Commodities (Crude Oil & Copper) & Macro Outlook

Germany's Federal Statistical Office (FSO) confirmed in July that the country's Consumer Price Index (CPI) rose 2.8% year-over-year, matching preliminary estimates. Energy prices continued to rise at an above-average pace, serving as the primary inflation driver. The FSO attributed the

According to the German Federal Statistical Office (FSO), Germany's July consumer price index rose 2.8% year-over-year on August 12, matching preliminary estimates. Month-over-month, prices increased 0.8% in July. Core

According to the IEA monthly report, Middle East oil exports peaked at 20 million barrels per day in early July before declining to 12 million barrels per day later in the month.

According to the Philippine Statistics Authority, the Philippine economy grew by only 2.3% in the second quarter of 2026, reported on August 7, marking its weakest quarterly growth in 16 years and falling well short of the analyst consensus forecast of 2.8%. The slowdown was driven by rising

According to the IEA's July monthly report, Saudi Arabia increased oil production by 0.9 million barrels per day to 8.2 million bpd in July. Iraq raised output by 0.47 million bpd to 2.9 million bpd, while Iran added 0.33 million bpd to reach 2.6 million bpd. UAE crude production declined to 3.9 mi

According to Reuters and shipping tracking data, fuel oil futures surged on Wednesday (Aug 12), with FU2609 gaining over 4% intraday to break above 3,800 yuan per ton. LU2609 low-sulfur contracts climbed over 2%. The rally was driven by an impasse in Hormuz Strait transit negotiations, as Iran's

According to the IEA Monthly Report, OPEC+ increased crude oil production by 1.5 million barrels per day in July 2026.

According to IEA's July monthly report, non-OPEC+ oil production increased by 590,000 barrels per day in July, driven primarily by Qatar.

According to the International Energy Agency's latest monthly report, global oil demand is projected to increase by 2.4 million barrels per day in 2027, exceeding the organization's previous forecast of 1.9 million barrels per day.

According to the International Energy Agency monthly report, observed oil inventories have decreased by 410 million barrels since the conflict outbreak.

According to LME data, copper inventories have declined for 40 consecutive days, marking the longest such streak since 2014. The sustained drawdown reflects sustained demand pressures in the global copper

According to the International Energy Agency's monthly report, global oil demand declined by 4.9 million barrels per day in the second quarter of 2026.

According to the IEA, global oil supply rebounded by 2.4 million barrels per day in July, reaching 101.5 million barrels per day.

According to the International Energy Agency, global oil demand is expected to decline by 2.8 million barrels per day in the third quarter of 2026.

According to the International Energy Agency monthly report, 8.3 million barrels per day of crude oil production in the Persian Gulf region remains offline.

According to IEA's monthly report, global oil refining declined by 5 million barrels per day in July compared to the same period last year. The decline was attributed to idle refining capacity being unable to offset product supply bottlenecks, underscoring challenges in balancing production with

According to IEA's latest monthly report, the International Energy Agency raised its forecast for third-quarter oil supply deficit to 1.8 million barrels per day from 0.8 million barrels per day predicted in July, citing renewed hostilities in the Middle East

According to the IEA's latest monthly report, the agency revised down its forecast for global oil supply decline in 2026 to 4.3 million barrels per day, compared to the previous estimate of 3.7 million barrels per day.

According to the IEA, the organization revised its 2026 global oil demand forecast downward to a decline of 1.6 million barrels per day, compared with its previous projection of 1 million barrels per day. The larger reduction reflects anticipated disruptions in the Strait of Hormuz and sustained

According to IEA's latest monthly report, the International Energy Agency lowered its forecast for global oil supply surplus in 2027 to 4.61 million barrels per day, down slightly from the previous estimate of 4.62 million barrels per day.