OPEC Watch OPEC Monthly Oil Market Report (Feb.) The slight easing of quotas meant that OPEC oil production rose in January. However, output will fall back again this month as Saudi Arabia implements its 1m bpd of voluntary production cuts. 11th February 2021 · 3 mins read
Commodities Weekly Silver briefly in the spotlight … In an otherwise fairly quiet week, some wild gyrations in the silver market were the focus of investor attention. Starting late last week, the price of silver surged by 20% to reach a multi-year high... 5th February 2021 · 7 mins read
Energy Data Response US Weekly Petroleum Status Report Commercial crude stocks continued their counter-seasonal decline last week, even as net imports rebounded and refinery throughput eased back slightly. We expect inventories to decline further over the... 3rd February 2021 · 2 mins read
Commodities Update Metals demand to hold up, despite weaker China PMIs The latest fall in China’s manufacturing PMI readings is a further sign that its economy is slowing. Nevertheless, activity there, and elsewhere in Asia, remains strong and we think that it will hold... 1st February 2021 · 2 mins read
Commodities Weekly Quiet week offers a chance to reflect on our forecasts It was another largely uneventful week in commodity markets. For all the talk of an impending ‘super cycle’, the prices of most commodities have generally continued to struggle to extend the large... 29th January 2021 · 8 mins read
Commodities Update Animal feed consumption to increase Despite the ongoing economic uncertainty, we expect that global demand for meat and animal feeds, such as corn and soybeans, will rise over the next few years. 29th January 2021 · 3 mins read
Energy Outlook Rebound in prices to continue, except for coal The revival in oil demand and prices should continue to gather pace in 2021 as the lifting of quarantine measures enables the release of ‘pent-up’ demand associated with leisure activity. Meanwhile, a... 25th January 2021 · 19 mins read
Commodities Weekly Investor buying will support prices, for now Despite some parts of China re-introducing lockdown measures and reported virus cases around the world continuing to spiral upwards, the prices of most commodities held up well this week as investor... 22nd January 2021 · 7 mins read
Commodities Outlook Oil to outperform in 2021 In a reversal of the trend in 2020, we expect oil prices to rise this year and the prices of industrial metals and agriculturals to fall. We suspect that oil demand, particularly in developed... 22nd January 2021 · 23 mins read
Commodities Weekly Time for a reality check After the broad-based rally of the last few weeks, the prices of many industrial commodities dipped a little this week, reflecting concerns about rising new virus cases and the widespread tightening... 15th January 2021 · 7 mins read
Precious Metals Update New SA virus variant unlikely to affect PGM supply Despite the new South African coronavirus variant, it appears that PGM production in the country will hold up well, for now, since the virus-containment measures are not as severe. 14th January 2021 · 3 mins read
OPEC Watch OPEC Monthly Oil Market Report (Jan.) OPEC’s oil production rose in December and is likely to pick up again this month in line with its higher quotas. However, the group’s total output will almost certainly fall in February and March as... 14th January 2021 · 3 mins read
Commodities Update Key commodity price forecasts for 2021 With the notable exception of oil, we are generally negative on the outlook for commodity prices this year. While oil should benefit from a vaccine-related revival in global transport activity, we... 12th January 2021 · 3 mins read
Commodities Weekly Saudi Arabia springs a surprise After a strong finish to 2020, most commodity prices built on their gains in the first week of January, as investor sentiment continued to prove supportive and Saudi Arabia announced that it would... 8th January 2021 · 7 mins read
Metals Chart Pack Risk appetite to support base metals prices for now The prices of industrial metals continued to surge in December, capping off a strong 2020. However, we expect that prices will fall this year as growth in China’s demand slows on the back of the... 8th January 2021 · 6 mins read
Energy Update Saudi production cuts to boost prices If implemented, Saudi Arabia’s shock pledge to cut oil production by 1m bpd in February and March should offset much of the current lockdown-related weakness in global oil demand. Consequently, the... 7th January 2021 · 3 mins read
