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Most commodity prices fell this week, adding to the sense that the recent rally is close to a peak (if it hasn’t peaked already) . Either way, we think energy prices will be falling next year on weaker demand growth and greater supply, contributing to …
5th November 2021
It is perhaps too soon to call the end of the energy price rally, but the prices of European natural gas and Chinese coal took a tumble this week as supply fears were, at least partially, allayed. What’s more, the recent surge in oil prices stalled. …
29th October 2021
The meteoric rise in energy commodity prices over the last few months lost momentum this week . Natural gas and coal prices were down particularly sharply in Europe after President Putin reiterated comments that there is scope for a rise in supply from …
22nd October 2021
Most commodity prices increased this week . Optimism over electrification, which was a hot topic during LME Week, seemed to feed through into higher industrial metals prices. But the prices of energy commodities were the pick of the bunch . Brent crude …
15th October 2021
Commodity prices generally rose this week, helped by the US senate approving a deal to increase the federal debt ceiling . After a rollercoaster of a week, European natural gas prices ended the week lower following comments from President Putin that …
8th October 2021
Commodity prices generally rose this week , but especially energy prices, which continued to surge on constrained supply, unseasonably high demand and low stocks. That said, we think the supply shortfalls will prove temporary and expect energy prices to …
1st October 2021
Commodity prices held up well this week , despite the hawkish tone of the Federal Reserve and continued worries over a messy default by Evergrande, the Chinese property developer. Notably, European natural gas and Asian LNG prices continued to climb , …
24th September 2021
Most commodity prices ground higher this week. And, stepping back, we think events this week highlight three key themes to watch in the months ahead . First, natural gas prices show no sign of easing back, and are likely to remain high until early next …
17th September 2021
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 have soared on the back of surging power demand and …
10th September 2021
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 industrial metals struggled on the back of weaker China PMI …
3rd September 2021
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 cautious about imminent Fed tapering at the Jackson Hole …
27th August 2021
Commodity prices mostly fell this week on the back of a stronger US dollar as well as mounting concerns over the demand outlook. China’s July activity and spending data, published on Monday, were weaker than consensus forecasts, and the ongoing spread of …
20th August 2021
The UN’s latest Intergovernmental Panel on Climate Change (IPCC) report warned that ever-increasing greenhouse gas emissions are a ‘code red for humanity’, which could give further momentum to the green energy transition . This transition primarily …
13th August 2021
Concerns surrounding the spread of the Delta variant of COVID-19 were the main driver of prices this week, but the impact on prices was far from uniform. Not surprisingly, oil prices slumped as many countries in Asia, including China, tightened travel …
6th August 2021
The recent bounce in commodity prices continued this week, helped by the ongoing depreciation in the US dollar and a series of risks on the supply side which are rearing their head . Most notably, a spell of cold weather in Brazil has dampened the supply …
30th July 2021
Oil prices have been on something of a round trip this week – falling at the start of the week as OPEC+ finally agreed to a new output agreement and the ongoing spread of the Delta variant fuelled concerns over the global economic outlook, and then …
23rd July 2021
Reports that the UAE and Saudi Arabia have reached a compromise deal over oil production quotas support our forecast that oil prices will end the year lower . Admittedly, the deal is yet to be agreed by OPEC+. But even if the group fails to reach a formal …
16th July 2021
The oil market will probably struggle to find direction in the coming weeks until there is some resolution to the impasse created by the failure to reach unanimous agreement at the last monthly OPEC+ meeting. There remains the very real risk of a …
9th July 2021
We expect strong growth in oil demand this quarter as virus-related travel restrictions are lifted in most of the largest consuming countries . At the same time, supply will remain relatively constrained even if, as we think likely, OPEC+ is gradually …
2nd July 2021
Most commodity prices recouped some of their post-FOMC losses this week. Investor concerns surrounding Fed tightening have seemingly eased, which weighed on the dollar. At the same time, news that a bipartisan agreement has been reached over a US …
25th June 2021
Commodity prices fell sharply this week following a more hawkish than expected Fed meeting and a disappointing batch of activity data out of China . Both developments are in line with our forecast of higher real yields and a stronger dollar in the US, as …
18th June 2021
The prices of most industrial commodities held up fairly well this week . However, the slowdown in broad credit growth and the fall in volume terms of China’s imports of industrial commodities in May suggests that commodity demand there is coming off the …
11th June 2021
In what proved to be one of the shortest OPEC+ meetings ever, the group agreed this week to stick to its previously planned increase in output in July . Oil prices rose sharply on the back of the announcement, with Brent now trading above $70 per barrel. …
4th June 2021
OPEC+ is set to meet next Tuesday, when we expect the group to agree to continue with its incremental increases in production through to July . We think it unlikely that the group will address the thornier issue of the ongoing rise in Iran’s production …
28th May 2021
The prices of most commodities dropped back again this week as global equity markets struggled to make ground and virus cases in parts of Asia continued to rise. Meanwhile, reports emerged that good progress had been made in negotiating a new nuclear deal …
21st May 2021