Energy Data Response US Weekly Petroleum Status Report Commercial crude stocks fell for a second consecutive week and are likely to come under further pressure if strategic reserve releases wind down. Despite this, oil prices slid on demand worries and as... 23rd November 2022 · 5 mins read
Energy Update US oil output will edge higher next year High oil prices have led to a recovery in US oil investment this year. But US crude production gains have been tempered by rising business costs and an emphasis on returning profits to shareholders... 21st November 2022 · 4 mins read
Commodities Weekly China COVID concerns weighing on prices Most prices fell this week as soaring COVID-19 cases in China raised concerns about the country’s commodity demand. Given the negative impact of COVID-related lockdowns on travel, it is no surprise... 18th November 2022 · 6 mins read
Energy Data Response US Weekly Petroleum Status Report Oil prices were little swayed by the latest EIA data showing the biggest decline in commercial crude stocks in about three months last week, given that the data were similar to industry data released... 16th November 2022 · 3 mins read
FX Markets Update Negative dollar-oil correlation likely to persist in the short run The negative correlation between the US dollar and the price of oil has reasserted itself in recent months, and we think it will persist as the looming global recession pushes the dollar higher and... 16th November 2022 · 4 mins read
OPEC Watch OPEC Monthly Oil Market Report (Nov.) OPEC’s monthly report for October showed a sharp drop in the group’s production, and further falls are likely if members are to abide by their new quotas from November. 14th November 2022 · 3 mins read
Commodities Weekly Too soon to call a price rally Commodity prices surged late in the week on the back of a slump in the US dollar, a fall in US real yields and some easing of COVID-related restrictions in China. However, we doubt that this heralds... 11th November 2022 · 6 mins read
Energy Data Response US Weekly Petroleum Status Report Commercial crude stocks rose this week even though more crude was used by refiners. And despite the increase in refining output, gasoline and distillate stocks fell on strong demand. We think demand... 9th November 2022 · 2 mins read
Energy Update High US fuel prices could boost crude exports US petroleum product prices have risen again, mainly due to refinery-side supply constraints. We think this will translate into fewer product exports, but potentially even more crude oil exports. 8th November 2022 · 2 mins read
Australia & New Zealand Economics Update Energy price caps could knock off 1%-pt from inflation The proposed price caps on thermal coal and natural gas would knock off around one to 1.25%-pts from overall inflation though the full impact would only materialise in the second half of next year. 8th November 2022 · 4 mins read
Commodities Weekly End of zero-COVID rumours likely to be a false dawn Most commodity prices rallied on Friday as rumours circulated that China was considering a relaxation of its zero-COVID policy. However, in the absence of any official statements to that effect and... 4th November 2022 · 6 mins read
Energy Data Response US Weekly Petroleum Status Report Last week’s fall in commercial and strategic crude stocks dragged total reserves to their lowest level since November 2001, contributing to a rise in prices today. Gasoline and distillate stocks also... 2nd November 2022 · 3 mins read
Commodities Update China’s PMIs diverge, but point to persistent weakness China’s official and Caixin October manufacturing PMIs diverged, but the crux of the matter is that both are painting a picture of weak industrial demand. With the services sector also struggling due... 1st November 2022 · 2 mins read
Commodities Outlook Energy prices to remain high Despite the onset of a global recession, we think that energy prices will remain historically high in 2023 owing to severe supply constraints. The next round of EU sanctions on Russia’s oil and... 31st October 2022 · 41 mins read
Commodities Weekly Commodities dance to the dollar’s tune Most commodity prices tracked the US dollar this week, falling sharply at the start of the week before staging a partial recovery in the latter half. Further dollar appreciation is likely given that... 28th October 2022 · 6 mins read
Energy Update Europe’s natural gas price will be higher next year We expect European natural gas prices to be high in 2023 as the EU will need to replace Russian gas supply for the entire year. This means demand for LNG imports will be strong, even if gas... 25th October 2022 · 3 mins read
