Commodities Outlook Energy prices to buck the downbeat trend We expect most commodity prices to struggle this year against a backdrop of a stronger dollar and deteriorating investor risk appetite. Energy-related commodities will be the exception. We expect... 29th June 2023 · 31 mins read
Energy Update No need to panic about Europe’s gas supply … yet Having fallen steadily for much of the last year, European natural gas prices surged last week. The catalyst was constrained supply. Given seasonally high stocks and subdued demand, we are not worried... 12th June 2023 · 3 mins read
Commodities Weekly Demand indicators to continue to drive prices for now The oil price ended the week flat despite Saudi Arabia pledging to cut output by 1m bpd in July at the OPEC+ meeting last weekend. Most other commodity prices rose, supported by China’s May trade data... 9th June 2023 · 6 mins read
Commodities Chart Pack Investor pessimism may be running too deep Most commodity prices have moved lower over the past month as concerns about demand loomed large and the US dollar strengthened. We think that prices will continue to struggle over the next few months... 7th June 2023 · 13 mins read
Commodities China’s imports firing on all cylinders in May Growth in China’s commodity imports generally was strong in May, with a notable rise in crude oil imports. While the data are consistent with our above-consensus outlook for China’s growth this year... 7th June 2023 · 2 mins read
OPEC Watch Five key takeaways from Sunday’s OPEC+ meeting Oil output will be more constrained in the second half of this year if the OPEC+ members stick to their recently-announced production quotas. However, we have also raised our forecast of Russian... 5th June 2023 · 4 mins read
Commodities Update China’s PMIs point to solid, if unexciting, demand China’s PMI surveys suggest that the economic recovery is ongoing, but the pace of growth has slowed. While a lower reading for construction activity is a negative for metals prices, the persistent... 1st June 2023 · 2 mins read
Commodities Weekly Data and debt ceiling to move prices next week Commodity prices generally fell this week, as investors’ expectations for the Federal Reserve’s policy rate rose on concern about the persistence of high inflation. The dollar also strengthened... 26th May 2023 · 6 mins read
Event Energy Drop-In: Is OPEC+ gearing up for another cut? 1st June 2023, 2:00PM BST Speculation is building that, after its surprise April cut failed to lift oil prices for very long, OPEC+ could use its 3rd-4th June meeting to announce further production cuts. What’s the likelihood…
Energy Data Response US Weekly Petroleum Status Report Commercial stocks slumped as imports fell sharply. Meanwhile, implied product demand rose, but we think the usual summer boost to demand may be more subdued this year as economic growth slows. 24th May 2023 · 2 mins read
Commodities Weekly US data the key driver of prices next week Dealmaking was a major driver of commodity prices this week. The 11th hour extension of the Black Sea Grain Initiative alleviated fears of Ukraine’s grain exports being cut off from world markets... 19th May 2023 · 6 mins read
Commodities Chart Pack Demand concerns a lingering headwind for prices Most commodity prices have moved lower over the past month as concerns about demand have intensified and risk appetite has soured. We think prices will continue to struggle over the next few months as... 16th May 2023 · 13 mins read
Commodities Weekly Weak demand will weigh on prices for some time The demand backdrop for commodities appears weak. While oil prices rose this week, they remain low by recent standards at $70-75 per barrel. Industrial metal prices, which rallied late last year and... 12th May 2023 · 6 mins read
Event Drop-In: Climate goals and the energy market’s radical redesign 17th May 2023, 3:00PM BST Although global energy consumption has increased 300% since 1965, the energy mix has barely budged, with the share of fossil fuels falling to just 82% from 93%. However, as economies of scale kick in…
Commodities Weekly Commodities are likely to struggle for a while Most commodity prices, but especially energy and industrial metals, fell this week. Concern about demand in advanced economies, particularly in the US due to the banking sector problems, contributed... 5th May 2023 · 6 mins read
Energy Data Response US Weekly Petroleum Status Report Commercial stocks continued to fall last week despite lower refinery runs and higher net imports. On the products side, total demand eased back. Of course, one week’s data are not sufficient to mark a... 3rd May 2023 · 2 mins read
