Commodities Update A primer on AI and electricity demand While data centres will remain a small share of global electricity consumption, the uneven spread of their power demands means their influence on power markets will be felt much more acutely in... 28th October 2025 · 4 mins read
India Economics Update India isn’t ready to become a global rare earths player India has the world’s third-largest proven reserves of rare earths, but it accounts for a tiny share of global production due to various technical and regulatory difficulties. If these hurdles are... 28th October 2025 · 3 mins read
Commodities Update Blowing the full-time whistle on the gold rally The latest leg of the gold rally looks like a market bubble that is in its final stages. So unlike some analysts, we are revising our forecasts lower and now expect prices to fall to $3,500 per ounce... 27th October 2025 · 3 mins read
Commodities Update US sanctions on Rosneft and Lukoil up the ante On the face of it, the announcement of sanctions by the US on Rosneft and Lukoil is a major escalation in the targeting of Russia’s energy sector and could be a big enough shock to flip the global oil... 23rd October 2025 · 5 mins read
Commodities Update Commodities & the tariff shock six months on Six months on from the unveiling of President Trump’s tariff agenda, the direct effects on commodity markets have been contained to higher US price premiums for steel and aluminium. That said... 22nd October 2025 · 4 mins read
Commodities Update Faster EU Russian energy phase out won’t boost prices Given that the EU has already largely discontinued imports of Russian oil and pipeline natural gas, the acceleration of its pledge to completely shift away from Russian energy is unlikely have... 20th October 2025 · 4 mins read
Capital Daily Fool's gold? The price of gold has arguably risen so far above ‘fair’ value that it might come crashing down soon. 20th October 2025 · 4 mins read
Climate Economics Update EU’s CBAM takes carbon pricing global The looming introduction of the EU’s Carbon Border Adjustment Mechanism (CBAM) at the start of 2026 will finally extend the “polluter pays” principle to emissions imported into the bloc. This report –... 15th October 2025 · 5 mins read
Commodities Update Key questions (and answers) on rare earth elements With China’s rare earth export controls back in the spotlight, this Update answers seven key questions on the in-vogue elements and the economic consequences of disruption to their supply. 13th October 2025 · 5 mins read
Commodities Update Monitoring the return of La Niña The return of La Niña conditions could potentially affect agricultural production in key exporting regions. However, if expectations for a weak and short episode prove accurate, the broader impact on... 9th October 2025 · 3 mins read
Commodities Update Gold hits $4,000: where to from here? Given that “FOMO” appears to be creeping into the gold market, it has become even harder to objectively value gold. In our view, gold prices seem likely to grind higher in nominal terms over the next... 8th October 2025 · 4 mins read
Commodities Update Drone strikes, Russia’s oil sector & the upside risk to oil The oil market has largely shrugged off the damage from Ukraine’s drone strikes on Russia’s oil infrastructure so far. That said, the damage to Russian refinery and export capacity so far, and... 6th October 2025 · 5 mins read
Commodities Update Oil market to feel the weight of rising inventories Low OECD commercial oil inventories have so far provided OPEC+ some cover to raise output, but we suspect that a softening in global demand and increases in OPEC+ supply will lead to commercial oil... 16th September 2025 · 5 mins read
Commodities Update OPEC+ desire to pump will lead to oil prices falling OPEC+ seems to be cautiously optimistic on the strength of the oil market as it remains committed to unwinding voluntary output cuts. However, we suspect it will become increasingly clear that the oil... 8th September 2025 · 4 mins read
Commodities Update Are data centres driving up US electricity prices? Electricity prices in the US have been hitting the headlines, with some laying the blame at the feet of the AI rollout and data centre construction. This Update answers key questions on what is... 3rd September 2025 · 4 mins read
Commodities Update Weak Chinese LNG imports to loosen overall market Weak Chinese LNG demand has been a striking feature of the LNG market in 2025, and we suspect demand will remain soft into next year. Given China is the world’s largest buyer of LNG, weaker Chinese... 11th August 2025 · 3 mins read
