Commodities Chart Pack Prices to tread water for now The prices of most commodities struggled in April against a backdrop of moribund global demand. That said, the performance of energy commodities was mixed: while Brent crude and Henry Hub gas rose in... 5th May 2020 · 8 mins read
Commodities Weekly Still a bumpy road ahead Despite a raft of terrible economic data, industrial commodity prices ended the week broadly flat, except for oil prices which rose sharply. Attention is turning to the potential relaxation of... 1st May 2020 · 8 mins read
Commodities Update Why have commodities underperformed US equities? The partial recovery in the S&P 500 suggests a return of investor risk appetite. But commodity indices have plumbed new lows. We think a couple of points are worth making about this apparent... 1st May 2020 · 2 mins read
Commodities Update China’s PMIs offer scant support to commodity prices China’s official and unofficial PMIs dipped in April, almost entirely owing to weak export orders. A strong performance by the construction sector provides some relief for industrial metals prices... 30th April 2020 · 2 mins read
Metals Outlook The long road to recovery Measures designed to contain the spread of coronavirus have dealt a heavy blow to metals demand. Assuming that these measures are lifted at a global level in the second half of the year, we expect a... 27th April 2020 · 17 mins read
Commodities Weekly No respite for oil yet Well-placed fears that the world is fast running out of storage for crude buffeted oil prices this week. On an extraordinary day of trading, the spot price of WTI fell deep into negative territory on... 24th April 2020 · 7 mins read
Commodities Outlook It can only get better At the time of writing, economic activity has ground to a halt around the world owing to virus containment measures. For the most part, commodities prices have plunged given the collapse in demand. We... 24th April 2020 · 19 mins read
Energy Data Response US Weekly Petroleum Status Report US crude stocks jumped again last week, despite a small fall in production and a hefty drop in imports. Stocks are likely to continue to climb until the lockdowns are lifted, but the pace of increase... 22nd April 2020 · 2 mins read
Commodities Weekly Too soon to call a recovery News of a record 9.7m bpd cut to output by OPEC and its allies failed to prop up oil prices, which fell again this week. As long as virus-containment measures continue to depress demand, we expect oil... 17th April 2020 · 7 mins read
Commodities Update Record output cut provides scant relief for now The unprecedented 9.7m bpd output cut announced by OPEC+ will merely reduce the oversupply of oil in the second quarter. But assuming full compliance, and an involuntary drop in North American... 14th April 2020 · 3 mins read
Commodities Weekly Prices hang on the outcome of the OPEC+ meeting Despite the apparent conviction of US President Trump, much uncertainty remains over whether Saudi Arabia and Russia will manage to strike a deal in today’s OPEC+ meeting. Our best guess is that the... 9th April 2020 · 8 mins read
Energy Update What to expect from the OPEC+ Meeting There is huge uncertainty about the outcome of Thursday’s OPEC+ meeting. For what it’s worth, we suspect that a large and unconditional output cut is unlikely. Even if we are wrong, we think a... 8th April 2020 · 3 mins read
Energy Data Response US Weekly Petroleum Status Report The latest US weekly data clearly showed the negative impact on oil demand of measures to contain the coronavirus. Further stock builds are likely in the near term, despite falling domestic production... 8th April 2020 · 2 mins read
Commodities Weekly All eyes on OPEC+ (again) The price of Brent crude surged by 30% this week after President Trump suggested that Saudi Arabia and Russia were close to agreeing an eye-watering 15m bpd output cut to combat COVID-19’s hit to... 3rd April 2020 · 7 mins read
Commodities Chart Pack No relief for prices yet Oil prices plummeted in March under the weight of a collapse in demand and pledges from OPEC+ members to significantly raise output. Most other commodity prices also fell last month as the COVID-19... 1st April 2020 · 7 mins read
Commodities Update A bit of caution on China’s March PMIs Although China’s official and unofficial PMIs improved in March, the underlying picture is that the economy remains weak and is unlikely to offer much support to commodity prices. 1st April 2020 · 2 mins read
