Commodities Weekly Commodities Weekly: Oil supply concerns retake the reins While various tariff-related carveouts have helped to ease concerns about some of the most acute tail-risks facing global oil demand, support for benchmark prices is being eroded by renewed concerns... 25th April 2025 · 4 mins read
Commodities Weekly Commodities Weekly: Expectations for oil demand still too strong The IEA and OPEC both lowered their oil demand forecasts this week, reflecting the impact of Trump’s trade war with the rest of the world, though those forecasts still appear overly rosy. Our base... 17th April 2025 · 4 mins read
Commodities Weekly Commodities Weekly: Tariffs add to existing oil demand woes The escalation of the US-China trade war continued to buffet commodity prices this week. While the final shape of trade policy remains uncertain, demand shocks in the world’s two largest oil consumers... 11th April 2025 · 3 mins read
Commodities Weekly Commodities Weekly: OPEC+ surprise adds fuel to oil market fire Amidst the commodity market chaos following “Liberation Day”, the surprise OPEC+ announcement that it will raise output by more than previously planned in May worsened the sharp decline in oil prices... 4th April 2025 · 4 mins read
Commodities Weekly Commodities Weekly: Copper’s COMEX “crocodile” won’t snap shut Having risen to a record high this week, the spread between copper prices on the COMEX in the US and the London Metal Exchange (LME) is set to persist, and could conceivably even widen further in the... 28th March 2025 · 4 mins read
Commodities Weekly Gold going for… gold; OPEC+’s grand plans In what feels a lot like déjà vu at this point, gold set yet another record high this week, this time as it smashed through the $3,000 per ounce mark. While much ink has been spilled linking the... 21st March 2025 · 4 mins read
Commodities Weekly Commodities Weekly: Metals tariffs in full effect; oil faces demand headwinds US steel and aluminium producers have different scopes to respond to the tariffs implemented this week, which is why we expect the price premium for aluminium in the US to persist for longer than... 14th March 2025 · 4 mins read
Commodities Weekly OPEC+’s best-laid plans could easily go awry While we learned this week that OPEC+ is sticking to its plan to gradually raise oil output from April, question marks over production discipline within the group and the strength of global oil demand... 7th March 2025 · 4 mins read
Event Drop-In: Commodities news storm – What to make of Tariffs, China, OPEC+ and more 1741878000 Commodities are trading in a hyperkinetic news cycle, with Donald Trump raising tariffs on US allies, China calibrating a response to ever-harsher punitive trade actions and t
Commodities Weekly Commodities Weekly: Trump throws more curveballs at commodity markets President Trump loomed large over commodity markets once again this week, with tariff threats and tighter sanctions. Next week, the focus will turn to the National People’s Congress in China and an... 28th February 2025 · 4 mins read
Commodities Weekly Commodities Weekly: OPEC+ in a bind; US-Russia-Ukraine & energy markets Conflicting reports this week around OPEC+'s plan regarding unwinding its voluntary output cuts from April highlight the risks of yet another delay. While any delay would tighten the oil market at the... 21st February 2025 · 4 mins read
Commodities Weekly Commodities Weekly: Trump talks Ukraine peace, EU gas slides; metals tariffs The possibility of the EU increasing pipeline supplies of Russian natural gas following Trump’s announcement of peace talks with Putin has contributed to a sharp fall in EU gas prices. Whether or not... 14th February 2025 · 4 mins read
Commodities Weekly Commodities Weekly: Frothy coffee?; EU gas woe; "Max pressure", little impact While the steady upward grind in EU natural gas prices has been less spectacular than the recent hockey stick-shaped surge in the price of arabica coffee beans, the doubling in EU gas prices since... 7th February 2025 · 4 mins read
Commodities Weekly Commodities Weekly: Re-routing to become the name of the game While expectations for tariffs and sanctions have buffeted industrial metals prices this week, the lesson from previous periods has been that trade flows will readjust relatively quickly, leaving... 31st January 2025 · 4 mins read
Commodities Weekly Commodities Weekly: Trump starts with a bang; EU gas higher for longer? President Trump hit the ground running by declaring a National Energy Emergency and outlining his desire for lower oil prices. Whilst Trump has put the focus on ramping up oil supply to bring oil... 24th January 2025 · 4 mins read
Commodities Weekly Commodities Weekly: Commodities caught in the geopolitical crossfire As the ramp-up in US sanctions against Russia's energy sector has demonstrated, commodities are increasingly being caught in the crossfire of broader geopolitical machinations and tariff policy. The... 17th January 2025 · 4 mins read
