Commodities Update China’s May PMIs suggest solid economic growth China’s unofficial and official manufacturing PMIs for May point to a firm economic performance and are broadly consistent with the gains in industrial metals and coal prices last month. However, we... 1st June 2018 · 1 min read
Energy Data Response US Weekly Petroleum Status Report Inventories of crude oil fell last week due to a dip in net imports and strong demand from refineries. But the pick-up in crude production is more than sufficient to meet the increase in demand, which... 31st May 2018 · 1 min read
Industrial Metals Update Nickel unlikely to hold on to price gains Tighter supply and strong demand have led to a rapid drawdown of nickel exchange stocks and given a lift to prices. But with supply starting to pick up and more subdued demand growth, we expect the... 31st May 2018 · 1 min read
Metals Watch Rally in US steel prices to prove self-defeating President Trump’s decision to impose a 25% tariff on US steel imports has sent the price of US hot-rolled coiled steel skyrocketing. But how sustainable is the rally in prices? In this Metals Watch we... 31st May 2018 · 1 min read
Energy Update Waning demand for coal to weigh on prices Warmer weather, slower economic growth in China and the rise in renewable and natural gas-fired power generation should help to reverse the recent jump in demand for coal and reduce prices over the... 30th May 2018 · 1 min read
UK Economics Update Rising oil prices won’t prevent a consumer recovery Fears that the recent rise in oil prices will severely dampen consumer spending are probably somewhat overdone. Indeed, even if oil prices remain at current levels, higher inflation would eat into... 29th May 2018 · 1 min read
US Economics Weekly Will rising oil prices hold the economy back? The rally in crude oil prices in recent months ought to be a negative for a net oil importer like the US, but we don’t expect the increase, up to now at least, to prevent an acceleration in GDP growth... 25th May 2018 · 1 min read
Commodities Weekly Oil takes a tumble Agricultural commodities were some of the star performers this week as a truckers’ strike in Brazil raised concerns about supply. In contrast, metals prices struggled, as the trade talks between China... 25th May 2018 · 1 min read
Metals Data Response Global Steel Production (Apr.) World Steel Association (WSA) data showed a 4.1% y/y increase in global steel production in April, driven by higher output in China, India, the EU and the US. We expect this trend to continue over the... 25th May 2018 · 1 min read
Energy Watch Will OPEC raise output? The next OPEC meeting on 22nd June will probably decide the direction of oil prices over the rest of the year. This Energy Watch will examine how OPEC is progressing towards the aims it set out when... 25th May 2018 · 1 min read
Industrial Metals Update Investors become less positive on metals Investor sentiment in the metals markets has deteriorated since the start of 2018, although more so for precious metals than industrial. Some of the technical indicators that we monitor have recently... 25th May 2018 · 1 min read
Asia Economics Weekly What does the latest spike in oil prices mean for Asia? The recent jump in oil prices will act as a headwind to economic activity across the region, with the drag on growth likely to be biggest in Thailand, Taiwan and Korea. However, with monetary and... 25th May 2018 · 1 min read
Commodities Watch Does the oil price determine other commodity prices? The price of oil has soared since mid-February. In this Commodities Watch, we will discuss whether the rise in oil prices has positive implications for the prices of other commodities. 24th May 2018 · 1 min read
Energy Data Response US Weekly Petroleum Status Report Inventories of crude oil rose last week as net imports jumped despite a widening of the Brent-WTI spread. The spread is likely to remain wide over the next few months as surging output and logistical... 23rd May 2018 · 1 min read
Energy Update High oil prices threaten demand growth We expect global oil consumption to rise steadily this year on the back of strong economic growth. However, if oil prices remain around their current levels or rise further, consumption growth could... 22nd May 2018 · 1 min read
Metals Data Response Global Aluminium Production (Apr.) Global aluminium output fell slightly in April. This was largely the result of lower production in North America, where temporary disruptions weighed on supply, and Western Europe. We expect growth in... 21st May 2018 · 1 min read