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

Commodities Weekly

US natural gas prices to stay low in 2024

We have revised down our forecast for US natural gas prices this year, as the outlook for domestic supply has improved. Note: Join our special online briefing on Middle East conflict, shipping...

2nd February 2024 · 4 mins read

Commodities Weekly

China metals demand; EU weighing Russia metals ban

It was generally a positive week for commodity prices and particularly for industrial metals prices. All major industrial metals finished the week higher, seemingly due to some improvement in risk...

26th January 2024 · 4 mins read

Commodities Weekly

LNG frozen out of Red Sea, but gas prices to fall further

Natural gas prices fell sharply this week, despite Qatar's decision to avoid sending LNG tankers through the Red Sea. We think the relative calm in the natural gas market reflects the fact that gas...

19th January 2024 · 4 mins read

Commodities Weekly

Middle East tensions to keep a floor under oil prices

The Middle East continued to be the focus of commodity markets, although most prices ended the week either flat or lower. That said, the escalation of Houthi attacks on shipping and subsequent...

12th January 2024 · 4 mins read

Commodities Weekly

Industrial metals price weakness rolls over into 2024

This week was a mixed bag for commodities. As tensions in the Middle East continued to rise, oil prices edged up despite an increase in US petroleum product stocks pointing to sluggish demand...

5th January 2024 · 4 mins read

Commodities Weekly

Commodities wrapped; shipping chaos; OPEC frictions

While the robusta price had the largest gain this week (~11%) due to ongoing drought and dry conditions in Vietnam and Brazil, the rebound in oil prices captured most of the attention, as this was...

22nd December 2023 · 5 mins read