Commodities Dashboard: Curve Structure, Volatility, Momentum and Positioning – Jul 20 update

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Commodities Dashboard: Curve Structure, Volatility, Momentum and Positioning – Jul 20 update

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20 Jul 2026 02:58:00 ET │ 16 pages

Commodities Dashboard

Curve Structure, Volatility, Momentum and Positioning – Jul 20 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 WTI, Brent, RBOB gasoline, gasoil, heating

oil and zinc as the most backwardated commodities, and COMEX copper and +44-20-7986-4556

sugar as the most contangoed commodities as measured by the 1-year max.layton@citi.com

backwardation levels and historical ranks (see Figure 1).

Anthony Yuen

Our Volatility Dashboard indicates relatively rich volatility premia for HH natgas anthony.yuen@citi.com

and RBOB gasoline as measured by the difference between 3M implied volatility

Eric G Leeand 1M realized volatility (see Figure 2). Volatility premia remain broadly negative

for crude oil and precious metals. eric.g.lee@citi.com

Wenyu YaoOur Momentum Dashboard indicates strong momentum/overbought signal for

wheat (see Figure 4). wenyu.yao@citi.com

Francesco MartocciaOur COT Positioning Dashboard shows historically strong speculator positioning

on RBOB gasoline, aluminium, zinc, soybean mean, soybean oil, and cotton, vs francesco.martoccia@citi.com

weak speculator positioning on WTI, silver, lead, sugar, cocoa, and lean hogs (see Maggie Xueting Lin

Figure 5).

maggie.x.lin@citi.com

Please visit this site for our latest commodities forecasts. Tom Mulqueen

Latest research reports on key commodity/macro topics: tom.mulqueen@citi.com