Commodities Weekly

Supply uncertainties re-emerge as key driver of prices

For all the recent focus on soft demand dynamics, developments on the supply side have been the main driver of oil prices this week. Heightened uncertainty is driving pessimism among US oil producers...

26th September 2025 · 4 mins read

Africa Economic Outlook

Looser monetary policy, stronger growth

Growth across Sub-Saharan Africa is set to pick up over the next couple of years helped by a more stable macro environment, lower inflation and looser monetary policy, with many central banks set to...

26th September 2025 · 19 mins read

Commodities Outlook

Gold prices to buck the downbeat trend

The most acute geopolitical and tariff-related distortion in commodity markets has eased, leaving fundamentals more firmly in the driver’s seat going forward. While the Russia-Ukraine war still...

24th September 2025 · 23 mins read

Commodities Weekly

Fed rate cuts won’t be a major influence on commodity prices

From a commodity market perspective, the fact that the US Fed is now cutting rates again would usually, all else equal, be expected to boost prices. However, weak market fundamentals and the extent of...

19th September 2025 · 4 mins read

Middle East & North Africa Economic Outlook

Regional pick up, but divergence under the surface

The Middle East and North Africa is set to record its fastest GDP growth – outside of the post-pandemic recovery – in well over a decade over the course of 2026-27. Egypt and Morocco are emerging as...

18th September 2025 · 19 mins read

Commodities Focus

How vulnerable are EU natural gas supplies?

Although Europe’s natural gas supply is now more diverse than before the energy crisis, the fact that most of its gas is imported means it is still exposed to geopolitical and infrastructure-related...

18th September 2025 · 16 mins read

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