Metals Data Response Global Steel Production (Oct.) Global steel production contracted again in y/y terms in October, mainly owing to lower Chinese production. China’s output may rebound a little in the coming months as power rationing has come to an... 23rd November 2021 · 2 mins read
Commodities Weekly The energy crisis rumbles on … This week showed that the energy crisis is not in the rear-view mirror just yet. Germany’s energy regulator suspended its certification process of the Nord Stream 2 pipeline on Tuesday, owing to... 19th November 2021 · 6 mins read
Energy Data Response US Weekly Petroleum Status Report The latest weekly data show falling crude and petroleum product inventories and a jump in implied demand. The strength in demand is somewhat surprising given the rise in gasoline prices, but we... 17th November 2021 · 2 mins read
Commodities Weekly OPEC+ unlikely to ride to the rescue anytime soon Despite falling short of its targeted increase in output once again in October, we think OPEC+ will continue to snub calls to raise output more rapidly. The week began with comments from the Biden... 12th November 2021 · 6 mins read
Energy Focus Lessons from the EU’s carbon permit market This year, the EU announced reforms to its Emissions Trading Scheme (ETS) which, if introduced, would boost the price of each carbon permit and ultimately help the bloc to rapidly reduce its... 10th November 2021 · 14 mins read
Commodities Weekly Commodity prices may have peaked Most commodity prices fell this week, adding to the sense that the recent rally is close to a peak (if it hasn’t peaked already). Either way, we think energy prices will be falling next year on weaker... 5th November 2021 · 6 mins read
Metals Outlook Metals can’t escape China slowdown Industrial metals prices have risen recently on the back of supply concerns related to higher energy costs and power rationing in China. Both factors will continue to support prices in the near term... 3rd November 2021 · 20 mins read
Energy Outlook Prices to come off the boil in 2022 Following sizzling rallies in the prices of energy commodities in 2021, we expect prices to ease back in 2022 on the back of lower growth in demand and improved supply. Current high prices will... 1st November 2021 · 19 mins read
Commodities Weekly Energy to remain in the spotlight It is perhaps too soon to call the end of the energy price rally, but the prices of European natural gas and Chinese coal took a tumble this week as supply fears were, at least partially, allayed... 29th October 2021 · 6 mins read
Commodities Outlook Energy supply squeeze to delay decline in prices Low stocks ahead of winter in the Northern Hemisphere have sent energy prices soaring. In turn, higher energy costs have also constrained the production of other commodities, most notably industrial... 28th October 2021 · 2 mins read
Metals Data Response Global Steel Production (Sep.) Global steel output plunged in September primarily owing to a dramatic decline in China’s production. We suspect that China’s output will remain low for some months yet, which will act as a floor... 26th October 2021 · 2 mins read
Commodities Weekly Tentative signs we are past the peak in energy prices The meteoric rise in energy commodity prices over the last few months lost momentum this week. Natural gas and coal prices were down particularly sharply in Europe after President Putin reiterated... 22nd October 2021 · 6 mins read
Commodities Weekly Energy price rally may spill over to other commodities Most commodity prices increased this week. Optimism over electrification, which was a hot topic during LME Week, seemed to feed through into higher industrial metals prices. But the prices of energy... 15th October 2021 · 6 mins read
OPEC Watch OPEC Monthly Oil Market Report (Oct.) OPEC moved closer to its collective target output last month. However, it is now clear that if the group were to answer calls to raise output, it would involve abandoning the current quota system and... 13th October 2021 · 3 mins read
Commodities Weekly Energy price rally maybe running out of steam Commodity prices generally rose this week, helped by the US senate approving a deal to increase the federal debt ceiling. After a rollercoaster of a week, European natural gas prices ended the week... 8th October 2021 · 5 mins read
Commodities Natural gas prices now untenably high The price of European natural gas (TTF) surged by around 35% this morning, before crashing back down on Putin’s reassuring comments about Russian supply. The latest price moves appear speculative, and... 6th October 2021 · 2 mins read
