Commodities Weekly Copper hits all time high but we expect prices to ease lower The rally in copper prices to an all-time high has its roots in rising supply concerns, particularly following the announcement by a group of Chinese smelters that they intend to cut output by 10% in... 5th December 2025 · 4 mins read
Commodities Chart Pack Commodities Chart Pack (Dec. 2025) Copper’s supply crunch masks weakening demand The rally in copper, which has driven prices to all-time nominal highs, has its roots in supply concerns, which are likely to persist into 2026. But we... 5th December 2025 · 1 min read
Middle East & North Africa Economic Outlook Strengthening growth and shifting alignments The Middle East and North Africa is set to record its fastest pace of GDP growth (outside the post-pandemic recovery) since 2011 next year. Continued oil output hikes and the switch on of Qatar’s... 4th December 2025 · 22 mins read
Africa Chart Pack Africa Chart Pack (Nov. 2025) Growth prospects in Sub-Saharan Africa look bright, with inflation low or falling for most and a monetary easing cycle well under way, with many central banks likely to cut rates deeper than most... 28th November 2025 · 0 mins read
Commodities Weekly Fall in EU natural gas prices has further to run The recent fall in the EU natural gas benchmark to below €30 per MWh has its roots in a potential peace deal between Russia and Ukraine, but we are sceptical that any agreement would have much direct... 28th November 2025 · 4 mins read
Commodities Weekly War and peace in energy markets While crude oil and natural gas prices have fallen as the US attempts to broker a peace agreement between Russia and Ukraine, we think that the impact of a formal end to the war on prices would be... 21st November 2025 · 4 mins read
Middle East & North Africa Chart Pack Middle East & North Africa Chart Pack (Nov. '25) Our Middle East & North Africa Chart Pack has been updated with our latest forecasts and calls to reflect key developments across the region. We expect the Middle East and North Africa to record very... 20th November 2025 · 1 min read
Commodities Focus Assessing geopolitical risk in the oil market This Focus introduces a new tool in our oil analysis toolkit that allows us to examine and highlight how oil traders’ market positioning changes over time. This new tool will be particularly useful... 19th November 2025 · 14 mins read
Europe Economics Focus What to make of euro-zone inflation differentials Next year, inflation is likely to remain higher in Spain and Germany than in Italy and France. But unlike in the 2000s, inflation differentials are not currently a sign that unsustainable imbalances... 19th November 2025 · 9 mins read
Commodities Update 5 key questions about AI and demand for commodities This Update examines five key questions about AI-related demand for commodities, and the economic consequences of potential future disruptions to their supply. 19th November 2025 · 4 mins read
Commodities Weekly Will the Orinoco (oil) flow? Nicolás Maduro has probably never heard of Enya, but he will nonetheless be hoping that the US naval build-up in the Caribbean simply sails away. Although a US military engagement with Venezuela could... 14th November 2025 · 4 mins read
Commodities Update Delays to US LNG won’t prevent gas prices from falling A combination of delays to LNG export capacity in the US and greater demand for natural gas from AI data centres will, all else equal, constrain the supply of LNG over the coming years. However... 12th November 2025 · 3 mins read
Commodities Weekly Easing pain for US grains; is OPEC+ changing its tune again? Although China announced the resumption of its purchases of US wheat this week, we doubt that this will be enough to buck the downwards trend in wheat prices. Meanwhile, OPEC+’s decision to pause any... 7th November 2025 · 4 mins read
Middle East & North Africa Economics Weekly UAE keeps up Gulf AI momentum, Qatar-Egypt deal AI-related investments in the UAE this week add to signs that the US is using access to AI technologies to take the Gulf economies away from China’s sphere of influence. It may also reflect the... 6th November 2025 · 8 mins read
Commodities Chart Pack Commodities Chart Pack (Nov. 2025) Plenty of oil on water; revising down our gold forecast While the fallout from US sanctions on Russian oil majors has yet to manifest in the data, Russian seaborne oil exports are strong, and a wider... 5th November 2025 · 1 min read
Middle East & North Africa Economics Update Saudi’s worsening twin deficits reinforce need for austerity Saudi Arabia’s twin budget and current account deficits have widened on the back of low oil export receipts and this trend is likely to continue over the coming quarters. While the adjustment to low... 5th November 2025 · 5 mins read
