Emerging Europe Economics Update Oil output cuts explain only part of Russia’s slowdown Russia’s participation in the OPEC deal to cut oil output, which was rolled over last night, has so far had only a modest impact on the economy and can account for just 10% of the slowdown in annual... 1st December 2017 · 1 min read
OPEC Watch OPEC extends output cuts by another nine months As expected, OPEC announced yesterday that it, together with Russia and some other non-OPEC producers, would be extending the output cuts by nine months until the end of 2018, with the possibility of... 1st December 2017 · 1 min read
Energy Data Response US Weekly Petroleum Status Report A large fall in crude stocks will have cheered OPEC before its meeting tomorrow. However, the reduction in inventories was largely due to temporary disruption to imports. What’s more, rising oil... 29th November 2017 · 1 min read
Industrial Metals Update Sentiment towards metals diverges Sentiment towards metals has diverged since the start of 2017. While investors have remained firmly bullish on precious metals, they have turned more bearish on industrial metals even as prices have... 28th November 2017 · 1 min read
Energy Watch OPEC likely to extend output cuts The oil market is largely expecting OPEC to extend its production deal until the end of 2018 at its meeting at the end of November. This Energy Watch will look at some of the options available to the... 27th November 2017 · 1 min read
Metals Data Response China and India gold imports (Oct.) The latest trade data for India and China show that gold imports remained weak in October. We had always thought that demand in India would soften in the second half of the year as a result of the new... 27th November 2017 · 1 min read
Commodities Weekly Industrials on the march Commodity prices drifted a bit towards the end of the week as the US markets were closed for the Thanksgiving holiday. Otherwise, the prices of most of the industrial and energy commodities rose... 24th November 2017 · 1 min read
Energy Update Changes in UK tax will not affect oil prices Changes to the tax treatment of some North Sea oil and gas fields will no doubt be welcomed by the industry and could help to prevent production falling back over the next few years. However, we doubt... 23rd November 2017 · 1 min read
Commodities Watch Is sentiment towards grains and soybeans too bearish? The November crop estimates from the US Department of Agriculture (USDA) painted quite a bearish picture for grains and soybean prices. In this Commodities Watch, we discuss the latest changes to the... 23rd November 2017 · 1 min read
Energy Data Response US Weekly Petroleum Status Report Higher exports and the continued recovery in demand from refineries helped to drawdown stocks of crude oil last week. While we think that stocks will continue to fall, for the next few weeks at least... 22nd November 2017 · 1 min read
Metals Data Response Global Steel Production (Oct.) World Steel Association (WSA) data showed a 5.9% y/y increase in global steel production in October and a 5.3% rise in January-October, driven by growth in most of the largest steel-producing... 22nd November 2017 · 1 min read
Metals Data Response Global Aluminium Production (Oct.) The latest output data for October, released today, point to a tighter aluminium market. Whilst the planned closures in China could provide some support to prices over the coming months, growth in... 20th November 2017 · 1 min read
Industrial Metals Update Stocks suggest that demand is slowing Total exchange stocks of nearly all the metals have fallen since the start of the year, which goes some way to justifying the rally in prices. The exceptions are tin and copper inventories. However... 20th November 2017 · 1 min read
Industrial Metals Update Iron ore vulnerable even without steel output cuts Government-mandated steel production cuts in China this winter will exacerbate the decrease in demand for iron ore resulting from a weak construction sector and a slowdown in economic growth. As such... 17th November 2017 · 1 min read
Commodities Focus One year on: the impact of Trump on commodities markets The prices of many industrial commodities rallied in the wake of Donald Trump’s win in the US presidential election, buoyed by hopes of substantial fiscal stimulus and infrastructure spending. Market... 17th November 2017 · 1 min read
Industrial Metals Update China Industrial Metals Demand Monitor (Oct.) China’s October activity and investment data underpin our view that the economy started to slow in the second half of this year and point to softer growth in metals demand. 16th November 2017 · 1 min read
