Industrial Metals Update China Industrial Metals Demand Monitor (Apr.) China’s activity and investment data for April showed clear signs of a slowdown. Given steadily tightening monetary conditions and less fiscal stimulus, we expect activity to slow further which will... 18th May 2017 · 1 min read
Energy Data Response US Weekly Petroleum Status Report US crude oil stocks fell for the sixth consecutive week as demand from refineries picked up. Inventories of gasoline and diesel also fell, despite demand remaining weak. 17th May 2017 · 1 min read
Commodities Update Commodities lose their mojo It has been a torrid few weeks in global commodity markets, for the most part characterised by investor selling. Signs that China’s economy slowed abruptly in April weighed on the prices of most of... 16th May 2017 · 1 min read
Global Economics Update Quick thoughts on the OPEC extension Oil prices jumped today following the announcement by Saudi Arabia and Russia that they favour extending the current production cuts until March 2018. Although this is not a game-changer for the oil... 15th May 2017 · 1 min read
Energy Update Longer OPEC production cuts to boost oil prices An extension of OPEC’s output cuts until the end of March 2018 should be more than enough to bring stocks down to their five-year average and push prices up, even if US output continues to pick up and... 15th May 2017 · 1 min read
Metals Focus Platinum: Short-term pain, Long-term gain Given our outlook for US monetary policy this year and next, we expect the weakness in the price of platinum to persist through most of 2017-18. However, further ahead, we think that platinum will... 15th May 2017 · 1 min read
Commodities Weekly Commodities shrug off this week’s news Commodity prices traded in a relatively narrow range this week, despite M. Macron’s decisive win in the French Presidential election, weak commodity trade data out of China, a drop in US oil stocks... 12th May 2017 · 1 min read
Energy Update How will the crisis in Venezuela affect oil production? Continued weakness in Venezuela’s oil output this year should help the market to rebalance. In fact, the potential for further reductions in production represents an upside risk to prices. 11th May 2017 · 1 min read
Middle East & North Africa Economics Update Gulf likely to push back against calls for deeper oil output cuts This month’s dip in oil prices means that it is almost certain OPEC will agree to an extension to its oil output cuts into the second half of this year. But we think Saudi Arabia and the other Gulf... 11th May 2017 · 1 min read
OPEC Watch OPEC output falls below target OPEC’s production was relatively flat in April, but the group significantly increased its forecast of non-OPEC output this year again. Whilst this should not prevent the group from rolling over its... 11th May 2017 · 1 min read
Metals Data Response South Africa’s Mine Production (Mar.) South Africa’s PGM output grew strongly in Q1 but, going forward, we expect reduced investment over the past few years to start denting supply. 11th May 2017 · 1 min read
Energy Data Response US Weekly Petroleum Status Report Crude oil stocks declined by the largest amount so far this year, in spite of increasing US oil production. Gasoline and distillate inventories also fell, as demand for petroleum products continued to... 10th May 2017 · 1 min read
Commodities Watch Poor prospects for the price of palm oil The price of palm oil has been falling so far in 2017, in tandem with most other agricultural commodities. In this Commodities Watch, we will discuss whether the recent price weakness is justified by... 10th May 2017 · 1 min read
Energy Update US gasoline consumption to accelerate after weak start We expect growth in US gasoline demand to pick up over the rest of the year as employment and wages rise. What’s more, a trend towards purchases of used cars and light trucks should offset reductions... 9th May 2017 · 1 min read
Middle East & North Africa Economics Update Gulf economies better placed to deal with low oil prices The recent fall in oil prices has reignited fears over the outlook for the Gulf, but as we explain in this Watch these countries are in a better position now to weather a period of low oil prices than... 8th May 2017 · 1 min read
Metals Watch Will Fed tightening prove too strong a headwind for gold? The resilience in the price of gold this year has come as a surprise given the prospect of further monetary tightening in the US. Safe-haven demand appears to have been the main driver of prices. But... 8th May 2017 · 1 min read
