Commodities (Crude Oil & Copper) & Macro Outlook

According to Yonhapnews, Iran's attacks on two tankers attempting to transit the Strait of Hormuz pushed up international oil prices on July 31. Brent crude futures for September delivery closed at $90.12 per barrel, up 1.2% from the previous session, on the ICE Futures

According to the U.S. Commodity Futures Trading Commission (CFTC), during the week of July 28, speculators increased net long positions in NYMEX WTI crude oil by 21,402 contracts, bringing the total to 108,307 contracts, marking a six-week

According to Bloomberg commodity data, CBOT wheat futures fell 3.84% on July 31, closing at $6.38 per bushel, with weekly losses of 5.90%. For July, wheat futures posted gains of 8.27%. CBOT corn futures declined 1.01% to $4.6375 per bushel, down 4.87% on the week and up 6.36% for the

According to FinanceFeeds report, on July 31, 2026, the Bank of Japan maintained its key short-term interest rate at 1.00% following its July policy meeting. The central bank revised its median real GDP growth forecasts upward, signaling confidence in moderate economic expansion. Suspected

WTI September crude futures closed up $1.08, or 1.29%, at $84.67/barrel on July 31, advancing 22.23% for the month but declining 5.19% this week. Abu Dhabi Murban crude futures fell 8.37% to $78.54/barrel, down 19.07% this week despite gaining 13.81% in July, when it reached $114.92/barrel on July 2

WTI September crude oil futures rose $1.08 to $84.67 per barrel today, up 1.29% on the session. The contract declined 5.19% over the week but has gained 22.23% in July. Abu Dhabi Murban crude fell 8.37% to $78.54 per barrel, with a weekly decline

South Korea announced on the 31st (local time) that it will begin importing Argentine crude oil starting next year and finalized a double taxation prevention treaty with Argentina, following President Lee Jae-myung's state visit to Buenos Aires. Wi Sung-rak, Director of the National Security

Shanghai Futures Exchange WTI crude oil December 2026 futures closed up 0.71% at 553.80 yuan per barrel in overnight trading on July 31. Shanghai gold futures declined 0.89%, while Shanghai silver futures fell 1.01% in the same

According to National Security Advisor Woo Sung-lak, South Korea and Argentina finalized multiple cooperation agreements on July 31, marking significant progress in energy and investment ties. The countries agreed to begin formal crude oil imports from Argentina in 2027, following a pilot program th

According to Pemex CFO Alberto Jimenez in a company call on Friday, the Mexican state oil company is analyzing possible debt refinancing operations with Mexico's Finance Ministry. Jimenez said Pemex is coordinating with the ministry to include debt repayment amounts in the government's 2027 budget a

According to Jin10, UN Secretary-General Antonio Guterres called for an immediate halt to military operations in the Gulf region and a full restoration of international navigation rights in the Strait of Hormuz and the Bab el-Mandeb Strait, urging resolution through diplomatic channels. Guterres

According to Serbian national television, Serbia received another sanctions exemption from the U.S. regarding NIS, a Russian-owned oil company. The exemption marks a repeated grant of relief from American sanctions targeting the petroleum

According to the Intercontinental Exchange (ICE), for the week ending July 28, Brent crude oil speculators reduced net long positions by 6,948 contracts to 185,083 contracts. Diesel speculators increased net long positions by 2,654 contracts to 87,194 contracts.

The U.S. crude oil rig count rose to 451 for the week ending July 31, up from 450 in the prior week.

The United States maintained 127 natural gas drilling rigs for the week ending July 31, unchanged from the prior week, according to industry data.

U.S. total oil and gas rigs reached 588 in the week ended July 31, up from 587 in the prior week.

The U.S. oil rig count for the week ending July 31 is scheduled for release shortly, according to the weekly Baker Hughes report.

In its second-quarter earnings call, Chevron outlined plans to expand data center power partnerships beyond its existing agreement with Microsoft in West Texas, while refocusing its Permian Basin operations on cost reduction and cash flow generation rather than production growth, according to

According to Chevron CEO Mike Wirth, the company sees no clear signs of demand destruction despite rising energy prices from the U.S. and Israeli military action against Iran. "In my view, there are no obvious signs indicating a large-scale decline in demand," Wirth said during a Friday call with an

According to Pemex, Mexico's state-owned petroleum company paid 248 billion pesos to suppliers and contractors during the first half of 2026.