Commodities (Crude Oil & Copper) & Macro Outlook

WTI crude oil opened 1.2% higher on Monday, trading at $106.6 per barrel.

According to Jin10, Venezuela's government released a 63-page regulatory draft for its new oil law on May 17. The draft establishes technical, operational, financial, and regulatory requirements for companies operating in the country's oil and gas fields. It also clarifies standards for private

According to The Sun, UK Chancellor Rachel Reeves plans to announce next week that she will postpone a planned fuel duty increase originally scheduled for September. The temporary fuel tax cut that began in 2022 was set to expire this September, which would have raised fuel prices by 5 pence per

According to Gazprom, European underground gas storage facilities recorded historic-low gas injection levels during May 12-14.

According to Jin10, Shanghai futures contracts closed mixed on May 16 at 2:30 AM. Shanghai gold futures fell 1.13% to 1,004 yuan per gram, while Shanghai silver futures dropped 6.79% to 18,889 yuan per kilogram. SC crude oil futures rose 3.82% to 666 yuan per

According to local media, a fire broke out at the Olmeca refinery facility in Mexico on Saturday dawn (May 17). Details regarding the cause and extent of the incident were not immediately disclosed.

According to Jin10, on May 17, the U.S. Trump administration allowed a sanctions waiver encouraging Russian crude oil sales to expire. The waiver, which permitted previously prohibited oil purchases, had been granted twice—initially in March and renewed in April—but applied only to Russian crude

According to TankerTrackers, three empty-laden, U.S.-sanctioned oil tankers recently breached the U.S. Navy blockade in the Strait of Hormuz and entered surrounding waters.

The U.S. total rig count rose to 551 for the week ending May 15, compared to 548 in the previous week.

According to Iran's state broadcaster IRIB, Saudi Arabia's oil production has hit its lowest level since 1990 amid ongoing disruptions in the Strait of Hormuz.

According to Jin10, Turkey proposed building a $1.2 billion military fuel pipeline from Turkey to Romania to help meet NATO's eastern flank energy requirements, according to sources on May 15. The route from Turkey to Romania would cost significantly less than alternative proposals involving

According to Jin10, India and the Abu Dhabi National Oil Company (ADNOC) announced on May 15 a strategic partnership to expand crude oil and natural gas reserves. ADNOC plans to significantly increase its oil storage capacity in India to 30 million barrels, while the two countries will also

According to a Kyodo News poll released on May 17, 70.5% of Japanese respondents believe the government should call for energy conservation measures in response to oil supply shortages. The survey, conducted May 16–17, also found that 70.6% of respondents expressed concern over naphtha supply

According to Jin10, Fidelity International portfolio manager Mike Riedel bet on rising inflation before the Iran war, acquiring U.S. and U.K. inflation swaps several months prior to the geopolitical escalation. Oil prices subsequently surged above $100 per barrel, validating his contrarian inflation

According to Iranian media, a fire broke out at an engine oil factory in northwest Iran on May 16, with no reported casualties.

Indian Prime Minister Narendra Modi met UAE President Sheikh Mohamed bin Zayed Al Nahyan on Friday, May 15, 2026, to finalize a $5 billion UAE investment in India covering energy, defence, infrastructure, shipping, and advanced technology, according to the article. The two countries agreed to

According to China's Ministry of Commerce Trade Remedies Bureau, Australian beef imports under safeguard measures reached 80% of the designated quota on May 15, 2026. Under Ministry of Commerce Announcement No. 87 (2025), a 55% additional tariff will be imposed on top of existing tariff rates

According to Jin10 Data, on May 16, Iran's Parliamentary National Security Committee chief announced that the country has prepared a mechanism to manage traffic through the Strait of Hormuz along designated routes. Details will be disclosed soon. Only commercial vessels and parties cooperating

According to Reuters, on May 16, UAE Energy Minister Suhail Al Mazrouei stated on social media platform X that the UAE's decision to withdraw from the Organization of the Petroleum Exporting Countries (OPEC) and the OPEC+ mechanism is a sovereign strategic choice, not made on political

According to Jin10 Data, China's first batch of domestically-developed 103-octane racing-grade gasoline officially entered use in Xinjiang on May 16. The fuel marks the country's first industrial-scale production of high-octane racing fuel, ending decades of reliance on imported premium racing fuel