Commodities (Crude Oil & Copper) & Macro Outlook

Senegal's Finance Minister Cheikh Diba warned parliament this year that fuel subsidies could exceed 2026 budget allocations by up to 1.15 trillion CFA francs ($2 billion) if international crude oil prices rise to $115 per

According to BP, the Whiting refinery in Indiana has submitted a revised management proposal to the United Steelworkers (USW) Local 7-1 bargaining committee to narrow differences and reach agreement quickly. In response to union concerns, BP withdrew its previous plan to voluntarily lay off up to 42

According to Alberta Premier Danielle Smith, major oil companies and the provincial government are expected to reach an agreement on carbon capture deployment in the oil sands sector this summer. Once a substantial deal is finalized with the Oil Sands Alliance on the Pathways carbon capture

According to Planning Minister Bruno Moretti, Brazil's federal government has canceled the planned 2026 auction for pre-salt oil blocks. The decision requires removing 31 billion reais ($6.18 billion) in anticipated fiscal revenue from the federal government's revised

On May 22, EU Commission President Ursula von der Leyen announced that tariffs on most agricultural products from Mexico will be removed. The statement marks a shift in European trade policy toward the

According to Al Jazeera, on May 23, an Iranian official involved in peace negotiations stated that ending the war, lifting U.S. sanctions, and ensuring stability in the Strait of Hormuz are priority issues. The official emphasized that unfreezing assets and lifting sanctions on oil exports are

According to the U.S. Commodity Futures Trading Commission (CFTC), for the week of May 19, speculators reduced their net long positions in COMEX gold by 6,239 contracts to 94,388 contracts. Meanwhile, net long positions in COMEX copper increased by 1,476 contracts to 74,999 contracts, marking a 21-w

According to CFTC data, during the week of May 19, speculators increased their net long positions in NYMEX WTI crude oil by 15,017 contracts, bringing the total to 110,348 contracts.

According to Bloomberg and CBOT data, Chicago grain futures closed higher this week (May 22). CBOT corn futures gained 1.76% to $4.6375 per bushel, CBOT wheat futures rose 1.77% to $6.47 per bushel, and CBOT soybean futures advanced 1.72% to $11.9725 per bushel. Bloomberg's grain index posted a week

Federal Reserve Governor Christopher Waller warned that stubborn inflation and surging energy costs now outweigh labor market risks, signaling that rate hikes are "back on the table" and jolting expectations that had been primed for cuts a few months ago. Summary Waller said US CPI hit 3.8% in

According to Jin10 data, WTI crude oil futures for July delivery rose 0.26% to $96.6 per barrel on May 23. The contract declined 8.4% for the week. Brent crude oil futures for July delivery rose 0.94% to $103.54 per barrel on the same day, with a weekly loss

Shanghai Futures Exchange crude oil futures (2607 contract) fell 1.88% overnight to 638.40 yuan per barrel. Shanghai gold (Au9999) declined 0.10%, while Shanghai silver (Ag9999) rose 0.51% during the evening

According to Sky News Arabic, citing sources on May 23, Iran and the U.S. have reached an understanding on a framework agreement regarding nuclear issues, with oil markets reacting sharply—Brent and WTI crude fell over $2 per barrel to lows of 98.5 and 97.9 respectively, though both later

According to ICE, on the week of May 19, speculators' net long positions in Brent crude fell to 335,288 contracts, down 10,517 from the prior week, marking an 11-week low.

Trump Media & Technology Group transferred 2,650 Bitcoin worth approximately $205 million to Crypto.com, according to on-chain data cited by market observers. The company simultaneously withdrew applications for three Truth Social-branded cryptocurrency exchange-traded funds. The transaction has

According to Baker Hughes, U.S. drilling companies added oil and gas rigs for a fifth consecutive week.

U.S. natural gas drilling rigs declined to 125 for the week ending May 22, down from 128 in the previous week, according to energy data.

The U.S. total rig count reached 558 in the week ending May 22, up from 551 in the prior week, according to standard industry data. The increase of seven rigs reflects continued activity in the domestic energy

On May 22, Shanghai copper closed up 0.58%, with international copper rising 0.77% overnight. Shanghai aluminum fell 0.14%, zinc declined 0.16%, and lead rose 0.30%. Shanghai nickel gained 0.49% and tin rose 1.09%.

The U.S. Baker Hughes oil rig count for the week ending May 22 is set to be released in approximately 10 minutes.