Commodities (Crude Oil & Copper) & Macro Outlook

The South African Reserve Bank revised upward its Brent crude oil price forecast for 2026 to $90 per barrel from a previous estimate of $82 per barrel.

China's futures markets opened mixed on the night session (September 23), with synthetic rubber leading gains by surging over 3%, while low-sulfur fuel oil, 20 rubber, and fuel oil each gained over 2%. Rubber, ethylene-propylene (EB), SC crude oil, and liquefied petroleum gas (LPG) each rose over 1%

According to Capital Economics, on September 23, a potential U.S. diesel export ban could reduce global maritime diesel supply by 30%, with Latin America and Europe facing the most immediate impact. The research firm noted that any decrease in U.S. diesel exports would undermine a key

Oil prices dropped for a fifth straight day Tuesday after President Donald Trump said US and Iran delegations had a "very good" three-hour meeting on the sidelines of the UN General Assembly. The decline came as Iran reportedly suggested it could reopen the Strait of Hormuz within seven days if the

As of 8:30 p.m. Beijing time on September 23, WTI crude oil futures rose 0.08%, while U.S. natural gas futures climbed 3.07%.

SC crude oil plunged over 4 percent to break below the 700 mark, while asphalt futures fell below the 5,500 level today as Middle East geopolitical tensions eased, causing a rapid pullback in risk premiums.

According to Jiao Lian Wang, coking coal spot auction rejection rates in China surged to 73% on September 23, jumping sharply from 26% the previous day. Transaction prices fell across the board, signaling weakened downstream acceptance of current price levels and indicating a breakdown in the price

U.S. natural gas futures rose 3.00% intraday today (September 23), trading at $3.054 per million British thermal units.

According to International Gas Union (IGU) Secretary General Menelaos Ydreos, the Iran conflict has disrupted liquefied natural gas (LNG) exports from the Gulf region and exacerbated Europe's difficulty in replenishing gas storage ahead of winter. Global natural gas markets are pricing in

Ryanair is working to reduce unhedged oil purchases for this winter while cutting capacity at the end of November and mid-January to manage fuel costs.

According to sources cited by Jin10, India's state-owned refineries raised liquefied petroleum gas (LPG) production to approximately 44,000 tons per day on September 23, marking a nearly 20% increase from August average levels as the festival season drives demand for cooking fuel. The government

According to ICE data, Brent crude oil put options reached record trading volume of 764,000 contracts on Tuesday (Sept 23). Over 110,000 contracts of December 70/69 put spreads, 40,000 contracts of November 93/92 put spreads, and 38,500 contracts of February 70/69 put spreads were executed,

Staff at the Commodity Futures Trading Commission's Division of Market Oversight issued an advisory on Tuesday stating that prediction market contracts settling on whether a named individual says particular words, attends events, or engages in specific interactions should be presumed readily

According to government documents, Russia cut its 2026 natural gas production forecast from 688.4 billion cubic meters to 683.1 billion cubic meters. The country also lowered its 2026 liquefied natural gas export forecast from 40.3 million tons to 35 million tons. Russia also downwardly revised its

According to Barclays' strategy team led by Emmanuel Cau, the MSCI World Index has declined approximately 3% since summer highs, following the typical seasonal pattern observed before midterm elections. Historical data suggests stocks often begin recovering in mid-October or even before voting

According to Jin10, U.S. President Trump on Tuesday expressed support for banning American diesel exports to help lower prices, stating the government will make a decision "very soon." However, analysts cautioned the measure could have opposite effects. Gbenga Ajilore, chief economist at the

According to OPEC's annual statistical bulletin, China was the world's largest oil importer in 2025, with daily imports of 13.8 million barrels, accounting for 18.1% of global crude imports. This figure was nearly double the United States' 7.9 million barrels daily. India ranked third with 6.2 milli

ADNOC announced October 2026 pricing for its crude grades, setting the Murban crude reference price at $90.58 per barrel. The company aligned the Umm Lulu crude price with the Murban benchmark for the month.

According to Goldman Sachs, China's crude oil imports in the fourth quarter are expected to rise only modestly by 600,000 barrels per day quarter-over-quarter, while declining by 3 million barrels per day year-over-year, potentially limiting further oil price increases. The bank forecasts that if cr

According to Xinhua, on September 22, Venezuela's acting president Delcy Rodríguez met with U.S. President Trump during the 81st UN General Assembly in New York. Rodríguez stated that both sides discussed strengthening bilateral relations and advancing cooperation in strategic areas including