Energy Data Response US Weekly Petroleum Status Report US crude oil inventories fell last week, but gasoline stocks rose, both partly reflecting increased refinery activity. 6th April 2016 · 1 min read
Africa Economics Update Nigeria: Fuel crisis another blow to struggling economy Government efforts to end Nigeria’s fuel shortage offer a temporary reprieve rather than a lasting solution. Without structural reforms, the economy will continue to be battered by recurrent crises. 6th April 2016 · 1 min read
Metals Data Response World Gold Official Reserves (Feb.) Buying of gold by central banks slowed in February but this appears to be largely due to seasonal factors. The case for gold as a strategic reserve asset remains intact and we expect purchases, mainly... 6th April 2016 · 1 min read
Metals Data Response US silver imports and exports (Jan.) US imports of silver fell in January suggesting that industrial demand was yet to recover. However, more timely data show that low prices have continued to stimulate investor demand for coins... 5th April 2016 · 1 min read
Metals Chart Pack Metals price rally may prove unsustainable, for now The prices of most industrial metals rose strongly for much of March, but eased back towards the end of the month and in early April. Indeed, a weaker US dollar (on lower market expectations for US... 5th April 2016 · 1 min read
Commodities Update Agriculturals benefit from a weak dollar, but will it last? It has been a good month for agriculturals, with the S&P GSCI agriculture index rising by a little under 4% since the start of March. This reverses the downward trend in January and February... 5th April 2016 · 1 min read
Metals Chart Pack PGMs outperform on improved China prospects Over the past month, the performances of precious metals have diverged. After a strong start to March, the prices of gold and silver fell back as expectations for further monetary tightening in the US... 5th April 2016 · 1 min read
Middle East & North Africa Data Response Saudi Arabia GDP (Q4) Data released today confirmed that Saudi GDP growth held steady at 3.6% y/y in the final quarter of last year but we think the economy will slow sharply this year and even further in 2017. 4th April 2016 · 1 min read
Energy Update What are the chances of a deal in Doha to freeze oil output? Comments from a leading Saudi Arabian official on Friday have led markets to reassess the prospect of a deal being done in Doha later this month to freeze OPEC and Russian oil production. In our view... 4th April 2016 · 1 min read
Commodities Update Surge in US acreage doesn’t bode well for corn prices With sizeable US inventories and the likelihood of large US corn and soybean plantings this year, we remain of the view that prices of grains and soybeans are likely to fall over the course of the... 1st April 2016 · 1 min read
Commodities Weekly Commodities hit by strong US data and Saudi comments Markets began the second quarter on Friday on a sour note, with sentiment undermined both by a weak Tankan survey in Japan and, rather perversely, by another robust Employment Report and a buoyant ISM... 1st April 2016 · 1 min read
Commodities Update China data finally starting to turn? The jump in China’s two manufacturing PMIs in March suggest that policy stimulus is starting to work, although these reports alone only validate the earlier rally in industrial commodity prices rather... 1st April 2016 · 1 min read
Commodities Chart Pack Commodities spring into life Commodity prices had another strong month in March, supported by some weakness in the US dollar and the ongoing improvement in investor sentiment towards riskier assets. Tentative signs of a pick-up... 1st April 2016 · 1 min read
Metals Watch What can LME stocks tell us about the aluminium market? In this Metals & Mining Watch , we peer into the murky world of aluminium stocks on the LME. We ask whether LME stocks data are, and can expected to be, reliable indicators of the economic drivers... 1st April 2016 · 1 min read
Energy Watch How much does the weather matter for energy commodities? One of the strongest El-Niño’s on record has been largely to blame for the unusually mild winter weather recently. Indeed, last year was the warmest on record and February this year was the hottest... 31st March 2016 · 1 min read
Precious Metals Update Rhodium price to benefit from tighter fundamentals The price of rhodium is set to recover over the next couple of years as (i) cuts to capital expenditure in South Africa start to take their toll on production and (ii) usage of the metal in... 31st March 2016 · 1 min read
