Commodities Weekly Mixed economic outlook poses a quandary for prices It was a relatively quiet week in commodities markets, with weakness in the US dollar giving agricultural commodities, in particular, a bit of a lift. We think markets could struggle to find a clear... 9th April 2021 · 6 mins read
Energy Update Weaker European demand won’t derail our oil forecast While we have revised down our oil price forecast for Q2 and Q3 this year in response to the OPEC+ decision to ease production cuts, we still think a rebound in global demand will help push oil prices... 8th April 2021 · 3 mins read
Energy Data Response US Weekly Petroleum Status Report Commercial crude stocks continued to fall in the latest weekly data, but this was a reflection of lower supply and higher exports than a recovery in consumer demand. However, all the signs point to... 7th April 2021 · 2 mins read
Commodities Chart Pack Commodity prices to take a breather in the near term A rise in new coronavirus infections in many parts of the world, including Europe and India, weighed on investor sentiment in commodity markets in March. However, all the signs point to a rapid... 7th April 2021 · 7 mins read
Energy Update Higher OPEC+ production to limit oil price gains The recent decision by OPEC+ to increase its oil production quotas and the prospect of higher Iranian output point to a smaller global oil market deficit this year than we had previously envisaged... 7th April 2021 · 3 mins read
Energy Data Response US Weekly Petroleum Status Report The increase in refinery throughput and decline in net imports meant that US crude stocks fell last week for the first time in around two months. We expect that stocks will fall further in the coming... 31st March 2021 · 2 mins read
Commodities Weekly Impact of Suez blockage likely to be short-lived Commodities markets were something of a mixed bag this week. The grounding of a container ship in the Suez Canal helped to prop up the prices of some commodities despite growing worries over the... 26th March 2021 · 6 mins read
Energy Update Five key questions on the EU’s carbon border tax Later this year, the European Commission is expected to provide draft details on how the EU will introduce and implement a carbon border adjustment mechanism (CBAM, often dubbed a ‘carbon border tax’)... 26th March 2021 · 5 mins read
Energy Data Response US Weekly Petroleum Status Report The pace of builds in US crude stocks continued to slow last week as refinery activity surged. However, we expect stocks to ease back in the coming weeks as refinery capacity utilisation steadily... 24th March 2021 · 2 mins read
Energy Update Surge in US oil production still seems very unlikely Despite the ongoing rise in the number of rigs actively drilling for oil, we continue to expect a lacklustre recovery in US oil production over the next couple of years. 24th March 2021 · 2 mins read
Commodities Weekly Optimists need a little patience Commodities markets experienced a bit of a reality check this week, with prices falling despite little material change in the underlying demand and supply fundamentals. In the same way that optimism... 19th March 2021 · 5 mins read
Energy Data Response US Weekly Petroleum Status Report Even with the continued recovery in refinery activity, US crude stocks rose last week. However, we suspect that stocks will fall soon as refinery activity rises further and crude production holds... 17th March 2021 · 2 mins read
Commodities Focus The anatomy of a supercycle History shows that supercycles are usually demand-driven, and that the performance of individual commodity prices has varied hugely both within and between past supercycles. In addition, supercycles... 17th March 2021 · 13 mins read
Commodities Update Supply constraint to support prices in the near term The deeper-than-expected production cuts by most OPEC+ member states and a revival in global demand means that the oil market is now likely to be in a bigger deficit than we had previously envisaged... 12th March 2021 · 3 mins read
Japan Economics Weekly Legacy of Fukushima nuclear meltdown 10 years on On the 10 th anniversary of the meltdown at Fukushima Daiichi nuclear power station, we take a closer look at the disaster’s lasting legacy of higher electricity prices. On the eve of the pandemic... 12th March 2021 · 7 mins read
OPEC Watch OPEC Monthly Oil Market Report (Mar.) Saudi Arabia’s 1m bpd voluntary production cut meant that OPEC oil production plummeted in February. We expect OPEC production to remain low in March and April as Saudi Arabia continues its voluntary... 11th March 2021 · 3 mins read
