Commodities Weekly

Commodities Weekly: Trump starts with a bang; EU gas higher for longer?

President Trump hit the ground running by declaring a National Energy Emergency and outlining his desire for lower oil prices. Whilst Trump has put the focus on ramping up oil supply to bring oil...

24th January 2025 · 4 mins read

Commodities Focus

What to make of Trump’s National Energy Emergency?

The declaration of a National Energy Emergency underlines President Trump’s aspiration to extend the US’s dominance in global energy markets, and his willingness to use the US’s clout as leverage will...

23rd January 2025 · 17 mins read

Commodities Weekly

Commodities Weekly: Commodities caught in the geopolitical crossfire

As the ramp-up in US sanctions against Russia's energy sector has demonstrated, commodities are increasingly being caught in the crossfire of broader geopolitical machinations and tariff policy. The...

17th January 2025 · 4 mins read

Commodities Update

Sanctions boost oil prices, but impact will fade away

The recent ramp-up in US sanctions on Russia’s oil supply chain has tightened the global oil market and may keep prices higher in the near term. But we still expect greater OPEC+ supply and weak...

14th January 2025 · 3 mins read

Commodities Update

Assessing the risks to energy prices

While upside risks to energy prices have garnered plenty of attention in recent months, there are several downside risks that are worth noting. Although we would characterise the downside risks –...

9th January 2025 · 4 mins read

Commodities Chart Pack

Commodities Chart Pack (Jan. 2025)

The improvement in activity growth in China has been one reason for more bullish sentiment in the oil market around the turn of the year. However, the stimulus-fuelled cyclical upturn in China’s...

8th January 2025 · 0 mins read

Commodities Update

Russia-Ukraine gas transit stop is not a game changer

The termination of European imports of pipeline natural gas from Russia via Ukraine will only increase the EU’s dependence on imports of LNG and ensure that energy prices there remain much higher than...

2nd January 2025 · 4 mins read

Commodities Update

China’s appetite for gold will support prices in 2025

Given the deterioration in the outlook for Chinese equities and the prospect of a markedly weaker renminbi, China’s demand for gold in 2025 will be stronger than we had previously expected. In turn...

17th December 2024 · 3 mins read

Commodities Outlook

Weak market fundamentals; geopolitics the wildcard

Most energy and industrial metals prices will fall in 2025 as structural headwinds to demand build and supply rises. Geopolitical developments remain a key uncertainty and it is easy to think of...

13th December 2024 · 23 mins read

Commodities Weekly

China policy support is not enough to lift prices

Despite announcements of stronger policy support from China, we do not think these will be enough to lift commodity prices amid growing structural headwinds to demand. With oil demand likely to...

13th December 2024 · 4 mins read

Commodities Focus

Europe waiting for LNG to flow

The price of natural gas in Europe was thrust into the spotlight during Europe’s energy crisis and remains a key political and industrial pressure point. In short, we expect natural gas prices in the...

10th December 2024 · 12 mins read

Commodities Chart Pack

Commodities Chart Pack (Dec. 24)

While Trump's plans to implement tariffs on Canada and Mexico and to raise energy production by 3mn barrels of oil equivalent per day have grabbed headlines, we're doubtful that either will have a...

10th December 2024 · 0 mins read

Commodities Weekly

OPEC+ delay won’t prevent oil price falls

The decision by OPEC+ to delay unwinding some of its oil production cuts until April 2025 appears to have provided food for thought to both oil bulls and bears. However, although the announced plans...

6th December 2024 · 5 mins read

Commodities Update

OPEC+ remains in can-kicking mode

While today’s decision by OPEC+ to delay the unwinding of some of its oil production cuts until April 2025 buys the group some time, the backdrop of weak global oil demand means that it could easily...

5th December 2024 · 3 mins read

Commodities Update

The geopolitics that will shape energy markets in 2025

While energy market fundamentals point to oil prices falling a bit further and prices of European natural gas and Asian LNG remaining higher than before the Russia-Ukraine war, the uncertain...

3rd December 2024 · 5 mins read