Energy Update OPEC “technical meeting” unlikely to change policy The most likely outcome from tomorrow’s meeting of OPEC plus some selected guests is pledges to share more information between OPEC and other oil producers. Venezuela’s and others’ calls for a cut in... 20th October 2015 · 1 min read
Europe Economics Update How is Norway coping with lower oil prices? The decline in oil prices has weighed on the Norwegian mainland economy and things could get worse before they get better. But ramped-up policy support from the Government and central bank next year... 20th October 2015 · 1 min read
Metals Data Response Global Aluminium Production (Sep.) According to the International Aluminium Institute, global aluminium output grew by almost 10% y/y in September. Excluding China, output rose by a modest 3% y/y. 20th October 2015 · 1 min read
Nordic & Swiss Economics Update How is Norway coping with lower oil prices? The decline in oil prices has weighed on the Norwegian mainland economy and things could get worse before they get better. But ramped-up policy support from the Government and central bank next year... 20th October 2015 · 1 min read
Commodities Outlook The turn is nigh We expect three factors to combine to rescue the prices of key industrial commodities in the coming months. First, the responses of producers to the previous slump in prices will start to constrain... 19th October 2015 · 1 min read
Commodities Weekly Prices consolidate but tone generally positive Commodity prices have given back some of the previous week’s gains, due in part to some mixed signals from the US and Chinese economies. Nonetheless, the overall tone remains positive, helped by... 16th October 2015 · 1 min read
Commodities Update Price of cocoa to grind lower The price of cocoa has remained high due to supply concerns. However, with demand likely to continue to be weak, we think that the price will fall over the remainder of the year. 16th October 2015 · 1 min read
Precious Metals Update What are local premiums telling us about gold demand? Negative gold premiums, the difference between local prices and international benchmarks, in India have prompted fears of a slowdown in consumption from one of the largest market players. While a weak... 16th October 2015 · 1 min read
Australia & New Zealand Economics Weekly LNG: Will the huge investment pay off? Australia is set to overtake Qatar as the world’s largest LNG supplier by 2018. However, recent trends in energy markets pose some headwinds for LNG exporters. In particular, the slump in oil prices... 16th October 2015 · 1 min read
Energy Data Response US Weekly Petroleum Status Report US oil stocks rose sharply last week as refinery runs fell and imports climbed. Meanwhile, oil production slipped back and demand for oil products rebounded. 15th October 2015 · 1 min read
Emerging Markets Trade Monitor EM exports show signs of bottoming out EM exports continued to fall sharply in August, but the early data for September provide some hope that the worst may now be over. The year-on-year pace of contraction in export values is likely to... 15th October 2015 · 1 min read
Commodities Update Commodities fight back Commodity prices have rebounded since the middle of September as fears about the Chinese economy have diminished. Many industrial commodities were also supported by talk of supply cuts, while precious... 15th October 2015 · 1 min read
Industrial Metals Update Steel prices to recover, but not until next year A combination of weak Chinese demand, destocking in North America and poor economic conditions in Brazil and the CIS is weighing on steel demand this year. At the same time, global output has been... 14th October 2015 · 1 min read
Energy Update Long-term outlook for US natural gas prices still bright We remain positive on the outlook for US natural gas prices over the next few years, despite the current weakness, as the cleaner fuel should continue to take market share from coal. 14th October 2015 · 1 min read
Industrial Metals Update Precious metals rally as sentiment improves The prices of precious metals (PMs) have rallied since mid-September, as sentiment towards commodities in general improved. While the Fed’s dovishness has been the biggest catalyst for changes in gold... 13th October 2015 · 1 min read
Industrial Metals Update How long can markets shrug off low stocks? For the most part, LME metal stocks have fallen since the start of September, in some cases to multi-year lows. However, concerns about demand continue to weigh on prices. We expect the low level of... 13th October 2015 · 1 min read
