Commodities Chart Pack Too soon for a sustainable rally We think prices will ease back in the coming months as optimism about China’s reopening is tempered and slower economic activity in advanced economies weighs on demand. However, the prospect of Fed... 3rd February 2023 · 13 mins read
Commodities Weekly Russian petroleum product exports to struggle The EU’s ban on imports of Russian petroleum products will come into force on Sunday, which could raise EU fuel prices and weigh on Russia’s product exports. However, we suspect Russia will offer... 3rd February 2023 · 6 mins read
Energy Update Russia products ban to boost prices, at least initially The EU’s imminent ban on Russia’s refined oil may see EU prices rise, but major disruption is unlikely. Even so, Russia will find it more difficult to find new buyers for its refined oil than it did... 3rd February 2023 · 2 mins read
Energy Data Response US Weekly Petroleum Status Report Commercial crude stocks continued to climb last week as refinery activity remained in the doldrums and net imports rose. We believe that a recovery in refinery activity and higher demand for crude oil... 1st February 2023 · 3 mins read
Commodities Weekly Commodity prices poised to take a breather After rising sharply for much of this year, the Lunar New Year holiday in China meant that commodity prices generally took a bit of a pause this week. The only exceptions were natural gas prices... 27th January 2023 · 6 mins read
Energy Data Response US Weekly Petroleum Status Report Even though the recovery in refinery activity stalled last week, petroleum product stocks rose amid weakening demand, which we expect to persist for a bit longer as the US economy slows further. 25th January 2023 · 2 mins read
Commodities Update Futures Market Monitor (Jan. 2023) This is the first edition of a new monthly publication in which we will outline the latest moves in commodity futures markets and assess how they relate to our own view on fundamentals. Specifically... 25th January 2023 · 4 mins read
Commodities Weekly Spotlight shifts to developed economies The end of China’s zero-COVID policy continued to support most commodity prices this week, with many industrial metals prices extending their recent rallies. Economic activity appears to be recovering... 20th January 2023 · 6 mins read
Energy Data Response US Weekly Petroleum Status Report Commercial crude stocks unexpectedly increased this week. Weak refining activity and stable production helped stocks build. We expect that slower US economic activity over the next six months will... 19th January 2023 · 3 mins read
OPEC Watch OPEC Monthly Oil Market Report (Jan.) OPEC left its annual supply and demand forecasts broadly unchanged but tweaked the quarterly profile. Like us, the group expects demand to rise faster than supply, which is a key reason why we expect... 17th January 2023 · 3 mins read
Energy Update French nuclear won’t reduce EU gas demand Output from France’s beleaguered nuclear industry jumped last month, raising hopes that a recovery is underway. However, we think any increase in France’s nuclear output this year is likely to be... 17th January 2023 · 2 mins read
Commodities Update Higher price forecasts due to China reopening China’s rapid reopening and the likelihood of policy stimulus there has improved the macro-economic backdrop for commodities in 2023. But with developed economies in recession, and a somewhat stronger... 16th January 2023 · 4 mins read
Commodities Weekly China reopening to boost commodity prices The dismantling of China’s zero-COVID policy has come quicker than we and many had expected. Whereas we previously thought the first quarter would bring the worst of the economic disruption from... 13th January 2023 · 6 mins read
Energy Data Response US Weekly Petroleum Status Report Commercial crude stocks surged last week at the fastest pace since February 2021, as net imports rose and disruption to refineries lingered from the recent cold weather disruption. Going forward, a... 11th January 2023 · 3 mins read
Commodities Weekly New year, same trends Most commodity prices declined this week, with energy prices falling especially sharply. Unseasonably mild weather in Europe and the US weighed on heating demand, prompting a plunge in gas prices. The... 6th January 2023 · 6 mins read
Energy Update A lower gas price forecast, but prices to stay high European natural gas prices have halved over the past month as usage stayed low and LNG imports hit record highs. Barring dramatically colder weather, EU gas storage looks set to be in a more... 6th January 2023 · 2 mins read
