Commodities (Crude Oil & Copper) & Macro Outlook

According to Reuters, Iran's military has imposed transit fees of up to $2 million on ships passing through the Strait of Hormuz in recent weeks, citing its control over the strategic waterway. The move comes as U.S. sanctions have severely impacted Iran's oil export capacity. Shipping brokers

During tonight's futures session opening on May 13, China's domestic commodity futures contracts showed broad strength, with PVC (polyvinyl chloride) leading gains at over 2%, while No. 20 rubber and rubber contracts rose nearly 2%, and coal and synthetic rubber advanced over 1%. On the downside, fu

According to Jin10, Turkey's central bank will release its quarterly monetary policy report on May 13, with analysts expecting it to raise the year-end inflation target and forecast range due to global energy price shocks. The current target stands at 16%, with the forecast range at 15-21%. Hande

According to OPEC's monthly report, Kuwait's crude oil production declined by 561,000 barrels per day in April, falling to 600,000 barrels per day from the previous month.

According to OPEC's monthly report, Iran's crude oil production declined by 211,000 barrels per day in April to 2.854 million barrels per day, based on secondary sources.

According to OPEC Monthly Report, Venezuela's crude oil production in April increased by 37,000 barrels per day to 1.486 million barrels per day based on secondary source data.

According to OPEC's monthly report, crude oil production in April decreased by 1.727 million barrels per day month-over-month to 19.983 million barrels per day.

According to OPEC's latest monthly report, China's net imports of petroleum products fell 1.3 million barrels per day to 12.54 million barrels per day compared with the previous month.

According to OPEC's monthly report, the organization has downgraded its 2026 economic growth forecast for the eurozone to 1.1% from the previous 1.2%, while maintaining its 2027 projection at 1.2%.

According to OPEC's monthly report, U.S. petroleum product net imports declined by 2.66 million barrels per day to -5.63 million barrels per day compared to the previous statistical period.

According to OPEC's latest monthly report, the organization maintained its U.S. economic growth forecasts at 2.2% for 2026 and 2% for 2027.

According to OPEC, Russia's oil production declined by 107,000 barrels per day in April compared to March, falling to 9.057 million barrels per day.

According to OPEC's monthly report, Saudi Arabia's crude oil output fell to 6.316 million barrels per day in April, marking the lowest level since 1990. The Iran war disrupted Persian Gulf transportation routes, causing Saudi Arabia, the UAE, and Iraq to experience their steepest production

OPEC maintained its global economic growth forecast at 3.1% for 2026 and 3.2% for 2027. The organization also held its U.S. growth projections unchanged at 2.2% for 2026 and 2% for 2027.

According to OPEC, the organization cut its 2026 global oil demand growth forecast to 1.17 million barrels per day, down from a prior estimate of 1.38 million barrels per day. OPEC also raised its 2027 demand growth outlook to 1.54 million barrels per day from 1.34 million barrels per day. OPEC+

According to a U.S. research institution's report released on May 13, the European Union imported 16% more liquefied natural gas from Russia in the first quarter of 2026 compared to the same period last year, reaching the highest level since Russia's full-scale invasion of Ukraine in 2022.

According to Indian Minister of Information and Broadcasting Ashwini Vaishnaw on Wednesday, India launched a 375 billion rupee (approximately $3.9 billion) initiative to industrialize coal conversion into synthetic gas, aiming to reduce import dependence and strengthen foreign exchange reserves.

On Wednesday, WTI crude futures fell below $102 per barrel while Brent crude slipped under $107, snapping a three-day rally. The pullback occurred despite ongoing supply constraints tied to geopolitical tensions in the Middle East and restrictions on oil flows through the Strait of Hormuz. U.S.

According to sources, Russia's Perm refinery halted operations following a drone attack on May 7. The facility ceased functioning after the strike.

According to Jin10, on May 13, the U.S. waiver allowing countries including India to purchase Russian crude oil may not be extended beyond May 16, potentially forcing Indian refiners to reduce imports. According to Kpler data, India's Russian oil imports have reached a record 2.3 million barrels