Commodities Chart Pack Boost from trade talks to prove temporary Oil and industrial commodity prices rose in February on hopes of a US-China trade deal. However, even if there is a deal, we forecast that prices will fall back owing to lower demand as global... 28th February 2019 · 1 min read
Middle East & North Africa Economics Weekly Saudi to extend output cuts, more protests in Algeria Fresh hints from Saudi Arabia that it will extend its oil production cuts into the second half of this year support our view that economic growth in the Kingdom will be weaker than most anticipate... 28th February 2019 · 1 min read
Energy Update LNG price slump is not all about the weather The plunge in the spot LNG price is in large part the result of a mild northern hemisphere winter. As such, prices may rebound if the weather normalises, but rapid growth in supply will prevent... 28th February 2019 · 1 min read
Commodities Watch There may be trouble ahead … Since the start of 2019, commodity indices have increased at the same time as a host of asset classes, including US and emerging market equities. This Commodities Watch will explore whether this... 27th February 2019 · 1 min read
Energy Data Response US Weekly Petroleum Status Report US crude inventories recorded a significant draw, which was impressive considering US production continued to tick up and is now at a record-high. 27th February 2019 · 1 min read
Metals Data Response Global Steel Production (Jan.) Today’s data show global steel output stuttered out of the starting blocks at the beginning of 2019 and we expect output growth to remain lacklustre this year. 26th February 2019 · 1 min read
Metals Data Response China and India Gold Imports (Jan.) January trade data showed that China’s gold imports surged but India’s imports were down on the month. We expect imports from both countries to decline in the months ahead as higher prices deter... 26th February 2019 · 1 min read
Commodities Weekly Prices likely to drop back despite trade talks The prices of many major commodities, including oil, gold and copper, hit multi-month highs this week, but we think that almost all will fall sooner rather than later. The rally this week was fuelled... 22nd February 2019 · 1 min read
Energy Data Response US Weekly Petroleum Status Report The US has now cemented its position as the largest oil producer in the world. Unsurprisingly, inventories rose, despite record-high exports, denting hopes of a further oil price rally. 21st February 2019 · 1 min read
Commodities Watch The shifting nature of US-Saudi oil relations There has been much commentary in recent months on the balance of power in relations between the US and Saudi Arabia. Many of the areas of mutual interest are geopolitical in nature and we are not... 21st February 2019 · 1 min read
Metals Data Response Global Aluminium Production (Jan.) Global production growth plummeted in January, but given that input costs are falling, we think that output growth will recover later this year. 20th February 2019 · 1 min read
Energy Update Oil price rally to prove fleeting The recent surge in the oil price reflects concerns about a supply shortfall, on the back of sharply lower production in some key OPEC producers. That said, there are already signs that growth in... 20th February 2019 · 1 min read
Commodities Update Iron ore price to tumble, but not yet We have revised up our iron ore price forecast following the disaster at the Córrego do Feijão iron ore mine and its aftermath, given the negative implications for supply. However, with demand set to... 20th February 2019 · 1 min read
Energy Update Hard to be positive on global oil demand Slower economic growth in the two largest oil consumers will weigh on oil demand this year and is a key reason why we expect prices to fall, despite lower supply. Admittedly, China is likely to... 19th February 2019 · 1 min read
Metals Watch Prices to fall, despite low exchange stocks Exchange stocks in most base metals have slumped over the past year. Typically, this is associated with strong demand or weak supply growth, and results in higher metals prices. In this Metals Watch... 19th February 2019 · 1 min read
Precious Metals Update Palladium prices ignore fundamentals The price of palladium has reached another record high today, but we remain of the view that this elevated level is unlikely to last. In fact, it is now clear that supply rose strongly in 2018 which... 15th February 2019 · 1 min read
