Energy Data Response US Weekly Petroleum Status Report US commercial crude stocks fell for the eighth week in a row, and domestic production is now showing signs of life. This may add to the pressure on OPEC+ to relax output cuts more quickly and avoid a... 14th July 2021 · 2 mins read
Commodities China’s industrial metals imports to weaken further China’s imports of most industrial commodities continued to fall in June. We expect import volumes of near all commodities, but especially the industrial metals, to ease further in the months ahead as... 13th July 2021 · 2 mins read
Commodities Waiting for the next OPEC+ move 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+... 9th July 2021 · 6 mins read
Energy Data Response US Weekly Petroleum Status Report US crude stocks continued to plummet, and gasoline demand shot up ahead of the Independence Day holiday. We expect US product demand to remain strong in the coming weeks as travel activity picks up in... 8th July 2021 · 2 mins read
Middle East & North Africa Economics Weekly OPEC+ fallout, Oman and the IMF, vaccines in Egypt The failure of OPEC+ to reach an agreement over new output quotas has raised the likelihood that the deal collapses and the Gulf states ramp up production. Elsewhere, Oman has asked for IMF assistance... 8th July 2021 · 6 mins read
Commodities Update OPEC impasse: what next? The failure of OPEC+ to agree to new production quotas has created considerable uncertainty about the group’s oil production going forward. In this Update, we lay out three possible scenarios for OPEC... 6th July 2021 · 3 mins read
Commodities Weekly Oil to outperform in Q3 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... 2nd July 2021 · 6 mins read
Global Markets Update Oil prices, inflation compensation and Treasury yields Although oil prices and inflation compensation have historically moved in lockstep, we don’t think our projection that oil prices will fall over the next couple of years is inconsistent with our... 2nd July 2021 · 4 mins read
Africa Economics Weekly Nigeria’s oil reform, Angola’s debt, SA restrictions Nigeria’s long-awaited Petroleum Industry Bill is on the verge of making into law, but it probably comes too late to propel a marked turnaround in the oil sector and will not resolve many other issues... 2nd July 2021 · 5 mins read
Energy Data Response US Weekly Petroleum Status Report US crude stocks fell for the sixth consecutive week amid the ongoing rebound in product demand as the virus-related restrictions continue to be lifted. That said, if OPEC+ decide to gradually raise... 30th June 2021 · 2 mins read
Asset Allocation Update What might a fall in oil prices mean for rotation? While the drop back in oil prices which we forecast would probably mean an end to the recent outperformance of the energy sector, we doubt it would halt several other features of the rotation trade. 30th June 2021 · 3 mins read
Japan Economics Focus Transition to carbon neutral 2050 wouldn’t harm growth Achieving net zero emissions in Japan in three decades is a difficult but achievable task. And while the most carbon-intensive sectors may face significant headwinds, overall we agree with PM Suga... 29th June 2021 · 30 mins read
Middle East & North Africa Economics Update Saudi recovery gathering pace Saudi Arabia’s economic recovery seems to have got back on track in Q2 and, as virus restrictions are eased further and oil production cuts are scaled back, a strong second half of the year lies in... 29th June 2021 · 2 mins read
Energy Update Rising production to take the sizzle out of Henry Hub Strong industrial demand and constrained domestic supply will support US natural gas prices throughout the remainder of this year. However, we expect that the average price will fall in 2022 in large... 28th June 2021 · 2 mins read
Commodities Weekly Rebound in prices likely to be short-lived 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... 25th June 2021 · 6 mins read
Energy Data Response US Weekly Petroleum Status Report US commercial crude stocks declined again last week. However, with both implied demand for most products and refinery activity close to pre-pandemic levels, we think the pace of draws will stabilise. 23rd June 2021 · 2 mins read
