Energy Data Response US Weekly Petroleum Status Report Refinery shutdowns due to Hurricane Harvey caused a surge in crude oil stocks but a slump in gasoline inventories last week. Stocks are likely to be exceptionally volatile over the next month. 7th September 2017 · 1 min read
Metals Data Response South Africa’s Mine Production (Jul.) The weak July data for South Africa’s PGM mine output add to evidence that the market is tightening. We expect output to remain soft in the remainder of the year. 7th September 2017 · 1 min read
Energy Update Hurricane Harvey to depress US oil demand Hurricanes Harvey and Irma are likely to have a larger negative impact on US oil demand than on oil production over the next few months, which could delay market rebalancing. 6th September 2017 · 1 min read
Energy Chart Pack Chinese growth pushes up energy commodities The strength of the Chinese economy supported the prices of many energy commodities last month. Imports of oil, coal and LNG remained high and domestic consumption appeared to be strong. However, we... 5th September 2017 · 1 min read
Industrial Metals Update Still cautious on copper … A combination of investor optimism about future demand, the depreciation of the dollar and disruptions to mine supply have been the key drivers of this year’s rally in the price of copper. But, in our... 5th September 2017 · 1 min read
Metals Chart Pack Metals on a tear, for now The prices of most metals rose in the last month. (See Chart.) Robust Chinese economic data boosted investor sentiment towards industrial metals. However, in many cases, we fear that underlying demand... 4th September 2017 · 1 min read
Commodities Weekly China data support metals rally The prices of most commodities rose this week. Another set of strong manufacturing PMIs in China supported industrial metals prices whilst a flare-up in tensions between the US and North Korea boosted... 1st September 2017 · 1 min read
Commodities Chart Pack Trump and China boost metals prices Hurricane Harvey severly disrupted oil production, refining and trade in the US at the end of August. The US government was even forced to release crude supplies from its strategic reserve. Meanwhile... 1st September 2017 · 1 min read
Commodities Update China’s PMIs point to strong industrial output in August While stronger manufacturing PMI readings imply an acceleration in industrial activity in August, we don’t think that the upturn will be sustained given the increasing headwinds from policy tightening... 1st September 2017 · 1 min read
Precious Metals Update Gold to benefit from high geopolitical risks Elevated geopolitical risks and expectations that the Fed will only raise interest rates slightly this year and next have buoyed the price of gold. While we have revised up our end-2017 forecast to... 31st August 2017 · 1 min read
Energy Data Response US Weekly Petroleum Status Report A sharp drop in imports and jump in demand from refineries helped to drain stocks last week. But the market’s focus remains on the impact of Hurricane Harvey. 30th August 2017 · 1 min read
Energy Update Brent-WTI spread likely to narrow Higher crude exports, falling stocks and the return of refineries shuttered by Hurricane Harvey should all help to boost WTI prices and narrow the Brent-WTI spread over the rest of the year. 29th August 2017 · 1 min read
Commodities Weekly Metals on a roll The prices of most commodities – notably industrial metals – rose this week. While fundamentals have been supportive, we think that the most recent rallies in prices have been exaggerated by... 25th August 2017 · 1 min read
Metals Data Response Global Steel Production (Jul.) World Steel Association (WSA) data showed a 4.6% y/y rise in global steel production in January-July, with output rising in all major producers bar Japan. 24th August 2017 · 1 min read
Metals Data Response China and India gold imports (Jul.) The latest trade data for India and China show that gold imports started Q3 on a soft note. We think that demand will continue to weaken in the remainder of the year as slower growth in China and a... 24th August 2017 · 1 min read
Industrial Metals Update Investors exaggerate move in metals prices Whilst fundamentals have played a role in the most recent rallies in industrial metals, we think that speculative activity has exacerbated the move up in prices. In some cases – notably copper –... 24th August 2017 · 1 min read
