Commodities
This service offers high-level coverage of all the most important commodities, with in-depth analysis and independent forecasts for Energy, Metals and Agriculturals, in addition to pan-commodity themes.
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All Commodities Coverage
Oil
Our View: Assuming OPEC+ follows through on its plan to unwind voluntary production cuts from October, the consequent loosening in supply constraints combined with subdued global demand growth will push prices lower later this year and in 2025.
Natural Gas & LNG
Our View: Natural gas prices in Europe and Asia will fall this year as more LNG supply becomes available. In contrast, natural gas prices in the US will rise as more gas is exported.
Gold & Silver
Our View: Precious metals prices are likely to stay historically high, buoyed by strong physical demand and expectations of rate cuts in the US.
Aluminium & Copper
Our View: The slowdown in China's property sector is an ongoing problem for demand. The green transition will offset some of that drag, but it will not do so entirely.
Steel & Iron Ore
Our View: While recovering economic activity will boost steel prices in the US and Europe, we think the prices of iron ore and Chinese steel have further to fall.
Agriculturals
Our View: Grains and soybean prices are likely to fall by end-2025 due to improved supply, an easing in demand growth in China, and lower oil prices.
NEW: EU Carbon Price Coverage
Explore our range of resources on the EU's ETS including our in-depth mini-series on key market and price dynamics, and our new dashboard to track near-term market drivers.
Featured Economists
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David Oxley
Chief Climate and Commodities Economist
David Oxley joined Capital Economics in 2009 and is Chief Climate and Commodities Economist. Previously, he was in charge of our Swiss & Nordic coverage as well as contributing more generally to the Europe Economics service. David has extensive international experience as a macroeconomist in both the private and public sectors. He has lived and worked in both New Zealand and Switzerland. David has degrees in Economics from University College London and Queen Mary, University of London.
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Bill Weatherburn
Senior Climate and Commodities Economist
Bill Weatherburn joined Capital Economics in August 2022 and is a Senior Economist in the Climate and Commodities team. Bill joins from the Australian Treasury, where he covered economic, revenue and fiscal policy. He has a master’s degree in Macroeconomic Policy and Financial Markets from the Barcelona School of Economics.
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Kieran Tompkins
Climate and Commodities Economist
Kieran is a Climate and Commodities Economist and has been with Capital Economics since 2020. He has worked across our Global, UK, and Markets teams and currently sits on our Climate and Commodities desk, primarily contributing to our Energy and Metals coverage. Kieran’s work has been featured in leading media outlets including the BBC, Bloomberg and the Financial Times. He holds a BSc in Economics from the University of Exeter, and an MSc in Economics from City, University of London.
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Hamad Hussain
Assistant Climate and Commodities Economist
Hamad joined Capital Economics in July 2023 as an Assistant Climate and Commodities Economist, having previously spent a year on placement at the company as part of his undergraduate degree. He holds a degree in Economics from the University of Surrey.
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Elias Hilmer
Assistant Economist
Elias joined Capital Economics in September 2023 as an Assistant Economist on the graduate training scheme. He currently works on our Emerging Markets team. Elias holds a MSc in International Political Economy from the LSE, a MSc in Public Economics from the Free University of Berlin and a BSc in Economics and Social Sciences from the University of Cologne (Germany).
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Joe Maher
Assistant Economist
Joe Maher joined Capital Economics in September 2023 as an Assistant Economist on the graduate training scheme. He currently works on our Climate and Commodities team. He holds a degree in Economics from the University of Warwick.