and close at 155-02 down 0-07 on the week
  • Friday’s jobs report weak compared to market expectations
  • Dow Jones Industrial Average trading around 21,988 at the close on Friday, September 1, up 174 points on the week
  • Another hurricane, Irma, is forming and could threaten the U.S. next week
  • Happy Labor Day Weekend!


Price Changes for the week:

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