【乐博现金网登录66866】COMMODITY QUANT STRATEGY:Energy futures,Update on what drives speculators

【乐博现金网登录66866】COMMODITY QUANT STRATEGY:Energy futures,Update on what drives speculators

This is a follow-up article to Commodity Quant Strategy’s, Crude oil
futures:Speculators rule, while Trump effect fades (1 June 2017), and
Energy futures: Whatis driving speculators now? (12 July 2017).

    We have updated the PCA approach with new numbers on speculative
positions.

    Our original conclusions remain unchanged.

    Following client requests, we have added a study on the second
principalcomponent of speculative positions and potential drivers, as
well.

    Actually, the explanatory power of the first market component has
increased sinceour energy futures publication (12 July 2017). The second
market componentremains meaningless in explaining speculative
positions.

乐博现金网登录66866,    Lastly, our findings suggests that a structural break between US
real interest ratesand the third principal component of speculative
positions took place in June 2017.

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