Commodities Dashboard: Curve Structure, Volatility, Momentum and Positioning – Jul 27 update

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Commodities Dashboard: Curve Structure, Volatility, Momentum and Positioning – Jul 27 update

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27 Jul 2026 02:58:00 ET │ 17 pages

Commodities Dashboard

Curve Structure, Volatility, Momentum and Positioning – Jul 27 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, zinc, and soybean oil as the most backwardated commodities, and COMEX +44-20-7986-4556

copper and 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 3). Volatility premium remains negative for

precious metals and ICE softs. eric.g.lee@citi.com

Wenyu YaoOur Momentum Dashboard indicates strong momentum/overbought signal for

corn and soybeans (see Figure 5). wenyu.yao@citi.com

Francesco MartocciaOur COT Positioning Dashboard shows historically strong speculator positioning

on RBOB gasoline, gasoil, aluminium, zinc, the CBOT grains complex and cotton, francesco.martoccia@citi.com

vs weak speculator positioning on WTI, HH natgas, silver, lead, sugar, cocoa, and Maggie Xueting Lin

lean hogs (see Figure 6).

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