Commodities Dashboard: Curve Structure, Volatility, Momentum and Positioning – Jul 6 update

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Commodities Dashboard: Curve Structure, Volatility, Momentum and Positioning – Jul 6 update

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06 Jul 2026 02:57:00 ET │ 16 pages

Commodities Dashboard

Curve Structure, Volatility, Momentum and Positioning – Jul 6 update

CITI'S TAKE

Kenny Hu, CFA AC

This is our weekly dashboard which provides curve structure, volatility, +65-6657-3873

momentum and positioning data update across major commodity markets. kenny.x.hu@citi.com

Maximilian J LaytonOur Curve Structure Dashboard shows the RBOB gasoline, gasoil, heating oil,

soybean oil, aluminium and zinc as the most backwardated commodities, and +44-20-7986-4556

gold, copper, nickel, corn, soybeans, sugar and cotton as the most contangoed max.layton@citi.com

commodities as measured by the 1-year backwardation levels and historical ranks

Anthony Yuen(see Figure 1).

anthony.yuen@citi.com

Our Volatility Dashboard indicates relatively rich volatility premia for soybeans

Eric G Leeand wheat as measured by the difference between 3M implied volatility and 1M

realized volatility (see Figure 3). Volatility premia remain broadly negative across eric.g.lee@citi.com

the energy complex and precious metals. Wenyu Yao

Our Momentum Dashboard indicates strong momentum/overbought signal for wenyu.yao@citi.com

sugar, coffee and cocoa, vs weak momentum/oversold signal for Brent, WTI, Francesco Martoccia

aluminium and nickel (see Figure 5).

francesco.martoccia@citi.com

Our COT Positioning Dashboard shows historically strong speculator positioning Maggie Xueting Lin

on RBOB gasoline, soybean oil, cotton, and live cattle, vs weak speculator

maggie.x.lin@citi.compositioning on Brent, WTI, HH natgas, silver, lead, sugar, cocoa, and lean hogs (see

Figure 6). *CFTC data delayed due to US holiday. Tom Mulqueen