Commodities Weekly Much too soon to call a recovery Although the prices of most industrial commodities rose this week, we think that a sustained and broad-based recovery is still some way away. A trio of factors were responsible for this week’s rise... 6th September 2019 · 7 mins read
Energy Chart Pack Natural gas demand to prove resilient Oil prices continued to fall last month on concerns about a slowing global economy and rising US-China protectionism, but we expect them to stabilise in the coming months given supply constraints. In... 6th September 2019 · 6 mins read
Energy Data Response US Weekly Petroleum Status Report US commercial crude stocks plunged again last week as net imports surged. Looking ahead, we expect higher US oil production and refineries going into scheduled maintenance to lead to increases in US... 5th September 2019 · 2 mins read
Commodities Chart Pack US-China trade war to continue to weigh on prices The escalation in US-China trade tensions led to investors becoming more risk averse, which boosted the prices of gold and silver but depressed the prices of agricultural and industrial commodities... 4th September 2019 · 7 mins read
Commodities Weekly Any boost to prices is unlikely to last long While the US-China trade war has continued to escalate, commodity prices have clawed back a little of their lost ground since the trough at the end of last week. This was aided in part by President... 30th August 2019 · 7 mins read
Energy Update The EU’s new energy policy will be no game-changer The policies of the next European Commission are likely to speed up the EU’s ongoing transition towards a greener energy future. However, its impact will probably not live up to expectations. 29th August 2019 · 3 mins read
Commodities Weekly Powell & China wake commodities from their slumber After a quiet start to the week, Friday’s announcement of additional Chinese tariffs on US imports and Jerome Powell’s speech at Jackson Hole stirred prices (and President Trump) into action. Most... 23rd August 2019 · 7 mins read
Commodities Weekly A short-term reprieve, before prices fall further President Trump’s decision to delay the proposed 10% tariff on just over $150bn of Chinese imports gave a lift to most industrial commodity prices this week. That said, any optimism about an improved... 16th August 2019 · 7 mins read
Commodities Focus OPEC the exception, not the rule Most commodity cartels have failed to manipulate prices for very long, and we think that any future cartels in commodity markets will be no different. Arguably, the Organization of Petroleum Exporting... 15th August 2019 · 15 mins read
Energy Data Response US Weekly Petroleum Status Report Lower demand from refineries is the primary reason for another unexpected rise in commercial crude stocks. This exaggerated today’s fall in prices, which had already been dragged down by weak economic... 14th August 2019 · 2 mins read
Commodities Weekly Some signs of the dust settling The fall-out from Mr Trump’s threat to levy a 10% tariff on $300bn worth of Chinese imports continued to roil commodity markets this week. The prices of crude oil and most industrial commodities fell... 9th August 2019 · 7 mins read
Energy Data Response US Weekly Petroleum Status Report While much of last week’s decline in commercial crude stocks is down to the EIA’s opaque adjustment factor, the latest stocks report nonetheless paints a fairly weak picture of US demand. Given our... 7th August 2019 · 2 mins read
Commodities Weekly What a difference a day makes … Yesterday’s announcement by President Trump that a 10% tariff is to be levied on $300bn worth of Chinese goods came as a shock after reports of “constructive” trade talks between the US and China... 2nd August 2019 · 7 mins read
Energy Chart Pack More to the weakness in energy prices than trade While President Trump’s latest tariff threat has added yet more fuel to the oil market’s fears about slowing global growth, the continued malaise in the prices of coal and natural gas reflects more... 2nd August 2019 · 6 mins read
Commodities Chart Pack Subdued demand to remain a headwind With the exception of the precious metals, most commodity prices drifted lower in July on concerns about soft demand. Given our forecast of slower global economic growth in the second half of this... 31st July 2019 · 7 mins read
Commodities Weekly Next week is all talk (and maybe some price action) Commodity prices have largely been treading water, ahead of some major events next week. The Fed will announce its interest rate decision on Wednesday. A 25 basis points rate cut is already priced... 26th July 2019 · 7 mins read
