Energy Outlook Energy demand to remain subdued for some time yet The partial easing of coronavirus containment measures has allowed energy demand and prices to pick up from the lows recorded earlier this year. That said, we anticipate that the recovery in energy... 29th July 2020 · 18 mins read
Commodities Outlook China to the rescue The ongoing recovery in economic activity – from lows earlier this year – will support the prices of most commodities in the second half of 2020 and into 2021. We are particularly positive on the... 29th July 2020 · 1 min read
Commodities Update Cotton prices to remain subdued Prolonged weakness in demand and high production will keep the cotton market in a surplus in 2020/21. As a result, we forecast that cotton prices will remain low over the next 18 months. 24th July 2020 · 3 mins read
Energy Update Little to look forward to this year for US LNG exporters In recent months, cargoes of US LNG have been cancelled in record numbers as countries around the world struggle with the virus-related economic slump. After exports surged by nearly 60% y/y in the... 24th July 2020 · 2 mins read
Asia Economics Update Will Asia benefit from China’s strong rebound? China’s rapid economic recovery from the Global Financial Crisis did not play as big a role as is commonly assumed in supporting growth in the rest of Asia. We doubt a strong rebound in China from the... 24th July 2020 · 4 mins read
Middle East & North Africa Economics Update The future of Saudi Arabia’s oil policy Saudi Arabia has grown increasingly frustrated with other oil producers’ failure to comply with the OPEC+ oil output cuts and, while we think that the current deal will remain intact for now, the risk... 23rd July 2020 · 4 mins read
Industrial Metals Update Copper rally not entirely divorced from reality At face value, the rally in the copper price to above its pre-virus level suggests that the coronavirus pandemic has led to an overall improvement in the metal’s fundamental outlook. While a little... 17th July 2020 · 4 mins read
Commodities Weekly Prices in a narrow range amid virus concerns A raft of positive Chinese economic data this week offered some support to commodity prices, but concerns about the rise in coronavirus infections in the US and in Latin America prevented any... 17th July 2020 · 7 mins read
OPEC Watch OPEC Monthly Oil Market Report (July) OPEC production continued to decline in June, largely due to a contraction in Saudi output. However, with OPEC becoming more optimistic on demand, we think that (new) higher quotas will be introduced. 14th July 2020 · 3 mins read
Commodities Weekly Broad-based recovery leaving energy behind The prices of most commodities rose this week, with the exception of energy. In particular, industrial metal prices rose alongside Chinese equities. Elsewhere, the European economic recovery is... 10th July 2020 · 7 mins read
Commodities Update Strong demand set to keep lumber prices high As the US economy continues to recover from virus-related disruption, we expect the housing and retail sectors to rebound. This, along with a stronger Canadian dollar and restricted supply (owing to... 9th July 2020 · 3 mins read
Energy Chart Pack On the way up … Energy prices continued to recover in June, but they remain significantly lower than at the start of the year. What’s more, we do not expect them to recover to pre-virus levels until 2022 at the... 7th July 2020 · 6 mins read
Metals Chart Pack A brighter backdrop ahead for industrial metals June was another good month for industrial metals. The prices of base metals made further gains, although those used in steel alloys (e.g. zinc and nickel) performed less well as wet weather in... 3rd July 2020 · 6 mins read
Commodities Weekly Prices lifted by encouraging economic data This week was fairly quiet for commodities, with most prices rising slightly. In particular, energy prices in the US and Europe were boosted by the partial (albeit uneven) paring back of virus... 3rd July 2020 · 7 mins read
Commodities Chart Pack Strong Chinese recovery is good news The more industrial commodities performed particularly strongly in June on the back of the ongoing revival in global economic activity. We have become more positive on the outlook for industrial... 2nd July 2020 · 8 mins read
Energy Data Response US Weekly Petroleum Status Report A fall in imports and another increase in refinery throughput meant that US commercial crude stocks plunged last week. We expect crude stocks to drop over the coming months as imports decline. 1st July 2020 · 2 mins read
