Commodities Weekly Fears of a W-shaped recovery to hold back prices It was another wobbly week in commodity markets as prices generally fell, largely on the back of a deterioration in investor risk appetite. Most equity markets sold off and the US dollar strengthened... 25th September 2020 · 7 mins read
Commodities Update A vaccine could give oil prices a shot in the arm Although a vaccine against COVID-19 may not dramatically alter the near-term economic outlook, we expect it would structurally improve the demand prospects for many commodities and therefore boost... 24th September 2020 · 3 mins read
Commodities Weekly What a difference a week makes Oil prices surged by around 10% this week on the back of not very much. Admittedly, OPEC declared that it would clamp down on non-compliant members and re-iterated that it would do what it takes to... 18th September 2020 · 7 mins read
Commodities Update Rally in soybean prices may be overdone Strong demand from China will put a floor under corn and soybean consumption in 2020/21. But with record expected yields in the US, we expect corn and soybean prices to come off the boil. 18th September 2020 · 3 mins read
Commodities Weekly Oil prices facing an uphill battle Concerns about demand and a move away from ‘risky’ assets, including equities, dragged both energy and industrial metal commodity prices lower this week. In the oil market, we think that any further... 11th September 2020 · 7 mins read
Energy Data Response US Weekly Petroleum Status Report US crude stocks snapped a six-week falling streak to increase last week as refinery activity fell. And as seasonal factors weigh, we expect gasoline demand to make little further headway this year. 10th September 2020 · 2 mins read
Commodities Update Staying positive on industrial metals Most industrial metals prices are now above their pre-virus levels, after rallying from their March lows. We reckon that the price rebound has further to go, as China’s impressive economic revival... 10th September 2020 · 3 mins read
Commodities Update Oil prices to tread water through to year-end Brent’s recent price drop to a two-month low shows the fragile nature of its price recovery. We think that an uneven recovery in demand, combined with the hangover of vast oil stocks accumulated in... 8th September 2020 · 3 mins read
Commodities Weekly China to save the day! Despite further signs of strength in China’s manufacturing sector, the prices of most industrial commodities – as well as gold and silver – fell this week owing in large part to an appreciation of the... 4th September 2020 · 7 mins read
Energy Chart Pack Oil prices going nowhere fast Energy prices continued to recover in August, but they are still trailing other commodity asset classes as well as other risky assets, such as US equities. We expect that prices for the most part will... 3rd September 2020 · 6 mins read
Energy Data Response US Weekly Petroleum Status Report US crude stocks dropped sharply last week as US production collapsed by over 1m bpd. And though supply is bouncing back, we expect further drawdowns next week as output remains partially disrupted. 2nd September 2020 · 2 mins read
Commodities Chart Pack On the way up, but we expect bumps in the road Ongoing fiscal stimulus in China, coupled with the recent depreciation of the US dollar, is boosting commodity prices. China’s commodity imports are also growing strongly, but we suspect that the pace... 2nd September 2020 · 7 mins read
Commodities Weekly Prices may stutter if the economic revival loses steam The Fed’s move to a “flexible form of average inflation targeting” announced at this week’s Jackson Hole is broadly positive for commodities prices. It points to ultra-loose US monetary policy for... 28th August 2020 · 8 mins read
Energy Update Lagging supply to cause oil market deficit Global oil supply fell to a multi-year low in the second quarter, and recent data point to output having fallen further in the third quarter. With demand reviving, we think the oil market is now in a... 28th August 2020 · 3 mins read
Commodities Weekly Recovery in demand running into roadblocks Industrial metals prices pushed higher this week, while the prices of oil and gold were broadly flat. For now, the robust recovery in Chinese demand for metal still seems to be enough to offset weaker... 21st August 2020 · 7 mins read
Energy Data Response US Weekly Petroleum Status Report US crude stocks declined for the fourth week in a row, although by less than the market expected. We expect that total crude stocks will continue to head towards their five-year average in the weeks... 19th August 2020 · 2 mins read
