Commodities

USOIL moves higher after the International Energy Agency raised its 2024 forecast for demand and lowered the one for output

Copper rose to the highest levels in nearly a month after Chinese smelters have reportedly agreed to cut output, amidst broader supply concerns

NGAS post a recovery this week, as major drillers slash production outlook and the International Energy Agency forecasts an acceleration in demand

The commodity could not benefit from the OPEC+ supply cuts extension and faces pressure today as China’s economic targets fail to impress

This year gold has reasserted its inverse relationship with the real yield. Currently the precious metal has a -67% correlation coefficient to the 10-year real yield and given that the market is pricing in four rate cuts for 2024 (beginning in June), gold’s potential upside cannot be overlooked.

OPEC and allies led by Russia agreed to rollover their recent additional 2.2 mbpd of cuts into the second quarter of the year to support oil prices

USOil rejected key resistance after a big increase in US inventories and the heightened 2024 supply growth forecast by the International Energy Agency

Oil prices rose last week as western commercials vessels continued to be attacked in the Middle East, while a hit against US outpost in Jordan resulted to three fatalities

USOIL is pushed higher as Iranian warship sails into the Red Sea, after the US Central Command sank multiple Houthi boats for attacking commercial ships

The commodity stopped the seven-week losing streak with the help of the Fed’s rate cut talk, but still faces headwinds COP28 committed to transitioning away from fossil fuels and IEA expects slower oil demand growth in 2024

The commodity runs its worst losing streak in five years, despite the new OPEC+ supply cuts, but finds some support, helped by the US effort to replenish its Strategic Petroleum Reserve (SPR)