Commodities (Crude Oil & Copper) & Macro Outlook

According to Spring Airlines' earnings call on May 11, the company's Chief Financial Officer Chen Ke stated that geopolitical conflicts have driven significant increases in international aviation fuel prices, raising operational costs across the airline industry. The company is mitigating this

Indian government officials stated recently that crude oil inventories remain stable, with gasoline and diesel stocks at adequate levels.

According to Thai Oil's CEO Pongpun, Thailand's largest refiner has significantly shifted its crude oil sourcing in April and May. African imports now account for 39% of the company's total purchases, up from nearly zero previously, while Middle Eastern crude declined from 91% to 35%. North and

According to German Economy Minister Reichel, the government has extended employment guarantees at the PCK Schwedt refinery by six months through the end of 2026.

According to Reuters, Indonesia's mining ministry delayed plans to increase royalty fees and export taxes on mineral products on Monday. The government had originally planned to impose higher royalties on certain mining companies and export taxes on minerals including coal, but postponed the

According to Dalian Commodity Exchange data, on May 11, polyvinyl chloride (PVC) futures warehouse receipts increased by 1,582 contracts to 74,904 contracts. Polyethylene warehouse receipts rose 386 contracts to 13,143, while polypropylene fell 317 contracts to 14,362. Ethylene glycol warehouse rece

According to the 2025 World Energy Review, China consumed 92.2 exajoules (EJ) of coal in 2024, ranking as the world's largest coal consumer, followed by India with 23 EJ. The two nations accounted for nearly 70% of global coal consumption, reflecting the concentrated demand from the world's two

According to Shanghai Futures Exchange data released on May 11, key energy commodity warehouses saw mixed movements. Low-sulfur fuel oil warehouse inventory decreased by 8,520 tons, while fuel oil fell 5,500 tons and petroleum asphalt warehouse inventory dropped 1,800 tons. Pulp warehouse inventory

According to a Wall Street Journal survey of economists, India's consumer inflation rate is expected to rise to 3.85% year-on-year in April from 3.4% in March. Citi research analysts attributed the increase to unfavorable food inflation base effects and strengthening core inflation momentum. ANZ

According to JinShi Futures, Shandong independent refineries' gasoline production-to-sales ratio averaged 81% last week (May 4-10), up 3 percentage points from the previous week, while diesel ratio averaged 94%, up 10 percentage points. Gasoline demand benefited from post-holiday travel

According to China's Ministry of Transport, monitored ports completed cargo throughput of 258.357 million tons during May 4-10, down 7.14% week-on-week. Container throughput fell 4.3% to 6.648 million TEU. Meanwhile, national railway freight rose 2.2% to 82.58 million tons, and highway cargo

According to Golden Ten Data, tanker AGIOS FANOURIOS I transited Iran-designated waters in the Strait of Hormuz on May 10 and is currently heading to Vietnam via the Gulf of Oman.

According to Gelonghui, Singapore iron ore futures rose 1.15% to $111.7 per ton on May 11, marking the highest level since October 2024.

Iran proposed the U.S. lift sanctions on its oil sales within 30 days on May 11, but President Trump rejected the proposal, calling it "completely unacceptable." The rejection heightens supply disruption risks amid ongoing regional tensions. Barclays and Citi maintain forecasts for Brent crude

According to the Japanese government, a tanker carrying Azerbaijani crude oil destined for Japanese oil company Eneos will arrive in Japan on Tuesday.

Brent crude oil climbed 5% during today's trading session, reaching $103.77 per barrel.

WTI crude oil futures fell to around $86 per barrel on Tuesday, retreating from the previous trading day's gains as Iran signaled willingness to send a delegation to Islamabad for a second round of talks with the U.S. before the current two-week ceasefire expires. The shift marks a change in

On Monday, WTI crude oil futures climbed above $96 per barrel as U.S.-Iran peace negotiations stalled and the Strait of Hormuz remained effectively closed. President Trump instructed negotiators to pause talks, while Iran's President Pezeshkian reiterated Tehran would not participate in negotiations