Commodities (Crude Oil & Copper) & Macro Outlook

Brent crude oil futures fell below the $90 psychological level today, marking the lowest level since April 17, with intraday losses of 4.5%.

The U.S. Energy Information Administration raised its 2026 Brent crude oil price forecast to $95.39 per barrel from a previous estimate of $94.85 per barrel. The agency kept its 2027 forecast unchanged at $79.39 per barrel.

On June 9, WTI crude oil declined 4.5% to $87.17 per barrel, while Brent crude fell 4.0% to $90.43 per barrel during intraday trading.

The U.S. Energy Information Administration (EIA) will release its monthly Short-Term Energy Outlook report in approximately ten minutes.

According to U.S. Energy Secretary Wright, speaking at an Atlantic Council meeting on Tuesday, traffic through the Strait of Hormuz is significantly increasing amid ongoing conflict with Iran. Wright added that energy supplies will require several months to return to normal levels after the conflict

According to Canadian trade data, Canada's merchandise trade surplus surged to 27.2 billion CAD in April, the highest since January 2026 and marking the second consecutive month of trade gains. Total exports reached a record 752 billion CAD, up 1.6% from March. Trade with the United States, Canada'

Canada's April merchandise trade surplus climbed to CAD 2.72 billion, marking the highest level since January 2026, according to official trade data. Total exports rose 1.6% month-over-month to a record CAD 75.2 billion, driven primarily by a 7% surge in crude oil exports following rising oil

According to India's Deputy Commerce Secretary Ravi Teja, the country is considering extending a tax exemption on 40 petrochemical products imported for plastic and pharmaceutical manufacturing beyond the June 30 deadline. The original policy, announced in April, was implemented to address

According to White House officials, WTI crude oil fell 4.0% to $87.54 per barrel and Brent crude declined 3.5% to $90.86 per barrel today (June 9), following reported positive developments in talks aimed at preventing Iran from acquiring nuclear

According to the U.S. Commerce Department announced Tuesday, April trade deficit in goods and services declined 1.2% month-over-month to $55.9 billion, beating market expectations of $56.2 billion. Total exports rose 2.6% to a record high, led by a 60% surge in crude oil exports as Middle East

Israel and Iran paused direct military clashes on June 5, prompting West Texas Intermediate crude oil to drop below $90 a barrel on Tuesday. WTI crude traded around $89.13 a barrel, a more than 5% decline from the $95 level seen shortly after Israel launched retaliatory strikes on Iran. The pause

BP announced that Gordon Birrell will serve as head of Upstream as part of the company's strategic restructuring into two core business divisions. Richard Harding has been appointed interim head of Downstream, the company's other major operating

According to the International Air Transport Association (IATA), global airlines' profits are forecast to decline by 50% in 2026 due to a $100 billion surge in fuel costs. The organization warned that skyrocketing fuel prices will significantly compress the industry's profitability and operating

According to Guru Club, Brent crude oil broke below $92 per barrel on June 9, falling 2.43% intraday.

According to Guru Club, WTI crude oil futures fell 3% to $88.564 per barrel on June 9, while Brent crude futures declined 2.63% to $91.769 per barrel, as international oil prices continued their downward

According to market sources, Urals crude shipments scheduled for delivery to India in July and August are trading at a discount of $2–3 per barrel versus Brent crude.

Basf CEO warned that escalating inflation and potential supply chain disruptions from an Iran war pose risks to the automotive industry and broader economic outlook. The executive stated that shortages of raw materials are becoming more likely, potentially halting complex production chains

According to Guru Club, U.S. crude oil import price reached $78.24 per barrel in April, up 18.4% year-over-year from $66.06 per barrel in April 2025. The price also increased from $63.40 per barrel in March.

According to Jin10, WTI crude oil fell over 2% ahead of the night session on June 9, extending its decline in international oil markets.

Canada's exports reached 75.16 billion CAD in April, according to official data. The previous month's figure was revised upward from 72.77 billion CAD to 73.98 billion CAD.