Commodities Update Oil leads the pack Commodity indices have surged over the last month, driven by higher oil prices. This has led to a break in the usually close inverse relationship with the US dollar. The energy sub-index was the best... 15th November 2017 · 1 min read
Energy Data Response US Weekly Petroleum Status Report Rising production and imports caused a build in crude inventories last week, but a fall in consumption of oil products will add to concerns about a slowdown in demand, which could weigh on prices. 15th November 2017 · 1 min read
OPEC Watch OPEC appears optimistic about oil market rebalancing Lower OPEC output and brighter prospects for demand mean that the group is likely to be relatively cheerful at its meeting at the end of the month. However, unless the group reduces its production... 13th November 2017 · 1 min read
Emerging Markets Economics Update What does the latest spike in oil prices mean for EMs? The jump in oil prices over the past couple of weeks doesn’t radically alter the outlook for EMs. However, if sustained, it could exacerbate concerns we already have about some parts of the emerging... 13th November 2017 · 1 min read
Commodities Weekly Political risks boost oil prices The price of oil jumped this week on rising tensions in the Middle East, which also lent some support to the gold price. In contrast, the prices of industrial metals fell, after strong gains a week... 10th November 2017 · 1 min read
UK Economics Weekly Higher oil prices not a major threat to the inflation outlook As a result of the rise in oil prices in recent weeks, CPI inflation will certainly be a bit higher than we had previously anticipated in the near term. This suggests that it won’t be long before the... 10th November 2017 · 1 min read
Precious Metals Update PGM prices got ahead of themselves After years of oversupply, there are now clear signs that the PGM market is tightening. Falling mine supply should help the market to rebalance, but a higher rate of recycling could put a cap on... 10th November 2017 · 1 min read
Global Markets Update How big a deal are oil prices for the MSCI EM Index? The recent increase in the price of oil has added further fuel to the rally in emerging market (EM) equities. Although we think that some of this support will unwind as oil prices slip back, we still... 10th November 2017 · 1 min read
Precious Metals Update Q3 2017 World Gold Council Demand Trends Global gold demand fell in Q3 to the lowest level in 8 years, continuing the downward trend so far in 2017. Weak jewellery demand and stalling ETF inflows were the main factors behind the decline... 9th November 2017 · 1 min read
Energy Update OPEC unlikely to reach stocks target Even if OPEC extends its output cuts until the end of next year, stocks are still likely to exceed their fiveyear average, which should put some downward pressure on oil prices next year. 9th November 2017 · 1 min read
Commodities Watch High stocks remain a problem for cotton After a strong start to the year, the price of cotton has drifted lower since. In this Commodities Watch, we will discuss the main drivers of the cotton market and how they will affect prices in 2018... 8th November 2017 · 1 min read
Energy Data Response US Weekly Petroleum Status Report A sharp rise in US demand for products is in line with other indicators showing a pick-up in consumption recently. But record levels of oil production will delay the wider oil market rebalancing. 8th November 2017 · 1 min read
Commodities Update China’s commodity imports slump China’s commodity import volumes plummeted in October. While a shift in the timing of the MidAutumn Festival explains much of the decline, we think that there are now clear signs that domestic demand... 8th November 2017 · 1 min read
Energy Update Latest jump in oil prices looks unsustainable Oil prices jumped in recent days on the back of rising geopolitical tensions in the Middle East but, assuming that a direct conflict between Saudi Arabia and Iran is avoided, the fundamentals suggest... 7th November 2017 · 1 min read
Industrial Metals Update Too soon to get excited about nickel The medium-term outlook for nickel demand has improved given that electric vehicles are likely to have a high nickel content. But, for now, the market is more than comfortably supplied. 6th November 2017 · 1 min read
Precious Metals Update Gold price overvalued according to most indicators Elevated geopolitical risks and dovish market expectations for Fed tightening have supported the price of gold this year. While we have revised up our end-2017 and end-2018 forecasts, we still expect... 3rd November 2017 · 1 min read
