Energy Update Oil demand to rise, but it won’t stop prices falling Global oil demand looks to have held up much better so far in 2021 than during 2020, despite a resurgence of COVID infections in many parts of the world. We expect strong oil demand growth to continue... 17th June 2021 · 4 mins read
Commodities Weekly Industrial slowdown in China a headwind for prices The prices of most industrial commodities held up fairly well this week. However, the slowdown in broad credit growth and the fall in volume terms of China’s imports of industrial commodities in May... 11th June 2021 · 5 mins read
Energy Data Response US Weekly Petroleum Status Report US commercial crude stocks fell again last week, in part due to higher refinery activity. However, rising product stocks and lower product demand suggest the downward trend in crude stocks may slow... 9th June 2021 · 2 mins read
Commodities Weekly Oil prices to rise a little further as OPEC+ hold the line In what proved to be one of the shortest OPEC+ meetings ever, the group agreed this week to stick to its previously planned increase in output in July. Oil prices rose sharply on the back of the... 4th June 2021 · 6 mins read
Metals Chart Pack Strong month for metals not a sign of things to come May was a strong month for the prices of most metals, but we suspect that this may be as good as it gets. After all, if we’re right in expecting economic growth in China to slow in the second half of... 3rd June 2021 · 7 mins read
Energy Chart Pack Prices to be falling by end-year Cold weather in parts of the northern hemisphere helped push up the prices of coal and natural gas last month, while oil prices also rose. We still think that average energy prices will be higher this... 2nd June 2021 · 6 mins read
Commodities Chart Pack Most commodity prices to fall back before long Prices generally rose in May, bolstered by signs of recovery in the global economy – led by the US – and stronger commodities demand. While prices could make further gains in the near term, we expect... 2nd June 2021 · 7 mins read
Commodities Weekly OPEC+ to stand pat, for now OPEC+ is set to meet next Tuesday, when we expect the group to agree to continue with its incremental increases in production through to July. We think it unlikely that the group will address the... 28th May 2021 · 6 mins read
Industrial Metals Update Fundamentals, not regulation, to drive iron ore lower While China’s announcement that it will crack down on speculation and market irregularities has taken some of the froth out of the iron ore market in recent weeks, we think the price of iron ore will... 26th May 2021 · 3 mins read
Commodities Weekly Signs that price rallies are beginning to falter The prices of most commodities dropped back again this week as global equity markets struggled to make ground and virus cases in parts of Asia continued to rise. Meanwhile, reports emerged that good... 21st May 2021 · 5 mins read
Precious Metals Update Chip shortages to dent auto industry PGM demand The recent disruption to global auto production stemming from ongoing semiconductor microchip shortages poses a downside risk to our price forecasts for platinum and palladium. In this Update, we map... 21st May 2021 · 5 mins read
Commodities Watch How the American Jobs Plan could affect commodities In this Commodities Watch, we take a first look at some of the most important features of President Joe Biden’s $2 trillion infrastructure package, known as the American Jobs Plan, from a commodities... 14th May 2021 · 11 mins read
Commodities Weekly The price rally may be starting to run out of steam Aside from coal and natural gas, the prices of most commodities fell this week in tandem with the declines in global equity markets. Investors are concerned about rising inflation, particularly in the... 14th May 2021 · 6 mins read
Energy Data Response US Weekly Petroleum Status Report US commercial crude stocks held fairly steady last week despite a collapse in exports. While both exports and product demand will probably increase over the coming weeks, crude stocks may have... 12th May 2021 · 2 mins read
Commodities Weekly Rally in metals prices looking increasingly stretched Commodity prices pushed higher yet again this week. Most notably, the seemingly unassailable climb in industrial metals prices saw the price of copper push above $10,000 per tonne for the first time... 7th May 2021 · 6 mins read
Energy Update Brent-WTI price spread likely to remain narrow We think that the absence of pipeline capacity constraints, a strong recovery in US oil demand, and increased output from OPEC+ members will all help to ensure that the Brent-WTI price spread remains... 5th May 2021 · 3 mins read
