Commodities Update Oil market to feel the weight of rising inventories Low OECD commercial oil inventories have so far provided OPEC+ some cover to raise output, but we suspect that a softening in global demand and increases in OPEC+ supply will lead to commercial oil... 16th September 2025 · 5 mins read
Commodities Weekly Upside risks a distraction from bearish oil market fundamentals The news flow and price reaction in the oil market this week, with oil prices rising in the first half of the week as a result of geopolitical risks and falling later on following the assessment of... 12th September 2025 · 5 mins read
Middle East & North Africa Economics Weekly Saudi foreign investment report, OPEC+ decision Media reports picked up on data published by Saudi Arabia this week which showed that 2024 was a record year for foreign direct investment inflows. But this didn’t take account of the fact that there... 11th September 2025 · 7 mins read
Commodities Focus OPEC at 65: shifting market dynamics expose frailties The Organisation of the Petroleum Exporting Countries (OPEC) shows no signs of slowing down in its “golden years”, but question marks about the future of oil demand, as well as the resilience of non... 10th September 2025 · 20 mins read
Commodities Update OPEC+ desire to pump will lead to oil prices falling OPEC+ seems to be cautiously optimistic on the strength of the oil market as it remains committed to unwinding voluntary output cuts. However, we suspect it will become increasingly clear that the oil... 8th September 2025 · 4 mins read
Commodities Weekly Polish gold appetite; OPEC+ whispering; Power of Siberia 2 The National Bank of Poland’s plans to raise gold’s allocation in its FX reserves to 30% highlights that there is no shortage of gold buyers, which could help lift prices well beyond their latest... 5th September 2025 · 4 mins read
Middle East & North Africa Economics Weekly OPEC+ meeting, Saudi debt issuances & housing reforms We suspect that the OPEC+ meeting on Sunday will result in a decision to keep oil production unchanged in October, rather than raise production further. But the risks to oil prices are still skewed to... 4th September 2025 · 8 mins read
Commodities Chart Pack Commodities Chart Pack (Sep. 2025) Gold continues to shine, all eyes on OPEC+ There have been several factors supporting gold prices to a record high above $3,500 per ounce, including greater expectations of Fed rate cuts and investor... 4th September 2025 · 1 min read
Commodities Update Are data centres driving up US electricity prices? Electricity prices in the US have been hitting the headlines, with some laying the blame at the feet of the AI rollout and data centre construction. This Update answers key questions on what is... 3rd September 2025 · 4 mins read
Commodities Weekly Trump tariffs targeting Russian oil yet to shock the oil market The oil market shrugged off the introduction of US "secondary" tariffs on India this week and we expect this to continue to have little impact as long as India continues to purchase Russian oil and... 29th August 2025 · 4 mins read
Middle East & North Africa Chart Pack Middle East & North Africa Chart Pack (Aug. ’25) Our Middle East & North Africa Chart Pack has been updated with the latest data and our analysis of recent developments. Oil prices have fallen back in the wake of the Israel-Iran ceasefire and, with... 22nd August 2025 · 1 min read
Commodities Weekly Commodities Weekly: EU gas to shake off the summer lull; Jackson Hole and gold Although news on the likelihood of a Russia-Ukraine peace deal has influenced EU natural gas prices this week, we still think there are more important factors that will eventually drive prices lower... 22nd August 2025 · 4 mins read
Commodities Weekly Commodities Weekly: Spotlight on petrochems; Trump-Putin energy implications Calls to limit plastic production as part of the recently-collapsed UN treaty talks were always likely to run into a wall of opposition given the importance of petrochemical feedstocks as a source of... 15th August 2025 · 4 mins read
Commodities Update Weak Chinese LNG imports to loosen overall market Weak Chinese LNG demand has been a striking feature of the LNG market in 2025, and we suspect demand will remain soft into next year. Given China is the world’s largest buyer of LNG, weaker Chinese... 11th August 2025 · 3 mins read
Commodities Weekly Commodities Weekly: Trump tees up a fresh twist for the oil market OPEC+'s decision to raise output further in September and Trump's smaller-than-expected secondary tariff announcement on India added up to a bearish combination for oil prices, as they fell by just... 8th August 2025 · 4 mins read
India Economics Update Trump takes a jab at India and the oil market If the extra 25% tariff that President Trump has announced on imports from India remains in place, India’s attractiveness as an emerging manufacturing hub will be hugely undermined. Global oil prices... 6th August 2025 · 5 mins read
