Energy Focus What can game theory tell us about OPEC’s decisions? Contrary to almost all expectations, compliance with OPEC’s output quotas has been good so far. However, game theory suggests that higher oil prices increase the pay-off from cheating on the deal... 22nd March 2018 · 1 min read
Energy Data Response US Weekly Petroleum Status Report Inventories of crude oil fell last week as imports dropped and demand from refineries jumped. However, production is still rising rapidly. We expect soaring output to lead to higher stocks and lower... 21st March 2018 · 1 min read
Commodities Weekly All quiet on the commodities front There were few large moves in commodity prices this week. China’s activity data for the first two months of the year, published on Wednesday, were reasonably strong but failed to give a material lift... 16th March 2018 · 1 min read
Commodities Update US tariffs unnerve metals markets Commodity prices have rebounded, after slumping in the wake of the global equity sell-off in late January, although they have dipped a bit lately, despite dollar weakness. The agriculture index has... 14th March 2018 · 1 min read
Energy Data Response US Weekly Petroleum Status Report Another rise in US production drove crude stocks higher last week, despite lower net imports and a rebound in demand from refineries. Surging oil supply from the US is a key reason why we expect oil... 14th March 2018 · 1 min read
OPEC Watch OPEC Monthly Oil Market Report (Mar.) There was another significant rise in OPEC’s forecast of non-OPEC production in 2018, reflecting recent strong growth in the OECD. However, the cartel still expects the market to be in a deficit this... 14th March 2018 · 1 min read
Middle East & North Africa Economics Update Saudi Aramco IPO delay to have little near-term impact Reports that the initial public offering of Saudi Arabia’s national oil company, Aramco, will be delayed until next year are not a major surprise given the complexity of the transaction. The delay... 12th March 2018 · 1 min read
Commodities Weekly Trump’s tariffs become reality The big news this week was confirmation of President Trump’s tariffs on US steel and aluminium imports on national security grounds. This sent US steel prices even higher, but weighed on prices in... 9th March 2018 · 1 min read
Energy Update How could NAFTA talks impact energy commodities? Whilst we do not think that the renegotiation of NAFTA is likely to have a significant impact on demand for most energy commodities, the possibility of more protectionist measures and the subsequent... 8th March 2018 · 1 min read
Energy Data Response US Weekly Petroleum Status Report A rebound in net imports and jump in US production drove crude stocks higher last week. Surging oil supply from the US is a key reason why we expect oil prices to fall over the rest of this year. 7th March 2018 · 1 min read
Energy Update How could sanctions on Venezuela impact oil prices? Even if the US imposes sanctions on Venezuela’s oil sector we doubt that the impact on oil prices will be substantial. The US has already halved its imports from Caracas with no discernible effect on... 6th March 2018 · 1 min read
Energy Chart Pack Equity markets led, oil prices followed Energy prices were volatile in February, buffeted by equity market gyrations and changing weather forecasts. Oil prices were particularly frothy, but still slumped on the month as US production... 2nd March 2018 · 1 min read
Commodities Chart Pack Agriculturals bucked the trend Commodity prices fell sharply in the wake of the sell-off in global equity markets in late-January, but have recovered much of the lost ground. The key sub-sectors of the S&P GSCI are now close to... 1st March 2018 · 1 min read
Energy Data Response US Weekly Petroleum Status Report A rebound in net imports drove crude stocks higher last week. Admittedly, imports are volatile so this could be reversed this week. But US oil production also resumed its upward trend and demand for... 28th February 2018 · 1 min read
Energy Update Oil demand growth to remain strong in 2018 Global oil demand looks set to grow strongly again this year driven by accelerating economic growth in the US, Europe and India. However, a sharp slowdown in China’s economic growth will limit the... 27th February 2018 · 1 min read
Energy Watch Is the rally in coal prices burning out? Coal prices have fallen back a little since the start of this year as temperatures increased and supply picked up, but they remain high. This Energy Watch examines the outlook for demand and supply... 23rd February 2018 · 1 min read
