Energy Update OPEC ensures oil supplies to remain ample It was no great surprise that OPEC left its output target unchanged today. Oil prices even ticked up a little on the news as late speculation of an increase in the target proved unfounded. Nonetheless... 5th June 2015 · 1 min read
Commodities Update Investors become more bearish on agriculturals Over the past month investor sentiment towards agricultural commodities has continued to deteriorate. After turning negative in April, the total number of net-long non-commercial positions for eight... 5th June 2015 · 1 min read
Precious Metals Update Strong US auto sales to boost PGMs demand We believe the prices of platinum group metals (PGMs) will benefit from increased autocatalyst demand. However, palladium is likely to outperform platinum due to the limited penetration of diesel cars... 4th June 2015 · 1 min read
Industrial Metals Update Why we are positive on copper prices Copper demand is set to pick up strongly later in the year as US economic activity rebounds and policy loosening in China lifts demand there. Meanwhile, subdued mine supply growth will curb refined... 4th June 2015 · 1 min read
UK Economics Update Has the boom in car sales run out of gas? The recovery in car sales has lost momentum this year despite the fact that the cost of credit is about as cheap as it can get. But the healthy outlook for households’ incomes, the low level of oil... 4th June 2015 · 1 min read
Middle East & North Africa Economics Update Gulf countries likely to stand firm at this week’s OPEC meeting This week’s OPEC meeting is likely to see the Gulf countries, led by Saudi Arabia, once again shrug off calls from some of the cartel’s smaller members to cut oil production in order to shore up oil... 4th June 2015 · 1 min read
Energy Data Response US Weekly Petroleum Status Report US crude oil stocks continued to fall last week. However, the drop was the smallest since stocks began declining at the start of May 3rd June 2015 · 1 min read
Metals Chart Pack US dollar strength undermines the price rally The S&P GSCI industrial metals index fell sharply in May and under-performed other commodities. Renewed strength in the dollar coupled with subdued Chinese economic data undermined investor sentiment... 3rd June 2015 · 1 min read
Metals Chart Pack Silver continues to outshine other precious metals Despite renewed strength in the US currency, precious metals prices held up well in May compared to other commodities. Silver outperformed gold (by nearly 4%), as is usual when the prices of both... 3rd June 2015 · 1 min read
Global Economics Update World to benefit from long period of “just right” oil prices Crude oil prices appear to be settling in a range of $60 to $70 per barrel, which we regard as ideal (a “Goldilocks” scenario) for the global economy. Prices are high enough to ease the pressure on... 3rd June 2015 · 1 min read
Energy Update How helpful are the US weekly oil production data? US weekly production figures have been distorted in the last two weeks by pipeline shutdowns and statistical revisions, but they can still offer some insight into trends in US oil production. 2nd June 2015 · 1 min read
Africa Economics Update Gabon: Low oil prices pose lasting economic challenge Growth in oil-rich Gabon is highly dependent on government spending, and low oil prices are causing a painful fiscal crunch that is dampening economic activity. Faltering economic expansion will... 2nd June 2015 · 1 min read
Commodities Chart Pack Strong dollar and ample supply weigh on prices R enewed strength in the US currency undermined most commodity prices again last month, with ample supply dragging down crude oil and many agricultural too. Lingering concerns over the risk of a “hard... 1st June 2015 · 1 min read
Global Economics Focus What happened to the oil windfall? So far this year, households in advanced economies do not seem to have been spending their windfall from lower oil prices. However, this is partly because they stepped up their consumption late last... 1st June 2015 · 1 min read
Europe Data Response German Flash CPI (May) May’s rise in German HICP inflation mainly reflected an anticipated increase in the energy component – underlying price pressures remain very weak even in the euro-zone’s strongest economies. 1st June 2015 · 1 min read
Commodities Weekly Dollar strength weighs on commodities (again) Commodity prices mostly fell in the past week, dragged lower by renewed strength in the US currency. Leading the falls, natural gas prices reversed their weather-related gains from earlier in the... 29th May 2015 · 1 min read
