Energy Update JODI Energy Demand Monitor (Jan & Feb.) JODI data show that oil demand held up in advanced economies at the beginning of the year. We suspect this won’t last though as weakening economic activity drags on demand over 2023. The data also... 26th April 2023 · 3 mins read
Commodities Weekly Prices to be steered by developed markets next week After a positive start to the week on the back of China’s strong Q1 GDP data, commodity prices subsequently eased back on expectations of higher interest rates and worries about demand in advanced... 21st April 2023 · 6 mins read
Energy Data Response US Weekly Petroleum Status Report Sharply higher refining activity and a rise in exports drove commercial crude stocks lower this week. Meanwhile, US production was stable. We think it will only rise a little further by the end of the... 19th April 2023 · 4 mins read
Commodities Weekly Prices starting to look on borrowed time Commodity prices received a boost from expectations that the Fed is nearing the end of its tightening cycle and the weaker US dollar this week, but we think that it is only a matter of time before the... 14th April 2023 · 6 mins read
OPEC Watch OPEC Monthly Oil Market Report (Apr.) Despite justifying its recent production cuts on an uncertain demand outlook, OPEC did not make any changes to its 2023 global GDP or oil demand forecasts in its monthly report for March. We think the... 13th April 2023 · 3 mins read
Global Markets Update We think equities won’t move together with oil for a while Although equity and oil prices are usually positively correlated, we think equities will struggle in the next few months and that oil prices will end this year somewhat higher than they are now. We... 13th April 2023 · 5 mins read
Commodities Update China’s commodity imports probably close to a peak China’s commodity imports generally rose strongly in March which we think reflects higher demand as a result of the re-opening of the economy. While April data may also be strong, we expect import... 13th April 2023 · 2 mins read
Commodities Weekly Oil will be scarcer than previously expected The surprise announcement last weekend by OPEC+ countries that they would make voluntary oil production cuts, even before the OPEC advisory committee met on Monday, pushed oil prices higher by about... 6th April 2023 · 6 mins read
Energy Update JODI Energy Demand Monitor (Dec. & Jan.) JODI data on global oil and natural gas consumption reveal that global energy demand remained in the doldrums around the turn of the year. We suspect a recovery in natural gas demand is more likely to... 6th April 2023 · 3 mins read
Energy Data Response US Weekly Petroleum Status Report The rebound in crude oil prices is already feeding into wholesale gasoline prices, but we don’t think the increase will be enough to derail demand, which is running at a healthy clip. Elsewhere, there... 5th April 2023 · 4 mins read
Commodities Update Futures Market Monitor (Apr. 2023) The surprise OPEC+ decision to cut oil production sent oil futures curves into steeper backwardation. This doesn’t necessarily mean that market participants see prices falling from here, but rather... 5th April 2023 · 4 mins read
Energy Update OPEC+ shakes up and tightens the oil market The surprise decision by OPEC+ to cut production has meant we have revised up our oil price forecasts for end-2023 and end-2024. This does not materially change our outlook for inflation in advanced... 5th April 2023 · 3 mins read
Capital Daily We doubt higher oil prices will stop Treasury yields falling further Although the decision by OPEC+ members to cut oil production might push up oil prices further, we don’t think that will stop US Treasury yields falling further over the rest of the year. 3rd April 2023 · 6 mins read
Energy Rapid Response OPEC output cuts point to a large market deficit in Q4 Yesterday, OPEC+ members announced voluntary cuts to production from May until the end of the year. In total, the cuts amount to 1.16m bpd or about 1.1% of global supply, with Saudi Arabia accounting... 3rd April 2023 · 2 mins read
Event Drop-In: OPEC’s surprise cut – Economics, markets, geopolitics 1680530400 In the wake of the surprise move by OPEC+ to cut oil production, we held a special online briefing about the decision’s economic and market implications – as well as what this signals about global
