Metals Data Response Global Aluminium Production (Nov.) Despite a y/y fall in global aluminium output in November, it is still up strongly year-to-date. And it is likely to rise again from here as power restrictions in China are lifted and high prices... 20th December 2021 · 2 mins read
Commodities Weekly More hawkish central banks may put a lid on prices It was a week of central bank decisions, culminating in ‘Super-Thursday’. The big picture is that central banks generally sounded more concerned about the rise in inflation, despite the ongoing spread... 17th December 2021 · 6 mins read
Energy Update Oil risk premium to fall in 2022, but risks abound Our estimates show a fall in the risk premium in the oil price since the emergence of the Omicron variant, as concerns over demand resurfaced. But the risk premium is still large, which adds weight to... 16th December 2021 · 4 mins read
Energy Data Response US Weekly Petroleum Status Report Commercial crude oil stocks slumped last week as domestic demand strengthened and exports jumped. The decline in commercial stocks also came as strategic petroleum reserves fell. In the final weeks of... 15th December 2021 · 2 mins read
OPEC Watch OPEC Monthly Oil Market Report (Dec.) OPEC oil production increased in November, but once again by less than the group’s target. We think OPEC will continue to under-produce, but it should still account for a large share of the world’s... 13th December 2021 · 3 mins read
Latin America Economics Weekly Brazil’s inflation expectations, commodity exports Brazil's central bank made it clear at its meeting this week that it will continue to hike rates aggressively until inflation expectations come down which, based on past form, will occur when actual... 10th December 2021 · 7 mins read
Commodities Weekly Renewed surge in Chinese demand still seems unlikely We are sceptical that commodity demand growth in China is about to reignite, despite this week’s cut to the required reserve ratio (RRR) for most banks and data showing surprisingly strong imports of... 10th December 2021 · 6 mins read
Industrial Metals Update Iron ore prices still set for a downturn We doubt that the recent jump in China’s iron ore imports is indicative of increasing demand. In fact, we expect demand for iron ore in China to cool as construction activity continues to slow and the... 9th December 2021 · 2 mins read
Energy Data Response US Weekly Petroleum Status Report US commercial stocks remained range-bound, but there were sizeable additions to stocks of petroleum products. That said, implied product demand remains solid, despite rising new COVID-19 infections... 8th December 2021 · 2 mins read
Middle East & North Africa Economics Update Energy market poses downside risk to the Gulf OPEC+ left the door open last week to change its oil output policy before the next meeting and, if output is raised more slowly or not at all, this would knock GDP growth back mechanically in the Gulf... 8th December 2021 · 3 mins read
Commodities Chart Pack The net effect of Omicron on commodities is not clear Most commodity prices have fallen in the last week or so following the identification of Omicron – a new, and potentially more transmissible, strain of COVID-19. However, while commentary has... 7th December 2021 · 11 mins read
Commodities Update Rise in China commodity imports may be misleading The sharp rise in China’s commodity imports last month could be taken as a sign that underlying demand growth is undergoing a renewed acceleration. But given that this is just one month’s data, and... 7th December 2021 · 2 mins read
Commodities Weekly OPEC+ sticks to its plan, no forecast change required Oil prices fell briefly on Thursday after OPEC+ decided to push ahead with its plan to raise oil output by 0.4m bpd a month, despite plunging oil prices since news of Omicron broke. Prices recovered... 3rd December 2021 · 5 mins read
Energy Update Revisiting our oil market outlook Omicron will weigh on jet fuel demand in the next few months, but the wider hit to demand is still unclear. And although OPEC+ decided to push ahead with its planned oil production increases, we think... 3rd December 2021 · 4 mins read
Industrial Metals Update Green transition to help charge cobalt prices Cobalt prices have soared in 2021 to almost double the 2020 average price of $31,726 per tonne. We expect the growth in EV production and issues around supply to continue to push prices higher in 2022... 2nd December 2021 · 2 mins read
Energy Data Response US Weekly Petroleum Status Report US commercial stocks fell as, despite some chunky falls in product demand, US demand is still outstripping supply. Although, the release did shows signs that crude production might finally be... 1st December 2021 · 2 mins read
