Energy Update Oil supply fears allayed for now The last-minute waivers on US sanctions granted to eight of Iran’s largest customers suggest supply in the oil market should be more than ample, underpinning our forecast of a further fall in oil... 7th November 2018 · 1 min read
Energy Data Response US Weekly Petroleum Status Report US crude stocks increased, boosted by an unexpectedly large jump in US oil output and a small rise in net-imports of crude. Meanwhile, gasoline stocks edged lower. The latest data are consistent with... 7th November 2018 · 1 min read
Metals Chart Pack Precious outperform base After strong gains in September, most base metals prices fell in the past month, as global growth concerns made investors more risk averse. Against this backdrop, precious metals generally gained... 6th November 2018 · 1 min read
Energy Chart Pack Oil slumps as supply fears fade Oil prices plummeted in October on the back of clear signs of a pick-up in supply, rising US crude stocks and concerns about slower global growth. US sanctions on Iran’s oil may bolster prices in the... 2nd November 2018 · 1 min read
Commodities Weekly All eyes turn to the US The US is set to take centre stage next week as it re-imposes sanctions on Iran’s oil on Monday. While this may spark bargain hunting, after this week’s slump in prices, any relief rally should be... 2nd November 2018 · 1 min read
Precious Metals Update Q3 2018 World Gold Council Demand Trends After a lacklustre first half of the year, global gold demand rose in Q3, albeit marginally. We think that consumer demand may well remain soft in Q4, but the upturn in ETF holdings in October could... 1st November 2018 · 1 min read
Commodities Chart Pack Sugar on a real high, but oil prices slump Commodity prices, including oil, fell on concerns about softer economic growth and some appreciation of the US dollar. We expect a weaker demand outlook to continue to weigh on the prices of the more... 1st November 2018 · 1 min read
Middle East & North Africa Economics Weekly Saudi loosens fiscal policy, Tunisia reforms face delay Data released this week confirmed that higher oil prices have prompted Saudi Arabia’s government to loosen fiscal policy further and we expect this to continue over the next few quarters, boosting... 1st November 2018 · 1 min read
Commodities Update China PMIs point to weak commodities demand The latest survey data out of China paint a subdued picture of economic growth and offer little support to the prices of industrial and energy commodities. What’s more, any policy stimulus to boost... 1st November 2018 · 1 min read
Industrial Metals Update Stocks to rise in 2019 Total exchange stocks for most industrial metals have declined year-to-date with cancelled warrants up in most cases, which implies strong demand. The major exception is tin. In 2019, we expect a... 31st October 2018 · 1 min read
Energy Data Response US Weekly Petroleum Status Report Crude stocks rose for a sixth consecutive week boosted by higher US oil output and another release from the SPR. That said, product stocks fell sharply but we think this has more to do with subdued... 31st October 2018 · 1 min read
Industrial Metals Update Lead and aluminium differentials shouldn’t last The price of aluminium in Shanghai has been appreciably lower than on the LME for much of this year, while the reverse has been true for lead prices. Neither is sustainable and we think that global... 30th October 2018 · 1 min read
Commodities Weekly Commodities caught up in market jitters Concerns about the outlook for demand, amid sharp declines in global equity prices, are weighing on the prices of most commodities. Even the oil market, which has been focussed on supply issues for... 26th October 2018 · 1 min read
Metals Outlook Precious metals to outshine industrials in 2019 An economic slowdown in China and less severe cuts to Chinese capacity should lead to lower industrial metals prices over the next year. In contrast, precious metals prices should gain from safe-haven... 26th October 2018 · 1 min read
Energy Outlook Softer demand to weigh on oil and coal Oil and coal prices look set to ease back over the next year as slower global economic activity constrains demand. At the same time, recent high prices have been incentivising supply. In contrast... 25th October 2018 · 1 min read
Middle East & North Africa Economics Weekly Saudi markets not out of the woods, oil prices drop The rally in Saudi Arabia’s stock market today has partially reversed the losses suffered since Jamal Khashoggi’s disappearance hit the headlines. But the threat of sanctions, coupled with falling oil... 25th October 2018 · 1 min read
