Commodities Weekly EU gas and carbon price rallies are on borrowed time The 12% rise in European natural gas prices this week bucked the trend of sharp falls in oil and precious metal prices. Nonetheless, with European gas demand set to stay subdued, and copious supplies... 24th May 2024 · 5 mins read
Commodities Weekly OPEC sticks to its bullish oil demand forecast The second consecutive monthly reduction in the International Energy Agency’s (IEA) 2024 oil demand growth forecast this week further widened the wedge between the IEA’s and OPEC’s near-term outlooks... 17th May 2024 · 5 mins read
Commodities Weekly OPEC+ to roll-over?; China commodity imports up With less than a month to go until OPEC+ meets to decide upon its next policy move, rumours are heating up as to what its move will be. Last week, anonymous OPEC+ sources suggested that the 2.2... 10th May 2024 · 7 mins read
Commodities Weekly Oil prices crumple; natural gas volatility to remain The 6% fall in the price of Brent oil this week, to around $84 per barrel at the time of writing, was at least partly driven by receding fears that an escalation of hostilities in the Middle East... 3rd May 2024 · 6 mins read
Commodities Weekly Metals prices: a genuine breakout or overoptimism? In a mixed week for commodity prices, copper topped $10,000 per tonne for the first time since April 2022. This is the latest in what has been a rip-roaring start to the year for non-ferrous... 26th April 2024 · 4 mins read
Commodities Weekly Rising risks to energy supply, but not time to overreact In a week that started with Iran’s drone and missile attack on Israel and which ended with Israel’s retaliatory strike on Iran, it is somewhat surprising that the price of Brent crude fell. After all... 19th April 2024 · 5 mins read
Commodities Weekly Precious metals rise again; gas markets unstable The stronger-than-expected US CPI data for March may have sent the dollar and Treasury yields higher but commodity prices largely shrugged off the news. Indeed, precious metals rose strongly this week... 12th April 2024 · 6 mins read
Commodities Weekly Don’t read too much into rising gold and oil prices The prices of oil and gold have surged since the start of the year. However, we do not think that the co-movement is necessarily linked. Admittedly, tensions in the Middle East are a common upward... 5th April 2024 · 5 mins read
Commodities Weekly Baltimore tragedy not a major issue for energy flows The collapse of the Francis Scott Key bridge in Baltimore this week is unlikely to have a large impact on global energy flows. For oil, flows of crude and refined products to or from Baltimore are... 28th March 2024 · 5 mins read
Commodities Weekly Strikes on Russia’s refineries raise oil price risks Further attacks by Ukraine on Russia’s oil refining sector were the major driver of crude prices this week with the price of Brent remaining firmly above $85 per barrel. Reports that the US had urged... 22nd March 2024 · 5 mins read
Commodities Weekly The copper supply squeeze begins to bite It was generally a strong week for commodity prices despite the US dollar nudging higher. Oil prices rose by ~3% after the IEA revised its forecasts towards a tighter oil market and following the... 15th March 2024 · 4 mins read
Commodities Weekly Gold goes for gold and breaks record The rally in the spot price of gold this week to a new record high of over $2,170 per ounce was the result of several financial and macro drivers that should generally keep prices elevated over 2024... 8th March 2024 · 6 mins read
Commodities Weekly OPEC+ conundrum; Indonesia’s nickel dominance We think OPEC+ members will opt for a short 1-3 month extension in their upcoming decision on whether to extend their voluntary production cuts, as lost market share will be a concern for members... 1st March 2024 · 5 mins read
Commodities Weekly Falls in prices starting to hit supply The prices of a number of individual commodities benefitted this week from producers announcing cuts to supply. Lower supply growth is one of the factors supporting our forecast of modest gains in US... 23rd February 2024 · 4 mins read
Commodities Weekly Natural gas and grains prices give way The plunge in natural gas prices breathed some life into what was otherwise a relatively quiet week in commodity markets. Prices have fallen heavily in most major gas markets as stocks remain high for... 16th February 2024 · 6 mins read
Commodities Weekly Cocoa prices could be close to a melting point The price of cocoa was the star performer this week in commodity markets, rising by 16% on the week. The price has risen by 40% since the start of this year, on the back of consistently poor harvests... 9th February 2024 · 5 mins read