Energy Data Response US Weekly Petroleum Status Report Inventories of crude oil fell back last week as refinery demand remained strong and net imports dropped back. However, the rise in gasoline and product stocks does point to weaker consumer demand... 22nd August 2018 · 1 min read
Energy Update SPR could cushion loss of oil from Iran The sale of crude oil from the US Strategic Petroleum Reserve (SPR), announced yesterday, is not large enough to have a significant impact on global oil prices. That said, given the hefty size of the... 21st August 2018 · 1 min read
Metals Data Response Global Aluminium Production (Jul.) Global aluminium output was up by nearly 3% y/y in July, owing to higher production in China and India. We had warned that this could happen as the prospect of China’s anti-pollution winter cuts and... 20th August 2018 · 1 min read
Middle East & North Africa Chart Pack Gulf boosted by higher oil output Oil production figures for July, the first that should capture the impact of revisions to the OPEC deal in June, support our view that growth in the Gulf will strengthen in the coming quarters. Oil... 20th August 2018 · 1 min read
Commodities Weekly No reprieve in sight There was no respite for commodities prices this week. Industrial commodities took their cues from the downbeat China activity data which fuelled concerns about demand. At the same time, a stronger... 17th August 2018 · 1 min read
Canada Economics Weekly Falls in commodity prices highlight external risks The declines in commodity prices this week following the crisis in Turkey highlighted the connections that make Canada more vulnerable than many advanced economies to developments elsewhere in the... 17th August 2018 · 1 min read
Industrial Metals Update Has copper further to fall? While investor sentiment is likely to remain the main driver of copper prices this year, we expect declining supply and growing demand from the green energy sector to give a boost to prices in 2019... 16th August 2018 · 1 min read
Commodities Update Dollar is still a key driver of commodity prices After breaking down in April and May, the relationship between the dollar and commodity prices seems to have re-established itself. Given our view that the dollar will remain strong into 2019... 16th August 2018 · 1 min read
Middle East & North Africa Economics Weekly Pressure on Egypt’s pound? Egyptian dollar bonds have performed particularly poorly this week, suggesting that the recent turmoil in EM financial markets exacerbated the slowdown in capital inflows to the country that was... 16th August 2018 · 1 min read
Energy Data Response US Weekly Petroleum Status Report Inventories of crude oil jumped last week due to a surge in net imports, despite record demand from refineries. Even though consumption is strong at the minute, we expect a slowdown in US economic... 15th August 2018 · 1 min read
Precious Metals Update Gold bugs hold tight, brighter times ahead Given our view that the dollar will remain strong into 2019 and that growth in jewellery demand will continue to soften, we have recently revised down our end-2018 forecast for the price of gold. That... 15th August 2018 · 1 min read
OPEC Watch OPEC Monthly Oil Market Report (July) The latest data show that Saudi Arabia still has plenty of room to increase production if it needed to offset falls in Iran and Venezuela. As such, the group’s production should continue to rise, at... 13th August 2018 · 1 min read
Commodities Watch Slower growth in China to constrain demand As a major consumer of commodities, any slowdown in China’s economy has negative implications for global commodities demand and prices. That said, the impact is actually likely to be quite nuanced... 10th August 2018 · 1 min read
Commodities Weekly Supply concerns lift the prices of some commodities Despite generally bearish investor sentiment, the prices of a number of commodities rose this week. In particular, the price of aluminium jumped on plant closures in Australia and persistent concerns... 10th August 2018 · 1 min read
India Economics Weekly Import duty hikes, monsoon update Recent hikes to import duties on various textiles products appear to be an attempt by Prime Minister Modi and the BJP to shore up popular support ahead of the general election in early 2019. But while... 10th August 2018 · 1 min read
Precious Metals Update Gold to remain under pressure in 2018 A preference for the US dollar as a safe haven has weighed on gold prices over the past few months. Given our view that the dollar will remain strong into 2019 and that growth in jewellery demand will... 9th August 2018 · 1 min read
