Energy Chart Pack Oil market counting on extension to OPEC output cuts After looking like they may have run out of steam in September, the rallies in coal and oil prices returned with a vengeance last month. Indeed, speculation about supply restrictions – by OPEC for the... 2nd November 2017 · 1 min read
Metals Chart Pack Nickel soars on positive outlook for electric vehicles The prices of most metals rose in October, despite some appreciation of the US dollar and somewhat softer economic data out of China. Optimism about future demand, notably associated with the electric... 2nd November 2017 · 1 min read
Energy Data Response US Weekly Petroleum Status Report The large drop in stocks of crude and gasoline last week would appear, at first glance, to be a further sign that the oil market is tightening. But much of the reduction in crude stocks was due to... 1st November 2017 · 1 min read
Commodities Chart Pack Commodities on a tear October was another strong month for the prices of industrial metals and oil as optimism about demand prevailed while prospects for supply deteriorated. We are more cautious, however. There are now... 1st November 2017 · 1 min read
Commodities Update Capacity cuts starting to be felt in China’s PMIs China’s official and unofficial manufacturing PMIs diverged again in October but they both paint a subdued picture of China’s activity. Somewhat ironically, lower commodity output is a key factor... 1st November 2017 · 1 min read
Energy Watch US natural gas set to burn brighter in 2018 The stability in US natural gas prices since early this year has led many market commentators to assume that prices will be stuck at current levels for the foreseeable future. This Energy Watch will... 31st October 2017 · 1 min read
Metals Watch Zinc to lose its zing in 2018 Since the start of 2016, zinc has doubled in price. A combination of mine closures (owing to depletion), production cuts and solid demand have been the key drivers of the rally. But speculative... 31st October 2017 · 1 min read
Commodities Outlook Commodities to consolidate in 2018 Commodity prices have risen in the second half of 2017, boosted by strong Chinese demand and, in some cases, heightened geopolitical risk. Looking ahead, we expect prices to drift lower over the... 30th October 2017 · 1 min read
Energy Update Price of Brent likely to slip back below $60 Growth in non-OPEC supply and lower geopolitical risks means that the price of Brent is unlikely to stay above $60 per barrel, even if OPEC extends its output cuts until the end of the year. 30th October 2017 · 1 min read
Middle East & North Africa Economics Update What does oil at $60pb mean for the Gulf? The rise in oil prices since the middle of the year could boost the Gulf’s oil export revenues by around $100bn, equal to 5% of regional GDP, on an annual basis. That would push current account... 30th October 2017 · 1 min read
Commodities Weekly Oil tops $60 The price of crude oil jumped this week and briefly breached $60 per barrel in afternoon trading on Friday on the back of optimism that OPEC will extend its output cuts to the end of 2018. In contrast... 27th October 2017 · 1 min read
Metals Data Response China and India gold imports (Sep.) The latest trade data for India and China show that imports remained subdued in September. We had always believed that demand in India would weaken in Q3 as a result of the new tax system but the... 26th October 2017 · 1 min read
Energy Data Response US Weekly Petroleum Status Report A rebound in production and a slight rise in net imports led to an increase in crude stocks last week. On the other hand, stocks of gasoline and distillates fell as demand picked up and net imports... 25th October 2017 · 1 min read
Energy Update Rise in coal imports likely to be temporary The rebound in China and India’s coal imports is likely to be short-lived as higher domestic production and slowing consumption growth reduce the need for imports. 25th October 2017 · 1 min read
Industrial Metals Update Pockets of strength and weakness in China’s imports There was no clear trend in China’s September metals import data. Indeed, in many cases, we think incoming shipments appeared at odds with the underlying trends in domestic demand and supply. High... 24th October 2017 · 1 min read
Metals Data Response Global Steel Production (Sep.) World Steel Association (WSA) data showed a 5.3% y/y increase in global steel production in January-September, with output rising in all the major producers except Japan. That said, global output was... 23rd October 2017 · 1 min read
