Weekly Market Recap – August 19, 2022

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Weekly Market Recap – August 19, 2022

China’s economic slowdown has contributed to the drop in global oil demand; crude oil prices have slumped back to where they were when Russia invaded Ukraine in February. Russia-Ukraine tensions are heightening over threats regarding Zaporizhzhia, Europe’s largest nuclear power station. Inflation hit 10.1 % in Britain, propelled by surging energy and food prices.

Monthly economic statistics released during the week, compared with the prior month were as follows: building permits 1.67 million vs. 1.70 million, housing starts 1.45 million vs. 1.60 million, existing home sales 4.81 million vs. 5.11 million, retail sales 0.0% vs. +0.8%, business inventories +1.4% vs. +1.6%, industrial production +0.6% vs. 0.0%, capacity utilization 80.3% vs. 79.9%, and leading economic indicators -0.4% vs. -0.7%. Weekly statistics for initial jobless claims were 250,000 vs. 252,000, and continuing unemployment claims were 1.44 million vs. 1.43 million.

The stock market indices we follow sold off from the previous Friday. The Dow Jones Industrial Average closed at 33,706.74 (-0.2%), the S&P 500 gave back 1.2%, trading at 4,228.48 at the close, and the NASDAQ Composite went out at 12,705.22 (-2.6%). CBOE’s VIX settled at 20.60 (+5.5%). In currencies, the USD Index firmed all week, with the futures settling at 108.098 (+2.5%). The portfolio of commodity futures contracts in the S&P GSCI ended the week at 670.09 (-0.4%).

All six metals futures on our radar declined. Settlement prices and weekly percentage decreases were: gold at $1,762.90 (-2.9%), silver at $19.069 (-7.9%), platinum at $888.00 (-7.4%), palladium at $2,131.40 (-4.0%), copper at $3.6645 (-0.1%) and aluminum at $2,386 (-2.0%).

Energy contracts ended mixed after a volatile week. NYMEX WTI closed at $90.77 per barrel (-1.4%), with Brent crude at $96.72 (-1.5%). The refined products diverged as heating oil rose 5.2% to $3.7005 per gallon, while RBOB gasoline slipped 0.9% to $3.0175, 23% lower than its contract high from ten weeks ago. U.S. and European natural gas prices soared all week, with the NYMEX price testing its contract highs from early June, going out at $9.336 per MMBtu (+6.5%). Showing even more upward movement, the ICE Dutch gas price tested its all-time highs from mid-March as it skyrocketed to €244.550 per MWh (+18.7%).

For the nine agricultural markets we follow in our recap, the score was six lower and three higher. The contracts that lost value were: soybeans at $14.04 (-3.5%), corn at $6.23¼ (-3.0%), wheat at $7.53¼ (-6.5%), coffee at $2.1595 (-4.7%), sugar at 18.09¢ (-2.7%) and lean hogs at 93.125 (-6.9%). The gainers were: cocoa at $2,362 (+0.4%), cotton at 116.01¢ (+6.8%), and live cattle at 145.250 (+0.5%).

 

Futures Referenced in Market Recap

Exchange Commodity Contract Month
CME Live Cattle October
CME Lean Hogs October
CBT Soybeans November
CBT Corn December
CBT Wheat September
ICE Coffee September
ICE Cocoa September
ICE Sugar October
ICE Cotton December
ICE Brent Crude October
ICE Dutch TTF Gas September
ICE USD Index September
NYMEX WTI Crude September
NYMEX ULSD (Heating Oil) September
NYMEX RBOB (Gasoline) September
NYMEX Natural Gas September
NYMEX Platinum October
NYMEX Palladium September
COMEX Gold December
COMEX Silver September
COMEX Copper September
LME Aluminum 3 Mo. Forward

 

Current Standings​

2022 World Cup Championship of Futures Trading®
RANK NAME NET RETURN LOCATION
1 Marek Chrastina 203.4% Slovakia
2 Marco Vironda Gambin 159.3% Italy
3 Stefano Serafini 143.3% Italy
4 Fabio Viazzo 121.1% Italy
5 Stefano Seibert 117% Germany

January 1, 2022 – September 26, 2022


2022 World Cup Championship of Forex Trading®​
RANK NAME NET RETURN LOCATION
1 Patrick Nill 154.8% Germany
2 K. Takegawa 143.2% Japan
3 Eik Baumgarten 135.9% Germany
4 Thomas Helling 88% Germany
5 Giacomo Merletti 48.2% Italy

January 1, 2022 – September 26, 2022


2021-2022 Global Cup Trading Championship​
RANK NAME NET RETURN LOCATION DIVISION
1 Kevin Stufflebeam 392.9% USA Futures
2 Antonio Ferlito 133.2% Italy Futures
3 Patrick Nill 94.5% Germany Forex
4 Brent Carlile 66.3% Netherlands Futures
5 Philipp Kozalla 64.1% Germany Futures

June 1, 2021 – May 31, 2022 – Final Pending Audit

Trading futures and forex involves significant risk of loss and is not suitable for everyone. Past performance is not necessarily indicative of future results. World Cup Championship (WCC ) accounts do not necessarily represent all the trading accounts controlled by a given competitor. WCC competitors may control accounts that produce results substantially different than the results achieved in their WCC accounts. WCC entrants may trade more than one account in the competition. CME Group is the trademark of CME Group, Inc. The Globe logo is a trademark of Chicago Mercantile Exchange, Inc.

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