Commodities Weekly Taking stock, and looking ahead As 2025 draws to a close, our view that energy prices would fall has proved pleasingly accurate, with the price of Brent crude currently exactly in line with our long-standing forecast of $60pb and... 19th December 2025 · 4 mins read
Commodities Update Key Commodity themes to watch in 2026 Our latest Outlook outlines our commodity price forecasts over the coming years. This Update further highlights the key themes and the factors that will shape commodity market developments in 2026. 18th December 2025 · 4 mins read
Commodities Outlook Record-high metals prices to fall back in 2026 The outlook for oil is dominated by an abundance of supply, which will continue to weigh on prices over our forecast horizon. Meanwhile, although structural demand factors will keep gold and silver... 15th December 2025 · 22 mins read
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
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 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 Update A primer on AI and electricity demand While data centres will remain a small share of global electricity consumption, the uneven spread of their power demands means their influence on power markets will be felt much more acutely in... 28th October 2025 · 4 mins read
Commodities Update Faster EU Russian energy phase out won’t boost prices This report is an updated version of an Update originally sent on 20th October 2025. Given that the EU has already largely discontinued imports of Russian oil and pipeline natural gas, the... 20th October 2025 (Updated 3rd December 2025) · 4 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
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 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
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
