Commodities (Crude Oil & Copper) & Macro Outlook

On Thursday (May 28), spot gold rose 0.95% to $4,496.21 per ounce, trading between $4,366.74 and $4,516.60 during New York's close. Spot silver gained 1.37% to $75.66 per ounce. COMEX copper futures climbed 1.25% to $6.42 per pound. Spot platinum declined 0.27% and palladium

According to Goldman Sachs calculations released recently, global crude oil inventories could fall below 100 days of global demand as early as the end of May. As of late April, inventories stood at approximately 101 days of demand, with projections showing a decline to 98 days by end of May.

According to Bloomberg, the Bloomberg Commodity Index gained 0.46% to 31.6386 points at New York close on May 28. CBOT corn futures rose 0.83%, while CBOT soybeans climbed 0.89%, reaching a daily high of $11.96 per bushel. CBOT soybean meal futures gained 0.97% and soybean oil futures

Shanghai Futures Exchange crude oil 2607 contract fell 0.61% overnight to 590.60 yuan per barrel. Shanghai gold rose 1.91%, while silver gained 2.71% in the night session.

U.S. Treasury Secretary Bessent stated recently that nearly 2,000 ships are waiting to depart from ports in the Gulf, indicating that oil supply on the other end of the market will remain ample.

According to Castle Securities strategist Frank Flight, signals suggest a high probability of a US-Iran agreement to restore shipping through the Strait of Hormuz in the near term. Frank Flight cited two indicators in a client report: Iran's internet connectivity has recovered to approximately 86% o

Gate News: According to the latest Gate TradFi data, XTIUSD (WTI Crude USOIL) has dropped by 12% in a short period. Current volatility is significantly higher than recent averages, indicating increased market

On May 28, London Metal Exchange copper futures gained $170 to $13,702 per ton. Other base metals also rose: aluminum increased $24 to $3,660 per ton; zinc climbed $38 to $3,551 per ton; lead rose $12 to $2,018 per ton; nickel gained $158 to $19,101 per ton; and tin surged $686 to $55,079 per ton.

Canadian Prime Minister Chrystja Freeland outlined on May 28 that global imbalances will be the central theme of the G7 meeting, while highlighting a clear pathway toward low-cost energy production growth.

According to the U.S. Energy Information Administration (EIA), last week American crude oil imports from Iraq fell to zero, marking a historic low. The development represents the lowest import level on

According to Jin10, U.S. crude oil production reached its highest level since February 13, 2026, in the week ending May 22. Meanwhile, strategic petroleum reserves hit their lowest since April 12, 2024, and commercial crude stockpiles (excluding strategic reserves) fell to their lowest since Februar

According to EIA data, U.S. distillate fuel oil production rose to 5.51 million barrels per day for the week ended May 22, up from 5.1259 million barrels per day in the prior week.

According to EIA, U.S. refinery crude oil production fell to 76,000 barrels per day in the week ending May 22, down from 214,000 bpd in the prior week.

According to EIA data, U.S. crude oil implied demand fell to 1.94 million barrels per day (bbl/d) for the week ending May 22, down from 2.084 million bbl/d in the prior week.

According to the Energy Information Administration (EIA), U.S. heating oil inventories increased to 306,000 barrels for the week ended May 22, up from 21,000 barrels in the previous week.

According to EIA data, U.S. refined oil imports fell to -128,000 barrels per day for the week ending May 22, down significantly from 329,000 barrels per day in the previous week.

According to EIA data, U.S. refining crude oil inventories declined by 10.7 million barrels for the week ended May 22, significantly exceeding analyst expectations of a 10.24 million barrel decline. The prior week saw inventory builds of 3.72 million barrels.

According to EIA data, U.S. gasoline production reached 600,000 barrels per day in the week ended May 22, a significant recovery from the prior week's decline of 446,000 bpd.

According to the U.S. Energy Information Administration, strategic petroleum reserve inventory fell by 9.063 million barrels for the week ended May 22, compared to a decline of 9.92 million barrels in the prior week.

According to EIA data released for the week through May 22, U.S. gasoline product supplied reached 10.0564 million barrels per day, up 4.8% from 9.5926 million barrels per day in the prior week.