Commodities Weekly

Risks to oil supply take centre stage

With all eyes on the extent and focus of Israel’s retaliation against Iran, the risk premium is going to dominate near-term proceedings in the oil market; depending on how things pan out, prices could...

4th October 2024 · 4 mins read

Commodities Weekly

China stimulus a silver bullet for metals? Think again

The stimulus packages announced by Chinese policymakers were the main reason behind the chunky increases in industrial metals prices this week, and explain why they performed better than most other...

27th September 2024 · 4 mins read

Commodities Weekly

The Fed cuts, commodity prices rise but it won’t last

The Fed’s decision to cut interest rates by 50 bp gave most commodity prices a boost this week. We suspect that lower interest rates won’t have a sizeable impact on US commodity demand this quarter...

20th September 2024 · 4 mins read

Commodities Weekly

Silver to stay in gold’s shadow, China trade takeaways

For all the attention on gold this year, silver has been the better performer with prices increasing by over 25% year-to-date. While silver has benefitted from the expansion in China's solar industry...

13th September 2024 · 4 mins read

Commodities Weekly

OPEC+ definitely maybe in charge of the oil market

The big news this week was the decision by some OPEC+ members to extend their voluntary output cuts until December. The immediate implications of the delay to unwinding voluntary output for the oil...

6th September 2024 · 4 mins read

Commodities Weekly

Normal gold service resumes; OPEC+’s conundrum

While the stonking rally in gold prices earlier this year was at odds with traditional market drivers, the latest leg up in gold prices – which saw the nominal price reach yet another fresh record...

30th August 2024 · 4 mins read

Commodities Weekly

Lack of ceasefire deal poses risks; gold at record

The apparent stall in the ceasefire talks between Israel and Hamas limited the fall in oil prices this week. While we think a deal wouldn’t be a game-changer for oil prices, a further breakdown in...

23rd August 2024 · 4 mins read

Commodities Weekly

Escondida strike; China tightens grip on antimony

The strike at the world’s largest copper mine, Chinese export curbs on another critical mineral and the iron ore price tumbling to a yearly low rocked metals and minerals markets this week. While we...

16th August 2024 · 4 mins read

Commodities Weekly

EU natural gas prices chart their own course

It was no surprise to see the global commodity price index fall and rise alongside the contortions in equity markets this week. But commodity prices have not all been in the same boat; whereas some...

9th August 2024 · 4 mins read

Commodities Weekly

Oil prices rise on Middle East conflict, cut down by US

The oil market's fairly muted reaction to events in the Middle East this week only temporarily reversed the recent downward trend in oil prices. On the face of it, however, the risk of a spike in oil...

2nd August 2024 · 4 mins read

Commodities Weekly

Harris’ green credentials; metals slump to end

While many of Vice President Kamala Harris’ climate policies are likely to be similar to Biden’s, her track record suggests she could take a firmer stance on fossil fuel production. However...

26th July 2024 · 3 mins read

Commodities Weekly

Industrial metals prices crumple, gold hits a new peak

The weaker-than-expected economic activity data for China in Q2 weighed on industrial metals prices early in the week. The mood was further darkened by the lack of any specific stimulus announcements...

19th July 2024 · 4 mins read

Commodities Weekly

Traditional gold price drivers come back into focus

The ~18% rise in gold prices seen this year has largely defied the traditional logic of demand drivers. Indeed, the surge in gold prices between February and April took place against a backdrop of a...

12th July 2024 · 4 mins read

Commodities Weekly

Taking stock of hurricane season energy risks

While the fossil fuel sector looks set to get off relatively lightly from Hurricane Beryl, the prospect of a busier than usual Atlantic hurricane season this year raises the chances of greater...

5th July 2024 · 4 mins read

Commodities Weekly

Economics, not the White House, the key to US energy

The Dallas Fed survey of oil and gas firms released this week revealed deep dissatisfaction with the Biden administration. Donald Trump has made it clear he would provide greater support for the...

28th June 2024 · 4 mins read