Energy Chart Pack Seasonal factors to boost gas and coal prices in Q4 Energy prices diverged in September. There were strong gains in European gas and coal prices in part owing to strikes at France’s utilities at a time when seasonal demand is also picking up. Meanwhile... 3rd October 2019 · 6 mins read
Commodities Chart Pack Still too soon to turn positive Oil prices dipped in September despite the attacks on Saudi Aramco. In contrast, the prices of most other commodities increased owing to a rise in investor risk appetite. However, we expect US... 1st October 2019 · 7 mins read
Commodities Update China’s PMIs provide cold comfort China’s official and unofficial PMIs rose in September, but we think this is unlikely to mark an economic turnaround not least because global demand looks set to weaken further. What’s more, signs of... 30th September 2019 · 2 mins read
Commodities Weekly Little on the horizon to lift investor sentiment As the fall-out from the attacks on Aramco began to fade, the spotlight swung firmly back to concerns about global economic activity this week with falls in the prices of most industrial commodities... 27th September 2019 · 7 mins read
Energy Data Response US Weekly Petroleum Status Report US crude stocks rose on the back of higher US production and a fall in crude inputs to refineries. Stocks could ease back again in the month ahead if the loss of Saudi oil lifts demand for US crude... 25th September 2019 · 2 mins read
Commodities Watch It can only get better for natural rubber In this Commodities Watch, we are initiating coverage of natural rubber. As it stands, supply is more than ample at a time of subdued demand. The vehicle and tyre sectors, the main end-users of... 25th September 2019 · 5 mins read
Commodities Weekly Geopolitics back in focus There was a rude awakening for the oil market last weekend as a missile and drone attack on Saudi oil facilities, allegedly backed by Iran, removed around 50% of Saudi capacity. As the dust settled... 20th September 2019 · 7 mins read
Commodities Update Three possible outcomes from the Aramco attack Given the uncertainty about the impact on supply of this weekend’s attack on Saudi Aramco, we are not changing our oil price forecasts yet. However, in this Update, we outline three possible scenarios... 16th September 2019 · 3 mins read
Commodities Weekly Price gains lack fundamental support The apparent thaw in US-China trade relations gave most industrial commodity prices a lift, but we have seen these sort of ‘goodwill’ gestures before and doubt that the two sides are any closer to... 13th September 2019 · 7 mins read
Energy Data Response US Weekly Petroleum Status Report Another sharp fall in US stocks suggests crude demand is holding up well, despite some signs of deterioration in economic activity data. However, we suspect that crude stocks will soon start to build... 11th September 2019 · 2 mins read
Commodities Weekly Much too soon to call a recovery Although the prices of most industrial commodities rose this week, we think that a sustained and broad-based recovery is still some way away. A trio of factors were responsible for this week’s rise... 6th September 2019 · 7 mins read
Energy Chart Pack Natural gas demand to prove resilient Oil prices continued to fall last month on concerns about a slowing global economy and rising US-China protectionism, but we expect them to stabilise in the coming months given supply constraints. In... 6th September 2019 · 6 mins read
Commodities Chart Pack US-China trade war to continue to weigh on prices The escalation in US-China trade tensions led to investors becoming more risk averse, which boosted the prices of gold and silver but depressed the prices of agricultural and industrial commodities... 4th September 2019 · 7 mins read
Commodities Update China fiscal stimulus not enough to boost prices China’s official and unofficial PMIs diverged in August. But both remain consistent with slower year-on-year growth in the remainder of 2019, which does not bode well for energy and industrial metals... 2nd September 2019 · 2 mins read
Commodities Weekly Any boost to prices is unlikely to last long While the US-China trade war has continued to escalate, commodity prices have clawed back a little of their lost ground since the trough at the end of last week. This was aided in part by President... 30th August 2019 · 7 mins read
Commodities Weekly Powell & China wake commodities from their slumber After a quiet start to the week, Friday’s announcement of additional Chinese tariffs on US imports and Jerome Powell’s speech at Jackson Hole stirred prices (and President Trump) into action. Most... 23rd August 2019 · 7 mins read
