Commodities (Crude Oil & Copper) & Macro Outlook

European natural gas futures surged this week, with ICE UK Natural Gas futures climbing 15.23% to close at 124.580 pence per therm on Friday (May 15), and TTF Dutch natural gas futures rising 15.14% to 50.326 euros per megawatt-hour. ICE EU carbon allowances gained 0.47%, trading at 74.50 euros per

Gate News: According to the latest Gate TradFi data, OJUICE (Orange Juice) has dropped by 8% in a short period. Current volatility is significantly higher than recent averages, indicating increased market

According to U.S. Energy Secretary Wright, on Friday (May 15), the U.S. can "easily" double its natural gas export volumes without pushing up domestic prices. Wright noted that American natural gas resources are "remarkably abundant," and the country currently exports approximately 20% of its

According to Jin10, on May 15, U.S. refineries accelerated production to near-maximum capacity, with refinery utilization rates climbing to 92% in recent weeks as the Iranian conflict disrupted Persian Gulf energy supplies. Gasoline output reached a nine-month high, while jet fuel production hit

According to Jin10, on May 15, Venezuela's state oil company PDVSA began distributing proposed contracts to energy firms interested in operating in the country, marking a key step toward restoring the nation's crude production. Industry sources noted the draft agreement reflects PDVSA's

According to Jin10, U.S. Energy Secretary Wright announced on Friday, May 15, that the United States will replenish the Strategic Petroleum Reserve (SPR) at a ratio of at least 1.2 barrels for every barrel released. Wright stated: "We are now releasing oil, and for each barrel released, we will repl

As of market close on May 15, China's futures markets showed mixed performance. Caustic soda fell over 2%, while coke and soy meal both declined over 1%. Cotton and PVC dropped nearly 1%. On the upside, low-sulfur fuel oil (LU) surged over 3%, and asphalt rose more

According to Societe Generale Americas research director Subadra Rajappa, U.S. Treasury yields showed sharp abnormal volatility today (May 15), driven by accelerating inflation expectations and surging energy prices tied to the Iran conflict. Rajappa stated that higher energy costs are limiting

According to Ganfeng Lithium, during an investor event on May 15, the company stated that current industry lithium ore and lithium salt inventory levels remain at historic lows. The company attributed this to rapid growth in lithium battery demand this

Gate News: According to the latest Gate TradFi data, OJUICE (Orange Juice) has dropped by 6% in a short period. Current volatility is significantly higher than recent averages, indicating increased market

According to sources cited by Jin10, Turkey proposed on May 15 building a $1.2 billion (1 billion euro) military fuel pipeline to help meet energy needs of NATO's eastern flank allies. The Turkey-to-Romania pipeline could cost one-fifth of alternative proposals involving routes through Greece or Rom

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

The CFTC granted no-action relief for swap reporting tied to fully collateralized event contracts. The framework extends protections to firms covered under earlier event contract no-action letters. New applicants may receive identical relief under a centralized reporting process from

According to Guru Club, LME copper declined 3.0% on May 15, trading at $13,520 per ton.

Tin fell 4% intraday on May 15, trading at $52,310 per ton on the London Metal Exchange.

According to Romania's National Bank, second-quarter 2026 annual inflation is expected to exceed prior forecasts, primarily driven by energy prices.

Turkey's finance minister warned that if crude oil prices remain around $100 per barrel, the country's fiscal deficit could expand to approximately 4% of GDP in 2026, compared to roughly 3% in 2025. The official highlighted the sensitivity of Turkey's budget balance to oil price fluctuations,

According to Iran's Foreign Minister Abbas Araghchi, the Strait of Hormuz remains open to commercial vessels from friendly nations, though passage requires coordination with Iranian military forces. Speaking at a press conference in New Delhi on May 15, Araghchi stated that while the waterway is

According to industry sources and Reuters calculations, Russia's maritime crude oil product exports declined 9.8% month-on-month in April.

WTI crude oil broke above $105 per barrel today, marking the highest level since May 5, with intraday gains of 2.92%. Brent crude oil rose 2.47%, trading at $106.44 per barrel.