commodity monthly monitor - etfs.wisdomtree.eu 02_commodity monthly... · around us$5/bbl, a level...

Summary ContentsCommodities market overview 1

Summary tables 4

CFTC net positioning 5

Inventories 9

Moving average and volumes 13

Futures curves 17

Roll yields 21

Recent publications 27

Performance2

- 1 Mth - 6 Mth - 12 Mth

All Commodities 3.7% -11.5% -22.9%

Energy 8.6% -29.5% -43.3%

Industrial Metals 1.4% -9.4% -9.3%

Precious Metals 4.4% -4.6% -10.4%

Agriculture -0.1% -8.6% -29.6%

MSCI World 4.6% 12.1% 9.9%

US Aggregate Bond 1.2% 1.8% 5.3%

Commodity Monthly Matrix1

WTI Oil 56 25.8% -20.6% 24.7% 0% -2.3% (3) (4)

Brent Oil 60 10.3% -21.1% -0.3% 55% -4.7% 1 0 (in '000 contracts)

Natural Gas 2.6 -4.3% -24.6% -48.3% -3% -1.5% (2) 0

Gasoline 1.9 9.9% -6.1% -5.2% -6% 0.0% (1) (1)

Heating Oil 1.9 10.3% -16.7% -28.2% -69% -0.1% (1) 2

Carbon 6.9 6.0% 3.3% - - -0.3% 0 (4)

Wheat 4.9 -3.5% -8.3% 0.6% -6% 0.4% (2) (2)

Corn 3.8 0.5% 1.1% -0.4% -36% -1.8% 0 (2)

Soybeans 10 -0.3% -6.8% -1.4% -154% -0.3% (2) 0

Sugar 0.1 2.4% -13.7% - -106% 0.6% (1) (3)

Cotton 0.6 6.8% 2.2% 1.3% -12% -0.6% (2) (2)

Coffee 1.4 7.4% -21.5% - 92% -1.1% (1) (5)

Soybean Oil 0.3 5.3% -2.3% 2.1% -37% -0.7% (3) (2)

Cocoa 2,817 -2.9% -6.0% - -56% -0.2% (4) 1 Source: CFTC, Bloomberg

Aluminum 1,801 1.8% -6.0% -4.6% 2% -0.3% 1 0

Copper 5,963 1.4% -7.4% 67.5% 77% 0.1% 1 1

Zinc 2,197 9.8% -0.4% -12.2% 31% -0.2% 1 (2)

Nickel 12,648 -10.2% -20.9% 3.3% -68% -0.1% (4) (4)

Lead 1,998 12.4% 0.3% -3.9% 52% -0.2% 2 0

Tin 15,826 -8.3% -20.0% -19.9% -16% -0.1% (2) 0

Gold 1,202 4.3% -2.2% - 14% - 2 (4)

Silver 16 5.2% -6.7% - 55% - 2 (4)

Platinum 1,156 3.6% -9.2% - 31% - 2 (4)

Palladium 767 -2.7% -5.1% - - - (2) (2)

Live Cattle 1.6 4.2% 0.7% - - 6.0% 4 0

Lean Hogs 0.6 1.2% -28.3% - - -9.5% (2) (2) For any questions or comments please contact:

Feeder Cattle 2.2 1.0% -2.8% - - 1.3% 2 2 Josh Tiwana, Research Analyst

TEL: +44 20 7448 4357,[email protected]

1

15-Apr Score

The score matrix is designed to highlight significant changes in key variables but should not be viewed as predictor of performance. Source: ETF Securities, Bloomberg

13-Mar Score

Inventories3

(- 3 Mths)

Price vs 200 days MA

" - " Information not available. Green = returns positive, inventories falling, positioning rising, roll yield positive. Red = the opposite. Black = neutral. 1 Detailed explanation of the matrix calculations can be found at the end of this report. 2 All prices are futures

prices to April 15, 2015. Broad sector returns based on Bloomberg Commodity Index family. 3 % change in inventory over the past 3 months except for sugar and coffee which are based on past 6 months as data is updated bi-annually by USDA. 4 CFTC futures

and LME COTR net positioning as at April 7, 2015, and April 10, 2015 respectively, % change from previous month. 5 Calculated as % difference between front month and second month futures prices on report date.

Roll Yield5

Commodity markets have posted gains in all sectors, with the exception of agriculture. A rebound in oil prices saw the energy sector lead gains, as global economic activity moved higher, albeit sluggishly. Central banks remain aggressively supportive with Chinese policy makers using multiple stimulus tools, which combined with policy stimulus in Europe, will likely drive demand for commodities higher in 2015. China, a key consumer of most commodities, is likely to surprise to the upside. Despite the recent oil price rally, the price war appears to be abating as OPEC raises prices in Asia. The number of rigs in operation in the US is falling, but it may be too early to say that supply is really tightening in global markets with OPEC continuing to pump oil at a break-neck pace. The weakness in general inflation resulting from low oil prices is likely to keep global monetary policy at a loose setting, helping reinforce the global recovery path and although gradual, lift cyclical commodity prices.

Commodity Monthly MonitorCommodity Supply Outlook ImprovesApril/May 2015

Current

Price2

Returns(-1 Mth)

Positioning4

(- 1 Mth)

Committed policy easing in China lifts industrial metal sentiment. While individual industrial metals will continue to trade in line with their own fundamentals, we believe that an upside surprise in Chinese and European economic growth rates will lift the tide for all industrial metals. At the same time supply for most industrial metals remain tighter than commonly perceived in the market. Supply forecasts rarely factor in mine disruptions from strikes or weather.

El Niño back on the cards. El Nino weather conditions can have a diverse impact on agricultural commodities depending on the geographical location of the major crop producers. As a result, South American production in soft commodities is likely, in general, to be improved, while in the grains space, US production somewhat lower than normal. Nevertheless, weather is unpredictable and requires growing conditions to be watched closely.

More production cuts needed to sustain higher oil prices. Although oil stockpiles continue to rise despite the decline in rig counts, there are early signs of production moderation. Nonetheless further shale output cuts need to be made in the face of abundant OPEC production to sustain the recent rally. Meanwhile natural gas prices continue to plumb multi-year lows as seasonal demand wanes due to mild weather.

Defensive precious metals well supported. Softer US economic data and the lingering threat surrounding the Greek sovereign debt situation are likely to keep precious metals like gold a part of conservative portfolios. Indeed, for non-US investors, QE policy from major central banks is pressuring domestic currencies lower against the USD and supporting gold performance in local currencies.

•

•

•

•

Sources: Bloomberg, DJ-UBS CI TR Indexes for basket returns, data to Wednesday

15 April 2015.

CFTC Net Speculative Positioning

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2010 2011 2012 2013 2014

Precious Metals Livestock Industrial MetalsEnergy Agriculture

mailto:[email protected]

Agriculture Agriculture - April Returns*

Source: Bloomberg

Industrial Metals Industrial Metals - April Returns*

Source: Bloomberg

Energy Energy - April Returns*

Source: Bloomberg

Precious Metals Precious Metals - April Returns*

Source: Bloomberg

*Note: all returns are based on front month futures prices in the month to Wednesday 15 April 2015.2

Since a formal reduction in the Chinese growth target was announced in March, industrial metal performance has been buoyant, driven by improving fundamentals and Chinese stimulus.

Lead and Zinc have seen significant price recoveries as stockpiles have declined sharply. We believe that there is considerable upside to the zinc price from current levels, with inventories monitored by the London Metals Exchange having fallen to their lowest levels since February 2010. Meanwhile, demand continues to grow and mine depletions are likely to increase due to intensive extraction practices. This should ensure that the global zinc market remains in deficit until higher prices promote the development of mines in Australia, Indonesia and Russia.

Nickel has resumed its decline, falling 12.3% in the past month to reach levels not seen for over five years. The collapse in the price has been driven by an accumulation of nickel inventories to record levels, as Philippine exports of ore have displaced Indonesian production. Prices will likely continue to be pressured until Philippine authorities follow the same path as their neighbours and restrict exports.

With El Niño back on the radar, agricultural commodities are likely to gain traction this year. The weather pattern which makes some parts of the world drier and others more wet than normal is likely to disrupt the production of several agricultural commodities, if it gathers strength.

At the moment the El Niño remains weak and is unlikely to affect many crops if it remains so. In the past month coffee gained 7.4%, as the Brazilian Real has stopped depreciating. Previously the falling Real encouraged Brazilian producers to offload stocks of coffee into global markets, a trend we expect to abate with a firmer exchange rate and a second year of supply deficit.

Cotton rose 6.8% as US farmers intend to plant the least amount of the crop since 2009, helping to tighten the market.

Sector Overview

With the exception of palladium, precious metal prices have risen in the past month, albeit in a volatile fashion. The primary factor driving price movements has been indications over the timing and pace of US monetary tightening. Last month, the FOMC lowered its year end estimate of the Fed’s overnight borrowing rate by 0.5% which sent the Dollar tumbling and precious metals rising. Since then, subpar US jobs and retail sales data have kept precious metal prices supported. Going forward, gold and silver prices should remain relatively range bound, being subject to the impact of data releases which suggest a moderation or improvement of US growth prospects.

Palladium has suffered from an appreciating Dollar and poor sentiment in recent months, however underlying supply weakness points to a recovery in the medium term. The palladium market is expected to be in deficit for the third year in a row while passenger-vehicle sales in China and Europe have surged 12% and 10% respectively in March. This produces an extremely price positive environment for palladium, which receives a majority of its demand from autocatalyst production.

With the exception of natural gas, all energy commodities traded higher last month. Sentiment toward crude has changed decisively. After falling by almost 60% between the peak in June 2014 to the trough in March 2015, WTI has gained close to 26% in the past month. While total US oil rigs are at the lowest level since 2009, milder weather and a higher natural gas rig count are keeping natural gas prices at multi-year lows. Lower oil inventory builds have helped remove some of the excessive negative sentiment toward the commodity. In fact shorts on WTI futures have declined by close to 15% in the past three weeks.

With Brent gaining a more modest 10% in the past month, the Brent-WTI spread has narrowed to around US$5/bbl, a level comparable to the average in 2014, after a period in which the two oil benchmarks were more than US$10/bbl apart. Over the short-term we believe there will be a pull-back in both oil benchmarks because global supply has not yet tightened. In fact, OPEC output surged by 810,000 barrels per day in March. Storage capacity constraints in the US could also see more of the oil produced in the US hit the market which would weigh on price. All eyes will remain on the OPEC cartel for cues of production cuts coming at its June meeting.

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Positioning Top 5/Bottom 5 Change in CFTC Net Positions1

Source: Bloomberg

Inventories Top 5/Bottom 5 Change in Inventories2

Curve Dynamics Top 5/Bottom 5 Roll Yields3

Source: Bloomberg

Technicals Top 5/Bottom 5 Price Diff to 200 day moving av. (dma)4

Source: Bloomberg

1 CFTC futures net positioning as at report date, percent change from previous month.

2 Percent change in inventory based on 3 month change (in %).

3 Roll yields calculated as percent change between front month futures price and next month futures price on Apr 15, 2015.

4 Percent difference between the front month futures price and its 200 day moving average on Apr 15, 2015. 3

The price of wheat fell below its 50dma this month as increased EU production weighs on global prices.

The Nickel price has come under pressure from burgeoning inventories that currently sit at an all-time high. Following its climb to a two year high last May the Nickel price has collapsed as supply concerns have failed to materialise.

While both Brent and WTI have risen above their respective 50dmaas, they remain significantly below their 200dmas after the precipitous fall in price in at the beginning of this year.

Technical Overview

Speculative positioning in coffee futures have moved from being net short of 5,491 contracts at the end of March to only net short of 171 contacts in mid-April, as some of the negative sentiment toward the crop has lifted.

Soybean speculative positioning has moved from net long last month to net short as increased planting intentions in the US threaten to drive over-supply.

Short speculative positions in copper have fallen from February highs as bearish sentiment toward the red metal has eased following an announcement of stimulus measures by Chinese authorities.

Net long speculative positioning in Brent increased 55% over the past month. While short positions have not eased considerably in the past month, longs have reached an all-time high.

Live cattle futures have the steepest backwardation, providing a roll yield of 6.0% while lean hog futures have the steepest contango, providing a negative roll yield of 9.5%.

Front month contango in Brent widened to 4.7% from just 0.9% a month ago, while contango in WTI narrowed to 2.3% from 4.9% last month.

Wheat prices have fallen 3.5% over the month and its futures curve has tipped into backwardation, with the roll yield increasing by 0.9% over the same period.

Soybean inventories have fallen 1.4% in the past 3 months, a trend that should help counter some of the weight from higher planting intentions in the US this year.

Copper inventories as monitored by the London Metal Exchange have soared 91% year to date and are 40% greater than year ago levels. However, the price has rebounded from recent lows as Chinese authorities indicate that growth targets will be supported by accommodative policy measures.

US oil inventories continue to build, albeit at a more moderate pace in recent weeks. However, inventories currently stand at seven standard deviations above their historical 5 year average and storage at the Cushing hub has risen to 70% of working capacity. Source: Bloomberg

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Coffee

Copper

Silver

Brent Oil**

Lead

Cocoa

Nickel

Heating Oil

Sugar

Soybeans

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Copper - LME

Copper

WTI Oil

Nickel

Soybean Oil

Gasoline

Zinc

Tin

Heating Oil

Natural Gas

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Cotton

Corn

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Lead

Nickel

Brent Oil

Coffee

Natural Gas

Lean Hogs

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Feeder Cattle

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Corn

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Brent Oil

Lean Hogs

Contango Backwardation

4 23 42 61 4 3

Energy Energy

WTI Oil 56 25.8% 21.9% -31.0% -45.6% WTI Oil USD/bbl. NYMEX -2.3% -2.8% -4.9% -1.0%

Brent Oil 60 10.3% 26.5% -28.0% -44.5% Brent Oil USD/bbl. ICE -4.7% -2.0% -0.9% -1.2%

Natural Gas 2.6 -4.3% -17.4% -31.3% -42.9% Natural Gas USD/MMBtu NYMEX -1.5% -1.8% -0.8% 1.2%

Gasoline 1.9 9.9% 49.0% -9.9% -36.4% Gasoline USD/gal. NYMEX 0.0% 0.0% 0.1% -2.6%

Heating Oil 1.9 10.3% 16.4% -23.2% -36.8% Heating Oil USD/gal. NYMEX -0.1% -0.5% 1.1% 1.9%

Carbon 6.9 6.0% -4.2% 11.4% 23.9% Carbon EUR/MT ICE -0.3% -0.4% -0.5% -0.3%

Agriculture Agriculture

Wheat 4.9 -3.5% -7.9% -3.0% -30.1% 4 Wheat USD/bu. CBOT 0.4% 0.5% -0.5% -0.6%

Corn 3.8 0.5% -1.1% 8.2% -25.4% Corn USD/bu. CBOT -1.8% -2.1% -2.1% -1.9%

Soybeans 9.7 -0.3% -2.6% 1.3% -35.7% Soybeans USD/bu. CBOT -0.3% -0.5% -0.5% -0.6%

Sugar 0.1 2.4% -15.3% -21.2% -21.5% 3 Sugar USD/lb. NYBOT 0.6% 0.6% -0.5% -1.3%

Cotton 0.6 6.8% 8.6% 1.4% -28.2% Cotton USD/lb. NYBOT -0.6% 0.4% -1.1% -1.3%

Coffee 1.4 7.4% -23.1% -37.1% -29.3% Coffee USD/lb. NYBOT -1.1% -2.2% -2.3% -1.5%

Soybean Oil 0.3 5.3% -3.6% -0.6% -25.8% Soybean Oil USD/lb. CBOT -0.7% -0.6% -0.6% -0.4%

Cocoa 2,817 -2.9% -5.4% -10.7% -4.5% Cocoa USD/MT NYBOT -0.2% 0.2% 2.8% 0.4%

Industrial Metals Industrial Metals

Aluminum 1,801 1.8% 1.1% -5.6% -1.6% Aluminum USD/MT LME -0.3% 0.7% 0.5% 0.1%

Copper 2.7 1.3% 6.0% -9.9% -9.2% 5 Copper USD/lb. COMEX 0.1% -0.1% 0.4% 0.0%

Copper (LME) 5,963 1.4% 5.0% -10.6% -8.9% 6 Copper (LME) USD/MT LME 0.1% 0.1% 0.1% 0.3%

Zinc 2,197 9.8% 6.9% -3.4% 7.9% Zinc USD/MT LME -0.2% -0.2% -0.2% -0.1%

Nickel 12,648 -10.2% -12.3% -19.9% -28.3% Nickel USD/MT LME -0.1% -0.1% -0.1% -0.1%

Lead 1,998 12.4% 13.1% -0.2% -4.8% Lead USD/MT LME -0.2% 0.0% 0.0% -0.4%

Tin 15,826 -8.3% -18.1% -19.2% -32.4% Tin USD/MT LME -0.1% -0.1% -0.1% -0.1%

Precious Metals Precious Metals

Gold 1,202 4.3% -5.0% -3.4% -7.6% 7 Gold USD/t oz. COMEX 0.0% 0.0% -0.1% -0.1%

Silver 16.3 5.2% -4.7% -6.8% -16.5% Silver USD/t oz. COMEX -0.3% -0.3% -0.1% -0.2%

Platinum 1,156 3.6% -8.4% -8.4% -20.0% 9 Platinum USD/t oz. NYMEX -0.1% -0.1% -0.2% -0.1%

Palladium 767 -2.7% 0.1% 0.4% -3.6% Palladium USD/t oz. NYMEX -0.1% -0.1% 0.0% -0.1%

Livestock Livestock

Live Cattle 1.6 4.2% 4.2% -1.4% 10.6% 1 Live Cattle USD/lb. CME 6.0% 6.7% 5.7% 0.9%

Lean Hogs 0.6 1.2% -16.9% -31.6% -48.3% Lean Hogs USD/lb. CME -9.5% -11.3% -12.9% -3.5%

Feeder Cattle 2.2 1.0% -0.2% -9.3% 20.1% 2 Feeder Cattle USD/lb. CME 1.3% 1.3% 1.1% 4.9%Sources: Bloomberg, ETF Securities Sources: Bloomberg, ETF Securities

Energy Energy

WTI Oil 294,527 277,650 294,609 285,500 440,872 6 Oil - US 483,687 30% 5% 25% 31%

Brent Oil** 113,844 82,191 73,600 3,311 116,417 Oil - OECD Europe** 300 -5% - 0% 0%

Natural Gas -227,700 -133,046 -221,775 -194,041 -58,584 Natural Gas - DOE 1,476 -11% 1% -48% -55%

Gasoline 64,405 61,624 68,592 46,839 80,666 Gasoline - DOE 227,873 6% -3% -5% 11%

Heating Oil -32,976 7,123 -19,485 -19,833 -22,607 Heating Oil - DOE 10,536 -57% -16% -28% -26%

Agriculture Industrial Metals

Wheat -53,587 -13,468 -50,466 -50,277 32,927 Aluminum 4,125,560 -20% 0% -5% -14%

Corn 69,765 206,220 108,770 161,932 322,467 Aluminum - LME 3,880,150 -20% -1% -6% -14%

Soybeans -6,297 114,061 11,613 -12,121 194,563 Aluminium - SHFE 245,410 -28% 13% 28% 2%

Sugar -38,568 85,976 -18,760 12,372 160,846 Copper 602,984 7% 1% 67% 123%

Cotton 43,976 39,080 50,221 1,126 53,933 Copper - LME 337,250 -6% 1% 70% 118%

Coffee -171 10,879 -2,075 51,820 41,474 Copper - SHFE 240,775 65% 0% 76% 191%

Soybean Oil 22,850 9,015 36,325 39,561 38,394 Copper - COMEX 24,959 -58% 1% 2% -26%

Cocoa 27,636 31,017 62,985 59,767 68,037 Nickel - LME 432,000 128% 0% 3% 15%

Industrial Metals5 Zinc 649,982 -42% -4% -12% -26%

Copper -4,911 -1,628 -21,510 -23,936 -21,395 Zinc - LME 500,725 -40% -7% -24% -31%

Aluminum 174,327 197,993 171,244 197,112 - Zinc - SHFE 149,257 -47% 8% 89% 1%

Nickel 5,595 21,157 17,420 24,906 - Lead 259,121 -21% -7% -4% -13%

Zinc 81,635 84,327 62,326 97,773 - Lead - LME 211,025 -19% -8% -2% -6%

Lead 24,630 19,246 16,236 16,900 - Lead - SHFE 48,096 -27% -2% -11% -35%

Tin 2,221 2,082 2,645 1,423 - Tin - LME 9,695 -30% -8% -20% 6%

Precious Metals Agriculture

Gold 110,947 158,685 97,229 87,360 113,558 Wheat - USDA 197,210 2.8% -0.3% 0.6% 2.4%

Silver 39,692 25,242 25,638 1,812 9,270 Corn - USDA 188,460 33% 1.7% -0.4% -1.1%

Platinum 29,086 28,694 22,121 24,823 44,967 Soybeans - USDA 89,550 45% 0.0% -1.4% -1%

Palladium 16,217 16,300 21,882 22,887 24,360 Sugar - USDA 41,904 17% - - -6%

Livestock Cotton - USDA 110,090 51% 0.0% 1.3% 2.8%

Live Cattle 88,735 87,094 66,751 127,697 153,983 Coffee - USDA 36,495 14% - - 14%

Lean Hogs 5,042 51,087 31,002 86,617 103,563 Soybean Oil - USDA 3,460 -9% -4.2% 2% 7%

Feeder Cattle 6,564 8,072 4,993 7,549 16,492 Sources: Bloomberg, ETF Securities

1Performance of front month futures from 15 Apr 14 (1 Year), 15 Oct 14 (6 Month), 15 Jan 15 (3 Month) and 15 Mar 15 (1 Month) to 15 Apr 15.

2Roll return non-annualised from front month futures into second " month on 15 Jan 15 (3 Month), 16 Mar 15 (1 Month), 08 Apr 15 (1 Week), 15 Apr 15.

4

3Net positions in number of contracts.

4Current inventories relative to 1, 3, 6 months ago. Under the column "5 yr average" is the current inventory level relative to 5 year average inventory. For energy, 5 yr average is the average of the same month as

report month over the past 5 years. **Brent 5 Yr average of net positions from January 2011 as positions were not reported by CFTC before then and inventory data (OECD) reported with 2 month lag with current = Dec 2014.5All Industrial metals

positioning data (excluding copper) is sourced from LME COTR data in Bloomberg from 28th July 14 (first available date).

1 YearCurrent

Current 1 Year

5 Yr Average

1 MonthCFTC NET

POSITIONING3

PRICES1 3 Month

6 Month6 Month5 Yr

Average1 Month 3 MonthINVENTORY LEVELS

4 Current

1 Month6 Month 1 WeekExchangeUnit 3 Month1 Month ROLL YIELDS2 15-Apr

Summary Tables

Agriculture

Source: Bloomberg, ETF Securities Source: Bloomberg, ETF Securities




Note: standard deviation based on 5 year average CFTC non-commercial net positioning 5All commodity futures price data is denominated in USD unless otherwise indicated.

CFTC Speculative Net Long Futures Positions

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2

Ap

r-12

Ju

l-12

Oct

-12

Ja

n-1

3

Ap

r-13

Ju

l-13

Oct

-13

Ja

n-1

4

Ap

r-14

Ju

l-14

Oct

-14

Ja

n-1

5

Ap

r-15

Corn

CFTC non-commercial net positioning Price (RHS, USD/bu.)

1x stdv

-1x stdv

2x stdv

-2x stdv

5 Yr Average

0.0

0.5

1.0

1.5

2.0

2.5

-20

0

20

40

60

80

100

Ap

r-10

Ju

l-10

Oct

-10

Ja

n-1

1

Ap

r-11

Ju

l-11

Oct

-11

Ja

n-1

2

Ap

r-12

Ju

l-12

Oct

-12

Ja

n-1

3

Ap

r-13

Ju

l-13

Oct

-13

Ja

n-1

4

Ap

r-14

Ju

l-14

Oct

-14

Ja

n-1

5

Ap

r-15

Cotton


1x stdv

-1x stdv

2x stdv

-2x stdv

5 Yr Average

0.20

0.25

0.30

0.35

0.40

0.45

0.50

0.55

0.60

0.65

-80

-60

-40

-20

0

20

40

60

80

100

Ap

r-10

Ju

l-10

Oct

-10

Ja

n-1

1

Ap

r-11

Ju

l-11

Oct

-11

Ja

n-1

2

Ap

r-12

Ju

l-12

Oct

-12

Ja

n-1

3

Ap

r-13

Ju

l-13

Oct

-13

Ja

n-1

4

Ap

r-14

Ju

l-14

Oct

-14

Ja

n-1

5

Ap

r-15

Soybean Oil


1x stdv

-1x stdv

2x stdv

-2x stdv

5 Yr Average

6

8

10

12

14

16

18

20

-100

-50

0

50

100

150

200

250

300

Ap

r-10

Ju

l-10

Oct

-10

Ja

n-1

1

Ap

r-11

Ju

l-11

Oct

-11

Ja

n-1

2

Ap

r-12

Ju

l-12

Oct

-12

Ja

n-1

3

Ap

r-13

Ju

l-13

Oct

-13

Ja

n-1

4

Ap

r-14

Ju

l-14

Oct

-14

Ja

n-1

5

Ap

r-15

Soybeans


1x stdv

-1x stdv

2x stdv

-2x stdv

5 Yr Average

0.05

0.10

0.15

0.20

0.25

0.30

0.35

0.40

-50

0

50

100

150

200

250

Ap

r-10

Ju

l-10

Oct

-10

Ja

n-1

1

Ap

r-11

Ju

l-11

Oct

-11

Ja

n-1

2

Ap

r-12

Ju

l-12

Oct

-12

Ja

n-1

3

Ap

r-13

Ju

l-13

Oct

-13

Ja

n-1

4

Ap

r-14

Ju

l-14

Oct

-14

Ja

n-1

5

Ap

r-15

Sugar


1x stdv

-1x stdv

2x stdv

-2x stdv

5 Yr Average

2

3

4

5

6

7

8

9

10

-100

-80

-60

-40

-20

0

20

40

60

80

Ap

r-10

Ju

l-10

Oct

-10

Ja

n-1

1

Ap

r-11

Ju

l-11

Oct

-11

Ja

n-1

2

Ap

r-12

Ju

l-12

Oct

-12

Ja

n-1

3

Ap

r-13

Ju

l-13

Oct

-13

Ja

n-1

4

Ap

r-14

Ju

l-14

Oct

-14

Ja

n-1

5

Ap

r-15

Wheat


1x stdv

-1x stdv

2x stdv

-2x stdv

5 Yr Average

Energy



Source: Bloomberg, ETF Securities

Note: standard deviation based on 5 year average CFTC non-commercial net positioning 6All commodity futures price data is denominated in USD unless otherwise indicated. *Brent average of net positions from January 2011 as positions were not reported by CFTC before then

1.5

1.7

1.9

2.1

2.3

2.5

2.7

2.9

3.1

3.3

3.5

-40

-30

-20

-10

0

10

20

30

40

50

60

Ap

r-10

Ju

l-10

Oct

-10

Ja

n-1

1

Ap

r-11

Ju

l-11

Oct

-11

Ja

n-1

2

Ap

r-12

Ju

l-12

Oct

-12

Ja

n-1

3

Ap

r-13

Ju

l-13

Oct

-13

Ja

n-1

4

Ap

r-14

Ju

l-14

Oct

-14

Ja

n-1

5

Ap

r-15

Heating Oil

CFTC non-commercial net positioning Price (RHS, USD/gal.)

1x stdv

-1x stdv

2x stdv

-2x stdv

5 Yr Average

1.5

2.0

2.5

3.0

3.5

4.0

4.5

5.0

5.5

6.0

-250

-200

-150

-100

-50

0

Ap

r-10

Ju

l-10

Oct

-10

Ja

n-1

1

Ap

r-11

Ju

l-11

Oct

-11

Ja

n-1

2

Ap

r-12

Ju

l-12

Oct

-12

Ja

n-1

3

Ap

r-13

Ju

l-13

Oct

-13

Ja

n-1

4

Ap

r-14

Ju

l-14

Oct

-14

Ja

n-1

5

Ap

r-15

Natural Gas

CFTC non-commercial net positioning Price (RHS, USD/MMBtu)

1x stdv

-1x stdv

2x stdv

-2x stdv

5 Yr Average

1.1

1.6

2.1

2.6

3.1

0

10

20

30

40

50

60

70

80

90

100

Ap

r-10

Ju

l-10

Oct

-10

Ja

n-1

1

Ap

r-11

Ju

l-11

Oct

-11

Ja

n-1

2

Ap

r-12

Ju

l-12

Oct

-12

Ja

n-1

3

Ap

r-13

Ju

l-13

Oct

-13

Ja

n-1

4

Ap

r-14

Ju

l-14

Oct

-14

Ja

n-1

5

Ap

r-15

Gasoline

CFTC non-commercial net positioning Price (RHS, USD/gal.)

1x stdv

-1x stdv

2x stdv

-2x stdv

5 Yr Average

45

55

65

75

85

95

105

115

125

-50

0

50

100

150

200

Ja

n-1

1

Ap

r-11

Ju

l-11

Oct

-11

Ja

n-1

2

Ap

r-12

Ju

l-12

Oct

-12

Ja

n-1

3

Ap

r-13

Ju

l-13

Oct

-13

Ja

n-1

4

Ap

r-14

Ju

l-14

Oct

-14

Ja

n-1

5

Ap

r-15

Brent Oil

CFTC non-commercial net positioning Price (RHS, USD/bbl.)

1x stdv

-1x stdv

2x stdv

-2x stdv

Average*

40

50

60

70

80

90

100

110

120

0

100

200

300

400

500

600

Ap

r-10

Ju

l-10

Oct

-10

Ja

n-1

1

Ap

r-11

Ju

l-11

Oct

-11

Ja

n-1

2

Ap

r-12

Ju

l-12

Oct

-12

Ja

n-1

3

Ap

r-13

Ju

l-13

Oct

-13

Ja

n-1

4

Ap

r-14

Ju

l-14

Oct

-14

Ja

n-1

5

Ap

r-15

WTI Oil

CFTC non-commercial net positioning Price (RHS, USD/bbl.)

1x stdv

-1x stdv

2x stdv

-2x stdv

5 Yr Average

-50

-40

-30

-20

-10

10

20

30

40

Copper (COMEX)

Industrial Metals




Note: standard deviation based on 5 year average CFTC non-commercial net positioning. LME non-commercial net positions averaged from 28th

July 14 and respective graphs represent daily data. 7All commodity futures price data is denominated in USD unless otherwise indicated.

1,650

1,700

1,750

1,800

1,850

1,900

150

160

170

180

190

200

210

220

230

Dec

-14

Ja

n-1

5

Ja

n-1

5

Ja

n-1

5

Ja

n-1

5

Ja

n-1

5

Feb

-15

Feb

-15

Feb

-15

Feb

-15

Ma

r-15

Ma

r-15

Ma

r-15

Ma

r-15

Ap

r-15

Ap

r-15

Aluminum

LME non-commercial net positioning Price (RHS, USD/MT)

1x stdv

-1x stdv

2x stdv

-2x stdv

Series average

2.5

3.0

3.5

4.0

4.5

5.0

-50

-40

-30

-20

-10

0

10

20

30

40

Ap

r-10

Ju

l-10

Oct

-10

Ja

n-1

1

Ap

r-11

Ju

l-11

Oct

-11

Ja

n-1

2

Ap

r-12

Ju

l-12

Oct

-12

Ja

n-1

3

Ap

r-13

Ju

l-13

Oct

-13

Ja

n-1

4

Ap

r-14

Ju

l-14

Oct

-14

Ja

n-1

5

Ap

r-15

Copper (COMEX)


1x stdv

-1x stdv

2x stdv

-2x stdv

5 Yr Average

12,000

12,500

13,000

13,500

14,000

14,500

15,000

15,500

16,000

0

5

10

15

20

25

30

Dec

-14

Ja

n-1

5

Ja

n-1

5

Ja

n-1

5

Ja

n-1

5

Ja

n-1

5

Feb

-15

Feb

-15

Feb

-15

Feb

-15

Ma

r-15

Ma

r-15

Ma

r-15

Ma

r-15

Ap

r-15

Ap

r-15

Nickel


1x stdv

-1x stdv

2x stdv

-2x stdv

Series average

1,950

2,000

2,050

2,100

2,150

2,200

2,250

40

45

50

55

60

65

70

75

80

85

90

Dec

-14

Ja

n-1

5

Ja

n-1

5

Ja

n-1

5

Ja

n-1

5

Ja

n-1

5

Feb

-15

Feb

-15

Feb

-15

Feb

-15

Ma

r-15

Ma

r-15

Ma

r-15

Ma

r-15

Ap

r-15

Ap

r-15

Zinc


1x stdv

-1x stdv

2x stdv

-2x stdv

Series average

1,600

1,650

1,700

1,750

1,800

1,850

1,900

1,950

2,000

2,050

7

9

11

13

15

17

19

21

23

25

Dec

-14

Ja

n-1

5

Ja

n-1

5

Ja

n-1

5

Ja

n-1

5

Ja

n-1

5

Feb

-15

Feb

-15

Feb

-15

Feb

-15

Ma

r-15

Ma

r-15

Ma

r-15

Ma

r-15

Ap

r-15

Ap

r-15

Lead


1x stdv

-1x stdv

2x stdv

-2x stdv

Series average

16,000

16,500

17,000

17,500

18,000

18,500

19,000

19,500

20,000

20,500

1.7

1.9

2.1

2.3

2.5

2.7

2.9

3.1

3.3

Dec

-14

Ja

n-1

5

Ja

n-1

5

Ja

n-1

5

Ja

n-1

5

Ja

n-1

5

Feb

-15

Feb

-15

Feb

-15

Feb

-15

Ma

r-15

Ma

r-15

Ma

r-15

Ma

r-15

Ap

r-15

Ap

r-15

Tin


1x stdv

-1x stdv

2x stdv

-2x stdv

Series average

Precious Metals



Livestock



Note: standard deviation based on 5 year average CFTC non-commercial net positioning 8All commodity futures price data is denominated in USD unless otherwise indicated.

0.4

0.5

0.6

0.7

0.8

0.9

1.0

1.1

1.2

1.3

1.4

-20

0

20

40

60

80

100

120

Ap

r-10

Ju

l-10

Oct

-10

Ja

n-1

1

Ap

r-11

Ju

l-11

Oct

-11

Ja

n-1

2

Ap

r-12

Ju

l-12

Oct

-12

Ja

n-1

3

Ap

r-13

Ju

l-13

Oct

-13

Ja

n-1

4

Ap

r-14

Ju

l-14

Oct

-14

Ja

n-1

5

Ap

r-15

Lean Hogs


1x stdv

-1x stdv

2x stdv

-2x stdv

5 Yr Average

0.7

0.9

1.1

1.3

1.5

1.7

1.9

0

20

40

60

80

100

120

140

160

180

Ap

r-10

Ju

l-10

Oct

-10

Ja

n-1

1

Ap

r-11

Ju

l-11

Oct

-11

Ja

n-1

2

Ap

r-12

Ju

l-12

Oct

-12

Ja

n-1

3

Ap

r-13

Ju

l-13

Oct

-13

Ja

n-1

4

Ap

r-14

Ju

l-14

Oct

-14

Ja

n-1

5

Ap

r-15

Live Cattle


1x stdv

-1x stdv

2x stdv

-2x stdv

5 Yr Average

0.8

1.0

1.2

1.4

1.6

1.8

2.0

2.2

2.4

2.6

-10

-5

0

5

10

15

20

25

Ap

r-10

Ju

l-10

Oct

-10

Ja

n-1

1

Ap

r-11

Ju

l-11

Oct

-11

Ja

n-1

2

Ap

r-12

Ju

l-12

Oct

-12

Ja

n-1

3

Ap

r-13

Ju

l-13

Oct

-13

Ja

n-1

4

Ap

r-14

Ju

l-14

Oct

-14

Ja

n-1

5

Ap

r-15

Feeder Cattle


1x stdv

-1x stdv

2x stdv

-2x stdv

5 Yr Average

0

7

14

21

28

35

42

49

-10

0

10

20

30

40

50

60

Ap

r-10

Ju

l-10

Oct

-10

Ja

n-1

1

Ap

r-11

Ju

l-11

Oct

-11

Ja

n-1

2

Ap

r-12

Ju

l-12

Oct

-12

Ja

n-1

3

Ap

r-13

Ju

l-13

Oct

-13

Ja

n-1

4

Ap

r-14

Ju

l-14

Oct

-14

Ja

n-1

5

Ap

r-15

Silver

CFTC non-commercial net positioning Price (RHS, USD/t oz.)

1x stdv

-1x stdv

2x stdv

-2x stdv

5 Yr Average

900

1,100

1,300

1,500

1,700

1,900

2,100

0

50

100

150

200

250

300

350

Ap

r-10

Ju

l-10

Oct

-10

Ja

n-1

1

Ap

r-11

Ju

l-11

Oct

-11

Ja

n-1

2

Ap

r-12

Ju

l-12

Oct

-12

Ja

n-1

3

Ap

r-13

Ju

l-13

Oct

-13

Ja

n-1

4

Ap

r-14

Ju

l-14

Oct

-14

Ja

n-1

5

Ap

r-15

Gold


1x stdv

-1x stdv

2x stdv

-2x stdv

5 Yr Average

250

350

450

550

650

750

850

950

0

5

10

15

20

25

30

35

Ap

r-10

Ju

l-10

Oct

-10

Ja

n-1

1

Ap

r-11

Ju

l-11

Oct

-11

Ja

n-1

2

Ap

r-12

Ju

l-12

Oct

-12

Ja

n-1

3

Ap

r-13

Ju

l-13

Oct

-13

Ja

n-1

4

Ap

r-14

Ju

l-14

Oct

-14

Ja

n-1

5

Ap

r-15

Palladium


1x stdv

-1x stdv

2x stdv

-2x stdv

5 Yr Average

1,000

1,100

1,200

1,300

1,400

1,500

1,600

1,700

1,800

1,900

2,000

0

10

20

30

40

50

60

Ap

r-10

Ju

l-10

Oct

-10

Ja

n-1

1

Ap

r-11

Ju

l-11

Oct

-11

Ja

n-1

2

Ap

r-12

Ju

l-12

Oct

-12

Ja

n-1

3

Ap

r-13

Ju

l-13

Oct

-13

Ja

n-1

4

Ap

r-14

Ju

l-14

Oct

-14

Ja

n-1

5

Ap

r-15

Platinum


1x stdv

-1x stdv

2x stdv

-2x stdv

5 Yr Average

16,000

18,000

19,000

20,000

20,500

Agriculture

Source: USDA, Bloomberg, ETF Securities Source: USDA, Bloomberg, ETF Securities




Note: stock to use data is annual with monthly update of 2012/2013 estimates 9

Inventories

0

5

10

15

20

25

30

35

40

45

50

80

/81

81/

82

82

/83

83

/84

84

/85

85

/86

86

/87

87

/88

88

/89

89

/90

90

/91

91/

92

92

/93

93

/94

94

/95

95

/96

96

/97

97

/98

98

/99

99

/00

00

/01

01/

02

02

/03

03

/04

04

/05

05

/06

06

/07

07

/08

08

/09

09

/10

10/1

111

/12

12/1

313

/14

14/1

5

Corn - Stock to Use Annual data in %, from 1980 to 2015

% chg in projections vs. previous = 1.9%

0

50

100

150

200

250

80

/81

81/

82

82

/83

83

/84

84

/85

85

/86

86

/87

87

/88

88

/89

89

/90

90

/91

91/

92

92

/93

93

/94

94

/95

95

/96

96

/97

97

/98

98

/99

99

/00

00

/01

01/

02

02

/03

03

/04

04

/05

05

/06

06

/07

07

/08

08

/09

09

/10

10/1

111

/12

12/1

313

/14

14/1

5Coffee - Stock to Use Annual data in %, from 1980 to 2015

% chg in projections vs. previous =

30.9%

0

20

40

60

80

100

120

80

/81

81/

82

82

/83

83

/84

84

/85

85

/86

86

/87

87

/88

88

/89

89

/90

90

/91

91/

92

92

/93

93

/94

94

/95

95

/96

96

/97

97

/98

98

/99

99

/00

00

/01

01/

02

02

/03

03

/04

04

/05

05

/06

06

/07

07

/08

08

/09

09

/10

10/1

111

/12

12/1

313

/14

14/1

5

Cotton - Stock to Use Annual data in %, from 1980 to 2015 % chg in projections

vs. previous = 0.0%

0

5

10

15

20

25

30

35

80

/81

81/

82

82

/83

83

/84

84

/85

85

/86

86

/87

87

/88

88

/89

89

/90

90

/91

91/

92

92

/93

93

/94

94

/95

95

/96

96

/97

97

/98

98

/99

99

/00

00

/01

01/

02

02

/03

03

/04

04

/05

05

/06

06

/07

07

/08

08

/09

09

/10

10/1

111

/12

12/1

313

/14

14/1

5

Soybeans - Stock to Use Annual data in %, from 1980 to 2015

% chg in projections vs. previous = -0.1%

0

10

20

30

40

50

60

70

80

90

100

80

/81

81/

82

82

/83

83

/84

84

/85

85

/86

86

/87

87

/88

88

/89

89

/90

90

/91

91/

92

92

/93

93

/94

94

/95

95

/96

96

/97

97

/98

98

/99

99

/00

00

/01

01/

02

02

/03

03

/04

04

/05

05

/06

06

/07

07

/08

08

/09

09

/10

10/1

111

/12

12/1

313

/14

14/1

5

Soybeans - Ending Stocks Annual data in mln tons, from 1980 to 2015

chg in projections vs. previous = 0.0

0

10

20

30

40

50

60

80

…8

1/…

82

…8

3…

84

…8

5…

86

…8

7/…

88

…8

9…

90

…9

1/…

92

…9

3/…

94

…9

5/…

96

…9

7/…

98

…9

9…

00

…0

1/…

02

…0

3…

04

…0

5…

06

…0

7/…

08

…0

9…

10/1

111

/12

12/…

13/…

14/…

Coffee - Ending Stocks Annual data in mln bags (60 kg), from 1980 to 2015


0

20

40

60

80

100

120

80

/81

81/

82

82

/83

83

/84

84

/85

85

/86

86

/87

87

/88

88

/89

89

/90

90

/91

91/

92

92

/93

93

/94

94

/95

95

/96

96

/97

97

/98

98

/99

99

/00

00

/01

01/

02

02

/03

03

/04

04

/05

05

/06

06

/07

07

/08

08

/09

09

/10

10/1

111

/12

12/1

313

/14

14/1

5

Cotton - Ending Stocks Annual data in mln 480 lb Bales, from 1980 to 2015


0

50

100

150

200

250

80

/81

81/

82

82

/83

83

/84

84

/85

85

/86

86

/87

87

/88

88

/89

89

/90

90

/91

91/

92

92

/93

93

/94

94

/95

95

/96

96

/97

97

/98

98

/99

99

/00

00

/01

01/

02

02

/03

03

/04

04

/05

05

/06

06

/07

07

/08

08

/09

09

/10

10/1

111

/12

12/1

313

/14

14/1

5

Corn - Ending Stocks Annual data in mln tons, from 1980 to 2015





Source: International Cocoa Organisation, Bloomberg, ETF Securities

Note: stock to use data is annual with monthly update of 2012/2013 estimates 10

0

5

10

15

20

25

30

35

40

80

/81

81/

82

82

/83

83

/84

84

/85

85

/86

86

/87

87

/88

88

/89

89

/90

90

/91

91/

92

92

/93

93

/94

94

/95

95

/96

96

/97

97

/98

98

/99

99

/00

00

/01

01/

02

02

/03

03

/04

04

/05

05

/06

06

/07

07

/08

08

/09

09

/10

10/1

111

/12

12/1

313

/14

14/1

5

Wheat - Stock to Use Annual data in %, from 1980 to 2015

% chg in projections vs. previous = -0.4%

0

20

40

60

80

100

120

94

/…

95

/…

96

/…

97

/…

98

/…

99

/…

00

/…

01/

…

02

/…

03

/…

04

/…

05

/…

06

/…

07

/…

08

/…

09

/…

10/1

1

11/1

2

12/1

3

13/1

4

14/1

5Sugar - Stock to Use Annual data in %, from 1998 to 2015

% chg in projections vs. previous = 6%

0

2

4

6

8

10

12

14

16

18

80

/…8

1/8

28

2/…

83

/…8

4/…

85

/…8

6/…

87

/…8

8/…

89

/…9

0/9

19

1/9

29

2/…

93

/…9

4/…

95

/…9

6/9

79

7/…

98

/…9

9/…

00

/…0

1/0

20

2/…

03

/…0

4/…

05

/…0

6/…

07

/…0

8/…

09

/10

10/1

111

/12

12/1

313

/14

14/1

5

Soybean Oil - Stock to Use Annual data in %, from 1980 to 2015

% chg in projections vs. previous = -

4.4%

0

50

100

150

200

250

80

/…8

1/…

82

/…8

3/…

84

/…8

5/…

86

/…8

7/…

88

/…8

9/…

90

/…9

1/…

92

/…9

3/…

94

/…9

5/…

96

/…9

7/…

98

/…9

9/…

00

/…0

1/…

02

/…0

3/…

04

/…0

5/…

06

/…0

7/…

08

/…0

9/…

10/1

111

/12

12/1

313

/14

14/1

5

Wheat - Ending Stocks Annual data in mln tons, from 1980 to 2015

chg in projections vs. previous = -0.5

0

5

10

15

20

25

30

35

40

45

50

80

/…8

1/…

82

/…8

3/…

84

/…8

5/…

86

/…8

7/…

88

/…8

9/…

90

/…9

1/…

92

/…9

3/…

94

/…9

5/…

96

/…9

7/…

98

/…9

9/…

00

/…0

1/…

02

/…0

3/…

04

/…0

5/…

06

/…0

7/…

08

/…0

9/…

10/1

111

/12

12/1

313

/14

14/1

5

Sugar - Ending Stocks Annual data in mln Metric Tons, from 1980 to 2015


0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

4.5

80

/…8

1/…

82

/…8

3/…

84

/…8

5/…

86

/…8

7/…

88

/…8

9/…

90

/…9

1/…

92

/…9

3/…

94

/…9

5/…

96

/…9

7/…

98

/…9

9/…

00

/…0

1/…

02

/…0

3/…

04

/…0

5/…

06

/…0

7/…

08

/…0

9/…

10/1

111

/12

12/1

313

/14

14/1

5

Soybean Oil - Ending Stocks Annual data in mln Metric Tons, from 1980 to 2015

chg in projections vs. previous = -0.2

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2,000

198

119

82

198

319

84

198

519

86

198

719

88

198

919

90

199

119

92

199

319

94

199

519

96

199

719

98

199

92

00

02

00

12

00

22

00

32

00

42

00

52

00

62

00

72

00

82

00

92

010

20

112

012

20

132

014

Cocoa - Inventory Annual data in '000 metric tons, from 1981 to 2015

Industrial Metals


Source: LME, Bloomberg, ETF Securities Source: Bloomberg, ETF Securities

Source: Bloomberg, ETF Securities Source: LME, Bloomberg, ETF Securities

Livestock


11

8

9

10

11

12

13

14

Ap

r-14

Ma

y-1

4

Ju

n-1

4

Ju

l-14

Au

g-1

4

Sep

-14

Oct

-14

No

v-1

4

Dec

-14

Ja

n-1

5

Feb

-15

Ma

r-15

Ap

r-15

Tin Inventory Daily data in '000 MT, from 15 Apr 14 to 15 Apr 15

150

170

190

210

230

250

270

290

310

Ap

r 14

Ma

y 1

4

Ju

n 1

4

Ju

l 14

Au

g 1

4

Sep

14

Oct

14

No

v 1

4

Dec

14

Ja

n 1

5

Feb

15

Ma

r 15

Ap

r 15

Lead Inventory

SHFE Inventory (in '000 tonnes) LME Inventory (in '000 tonnes)

Daily data, from 15 Apr 14 to 15 Apr 15

230

280

330

380

430

480

Ap

r-14

Ma

y-1

4

Ju

n-1

4

Ju

l-14

Au

g-1

4

Sep

-14

Oct

-14

No

v-1

4

Dec

-14

Ja

n-1

5

Feb

-15

Ma

r-15

Ap

r-15

Nickel Inventory Daily data in '000 MT, from 15 Apr 14 to 15 Apr 15

450

550

650

750

850

950

1,050

1,150

Ap

r 14

Ma

y 1

4

Ju

n 1

4

Ju

l 14

Au

g 1

4

Sep

14

Oct

14

No

v 1

4

Dec

14

Ja

n 1

5

Feb

15

Ma

r 15

Ap

r 15

Zinc Inventory



3,800

4,300

4,800

5,300

5,800

Ap

r 14

Ma

y 1

4

Ju

n 1

4

Ju

l 14

Au

g 1

4

Sep

14

Oct

14

No

v 1

4

Dec

14

Ja

n 1

5

Feb

15

Ma

r 15

Ap

r 15

Aluminum Inventory



100

200

300

400

500

600

700

Ap

r 14

Ma

y 1

4

Ju

n 1

4

Ju

l 14

Au

g 1

4

Sep

14

Oct

14

No

v 1

4

Dec

14

Ja

n 1

5

Feb

15

Ma

r 15

Ap

r 15

Copper Inventory

SHFE Inventory (in '000 tonnes) COMEX Inventory (in '000 tonnes)

LME Inventory (in '000 tonnes)


640

660

680

700

720

740

760

780

800

820

840

80

/81

81/

82

82

/83

83

/84

84

/85

85

/86

86

/87

87

/88

88

/89

89

/90

90

/91

91/

92

92

/93

93

/94

94

/95

95

/96

96

/97

97

/98

98

/99

99

/00

00

/01

01/

02

02

/03

03

/04

04

/05

05

/06

06

/07

07

/08

08

/09

09

/10

10/1

111

/12

12/1

313

/14

14/1

5

Lean Hogs Inventory Annual data in mln Heads, from 1980 to 2015

900

950

1,000

1,050

1,100

1,150

80

/81

81/

82

82

/83

83

/84

84

/85

85

/86

86

/87

87

/88

88

/89

89

/90

90

/91

91/

92

92

/93

93

/94

94

/95

95

/96

96

/97

97

/98

98

/99

99

/00

00

/01

01/

02

02

/03

03

/04

04

/05

05

/06

06

/07

07

/08

08

/09

09

/10

10/1

111

/12

12/1

313

/14

14/1

5

Live Cattle Inventory Annual data in mln Heads, from 1980 to 2015

Energy

Source: DOE, Bloomberg, ETF Securities Source: DOE, Bloomberg, ETF Securities

Source: DOE, Bloomberg, ETF Securities Source: DOE, Bloomberg, ETF Securities

Source: DOE, Bloomberg, ETF Securities

Note: "Oil - OECD Inventory" represents OECD industry stocks and is reported with a 2 month lag. 12

300

320

340

360

380

400

420

440

460

480

500

1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 47 49 51

US Oil Inventory

5Yr Average +/-1 stdev 2014 2015

Weekly data in mln barrels, from Apr 10 to Apr 15

190

200

210

220

230

240

250

1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 47 49 51

Gasoline Inventory



500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 47 49 51

Natural Gas Inventory


Weekly data in billion cubic feet, from Apr 10 to Apr 15

6

11

16

21

26

31

36

41

46

1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 47 49 51

Heating Oil Inventory



280

290

300

310

320

330

340

350

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

OECD Europe Oil Industry Inventory


Monthly data in mln barrels, from Jan 05 to Jan 15

Agriculture





Note: all commodity futures trading volume and price data is denominated in USD unless otherwise indicated. 13

Commodities Front Month Futures and Trading Volumes

$2,000

$2,200

$2,400

$2,600

$2,800

$3,000

$3,200

$3,400

$3,600

0

500

1,000

1,500

2,000

2,500

Ap

r 14

Ma

y 1

4

Ju

n 1

4

Ju

l 14

Au

g 1

4

Sep

14

Oct

14

No

v 1

4

Dec

14

Ja

n 1

5

Feb

15

Ma

r 15

Ap

r 15

Cocoa Front Month Futures Price

Volume ($mn) Prices (RHS) 50 dma (RHS) 200 dma (RHS)

Daily data in USD/MT, from 15 Apr 14 to 15 Apr 15

$1.0

$1.2

$1.4

$1.6

$1.8

$2.0

$2.2

$2.4

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

Ap

r 14

Ma

y 1

4

Ju

n 1

4

Ju

l 14

Au

g 1

4

Sep

14

Oct

14

No

v 1

4

Dec

14

Ja

n 1

5

Feb

15

Ma

r 15

Ap

r 15

Coffee Front Month Futures Price


Daily data in USD/lb., from 15 Apr 14 to 15 Apr 15

$3.0

$3.5

$4.0

$4.5

$5.0

$5.5

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

Ap

r 14

Ma

y 1

4

Ju

n 1

4

Ju

l 14

Au

g 1

4

Sep

14

Oct

14

No

v 1

4

Dec

14

Ja

n 1

5

Feb

15

Ma

r 15

Ap

r 15

Corn Front Month Futures Price


Daily data in USD/bu., from 15 Apr 14 to 15 Apr 15

$0.55

$0.60

$0.65

$0.70

$0.75

$0.80

$0.85

$0.90

$0.95

$1.00

0

500

1,000

1,500

2,000

2,500

Ap

r 14

Ma

y 1

4

Ju

n 1

4

Ju

l 14

Au

g 1

4

Sep

14

Oct

14

No

v 1

4

Dec

14

Ja

n 1

5

Feb

15

Ma

r 15

Ap

r 15

Cotton Front Month Futures Price



$0.28

$0.30

$0.32

$0.34

$0.36

$0.38

$0.40

$0.42

$0.44

$0.46

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

Ap

r 14

Ma

y 1

4

Ju

n 1

4

Ju

l 14

Au

g 1

4

Sep

14

Oct

14

No

v 1

4

Dec

14

Ja

n 1

5

Feb

15

Ma

r 15

Ap

r 15

Soybean Oil Front Month Futures Price



$9

$10

$11

$12

$13

$14

$15

$16

0

5,000

10,000

15,000

20,000

25,000

30,000

Ap

r 14

Ma

y 1

4

Ju

n 1

4

Ju

l 14

Au

g 1

4

Sep

14

Oct

14

No

v 1

4

Dec

14

Ja

n 1

5

Feb

15

Ma

r 15

Ap

r 15

Soybeans Front Month Futures Price



$0.10

$0.11

$0.12

$0.13

$0.14

$0.15

$0.16

$0.17

$0.18

$0.19

0

1,000

2,000

3,000

4,000

5,000

6,000

Ap

r 14

Ma

y 1

4

Ju

n 1

4

Ju

l 14

Au

g 1

4

Sep

14

Oct

14

No

v 1

4

Dec

14

Ja

n 1

5

Feb

15

Ma

r 15

Ap

r 15

Sugar Front Month Futures Price



$4.5

$5.0

$5.5

$6.0

$6.5

$7.0

$7.5

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

Ap

r 14

Ma

y 1

4

Ju

n 1

4

Ju

l 14

Au

g 1

4

Sep

14

Oct

14

No

v 1

4

Dec

14

Ja

n 1

5

Feb

15

Ma

r 15

Ap

r 15

Wheat Front Month Futures Price



Energy




Carbon



$45

$55

$65

$75

$85

$95

$105

$115

$125

$0

$20,000

$40,000

$60,000

$80,000

$100,000

$120,000

$140,000

$160,000

$180,000

Ap

r 14

Ma

y 1

4

Ju

n 1

4

Ju

l 14

Au

g 1

4

Sep

14

Oct

14

No

v 1

4

Dec

14

Ja

n 1

5

Feb

15

Ma

r 15

Ap

r 15

Brent Oil Front Month Futures Price


Daily data in USD/bbl., from 15 Apr 14 to 15 Apr 15

$40

$50

$60

$70

$80

$90

$100

$110

$120

$0

$20,000

$40,000

$60,000

$80,000

$100,000

$120,000

$140,000

Ap

r 14

Ma

y 1

4

Ju

n 1

4

Ju

l 14

Au

g 1

4

Sep

14

Oct

14

No

v 1

4

Dec

14

Ja

n 1

5

Feb

15

Ma

r 15

Ap

r 15

WTI Oil Front Month Futures Price


Daily data in USD/bbl., from 15 Apr 14 to 15 Apr 15

$2.0

$2.5

$3.0

$3.5

$4.0

$4.5

$5.0

$0

$5,000

$10,000

$15,000

$20,000

$25,000

$30,000

$35,000

Ap

r 14

Ma

y 1

4

Ju

n 1

4

Ju

l 14

Au

g 1

4

Sep

14

Oct

14

No

v 1

4

Dec

14

Ja

n 1

5

Feb

15

Ma

r 15

Ap

r 15

Natural Gas Front Month Futures Price


Daily data in USD/MMBtu, from 15 Apr 14 to 15 Apr 15

$1.2

$1.7

$2.2

$2.7

$3.2

$3.7

$0

$5,000

$10,000

$15,000

$20,000

$25,000

$30,000

$35,000

Ap

r 14

Ma

y 1

4

Ju

n 1

4

Ju

l 14

Au

g 1

4

Sep

14

Oct

14

No

v 1

4

Dec

14

Ja

n 1

5

Feb

15

Ma

r 15

Ap

r 15

Gasoline Front Month Futures Price


Daily data in USD/gal., from 15 Apr 14 to 15 Apr 15

$1.1

$1.6

$2.1

$2.6

$3.1

$3.6

$0

$5,000

$10,000

$15,000

$20,000

$25,000

$30,000

Ap

r 14

Ma

y 1

4

Ju

n 1

4

Ju

l 14

Au

g 1

4

Sep

14

Oct

14

No

v 1

4

Dec

14

Ja

n 1

5

Feb

15

Ma

r 15

Ap

r 15

Heating Oil Front Month Futures Price


Daily data in USD/gal., from 15 Apr 14 to 15 Apr 15

4.0 €

4.5 €

5.0 €

5.5 €

6.0 €

6.5 €

7.0 €

7.5 €

8.0 €

€0

€100

€200

€300

€400

€500

€600

€700

Ap

r 14

Ma

y 1

4

Ju

n 1

4

Ju

l 14

Au

g 1

4

Sep

14

Oct

14

No

v 1

4

Dec

14

Ja

n 1

5

Feb

15

Ma

r 15

Ap

r 15

Carbon Front Month Futures Price


Daily data in EUR/MT, from 15 Apr 14 to 15 Apr 15

Industrial Metals






$1,600

$1,700

$1,800

$1,900

$2,000

$2,100

$2,200

$0

$5,000

$10,000

$15,000

$20,000

$25,000

$30,000

$35,000

Ap

r 14

Ma

y 1

4

Ju

n 1

4

Ju

l 14

Au

g 1

4

Sep

14

Oct

14

No

v 1

4

Dec

14

Ja

n 1

5

Feb

15

Ma

r 15

Ap

r 15

Aluminum Front Month Futures Price



$15,500

$16,500

$17,500

$18,500

$19,500

$20,500

$21,500

$22,500

$23,500

$24,500

$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

Ap

r 14

Ma

y 1

4

Ju

n 1

4

Ju

l 14

Au

g 1

4

Sep

14

Oct

14

No

v 1

4

Dec

14

Ja

n 1

5

Feb

15

Ma

r 15

Ap

r 15

Tin Front Month Futures Price



$1,700

$1,800

$1,900

$2,000

$2,100

$2,200

$2,300

$2,400

$2,500

$0$1,000$2,000$3,000$4,000$5,000$6,000$7,000$8,000$9,000

$10,000

Ap

r 14

Ma

y 1

4

Ju

n 1

4

Ju

l 14

Au

g 1

4

Sep

14

Oct

14

No

v 1

4

Dec

14

Ja

n 1

5

Feb

15

Ma

r 15

Ap

r 15

Zinc Front Month Futures Price



$11,000

$13,000

$15,000

$17,000

$19,000

$21,000

$23,000

$0$1,000$2,000$3,000$4,000$5,000$6,000$7,000$8,000$9,000

$10,000

Ap

r 14

Ma

y 1

4

Ju

n 1

4

Ju

l 14

Au

g 1

4

Sep

14

Oct

14

No

v 1

4

Dec

14

Ja

n 1

5

Feb

15

Ma

r 15

Ap

r 15

Nickel Front Month Futures Price



$2.4

$2.5

$2.6

$2.7

$2.8

$2.9

$3.0

$3.1

$3.2

$3.3

$3.4

$0

$1,000

$2,000

$3,000

$4,000

$5,000

$6,000

$7,000

$8,000

$9,000

$10,000

Ap

r 14

Ma

y 1

4

Ju

n 1

4

Ju

l 14

Au

g 1

4

Sep

14

Oct

14

No

v 1

4

Dec

14

Ja

n 1

5

Feb

15

Ma

r 15

Ap

r 15

Copper (COMEX) Front Month Futures Price



$1,500

$1,600

$1,700

$1,800

$1,900

$2,000

$2,100

$2,200

$2,300

$2,400

$0

$500

$1,000

$1,500

$2,000

$2,500

$3,000

$3,500

Ap

r 14

Ma

y 1

4

Ju

n 1

4

Ju

l 14

Au

g 1

4

Sep

14

Oct

14

No

v 1

4

Dec

14

Ja

n 1

5

Feb

15

Ma

r 15

Ap

r 15

Lead Front Month Futures Price



$5,400$5,600$5,800$6,000$6,200$6,400$6,600$6,800$7,000$7,200$7,400

$0

$5,000

$10,000

$15,000

$20,000

$25,000

$30,000

$35,000

Ap

r 14

Ma

y 1

4

Ju

n 1

4

Ju

l 14

Au

g 1

4

Sep

14

Oct

14

No

v 1

4

Dec

14

Ja

n 1

5

Feb

15

Ma

r 15

Ap

r 15

Copper (LME) Front Month Futures Price

Volume ($mn) 200 dma (RHS) 50 dma (RHS) Prices (RHS)


Precious Metals



Livestock




$1.30

$1.50

$1.70

$1.90

$2.10

$2.30

$2.50

$0

$500

$1,000

$1,500

$2,000

$2,500

$3,000

$3,500

Ap

r 14

Ma

y 1

4

Ju

n 1

4

Ju

l 14

Au

g 1

4

Sep

14

Oct

14

No

v 1

4

Dec

14

Ja

n 1

5

Feb

15

Ma

r 15

Ap

r 15

Feeder Cattle Front Month Futures Price



$0.50

$0.60

$0.70

$0.80

$0.90

$1.00

$1.10

$1.20

$1.30

$1.40

$0

$500

$1,000

$1,500

$2,000

$2,500

$3,000

$3,500

$4,000

$4,500

Ap

r 14

Ma

y 1

4

Ju

n 1

4

Ju

l 14

Au

g 1

4

Sep

14

Oct

14

No

v 1

4

Dec

14

Ja

n 1

5

Feb

15

Ma

r 15

Ap

r 15

Lean Hogs Front Month Futures Price



$1.15

$1.25

$1.35

$1.45

$1.55

$1.65

$1.75

$0

$1,000

$2,000

$3,000

$4,000

$5,000

$6,000

$7,000

$8,000

$9,000

Ap

r 14

Ma

y 1

4

Ju

n 1

4

Ju

l 14

Au

g 1

4

Sep

14

Oct

14

No

v 1

4

Dec

14

Ja

n 1

5

Feb

15

Ma

r 15

Ap

r 15

Live Cattle Front Month Futures Price



$1,050

$1,100

$1,150

$1,200

$1,250

$1,300

$1,350

$1,400

$1,450

$1,500

$1,550

$0

$500

$1,000

$1,500

$2,000

$2,500

$3,000

Ap

r 14

Ma

y 1

4

Ju

n 1

4

Ju

l 14

Au

g 1

4

Sep

14

Oct

14

No

v 1

4

Dec

14

Ja

n 1

5

Feb

15

Ma

r 15

Ap

r 15

Platinum Front Month Futures Price


Daily data in USD/t oz., from 15 Apr 14 to 15 Apr 15

$600

$650

$700

$750

$800

$850

$900

$950

$0

$500

$1,000

$1,500

$2,000

$2,500

Ap

r 14

Ma

y 1

4

Ju

n 1

4

Ju

l 14

Au

g 1

4

Sep

14

Oct

14

No

v 1

4

Dec

14

Ja

n 1

5

Feb

15

Ma

r 15

Ap

r 15

Palladium Front Month Futures Price



$1,100

$1,150

$1,200

$1,250

$1,300

$1,350

$1,400

$0

$5,000

$10,000

$15,000

$20,000

$25,000

$30,000

$35,000

$40,000

$45,000

$50,000

Ap

r 14

Ma

y 1

4

Ju

n 1

4

Ju

l 14

Au

g 1

4

Sep

14

Oct

14

No

v 1

4

Dec

14

Ja

n 1

5

Feb

15

Ma

r 15

Ap

r 15

Gold Front Month Futures Price



$13

$14

$15

$16

$17

$18

$19

$20

$21

$22

$0

$2,000

$4,000

$6,000

$8,000

$10,000

$12,000

$14,000

Ap

r 14

Ma

y 1

4

Ju

n 1

4

Ju

l 14

Au

g 1

4

Sep

14

Oct

14

No

v 1

4

Dec

14

Ja

n 1

5

Feb

15

Ma

r 15

Ap

r 15

Silver Front Month Futures Price



Agriculture





Note: all commodity futures price data is denominated in USD unless otherwise indicated. 17

Futures Curves

$2,600

$2,650

$2,700

$2,750

$2,800

$2,850

$2,900

$2,950

$3,000

M1 M2 M3 M4 M5 M6 M7 M8 M9 M10Maturity (Month)

Cocoa Futures

15 Apr 15 08 Apr 15 16 Mar 15 15 Jan 15

USD/MT

$1.25

$1.35

$1.45

$1.55

$1.65

$1.75

$1.85

$1.95

M1

M2

M3

M4

M5

M6

M7

M8

M9

M10

M11

M12

M13

M14

M15

Maturity (Month)

Coffee Futures

15 Apr 15 08 Apr 15 16 Mar 15 15 Jan 15

USD/lb.

$3.5

$3.7

$3.9

$4.1

$4.3

$4.5

M1

M2

M3

M4

M5

M6

M7

M8

M9

M10

M11

M12

M13

Maturity (Month)

Corn Futures

15 Apr 15 08 Apr 15 16 Mar 15 15 Jan 15

USD/bu.

$0.59

$0.60

$0.61

$0.62

$0.63

$0.64

$0.65

$0.66

$0.67

$0.68

M1

M2

M3

M4

M5

M6

M7

M8

M9

M10

M11

M12

M13

M14

Maturity (Month)

Cotton Futures

15 Apr 15 08 Apr 15 16 Mar 15 15 Jan 15

USD/lb.

$0.30

$0.31

$0.31

$0.32

$0.32

$0.33

$0.33

$0.34

$0.34

M1

M2

M3

M4

M5

M6

M7

M8

M9

M10

M11

M12

M13

M14

Maturity (Month)

Soybean Oil Futures

15 Apr 15 08 Apr 15 16 Mar 15 15 Jan 15

USD/lb.

$9

$9

$9

$10

$10

$10

$10

M1

M2

M3

M4

M5

M6

M7

M8

M9

M10

M11

M12

M13

M14

M15

M16

M17

Maturity (Month)

Soybeans Futures

15 Apr 15 08 Apr 15 16 Mar 15 15 Jan 15

USD/bu.

$0.120

$0.130

$0.140

$0.150

$0.160

$0.170

$0.180

M1

M2

M3

M4

M5

M6

M7

M8

M9

M10

M11

Maturity (Month)

Sugar Futures

15 Apr 15 08 Apr 15 16 Mar 15 15 Jan 15

USD/lb.

$4.7

$4.9

$5.1

$5.3

$5.5

$5.7

$5.9

$6.1

M1

M2

M3

M4

M5

M6

M7

M8

M9

M10

M11

M12

M13

Maturity (Month)

Wheat Futures

15 Apr 15 08 Apr 15 16 Mar 15 15 Jan 15

USD/bu.

Energy




Carbon



$45

$50

$55

$60

$65

$70

$75

M1

M3

M5

M7

M9

M11

M13

M15

M17

M19

M2

1

M2

3

M2

5

M2

7

M2

9

M3

1

M3

3

M3

5

Maturity (Month)

Brent Oil Futures

15 Apr 15 08 Apr 15 16 Mar 15 15 Jan 15

USD/bbl.

$40

$45

$50

$55

$60

$65

$70

M1

M3

M5

M7

M9

M11

M13

M15

M17

M19

M2

1

M2

3

M2

5

M2

7

M2

9

M3

1

M3

3

M3

5

Maturity (Month)

WTI Oil Futures

15 Apr 15 08 Apr 15 16 Mar 15 15 Jan 15

USD/bbl.

$2.5

$2.7

$2.9

$3.1

$3.3

$3.5

$3.7

$3.9

$4.1

$4.3

$4.5

M1

M3

M5

M7

M9

M11

M13

M15

M17

M19

M2

1

M2

3

M2

5

M2

7

M2

9

M3

1

M3

3

M3

5

Maturity (Month)

Natural Gas Futures

15 Apr 15 08 Apr 15 16 Mar 15 15 Jan 15

USD/MMBtu

$1.2

$1.3

$1.4

$1.5

$1.6

$1.7

$1.8

$1.9

$2.0

$2.1

M1

M3

M5

M7

M9

M11

M13

M15

M17

M19

M2

1

M2

3

M2

5

M2

7

M2

9

M3

1

M3

3

M3

5

Maturity (Month)

Gasoline Futures

15 Apr 15 08 Apr 15 16 Mar 15 15 Jan 15

USD/gal.

$1.40

$1.50

$1.60

$1.70

$1.80

$1.90

$2.00

$2.10

$2.20

M1

M3

M5

M7

M9

M11

M13

M15

M17

M19

M2

1

M2

3

M2

5

M2

7

M2

9

M3

1

M3

3

M3

5

Maturity (Month)

Heating Oil Futures

15 Apr 15 08 Apr 15 16 Mar 15 15 Jan 15

USD/gal.

6.4 €

6.6 €

6.8 €

7.0 €

7.2 €

7.4 €

7.6 €

M1

M2

M3

M4

M5

M6

M7

M8

M9

M10

M11

Maturity (Month)

Carbon Futures

15 Apr 15 08 Apr 15 16 Mar 15 15 Jan 15

EUR/MT

Industrial Metals






$1,750

$1,800

$1,850

$1,900

$1,950

$2,000

M1

M3

M5

M7

M9

M11

M13

M15

M17

M19

M2

1

M2

3

M2

5

M2

7

M2

9

M3

1

M3

3

M3

5

Maturity (Month)

Aluminum Futures

15 Apr 15 08 Apr 15 16 Mar 15 15 Jan 15

USD/MT

$1,700

$1,750

$1,800

$1,850

$1,900

$1,950

$2,000

$2,050

$2,100

M1

M3

M5

M7

M9

M11

M13

M15

M17

M19

M2

1

M2

3

M2

5

M2

7

M2

9

M3

1

M3

3

M3

5

Maturity (Month)

Lead Futures

15 Apr 15 08 Apr 15 16 Mar 15 15 Jan 15

USD/MT

$2.40

$2.45

$2.50

$2.55

$2.60

$2.65

$2.70

$2.75

$2.80

M1

M2

M3

M4

M5

M6

M7

M8

M9

M10

M11

M12

M13

M14

M15

M16

M17

M18

M19

M2

0

M2

1

M2

2

M2

3

M2

4

M2

5

Maturity (Month)

Copper (COMEX) Futures

15 Apr 15 08 Apr 15 16 Mar 15 15 Jan 15

USD/lb.

$5,400

$5,500

$5,600

$5,700

$5,800

$5,900

$6,000

$6,100

M1

M3

M5

M7

M9

M11

M13

M15

M17

M19

M2

1

M2

3

M2

5

M2

7

M2

9

M3

1

M3

3

M3

5

Maturity (Month)

Copper (LME) Futures

15 Apr 15 08 Apr 15 16 Mar 15 15 Jan 15

USD/MT

$15,000$15,500

$16,000

$16,500$17,000

$17,500$18,000

$18,500$19,000

$19,500

$20,000

M1

M2

M3

M4

M5

M6

M7

M8

M9

M10

M11

M12

M13

M14

M15

Maturity (Month)

Tin Futures

15 Apr 15 08 Apr 15 16 Mar 15 15 Jan 15

USD/MT

$12,000

$12,500

$13,000

$13,500

$14,000

$14,500

$15,000

M1

M3

M5

M7

M9

M11

M13

M15

M17

M19

M2

1

M2

3

M2

5

M2

7

M2

9

M3

1

M3

3

M3

5

Maturity (Month)

Nickel Futures

15 Apr 15 08 Apr 15 16 Mar 15 15 Jan 15

USD/MT

$1,900

$1,950

$2,000

$2,050

$2,100

$2,150

$2,200

$2,250

M1

M3

M5

M7

M9

M11

M13

M15

M17

M19

M2

1

M2

3

M2

5

M2

7

M2

9

M3

1

M3

3

M3

5

Maturity (Month)

Zinc Futures

15 Apr 15 08 Apr 15 16 Mar 15 15 Jan 15

USD/MT

Precious Metals



Livestock




$15

$16

$16

$17

$17

$18

$18

M1

M2

M3

M4

M5

M6

M7

M8

M9

M10

M11

M12

M13

M14

M15

M16

M17

Maturity (Month)

Silver Futures

15 Apr 15 08 Apr 15 16 Mar 15 15 Jan 15

USD/t oz.

$1,100

$1,150

$1,200

$1,250

$1,300

$1,350

$1,400

M1

M2

M3

M4

M5

M6

M7

M8

M9

M10

M11

M12

M13

M14

M15

M16

M17

M18

M19

M2

0

Maturity (Month)

Gold Futures

15 Apr 15 08 Apr 15 16 Mar 15 15 Jan 15

USD/t oz.

$1,100

$1,120

$1,140

$1,160

$1,180

$1,200

$1,220

$1,240

$1,260

$1,280

M1 M2 M3 M4 M5Maturity (Month)

Platinum Futures

15 Apr 15 08 Apr 15 16 Mar 15 15 Jan 15

USD/t oz.

$740

$745

$750

$755

$760

$765

$770

$775

$780

$785

M1 M2 M3 M4 M5Maturity (Month)

Palladium Futures

15 Apr 15 08 Apr 15 16 Mar 15 15 Jan 15

USD/t oz.

$0.60

$0.65

$0.70

$0.75

$0.80

$0.85

$0.90

M1

M2

M3

M4

M5

M6

M7

M8

M9

M10

M11

Maturity (Month)

Lean Hogs Futures

15 Apr 15 08 Apr 15 16 Mar 15 15 Jan 15

USD/lb.

$1.30

$1.35

$1.40

$1.45

$1.50

$1.55

$1.60

$1.65

M1 M2 M3 M4 M5 M6 M7 M8 M9Maturity (Month)

Live Cattle Futures

15 Apr 15 08 Apr 15 16 Mar 15 15 Jan 15

USD/lb.

$1.80

$1.85

$1.90

$1.95

$2.00

$2.05

$2.10

$2.15

$2.20

M1 M2 M3 M4 M5 M6 M7 M8Maturity (Month)

Feeder Cattle Futures

15 Apr 15 08 Apr 15 16 Mar 15 15 Jan 15

USD/lb.

Agriculture





Note: "Roll Yield Over Time" charts show commodity futures roll yields from the front to the second month over time at specified dates.

Charts called "Roll Yields Along the Curve" show the roll yields when rolling between the specified contracts. 21

Roll Yields

-1%

0%

1%

1%

2%

2%

3%

3%

4%

M1 ↓

M2

M1 ↓

M3

M4 ↓

M6

Cocoa Futures

Wednesday 15 Apr 15 -1 month (16 Mar 15)

'May 15 'Jul 15

'Mar 15 'May 15

'May 15 'Sep 15

'Mar 15 'Jul 15

'Dec 15 'May 16

'Sep 15 'Mar 16

-6%

-5%

-4%

-3%

-2%

-1%

0%

M1 ↓

M2

M1 ↓

M3

M4 ↓

M6

M1 ↓

M12

Coffee Futures


'May 15 'Jul 15

'Mar 15 'May 15

'May 15 'Sep 15

'Mar 15 'Jul 15

'Dec 15 'May 16

'Sep 15 'Mar 16

'May 15 'Jul 17

'Mar 15 'May 17

-5%

-5%

-4%

-4%

-3%

-3%

-2%

-2%

-1%

-1%

0%

M1 ↓

M2

M1 ↓

M3

M4 ↓

M6

M1 ↓

M12

Corn Futures


'May 15 'Jul 15

'May 15 'Jul 15

'May 15 'Sep 15

'May 15 'Sep 15

'Dec 15 'May 16

'Dec 15 'May 16

'May 15 'Jul 17

'May 15 'Jul 17

-3%

-2%

-2%

-1%

-1%

0%

M1 ↓

M2

M1 ↓

M3

M4 ↓

M6

M1 ↓

M12

Cotton Futures


'May 15 'Jul 15

'May 15 'Jul 15

'May 15 'Oct 15

'May 15 'Oct 15

'Dec 15 'May 16

'Dec 15 'May 16

'May 15 'Jul 17

'May 15 'Jul 17

-1.4%

-1.2%

-1.0%

-0.8%

-0.6%

-0.4%

-0.2%

0.0%

0.2%

0.4%

Feb Apr Jun Aug Nov

Bloomberg Cocoa Subindex

10 Yrs Average 5 Yrs Average 2014 2015

-3.5%

-3.0%

-2.5%

-2.0%

-1.5%

-1.0%

-0.5%

0.0%

Feb Apr Jun Aug Nov

Bloomberg Coffee Subindex


-5%

-4%

-3%

-2%

-1%

0%

1%

2%

3%

4%

5%

Feb Apr Jun Aug Nov

Bloomberg Corn Subindex


-4%

-2%

0%

2%

4%

6%

8%

10%

Feb Apr Jun Nov

Bloomberg Cotton Subindex


Agriculture (continued)







-1.0%

-0.9%

-0.8%

-0.7%

-0.6%

-0.5%

-0.4%

-0.3%

-0.2%

-0.1%

0.0%

M1 ↓

M2

M1 ↓

M3

M4 ↓

M6

M1 ↓

M12

Soybean Oil Futures


'May 15 'Jul 15

'May 15 'Jul 15

'May 15 'Aug 15

'May 15 'Aug 15

'Sep 15 'Dec 15

'Sep 15 'Dec 15

'May 15 'Sep 16

'May 15 'Sep 16

-0.5%

-0.4%

-0.3%

-0.2%

-0.1%

0.0%

0.1%

0.2%

0.3%

0.4%

M1 ↓

M2

M1 ↓

M3

M4 ↓

M6

M1 ↓

M12

Soybeans Futures


'May 15 'Jul 15

'May 15 'Jul 15

'May 15 'Aug 15

'May 15 'Aug 15

'Sep 15 'Jan 16

'Sep 15 'Jan 16

'May 15 'Nov 16

'May 15 'Nov 16

-5%

-4%

-3%

-2%

-1%

0%

1%

M1 ↓

M2

M1 ↓

M3

M4 ↓

M6

Sugar Futures


'May 15 'Jul 15

'May 15 'Jul 15

'May 15 'Oct 15

'May 15 'Oct 15

'Mar 16 'Jul 16

'Mar 16 'Jul 16

-5.0%

-4.0%

-3.0%

-2.0%

-1.0%

0.0%

1.0%

M1 ↓

M2

M1 ↓

M3

M4 ↓

M6

M1 ↓

M12

Wheat Futures


'May 15 'Jul 15

'May 15 'Jul 15

'May 15 'Sep 15

'May 15 'Sep 15

'Dec 15 'May 16

'Dec 15 'May 16

'May 15 'Jul 17

'May 15 'Jul 17

-1.8%

-1.6%

-1.4%

-1.2%

-1.0%

-0.8%

-0.6%

-0.4%

-0.2%

0.0%

Feb Apr Jun Oct Dec

Bloomberg Soybean Oil Subindex


-4%

-2%

0%

2%

4%

6%

8%

10%

12%

14%

16%

Feb Apr Jun Oct Dec

Bloomberg Soybeans Subindex


-16%

-14%

-12%

-10%

-8%

-6%

-4%

-2%

0%

2%

4%

Feb Apr Jun Sep

Bloomberg Sugar Subindex


-4.5%

-4.0%

-3.5%

-3.0%

-2.5%

-2.0%

-1.5%

-1.0%

-0.5%

0.0%

0.5%

Feb Apr Jun Aug Nov

Bloomberg Wheat Subindex


Livestock



Energy





-25%

-20%

-15%

-10%

-5%

0%

5%

10%

15%

20%

M1 ↓

M2

M1 ↓

M3

M4 ↓

M6

Lean Hogs Futures


'Apr 15 'May 15

'Apr 15 'May 15

'Apr 15 'Jun 15

'Apr 15 'Jun 15

'Jul 15 'Oct 15

'Jul 15 'Oct 15

-1%

0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

M1 ↓

M2

M1 ↓

M3

M4 ↓

M6

Live Cattle Futures


'Apr 15 'Jun 15

'Apr 15 'Jun 15

'Apr 15 'Aug 15

'Apr 15 'Aug 15

'Oct 15 'Feb 16

'Oct 15 'Feb 16

-7.0%

-6.0%

-5.0%

-4.0%

-3.0%

-2.0%

-1.0%

0.0%

M1 ↓

M2

M1 ↓

M3

M4 ↓

M6

M1 ↓

M12

M12 ↓

M24

M24 ↓

M36

Brent Oil Futures


'May 15 'Jun 15

'Apr 15 'May 15

'May 15 'Jul 15

'Apr 15 'Jun 15

'Aug 15 'Oct 15

'Jul 15 'Sep 15

'May 15 'Apr 16

'Apr 15 'Mar 16

'Apr 16 'Mar 17

'Mar 16 'Feb 17

'Mar 17 'Feb 18

'Feb 17 'Jan 18

-5.0%

-4.0%

-3.0%

-2.0%

-1.0%

0.0%

1.0%

2.0%

Jan Mar May Jul Sep Nov

Bloomberg Brent Crude Subindex


-9.0%

-8.0%

-7.0%

-6.0%

-5.0%

-4.0%

-3.0%

-2.0%

-1.0%

0.0%

M1 ↓

M2

M1 ↓

M3

M4 ↓

M6

M1 ↓

M12

M12 ↓

M24

M24 ↓

M36

WTI Oil Futures


'May 15 'Jun

15

'Apr 15 'May 15

'May 15 'Jul

15

'Apr 15 'Jun 15

'Aug 15 'Oct 15

'Jul 15 'Sep 15

'May 15 'Apr

16

'Apr 15 'Mar 16

'Apr 16 'Mar 17

'Mar 16 'Feb 17

'Mar 17 'Feb 18

'Feb 17 'Jan 18

-8%

-7%

-6%

-5%

-4%

-3%

-2%

-1%

0%

1%

2%

3%

Feb Apr Jun Aug Oct Dec

Bloomberg WTI Crude Oil Subindex


-25%

-20%

-15%

-10%

-5%

0%

5%

10%

15%

Jan Mar May Jun Jul Sep Nov

Bloomberg Lean Hogs Subindex


-6%

-4%

-2%

0%

2%

4%

6%

8%

Jan Mar May Jul Sep Nov

Bloomberg Live Cattle Subindex


Energy (continued)




Industrial Metals




-4%

-2%

0%

M1 ↓

M2

M1 ↓

M3

M4 ↓

M6

M1 ↓

M12

M12 ↓

M24

M24 ↓

M36

Natural Gas Futures


'May 15 'Jun

15

'Apr 15 'May 15

'May 15 'Jul

15

'Apr 15 'Jun 15

'Aug 15 'Oct 15

'Jul 15 'Sep 15

'May 15 'Apr

16

'Apr 15 'Mar 16

'Apr 16 'Mar 17

'Mar 16 'Feb 17

'Mar 17 'Feb 18

'Feb 17 'Jan 18

-2%

0%

2%

4%

6%

8%

10%

12%

M1 ↓

M2

M1 ↓

M3

M4 ↓

M6

M1 ↓

M12

M12 ↓

M24

M24 ↓

M36

Gasoline Futures


'May 15 'Jun

15

'Apr 15 'May 15

'May 15 'Jul

15

'Apr 15 'Jun 15

'Aug 15 'Oct 15

'Jul 15 'Sep 15

'May 15 'Apr

16

'Apr 15 'Mar 16

'Apr 16 'Mar 17

'Mar 16 'Feb 17

'Mar 17 'Feb 18

'Feb 17 'Jan 18

-4.0%

-2.0%

0.0%

2.0%

M1 ↓

M2

M1 ↓

M3

M4 ↓

M6

M1 ↓

M12

M12 ↓

M24

M24 ↓

M36

Heating Oil Futures


'May 15 'Jun

15

'Apr 15 'May 15

'May 15 'Jul

15

'Apr 15 'Jun 15

'Aug 15 'Oct 15

'Jul 15 'Sep 15

'May 15 'Apr

16

'Apr 15 'Mar 16

'Apr 16 'Mar 17

'Mar 16 'Feb 17

'Mar 17 'Feb 18

'Feb 17 'Jan 18

-20%

-15%

-10%

-5%

0%

5%

10%


Bloomberg Natural Gas Subindex


-25%

-20%

-15%

-10%

-5%

0%

5%

10%


Bloomberg Unleaded Gasoline Subindex


-3%

-3%

-2%

-2%

-1%

-1%

0%

1%

1%

2%

2%

3%


Bloomberg Heating Oil Subindex


-0.8%

-0.6%

-0.4%

-0.2%

0.0%

0.2%

0.4%

0.6%

M1 ↓

M2

M1 ↓

M3

M4 ↓

M6

M1 ↓

M12

M12 ↓

M24

M24 ↓

M36

Aluminum Futures


'May 15 'Jun

15

'Mar 15 'Apr 15

'May 15 'Jul

15

'Mar 15 'May 15

'Aug 15 'Oct 15

'Jun 15 'Aug 15

'May 15 'Apr

16

'Mar 15 'Feb 16

'Apr 16 'Mar 17

'Feb 16 'Jan 17

'Mar 17 'Feb 18

'Jan 17 'Dec 17

-2.0%

-1.8%

-1.6%

-1.4%

-1.2%

-1.0%

-0.8%

-0.6%

-0.4%

-0.2%

0.0%


Bloomberg Aluminum Subindex


Industrial Metals (continued)







0.0%

0.1%

0.1%

0.2%

0.2%

0.3%

0.3%

0.4%

0.4%

M1 ↓

M2

M1 ↓

M3

M4 ↓

M6

M1 ↓

M12

M12 ↓

M24

Copper Futures


'May 15 'Jul

15

'Mar 15 'May 15

'May 15 'Sep

15

'Mar 15 'Jul 15

'Dec 15 'May 16

'Sep 15 'Mar 16

'May 15 'Jul

17

'Mar 15 'May 17

'Jul 17 'Sep 19

'May 17 'Jul

19

-0.2%

-0.2%

-0.2%

-0.1%

-0.1%

-0.1%

-0.1%

-0.1%

0.0%

0.0%

0.0%

M1 ↓

M2

M1 ↓

M3

M4 ↓

M6

M1 ↓

M12

Tin Futures


'May 15 'Jun 15

'Mar 15 'Apr 15

'May 15 'Jul 15

'Mar 15 'May 15

'Aug 15 'Oct 15

'Jun 15 'Aug 15

'May 15 'Apr 16

'Mar 15 'Feb 16

-0.30%

-0.25%

-0.20%

-0.15%

-0.10%

-0.05%

0.00%

0.05%

M1 ↓

M2

M1 ↓

M3

M4 ↓

M6

M1 ↓

M12

M12 ↓

M24

M24 ↓

M36

Nickel Futures


'May 15 'Jun 15

'Mar 15 'Apr 15

'May 15 'Jul 15

'Mar 15 'May 15

'Aug 15 'Oct 15

'Jun 15 'Aug 15

'May 15 'Apr 16

'Mar 15 'Feb 16

'Apr 16 'Mar 17

'Feb 16 'Jan 17

'Mar 17 'Feb 18

'Jan 17 'Dec 17

-0.5%

-0.4%

-0.3%

-0.2%

-0.1%

0.0%

0.1%

M1 ↓

M2

M1 ↓

M3

M4 ↓

M6

M1 ↓

M12

M12 ↓

M24

M24 ↓

M36

Lead Futures


'May 15 'Jun

15

'Mar 15 'Apr 15

'May 15 'Jul

15

'Mar 15 'May 15

'Aug 15 'Oct 15

'Jun 15 'Aug 15

'May 15 'Apr

16

'Mar 15 'Feb 16

'Apr 16 'Mar 17

'Feb 16 'Jan 17

'Mar 17 'Feb 18

'Jan 17 'Dec 17

-0.6%

-0.5%

-0.4%

-0.3%

-0.2%

-0.1%

0.0%

0.1%

0.2%

0.3%

0.4%

0.5%

Feb Apr Jun Aug Nov

Bloomberg Copper Subindex


-1.0%

-0.8%

-0.6%

-0.4%

-0.2%

0.0%

0.2%

0.4%

0.6%

0.8%

1.0%


Bloomberg Lead Subindex


-0.4%

-0.3%

-0.2%

-0.1%

0.0%

0.1%

0.2%

0.3%

0.4%


Bloomberg Nickel Subindex


-0.2%

-0.1%

0.0%

0.1%

0.2%

0.3%

0.4%

0.5%

0.6%


Bloomberg Tin Subindex


Industrial Metals (continued)


Precious Metals






-0.5%

-0.4%

-0.3%

-0.2%

-0.1%

0.0%

0.1%

M1 ↓

M2

M1 ↓

M3

M4 ↓

M6

M1 ↓

M12

M12 ↓

M24

M24 ↓

M36

Zinc Futures


'May 15 'Jun

15

'Mar 15 'Apr 15

'May 15 'Jul

15

'Mar 15 'May 15

'Aug 15 'Oct 15

'Jun 15 'Aug 15

'May 15 'Apr

16

'Mar 15 'Feb 16

'Apr 16 'Mar 17

'Feb 16 'Jan 17

'Mar 17 'Feb 18

'Jan 17 'Dec 17

-0.20%

-0.15%

-0.10%

-0.05%

0.00%

0.05%

M1 ↓

M2

M1 ↓

M3

M4 ↓

M6

M1 ↓

M12

Gold Futures


'Apr 15 'Jun 15

'Apr 15 'Jun 15

'Apr 15 'Aug 15

'Apr 15 'Aug 15

'Oct 15 'Feb 16

'Oct 15 'Feb 16

'Apr 15 'Feb 17

#N/A

-0.60%

-0.50%

-0.40%

-0.30%

-0.20%

-0.10%

0.00%

M1 ↓

M2

M1 ↓

M3

M4 ↓

M6

M1 ↓

M12

Silver Futures


'May 15 'Jul 15

'Mar 15 'May 15

'May 15 'Sep 15

'Mar 15 'Jul 15

'Dec 15 'Mar 16

'Sep 15 'Jan 16

'May 15 'Jul 17

'Mar 15 'Jan 17

-0.35%

-0.30%

-0.25%

-0.20%

-0.15%

-0.10%

-0.05%

0.00%

M1 ↓

M2

M1 ↓

M3

Platinum Futures


'Apr 15 'Jul 15

'Apr 15 'Jul 15

'Apr 15 'Oct 15

'Apr 15 'Oct 15

-1.2%

-1.0%

-0.8%

-0.6%

-0.4%

-0.2%

0.0%


Bloomberg Zinc Subindex


-0.9%

-0.8%

-0.7%

-0.6%

-0.5%

-0.4%

-0.3%

-0.2%

-0.1%

0.0%

Jan Mar May Jul Nov

Bloomberg Gold Subindex


-0.7%

-0.6%

-0.5%

-0.4%

-0.3%

-0.2%

-0.1%

0.0%

Feb Apr Jun Aug Nov

Bloomberg Silver Subindex


-0.4%

-0.4%

-0.3%

-0.3%

-0.2%

-0.2%

-0.1%

-0.1%

0.0%

Mar Jun Sep Dec

Bloomberg Platinum Subindex


Commodity Monthly Matrix Explained

CALENDAR

ETF Securities - Recent Research Notes30-Jan-15 Nitesh Shah China Macro Monitor: From Cyclical to Structural

05-Feb-15 Research Team Monthly Update - Oil - Winners and Losers

05-Feb-15 Simona Gambarini Oil: Can Recent Gains be Sustained?

04-Mar-15 Research Team Monthly Update - The World of Negative Rates

18-Mar-15 Martin Arnold Patience Could Derail US Dollar Rally

20-Mar-15 Simona Gambarini Platinum and Palladium - Fundamentally Undervalued

23-Mar-15 Nitesh Shah Energy Wars: Battle of Technologies

25-Mar-15 Research Team Macro Outlook: Much Ado About Zero…

09-Apr-15 Research Team

The research notes are for qualified investors only.

Key ReportsCurrent Next release

09-Apr-15 12-May-15 USDA World Agricultural Supply and Demand Estimates

07-Apr-15 12-May-15 EIA Short-Term Energy Outlook

16-Apr-15 12-May-15 OPEC OPEC Oil Market Report

15-Apr-15 13-May-15 IEA IEA Oil Market Report

DISCLAIMER

Important Information

The analyses in the above tables are purely for information purposes. They do not reflect the performance of any ETF Securities' products . The futures and roll returns are not necessarily investable.

General

This communication has been provided by ETF Securities (UK) Limited (“ETFS UK”) which is authorised and regulated by the United Kingdom Financial Conduct Authority (the “FCA”).

This communication is only targeted at qualified or professional investors.

The information contained in this communication is for your general information only and is neither an offer for sale nor a solicitation of an offer to buy securities. This communication should not be used as the basis for any investment

decision. Historical performance is not an indication of future performance and any investments may go down in value.

This document is not, and under no circumstances is to be construed as, an advertisement or any other step in furtherance of a public offering of shares or securities in the United States or any province or territory thereof. Neither this

document nor any copy hereof should be taken, transmitted or distributed (directly or indirectly) into the United States.

This communication may contain independent market commentary prepared by ETFS UK based on publicly available information. Although ETFS UK endeavours to ensure the accuracy of the content in this communication, ETFS UK does

not warrant or guarantee its accuracy or correctness. Any third party data providers used to source the information in this communication make no warranties or representation of any kind relating to such data. Where ETFS UK has expressed

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ETFS UK is required by the FCA to clarify that it is not acting for you in any way in relation to the investment or investment activity to which this communication relates. In particular, ETFS UK will not provide any investment services to you

and or advise you on the merits of, or make any recommendation to you in relation to, the terms of any transaction. No representative of ETFS UK is authorised to behave in any way which would lead you to believe otherwise. ETFS UK is not,

therefore, responsible for providing you with the protections afforded to its clients and you should seek your own independent legal, investment and tax or other advice as you see fit. 041

Score based on unweighted sum of four fundamental/technical measures detailed below with each measure awarded a possible score of -1, 0, or 1 depending onwhether variable is viewed as fundamentally negative, neutral or positive. Score ranging from -4 to +4. For commodities where data is not available or not relevant,scores are calculated on remaining variables and adjusted to the -4 to +4 scale. The score matrix is designed to highlight significant changes in key variables butshould not be viewed as predictor of performance.

The four fundamental/technical measures are as follow:- price vs. 200 days moving average: 1 when price is above 200dma and return is positive, -1 when price is below 200dma and return is negative, 0 otherwise- % change in net positioning over the past month: 1 when % change is positive, -1 when % change is negative, 0 when no change- % change in inventory level over the past 3 months: 1 when % is negative, -1 when % is positive, 0 when no change- roll yield between the front and second month futures contracts: 1 when in backwardation, -1 when in contango, 0 when no change

In-Depth Research Note: Outlook Q2-15 - Tightening Supply Brightens Commodity Outlook in Face of Rising US Dollar

http://image.etfsecurities.eu/lib/fe9e13707566057f70/m/2/Energy+War_March+2015.pdf

http://image.etfsecurities.eu/lib/fe9e13707566057f70/m/2/Oil+can+recent+gains+be+sustained+institutional.pdf?utm_source=ExactTarget&utm_medium=Email&[email protected]&utm_campaign=OilNote

http://image.etfsecurities.eu/lib/fe9e13707566057f70/m/2/Oil+can+recent+gains+be+sustained+institutional.pdf?utm_source=ExactTarget&utm_medium=Email&[email protected]&utm_campaign=OilNote

http://image.etfsecurities.eu/lib/fe9e13707566057f70/m/2/Roubini+Research+Mar02.pdf?utm_source=ExactTarget&utm_medium=Email&[email protected]&utm_campaign=QuarterlyOutlook

http://image.etfsecurities.eu/lib/fe9e13707566057f70/m/2/FOMC+Meeting+March+2015.pdf?utm_source=ExactTarget&utm_medium=Email&utm_campaign=ResearchNote

http://image.etfsecurities.eu/lib/fe9e13707566057f70/m/2/Platinum+and+palladium+March+2015_2.pdf?utm_source=ExactTarget&utm_medium=Email&utm_campaign=ResearchNote

http://www.etfsecurities.com/Documents/Energy War_March 2015 Retail.pdf

http://image.etfsecurities.eu/lib/fe9e13707566057f70/m/2/Roubini-Research-Quarterly-q2+2015.pdf?utm_source=ExactTarget&utm_medium=Email&utm_campaign=QuarterlyOutlook

http://www.usda.gov/oce/commodity/wasde/latest.pdf

http://www.eia.gov/forecasts/steo/pdf/steo_full.pdf

http://www.opec.org/opec_web/static_files_project/media/downloads/publications/MOMR_April_2015.pdf

http://omrpublic.iea.org/

http://image.etfsecurities.eu/lib/fe9e13707566057f70/m/2/Q2-15+Outlook.pdf?utm_source=ExactTarget&utm_medium=Email&utm_campaign=ResearchNote

http://image.etfsecurities.eu/lib/fe9e13707566057f70/m/2/Q2-15+Outlook.pdf?utm_source=ExactTarget&utm_medium=Email&utm_campaign=ResearchNote

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