Energy Chart Pack Equity markets led, oil prices followed Energy prices were volatile in February, buffeted by equity market gyrations and changing weather forecasts. Oil prices were particularly frothy, but still slumped on the month as US production... 2nd March 2018 · 1 min read
Commodities Update What will US tariffs mean for steel prices? President Trump’s announcement of tariffs on steel and aluminium imports was expected. But what is perhaps more surprising is that the tariffs are particularly punitive and threaten to ignite... 2nd March 2018 · 1 min read
Global Economics Update How big a deal are the US tariffs? Steel and aluminium account for about 2% of world trade, so the direct impact on the global economy of the tariffs President Trump announced yesterday would be minimal. But the fact that they are... 2nd March 2018 · 1 min read
Commodities Chart Pack Agriculturals bucked the trend Commodity prices fell sharply in the wake of the sell-off in global equity markets in late-January, but have recovered much of the lost ground. The key sub-sectors of the S&P GSCI are now close to... 1st March 2018 · 1 min read
Energy Data Response US Weekly Petroleum Status Report A rebound in net imports drove crude stocks higher last week. Admittedly, imports are volatile so this could be reversed this week. But US oil production also resumed its upward trend and demand for... 28th February 2018 · 1 min read
Energy Update Oil demand growth to remain strong in 2018 Global oil demand looks set to grow strongly again this year driven by accelerating economic growth in the US, Europe and India. However, a sharp slowdown in China’s economic growth will limit the... 27th February 2018 · 1 min read
Metals Data Response China and India Gold Imports (Jan.) The latest trade data for India and China were a mixed bag. On the one hand, China’s gold imports bounced back, pointing to strong demand ahead of the New Year holiday. On the other hand, India’s... 27th February 2018 · 1 min read
Metals Data Response Global Steel Production (Jan.) World Steel Association (WSA) data showed a 0.8% y/y increase in global steel production in January led by higher output in the EU, India and Turkey. US production remained weak, which is one reason... 26th February 2018 · 1 min read
Metals Data Response Global Aluminium Production (Jan.) Global aluminium output continued to grow strongly in January, led by increases in China and other Asian countries. With no apparent shortage of supply, we expect prices to ease back in 2018. 26th February 2018 · 1 min read
Commodities Weekly Sentiment sours in the metals markets The prices of most precious and industrial metals fell back this week in the wake of a small appreciation of the US dollar. The FOMC minutes, released on Wednesday, all but ensured another US rate... 23rd February 2018 · 1 min read
Industrial Metals Update Rising supply should boost stocks in 2018 Stocks of copper and aluminium have risen strongly since the start of 2018, but inventories of the other base metals have fallen. Supply was tight in the smaller markets last year, but it is now... 23rd February 2018 · 1 min read
Energy Watch Is the rally in coal prices burning out? Coal prices have fallen back a little since the start of this year as temperatures increased and supply picked up, but they remain high. This Energy Watch examines the outlook for demand and supply... 23rd February 2018 · 1 min read
Energy Data Response US Weekly Petroleum Status Report Inventories of crude oil slumped last week. However, this was mainly due to a drop in net imports which are notoriously volatile. As such, we think that stocks could rebound in the coming weeks, which... 22nd February 2018 · 1 min read
Commodities Update Is the fall in the Baltic Dry Index cause for concern? The recent slump in the Baltic Dry Index (BDI) may mean that demand for bulk commodities has softened, with negative implications for prices. But the relationship is far from straightforward. Indeed... 22nd February 2018 · 1 min read
Industrial Metals Update Investors become less positive on metals There are early signs that investor sentiment in the metals markets is deteriorating, although more so for industrial metals than precious. Some of the technical indicators that we monitor have... 22nd February 2018 · 1 min read
Commodities Update Commodities weather the equity storm Commodity prices fell in the wake of the late-January correction in equity indices. Some appreciation of the dollar also weighed on prices, although the dollar has since fallen back. That said, all... 21st February 2018 · 1 min read
