OPEC Watch OPEC Monthly Oil Market Report (Sep.) The rise in OPEC’s oil output fell well short of its target in August. And given a higher oil demand forecast for 2022, alongside growing external pressure, we think that the risks are tilting towards... 13th September 2021 · 3 mins read
Europe Economics Update Inflation impact of high gas prices will last into 2022 The recent surge in the prices of natural gas and coal, and therefore electricity too, has boosted energy inflation and suggests the risks to our near-term forecast for headline inflation lie to the... 13th September 2021 · 2 mins read
Commodities Weekly More of the same Commodity markets have been relatively quiet over the last few weeks, with many prices trading in a narrow range. There are a few exceptions, most notably the prices of natural gas and coal, which... 10th September 2021 · 5 mins read
Energy Update How long will coal and gas prices remain sky-high? Coal and natural gas prices have soared around the world on the back of unseasonable weather and disruptions to supply. And even if the weather normalises and supply rebounds soon, we expect prices to... 10th September 2021 · 4 mins read
Energy Data Response US Weekly Petroleum Status Report There was a small draw in crude stocks last week, despite a dramatic drop in refinery utilisation as many refineries closed ahead of the Hurricane Ida. Notwithstanding, US gasoline demand remained... 9th September 2021 · 2 mins read
Commodities Update Shift in spending could hit demand for commodities Although world trade volumes are likely to hold up for a while yet, a reversal of some of the shift in spending patterns caused by the pandemic is likely to weigh on commodity demand. This is another... 8th September 2021 · 2 mins read
Commodities Update Jump in China commodity imports a flash in the pan China’s imports of key commodities rose almost across the board in August, but we doubt that this is the start of a new upwards trend. Instead, with many of the factors that had boosted demand now... 7th September 2021 · 2 mins read
Industrial Metals Update Zinc set to lose its shine After climbing to multi-year highs in May, the zinc price has stayed strong, with much less volatility than its counterparts. However, we feel weaker economic growth in China and US tapering of... 6th September 2021 · 3 mins read
Commodities Commodity prices on increasingly shaky ground After sharp falls in the middle of the month, most commodity prices ended August broadly flat. However, we doubt it will be long before the downward pressure on prices intensifies again. After all... 3rd September 2021 · 11 mins read
Commodities Weekly Looking for direction There wasn’t a clear direction in commodity markets this week, with most prices driven by commodity-specific factors. Natural gas and coal prices continued to surge, while the prices of some... 3rd September 2021 · 6 mins read
Capital Daily OPEC+, oil prices and two implications for financial markets Although yesterday’s decision by OPEC+ to stick to its planned output increases didn’t cause a big reaction in global financial markets, we still expect the price of oil to decline over the next... 2nd September 2021 · 5 mins read
Energy Data Response US Weekly Petroleum Status Report Last week’s sharp fall in US commercial crude stocks is at odds with many of the underlying indicators. In any case, stocks seem likely to rise in the weeks ahead as reports suggest that refinery... 1st September 2021 · 2 mins read
Industrial Metals Update China aluminium output: how worried should we be? Aluminium prices have recently been boosted by a series of supply outages in China. But unlike Chinese steel production, where declines have been driven largely by government policy which looks here... 1st September 2021 · 2 mins read
Commodities Update China PMIs support our forecast of lower metals prices The China PMI data for August continue to suggest that commodity demand in the world’s largest consumer is coming off the boil. As a result, the wedge between industrial metals prices and the China... 1st September 2021 · 2 mins read
Commodities Weekly Dollar depreciation unlikely to last There was a dramatic turnaround in the fortunes of commodities prices this week, with across-the-board gains as risk appetite picked up and the US dollar eased back. Fed Chair, Jerome Powell, was... 27th August 2021 · 6 mins read
Commodities Focus The impact of renewables on energy commodities We think that the adoption rate of renewable electricity will accelerate in the decades ahead, which should contribute to a near-continuous decline in demand for coal. Demand for natural gas should... 26th August 2021 · 13 mins read
