Commodities Weekly From bad to worse for gold; Iraq the next to leave OPEC? Gold has been caught up in the souring of risk sentiment towards AI-related assets, and its strengthening correlation with equities is one reason why we think gold prices have further to fall in the... 26th June 2026 · 3 mins read
Commodities Update A pulse check on the oil market The combination of a plunge in China’s imports and an increase in the US’s exports have helped to absorb the loss of Middle Eastern supply in the oil market. But fundamentally demand is still well... 10th June 2026 · 4 mins read
Commodities Weekly Central bank goldbugs; Godzilla El Niño Gold has overtaken US Treasuries in accounting for the largest share of foreign reserves held be central banks, according to an ECB report, underlining just how strong central banks' appetite for gold... 5th June 2026 · 4 mins read
Commodities Weekly The art of (looking beyond) the deal Oil prices have fallen throughout the week in anticipation of the US-Iran deal to extend the ceasefire by 60 days, but while re-opening the Strait is a necessary step towards normality in the global... 29th May 2026 · 4 mins read
Commodities Rapid Response The end of the beginning of the energy crisis? 28th May 2026 · 2 mins read
Commodities Update Oil market traders caught in limbo Oil market options data suggest that investors expect oil prices to ease lower over the next three months, but given uncertainty around the Strait of Hormuz they have unusually low conviction. 26th May 2026 · 3 mins read
Commodities Update Five key questions on the UAE’s OPEC exit This Update considers the economic and geopolitical implications of the UAE’s departure from OPEC, as well as the future of the group. Note: We’ll be discussing the UAE's exit from OPEC in an online... 28th April 2026 · 5 mins read
Commodities Weekly The Strait reopens; how energy markets are adapting to war Iran’s announcement that the Strait of Hormuz is open to commercial vessels for the duration of the Israel-Lebanon ceasefire has led to a slump in oil prices and offers a path to the resumption of... 17th April 2026 · 5 mins read
Commodities Update Oil: what alternatives are there to the Strait of Hormuz? Alternative export routes – pipelines and other terminals that bypass the Strait of Hormuz – are operating at close to full capacity, diverting around 4m bpd of oil exports. In total, that’s... 15th April 2026 · 3 mins read
Commodities Chart Pack Commodities Chart Pack (Apr. 2026) It is early days into this ceasefire and there is huge uncertainty around whether it holds and, if it doesn’t, what it means for future negotiations and strikes on energy facilities. For what it’s... 10th April 2026 · 1 min read
Commodities Update Brent-WTI spread would normalise if Iran conflict ends The conflict in Iran has distorted the spread between Brent and WTI crude oil prices. But if the recently agreed ceasefire holds and oil starts flowing more freely through the Strait of Hormuz, we... 9th April 2026 · 3 mins read
Commodities Weekly Iran conflict impact extends beyond energy commodities The risks to commodity prices from the conflict in the Middle East extend beyond oil and natural gas with aluminium plants in the Gulf sustaining damage. That could keep aluminium prices higher than... 2nd April 2026 · 7 mins read
Commodities Update Q&A: the oil supply chain from the Middle East This Update considers the broader implications of the Middle East war on the crude oil and petroleum product supply chain from the Middle East onwards. At the very end of the supply chain, Oceania and... 27th March 2026 · 3 mins read
Commodities Update What to know on energy markets & demand destruction With the global economy potentially facing the largest energy supply shock in history, this Update considers how the oil market may adjust to a new equilibrium in the medium-to-long term. 23rd March 2026 · 4 mins read
Commodities Weekly Energy market meltdown; gold failing to shine The attack on Qatar’s LNG export hub, which has knocked out 3-4% of global LNG supplies, grabbed the headlines and has caused natural gas and LNG prices to spike. On the face of it, there is some... 20th March 2026 · 6 mins read
Commodities Weekly Russia sanction relief barely helps; cracks in refined markets The temporary easing of Russian oil sanctions by the US is one of several levers being pulled by policymakers to reduce oil prices from ~$100pb. But despite these efforts, prices will remain high for... 13th March 2026 · 7 mins read
