Energy Chart Pack A strong start to 2018 A number of temporary factors, including unusually cold winter weather and supply disruptions, gave a last-minute boost to the price of oil in 2017. Coal and LNG prices also benefitted from high... 4th January 2018 · 1 min read
Commodities Chart Pack Optimism fuels a late-year rally Commodity prices surged in December as the US dollar weakened. Looking at the sector breakdown, most sub-sectors of the S&P GSCI rose, led by industrial metals. Agriculturals were the only exception... 2nd January 2018 · 1 min read
Commodities Weekly 2017 ends on a positive note The prices of most commodities edged higher this week, bolstered by a weaker US dollar. There is now evidence that the government-mandated winter cuts in China have started to take their toll on... 21st December 2017 · 1 min read
Energy Data Response US Weekly Petroleum Status Report US crude stocks fell sharply again last week as refineries churned out more products and net imports dropped back. However, stocks of petroleum products are still rising meaning that some refineries... 20th December 2017 · 1 min read
Metals Data Response Global Steel Production (Nov.) World Steel Association (WSA) data showed a 3.7% y/y increase in global steel production in November and a 5.2% rise in the year-to-date with all major steel-producing countries recording increases... 20th December 2017 · 1 min read
Metals Data Response Global Aluminium Production (Nov.) The latest output data for November point to a tighter aluminium market. We had always expected this to happen as the planned closures in China began last month. However, growth in demand has also... 20th December 2017 · 1 min read
Energy Watch China’s slowing oil imports should weigh on prices Strong Chinese demand for oil this year has helped to rebalance the market. However, a slowing economy, an increasing focus on anti-pollution measures in major cities and a reduction in strategic... 19th December 2017 · 1 min read
Industrial Metals Update Lower stocks justify some of the strength in prices Total exchange stocks of most metals fell in 2017 on a combination of constrained supply and solid growth in China’s demand in the first half of the year. We expect stocks to build over the course of... 18th December 2017 · 1 min read
Commodities Weekly Metals return to the party It has been a good week for industrial metals, with prices rising on the back of data showing relatively stable industrial activity and solid growth in investment spending in China. The Fed’s rate... 15th December 2017 · 1 min read
Industrial Metals Update China Industrial Metals Demand Monitor (Nov.) China’s latest activity and investment data point to more subdued metals demand than earlier in the year. Despite curbs on supply, we still think prices are reflecting undue optimism about demand. 14th December 2017 · 1 min read
Precious Metals Update Gold shrugs off Fed rate hike Somewhat counterintuitively, the price of gold gained 1.6% following the Fed’s decision to hike US interest rates for the third time this year and the fifth time in this tightening cycle. The lack of... 14th December 2017 · 1 min read
Commodities Update Commodities come off the boil Commodity indices took a tumble at the start of December, coinciding with a slight appreciation of the US dollar. The downturn in commodity prices over the month was broad-based, with falls in all the... 14th December 2017 · 1 min read
Commodities Update More of the same in the December WASDE There were no major surprises in the latest set of estimates published by the US Department of Agriculture (USDA). Projected 2017/18 ending stocks for the grains and soybeans were raised further... 13th December 2017 · 1 min read
Energy Data Response US Weekly Petroleum Status Report US crude stocks fell sharply again last week. However, surging US production could potentially push the global oil market back into a surplus next year. What’s more, stocks of petroleum products are... 13th December 2017 · 1 min read
OPEC Watch OPEC Monthly Oil Market Report (Dec.) Today’s report showed that OPEC’s production fell again last month. However, the group also increased its expectations of non-OPEC supply growth. We think that the cartel is still being too optimistic... 13th December 2017 · 1 min read
Commodities Watch Are macro-economic factors positive for agriculturals? The weather is arguably the main determinant of agricultural commodity prices. However, there are other factors that influence prices, including the oil price, the US dollar, global growth prospects... 12th December 2017 · 1 min read