Commodities (Crude Oil & Copper) & Macro Outlook

According to Indian government officials, major diesel buyers have recently begun purchasing from state-owned retail fueling stations, marking a shift in sourcing patterns for bulk commodity purchases.

According to China Water Fisheries' investor relations disclosure on May 21, the company's fuel oil procurement costs rose 7% year-over-year, with fuel expenses now accounting for approximately 30% of fishing operation costs. The company attributed the increase to geopolitical tensions and their

Brent crude fell over 1.00% intraday, trading at $101.26 per barrel on May 21. WTI crude futures retreated below $98 per barrel, declining 0.28% during today's session.

Eurozone construction output declined 1.2% year-over-year in March, showing improvement from a prior reading of -1.9%, suggesting stabilization in the region's building sector.

According to Hengan Futures report and EIA data, China's SC2607 crude oil futures fell in early trading on May 21 before recovering to close at 656.0 CNY/bbl, driven by mixed geopolitical and macroeconomic signals. U.S. commercial crude oil inventories declined by 7.86 million barrels in the

According to Jin10 Futures, on May 21, the Shanghai Futures Exchange released warehouse receipts data across 23 commodity futures contracts, showing mixed movements. Hot-rolled coil saw the largest decline, down 20,215 tons from the previous trading day, while rubber warehouse inventory increased

According to Ukrainian drone forces, the Syzran oil refinery in Russia caught fire today following an attack by Ukrainian unmanned aerial vehicles. The facility reportedly sustained direct damage from the drone

According to HSBC Global Investment Research analysts, the oil market appears to be rebalancing on May 21, with prices relatively restrained despite Middle East supply disruptions. The rebalancing stems from reduced crude purchases in some regions, surging U.S. exports, and rapid inventory and

According to the Singapore Economic Development Board, as of the week of May 20, Singapore's fuel oil inventories rose 1.419 million barrels to reach 20.5 million barrels, marking a 4-week high.

According to Singapore's Economic Development Board, light distillates inventories fell by 51,000 barrels for the week ending May 20, reaching 14.878 million barrels, the lowest level in two weeks.

According to Singapore Economic Development Board (ESG), Singapore's middle distillate stockpiles fell 1.33 million barrels to 9.026 million barrels, hitting a six-week low, for the week ending May 20.

Intercontinental Exchange and Ornn announced plans to launch GPU compute futures contracts tied to spot pricing for AI infrastructure, referencing Ornn's Compute Price Index, which tracks live transaction prices across Nvidia H100, H200, B200, and RTX 5090 systems. The contracts will be U.S.

According to China's Ministry of Commerce spokesperson He Yadong on May 21, the U.S. and China have reached a series of positive consensus through recent economic and trade consultations to resolve non-tariff barriers and market access issues for certain agricultural products. The two countries have

South Korea's central bank released data on May 21 showing that the country's April producer price index (PPI) rose 2.5% month-over-month to 128.43, marking the largest monthly increase in 28 years. The surge was driven by the Middle East crisis, which pushed oil and raw material prices higher. The

Intraday on May 21, Shanghai Containerized Freight Index European Route futures main contract surged 9%, hitting 2996.50 points.

According to Guru Club, on May 21, Shipping Index European Route futures main contract surged over 10%, reaching 3029.5 points. Trading volume reached approximately 3.47 billion yuan, with net open interest climbing nearly 400 contracts, indicating heightened market

According to Jin10, Japan's trade data released on Thursday showed that oil imports from the Middle East fell 67.2% year-over-year in April, while imports from the U.S. surged 38.8%. The shift reflects Tokyo's efforts to diversify crude oil sources. The Middle East's share of Japan's crude imports d

According to Takeshi Minami, an economist at Norinchukin Research Institute, if the Middle East conflict continues, Japan's economy will likely face a downturn despite having adequate crude oil supplies through early 2027, as reported by Jin10 on May 21. The conflict could trigger adverse effects th

According to Saudi government data, Saudi Arabia's merchandise exports grew 21.5% year-on-year in March 2026, with oil exports rising 37.4%.

According to Saudi government data, Saudi Arabia's imports fell 24.8% in March 2026.