Commodities Chart Pack Dollar weakness bolsters commodities Commodity prices trended higher in January, with all the major sub-sectors of the S&P GSCI recording gains. Energy led the way, rising by 4.5% m/m. Dollar weakness was the main driver of the rally in... 1st February 2018 · 1 min read
Energy Data Response US Weekly Petroleum Status Report A slump in demand for oil from refineries and another increase in production combined to boost US crude inventories last week for the first time since mid-November. At least part of the recent surge... 31st January 2018 · 1 min read
Precious Metals Update Is there more to the gold rally than a weak dollar? Our analysis shows that dollar weakness can explain much of the recent strength in the price of gold. As such, given our view that the US currency will appreciate this year, we think that those gains... 31st January 2018 · 1 min read
Energy Update How much of the rise in oil prices is due to the dollar? We think that about half of the surge in oil prices since the start of December can be attributed to the slump in the US dollar. However, a stronger dollar should put some downward pressure on oil... 31st January 2018 · 1 min read
Asia Economics Update What do high oil prices mean for Asia? The recent jump in oil prices does not alter the outlook for Asia’s economies. But if prices were to rise significantly further, we would be most concerned about the impact on India and Sri Lanka. 29th January 2018 · 1 min read
Commodities Weekly It is all about the dollar Most commodity prices rose this week on the back of further broad-based falls in the US dollar. At the same time, the euro strengthened as ECB President Mario Draghi struck a fairly positive note at... 26th January 2018 · 1 min read
Energy Data Response US Weekly Petroleum Status Report The fall in crude stocks last week was overshadowed by rising US output, lower refinery runs and ballooning gasoline inventories. Indeed, US oil production is now within touching distance of 10m bpd... 24th January 2018 · 1 min read
Metals Data Response Global Steel Production (Dec. & 2017) World Steel Association (WSA) data showed a 3.9% y/y increase in global steel production in December and a 5.3% rise in 2017 as a whole. Expectations that the capacity closures in China would prompt a... 24th January 2018 · 1 min read
Metals Data Response Global Aluminium Production (Dec. & 2017) Global aluminium output bounced back last month, led by a jump in China’s production. It seems likely that refineries ramped up output to benefit from high prices and the capacity closures in parts of... 22nd January 2018 · 1 min read
Commodities Weekly Commodity price rally stalls The prices of many industrial commodities, including oil, fell this week despite the ongoing depreciation of the US dollar. The dollar was volatile, but ended the week lower. On Thursday, the... 19th January 2018 · 1 min read
Industrial Metals Update China Industrial Metals Demand Monitor (Dec.) China’s activity and investment held up well in December, although growth was markedly slower than earlier in the year. We expect the slowdown to continue in the coming months. 19th January 2018 · 1 min read
Energy Data Response US Weekly Petroleum Status Report A larger-than-expected draw in crude stocks last week is somewhat at odds with the rebound in production and fall in refinery runs. But what is clear is that gasoline stocks have continued to build on... 18th January 2018 · 1 min read
OPEC Watch OPEC Monthly Oil Market Report (Jan.) Today’s report showed an unexpected rise in OPEC’s production in December, despite a dramatic decline in Venezuela’s output. At the same time, the group made a small upward revision to its... 18th January 2018 · 1 min read
Commodities Update Metals and energy power ahead Commodity indices started 2018 on solid ground, holding onto their end-2017 highs and supported by a depreciation of the US dollar. All sub-sectors of the S&P GSCI Commodity Index rose over the month... 17th January 2018 · 1 min read
US Economics Update Higher oil prices not yet a serious problem As a net oil importer, the recent rise in oil prices should eventually be a negative for the US economy, but the near-term impact may actually be positive. Mining investment is set to rebound in the... 17th January 2018 · 1 min read
Commodities Update Little to cheer about in the January WASDE The USDA’s latest set of estimates provide little reason to revive bullish sentiment in the grains and soybeans markets. Estimates of global corn, wheat and soybeans ending stocks for the 2017/18... 15th January 2018 · 1 min read
