After 15 Years, John Paulson Is Finally Winning Big on Gold

Energy stocks were softer late Friday afternoon, with the NYSE Energy Sector Index 0.3% lower and the Energy Select Sector SPDR Fund (XLE) shedding 0.4%.

The Philadelphia Oil Service Sector index was down 0.4%, and the Dow Jones US Utilities index eased 0.3%.

Front-month West Texas Intermediate crude oil rose 0.7% to $63.25 a barrel, and the global benchmark Brent crude contract advanced 0.8% to $67.05 a barrel. Henry Hub natural gas futures added 1% to $3.13 per 1 million BTU.

In corporate news, Ring Energy shares gained 3.6%. The company late Thursday reaffirmed its oil and sales volumes forecast despite cutting its outlook for Q2 capital spending following a recent decrease in oil prices.

American Water Works is expected to post Q1 earnings ahead of consensus thanks to a strong pickup in revenue recoveries during the early part of the year, UBS said. UBS downgraded the stock to neutral from buy, but raised its price target by $4 to $160. American Water shares were down 1.4%.

Portland General Electric shares were falling 3.8%. The company reported Q1 net income of $0.91 per share, down from $1.08 a year ago. Analysts polled by FactSet expected $0.93.

BP activist investor Elliott Investment Management wants a new person to head the company's strategy and succeed Giulia Chierchia, who leads its strategy, sustainability, and ventures arm, Reuters reported. BP shares added 0.4%.

WINNIPEG, Manitoba--Intercontinental Exchange canola futures extended its rally on Friday to a fourth consecutive session. Prices finished at levels not seen since December 2023.

Tightening canola supplies continued to be a major driver in the upswing. The Canadian Grain Commission reported canola exports surpassed 7.50 million tonnes this week, the same amount Agriculture and Agri-Food Canada projected for 2024/25. There are still 15 weeks left in the marketing year.

An analyst suggested AAFC could go negative with its estimate on feed waste dockage for canola until Statistics Canada revises its call on the oilseed's production for 2024/25. However, should that occur, it wouldn't be until September at the earliest.

Outside support for canola was mixed on Friday. There were gains in Malaysian palm oil and Chicago soymeal but declines in Chicago soybeans and soyoil while European rapeseed was mostly lower. Upticks in crude oil spilled over into the vegetable oils.

The Canadian dollar inched up on Friday afternoon with the loonie at 72.14 U.S. cents compared to Thursday's close of 72.09.

There were 58,308 contracts traded on Friday, compared to 58,092 on Thursday. Spreading accounted for 30,584 contracts traded.

Prices are in Canadian dollars per metric tonne:

 
           Price      Change 
May       697.30     up 4.90 
Jul       701.80     up 4.40 
Nov       660.40     up 3.30 
Jan       666.10     up 5.00 

Spread trade prices are in Canadian dollars and the volume represents the number of spreads:

 
Months    Prices                            Volume 
May/Jul   4.00 under to 6.40 under           6,613 
May/Nov   36.90 over to 31.00 over               7 
Jul/Nov   43.80 over to 35.30 over           5,630 
Jul/Jan   35.70 over to 31.80 over              10 
Jul/Mar   36.30 over to 28.70 over               3 
Nov/Jan   3.10 under to 6.10 under           1,862 
Jan/Mar   1.90 under to 4.60 under             844 
Mar/May   1.00 under to 3.00 under             123 
May/Jul   1.40 under                           200 
 

Source: Commodity News Service Canada, news@marketsfarm.com

Source: CME Group 
 
For previous business day 
PREV TOTAL subject to revisions. Source: CME Group 
 
                      Prev                         Net               Total 
Platinum             Total  Received Withdrawn  Change Adjustment    Today 
ASAHI DEPOSITORY LLC 
Registered               0         0        0       0         0          0 
Eligible                 0         0        0       0         0          0 
Total                    0         0        0       0         0          0 
 
BRINK'S, INC. 
Registered         110,968         0        0       0         0    110,968 
Eligible            20,678         0    2,437  -2,437         0     18,242 
Total              131,646         0    2,437  -2,437         0    129,209 
 
CNT DEPOSITORY, INC. 
Registered           1,246         0        0       0         0      1,246 
Eligible                 0         0        0       0         0          0 
Total                1,246         0        0       0         0      1,246 
 
DELAWARE DEPOSITORY 
Registered           3,825         0        0       0         0      3,825 
Eligible            21,450         0        0       0         0     21,450 
Total               25,275         0        0       0         0     25,275 
 
HSBC BANK, USA 
Registered           1,295         0        0       0         0      1,295 
Eligible            34,465         0      147    -147         0     34,318 
Total               35,760         0      147    -147         0     35,613 
 
INTERNATIONAL DEPOSITORY SERVICES OF DELAWARE 
Registered           3,394         0        0       0         0      3,394 
Eligible                 0         0        0       0         0          0 
Total                3,394         0        0       0         0      3,394 
 
JP MORGAN CHASE BANK NA 
Registered         120,414         0        0       0         0    120,414 
Eligible             1,144         0        0       0         0      1,144 
Total              121,558         0        0       0         0    121,558 
 
LOOMIS INTERNATIONAL (US) LLC 
Registered          86,076         0        0       0         0     86,076 
Eligible            33,285         0    5,545  -5,545         0     27,740 
Total              119,361         0    5,545  -5,545         0    113,815 
 
MALCA-AMIT USA, LLC 
Registered             395         0        0       0         0        395 
Eligible               197         0        0       0         0        197 
Total                  592         0        0       0         0        592 
 
MANFRA, TORDELLA & BROOKES, INC. 
Registered           5,501         0        0       0         0      5,501 
Eligible            11,398         0        0       0         0     11,398 
Total               16,900         0        0       0         0     16,900 
 
STONEX PRECIOUS METALS LLC 
Registered               0         0        0       0         0          0 
Eligible                 0         0        0       0         0          0 
Total                    0         0        0       0         0          0 
 
COMBINED TOTALS 
Registered         333,114         0        0       0         0    333,114 
Eligible           122,618         0    8,129  -8,129         0    114,489 
Total              455,732         0    8,129  -8,129         0    447,603 
 
                      Prev                         Net               Total 
Palladium            Total  Received Withdrawn  Change Adjustment    Today 
ASAHI DEPOSITORY LLC 
Registered               0         0        0       0         0          0 
Eligible                 0         0        0       0         0          0 
Total                    0         0        0       0         0          0 
 
BRINK'S, INC. 
Registered           6,057         0        0       0         0      6,057 
Eligible            15,930         0        0       0         0     15,930 
Total               21,987         0        0       0         0     21,987 
 
CNT DEPOSITORY, INC. 
Registered              97         0        0       0         0         97 
Eligible                 0         0        0       0         0          0 
Total                   97         0        0       0         0         97 
 
DELAWARE DEPOSITORY 
Registered             987         0        0       0         0        987 
Eligible             3,306         0       98     -98         0      3,208 
Total                4,292         0       98     -98         0      4,195 
 
HSBC BANK, USA 
Registered             586         0        0       0         0        586 
Eligible             2,623         0        0       0         0      2,623 
Total                3,209         0        0       0         0      3,209 
 
INTERNATIONAL DEPOSITORY SERVICES OF DELAWARE 
Registered               0         0        0       0         0          0 
Eligible                 0         0        0       0         0          0 
Total                    0         0        0       0         0          0 
 
JP MORGAN CHASE BANK NA 
Registered          12,746         0        0       0         0     12,746 
Eligible               728         0        0       0         0        728 
Total               13,474         0        0       0         0     13,474 
 
LOOMIS INTERNATIONAL (US) LLC 
Registered          10,011         0        0       0         0     10,011 
Eligible               301         0        0       0         0        301 
Total               10,312         0        0       0         0     10,312 
 
MALCA-AMIT USA, LLC 
Registered               0         0        0       0         0          0 
Eligible                 0         0        0       0         0          0 
Total                    0         0        0       0         0          0 
 
MANFRA, TORDELLA & BROOKES, INC. 
Registered           2,116         0        0       0         0      2,116 
Eligible               630         0        0       0         0        630 
Total                2,746         0        0       0         0      2,746 
 
STONEX PRECIOUS METALS LLC 
Registered               0         0        0       0         0          0 
Eligible                 0         0        0       0         0          0 
Total                    0         0        0       0         0          0 
 
COMBINED TOTALS 
Registered          32,599         0        0       0         0     32,599 
Eligible            23,518         0       98     -98         0     23,421 
Total               56,118         0       98     -98         0     56,020 
 
Write to Rodney Christian at csstat@dowjones.com 

Lean hog futures on the CME settle up 1.1% to $1.0125 a pound, their highest level in roughly a year. Lean hogs were last at the $1.01 a pound level in late April of 2024, according to FactSet data. Hogs close higher despite traders and analysts debating the status of pork demand amid a lower level of slaughters. "Traders are looking ahead and not seeing any increase in pork demand," says ADM Investor Services in a note. "Unless packers increase slaughters... this week's slaughter is going to be like a storm market without storms." Live cattle futures also rose, inching up 0.1% to $2.084 a pound — a fraction of a cent below the record-high close recorded in March, which was $2.08475 a pound. (kirk.maltais@wsj.com)

Brent crude oil futures gained 0.5% to settle at $66.9 per barrel on Friday, but still posted a weekly loss of over 2% amid persistent oversupply concerns and uncertainty around U.S.-China trade talks.

Market sentiment remained cautious as reports indicated the U.S. and Russia are making progress toward ending the conflict in Ukraine, though key terms have yet to be finalized.

At the same time, several OPEC+ members are expected to advocate for a second consecutive month of accelerated output increases in June.

Kazakhstan, a significant member of the alliance, signaled it would prioritize national interests and not cut production at its major fields.

Conflicting statements from Washington and Beijing over tariff negotiations have added to the market’s volatility, despite indications that China may ease some levies on U.S. imports.

Adding to the geopolitical tensions, the U.S. imposed fresh sanctions this week on a key Iranian figure involved in crude and LPG shipping.

PALLADIUM - NEW YORK MERCANTILE EXCHANGE 
OPTION AND FUTURES COMBINED POSITIONS AS OF 04/22/25          | 
--------------------------------------------------------------| NONREPORTABLE 
      NON-COMMERCIAL      |   COMMERCIAL    |      TOTAL      |   POSITIONS 
--------------------------|-----------------|-----------------|----------------- 
  Long  | Short  |Spreads |  Long  | Short  |  Long  | Short  |  Long  | Short 
-------------------------------------------------------------------------------- 
(CONTRACTS OF 100 TROY OUNCES)                       OPEN INTEREST:       21,234 
COMMITMENTS 
   6,317   17,153    1,439   11,134    1,228   18,890   19,820    2,345    1,414 
 
CHANGES FROM 04/15/25 (CHANGE IN OPEN INTEREST:       -580) 
  -1,103     -115      -78      334      -88     -847     -280      267     -300 
 
PERCENT OF OPEN INTEREST FOR EACH CATEGORY OF TRADER 
    29.7     80.8      6.8     52.4      5.8     89.0     93.3     11.0      6.7 
 
NUMBER OF TRADERS IN EACH CATEGORY (TOTAL TRADERS:      167) 
      66       61       26       34       14      114       87 
 
 
PLATINUM - NEW YORK MERCANTILE EXCHANGE 
OPTION AND FUTURES COMBINED POSITIONS AS OF 04/22/25          | 
--------------------------------------------------------------| NONREPORTABLE 
      NON-COMMERCIAL      |   COMMERCIAL    |      TOTAL      |   POSITIONS 
--------------------------|-----------------|-----------------|----------------- 
  Long  | Short  |Spreads |  Long  | Short  |  Long  | Short  |  Long  | Short 
-------------------------------------------------------------------------------- 
(CONTRACTS OF 50 TROY OUNCES)                        OPEN INTEREST:       83,308 
COMMITMENTS 
  45,657   39,280    6,861   20,592   33,031   73,111   79,172   10,197    4,135 
 
CHANGES FROM 04/15/25 (CHANGE IN OPEN INTEREST:      1,555) 
     878      642       81      990      766    1,948    1,489     -393       66 
 
PERCENT OF OPEN INTEREST FOR EACH CATEGORY OF TRADER 
    54.8     47.2      8.2     24.7     39.6     87.8     95.0     12.2      5.0 
 
NUMBER OF TRADERS IN EACH CATEGORY (TOTAL TRADERS:      262) 
     131       63       50       47       40      201      132 
 
     Write to Valena Henderson at csstat@dowjones.com