Price movements and fundamentals across major commodities.
Analysis and reporting on commodities such as oil, natural gas, gold, industrial metals, and agricultural products. Focuses on supply-demand dynamics, geopolitical risks, inventory trends, and macro drivers affecting commodity markets.
1,590 total articles
The United Arab Emirates’ decision to leave OPEC and OPEC+ exposes a widening strategic and personal rupture with Saudi Arabia, driven by disputes over output quotas, differing regional policies and heightened security concerns following recent conflict involving Iran. UAE officials frame the move as a recalibration of national interests and capaci…
OPEC+ ministers are expected to sign off on a modest oil production quota rise of around 188,000 barrels per day at a meeting on Sunday, according to multiple anonymous sources. The proposed increase mirrors last month’s adjustment less the share of the United Arab Emirates, which is leaving the group on May 1. The decision would come as Gulf expor…
The United States moved into a weekly net exporter position for crude oil for the first time on record, sending a surge of barrels overseas and triggering substantial draws in domestic inventories, government data show. Exports reached historic highs as refineries and international buyers competed for supply following disruptions tied to the Iran c…
U.S. Defense Secretary Pete Hegseth vigorously defended the campaign against Iran during Congressional testimony, rejecting characterizations of the conflict as a quagmire and accusing Democratic lawmakers of providing propaganda to U.S. adversaries. The testimony came after the U.S. and Israel launched military action on February 28, an escalation…
Mexico's president announced a rule requiring all federal public works to use steel produced by Mexican companies, after efforts to secure a deal to lift U.S. tariffs did not succeed. The move signals a public policy effort to reduce heavy economic reliance on the United States amid ongoing trade frictions and a review of the USMCA agreement.
At least six vessels transited the Strait of Hormuz in the past 24 hours, mostly through Iranian waters, according to ship-tracking and satellite data. Traffic remains a sliver of normal volumes amid a deadlock between the U.S. and Iran over arrangements to re-open the waterway. U.S. Treasury warned that payments to Iran for passage would create sa…
President Donald Trump convened senior officials from Chevron and other energy firms to explore options for moderating oil markets if the blockade of Iranian ports continues for months. The discussion included U.S. oil output, futures, shipping rules and natural gas, and reviewed administration steps already taken such as a Jones Act waiver, Defens…
The Energy Information Administration reported substantial weekly declines in U.S. petroleum inventories for the week ending April 24. Crude oil stocks fell by 6.2 million barrels to 459.5 million barrels, while gasoline inventories dropped by 6.1 million barrels to 222.3 million barrels, well below analyst expectations. Distillate supplies also fe…
Geopolitical tensions, constrained supply chains, and accelerating demand driven by electrification and defense needs are converging to reshape global thinking about copper. A January 2026 S&P Global study projects copper demand reaching 42 million metric tons by 2040 - about 50% above current levels - even as the mining sector faces compoundin…
European natural gas benchmark prices moved higher after reports indicated limited progress in negotiations between the U.S. and Iran that could reopen the Strait of Hormuz. Traders cited a jump in the Dutch front-month TTF contract and lingering disruption risks to LNG flows through the strait as drivers of the advance.
Goldman Sachs reiterated its projection that gold will reach $5,400 per troy ounce by the end of 2026, while cautioning that near-term pressures could push prices lower. The bank pointed to the potential for further liquidation if disruptions around the Strait of Hormuz continue and if bond or equity markets experience corrections. Central bank buy…
Following its announced exit from OPEC effective May 1, the United Arab Emirates is conducting a broad review of its participation in multilateral organisations. UAE officials say the review does not mean further withdrawals are being pursued at this time, even as leaders signal a wider reassessment of alliances amid regional tensions and criticism…
Markets face a busy Wednesday as the Federal Reserve issues its interest rate decision while several large U.S. technology companies report results. Investor caution spread through high-flying tech names after a report about OpenAI’s user growth targets, and energy markets remain sensitive to developments in the Strait of Hormuz and the UAE’s surpr…
Ukrainian officials say drones hit a Transneft oil pumping station near Perm roughly 1,500 km into Russian territory, with President Volodymyr Zelenskiy asserting Kyiv will continue to push the operational range of its strikes. The SBU and presidential office characterized the strike as a new phase in targeting Russian energy logistics, while Kyiv …
The U.S. Department of Agriculture declined to approve at least five candidates selected by state soybean boards for the United Soybean Board this year, four of whom are women. The move, which has no publicly stated rationale, reduced female membership on the 77-member board to five and prompted concerns among farmers and former officials that the …
Spot premiums on physical crude have fallen back from the record levels seen earlier in the Iran war as refiners cut processing and use inventories and previously sanctioned barrels to replace lost Middle East supply. State buyers and strategic reserve releases have helped ease pressure, but analysts say the market-wide shortfall from the near-tota…
Gold prices steadied near a one-month trough as continued uncertainty surrounding the Iran conflict kept safe-haven buying focused on the dollar and rising oil prices weighed on bullion. Market participants awaited the conclusion of the Federal Reserve's two-day policy meeting for guidance on interest rates, while reports of preparations for a prol…
Global gold demand rose to a record high in the first quarter of 2026, with total demand climbing 2% year-on-year to 1,230.9 tonnes. Strong bar and coin purchases, central bank net buying and continued inflows into bullion-backed ETFs supported the rise, while jewellery demand fell amid very high prices. The World Gold Council warns that geopolitic…
Oil prices climbed further after reports that U.S. President Donald Trump has directed aides to prepare for an extended blockade of Iranian ports, a move likely to prolong supply disruptions from the Middle East. Brent and U.S. crude futures rose, while industry data signalled draws from U.S. inventories. Analysts say a longer blockade and continue…
Oil prices eased from near three-week highs as traders weighed the United Arab Emirates' move to leave the OPEC producer group. The retreat was limited by ongoing uncertainties tied to the U.S.-Israel conflict with Iran and the continued closure of the Strait of Hormuz, which has disrupted a significant share of global supply.
HSBC’s research note says the United Arab Emirates' planned withdrawal from OPEC and OPEC+ from May 2026 should not materially change global oil flows in the near term because exports remain constrained by disruptions in the Strait of Hormuz. However, over a longer horizon the departure could weaken the producers' ability to manage supply and price…
The United Arab Emirates will leave OPEC on May 1, removing one of the cartel’s largest producers from the production quota framework and reducing the alliance’s share of world oil output. OPEC+ delegates and market analysts say the move will weaken the group’s leverage over supply management, but they expect the remaining members to continue coord…
The Canadian government set out a range of new initiatives in its spring economic statement aimed at boosting skilled trades hiring, trimming base pension contributions, loosening certain mortgage insurance rules, and expanding incentives for carbon capture and low-carbon liquefied natural gas (LNG) investments. The measures combine near-term fundi…
Italy's energy company Eni formalized an agreement with Venezuela's oil ministry and state-owned PDVSA to relaunch a heavy crude project in the Orinoco Belt. The signing took place in Caracas with senior Venezuelan and Eni officials present, and follows a spate of preliminary pacts between PDVSA and its international partners amid a government revi…
Prime Minister Giorgia Meloni said Italy is evaluating an extension to its temporary cut in petrol and diesel excise duties beyond May 1. The government has already spent about 700 million euros on the measure for just over 40 days and is also allocating nearly 1 billion euros to reinforce tax incentives aimed at encouraging hiring. Officials highl…
