Commodities (Crude Oil & Copper) & Macro Outlook

According to Citadel Securities, the Fed is expected to raise rates by 25 basis points this week, with chief strategy officer Frank Flight saying the move would reinforce Fed Chair Kevin Warsh's credibility in combating inflation. Interest rate swap markets currently reflect approximately 40%

According to Jin10 Futures, benzene futures fell to 7,820–7,960 yuan/ton on July 27, down 490 yuan/ton from the previous trading day, as crude oil prices retreated from highs. Trading activity weakened amid downstream losses and declining market sentiment, though some bottom-fishing demand

On July 27, Yemen's government warned that Houthi forces could potentially "follow Iran's example" and control the Strait of Mandeb, a critical Middle East energy transport corridor, and said it has prepared for possible conflict escalation. Meanwhile, Houthi forces responded that the Strait of Mand

According to Jin10, on July 28, China's domestic major refiners' gasoline-diesel spread hit the lowest level since Q2, dropping to 1,000 and 500 yuan/ton respectively, while independent refiners in Shandong province saw spreads narrow to 1,500 and 800 yuan/ton. Despite a recent rebound driven by low

According to Jin10, silver traded near $57.40 per ounce on Tuesday, July 28, declining after rising roughly 0.5% in the previous session. Oil price weakness, driven by de-escalation expectations in regional tensions, has eased inflation and rate-hike concerns, potentially supporting silver

Brent crude oil fell below $84 per barrel on July 28, with an intraday decline of 1.53%.

According to Jin10 on July 28, at least eight very large crude carriers (VLCCs) are diverting to Egypt's Mediterranean port of Sidi Kerir to load Saudi crude as Houthi threats disrupt Red Sea trade routes. Ship-tracking data shows the tankers plan to arrive within coming weeks through mid-August.

According to HSBC's Affluent Investor Snapshot 2026 report released on July 28, high-net-worth investors in Singapore and Malaysia maintain stable crypto asset allocations at 5% and 6% respectively, down from global average of 6% versus 7% in 2025, with no signs of significant exit. Investors in

According to Jin10, U.S. crude oil inventories in the Strategic Petroleum Reserve fell by 3.7 million barrels last week to 307.7 million barrels on July 28, the lowest level since 1983. The reduction is part of a U.S. agreement aimed at replenishing domestic supply. Separately, Australia and

Italian energy company Eni announced it has made a final investment decision on the Cronos project in Cyprus. The company aims to bring the country's first natural gas to market by 2028, with targeted production reaching a stable level of 500 million standard cubic feet per

According to Al Jazeera, an Iraqi militant group on July 28 denied launching drone attacks on Saudi oil facilities, following Riyadh's accusation that Iran-backed militias carried out the strike on Monday.

Energy Secretary Sharon Garin announced on July 28 that fuel prices in the Philippines will increase sharply, with gasoline rising by P6.80 per liter, diesel by P7.32 per liter, and kerosene by P4.22 per liter, effective the same day. The price adjustments stem from renewed volatility in the

According to Energy Secretary Sharon Garin, pump prices in the Philippines are set to increase starting July 28, driven by ongoing volatility in the Middle East. The announced maximum price increases for the week of July 28 to August 3 are: gasoline up P6.80 per liter, diesel up P7.32 per liter,

According to Guru Club, on July 28, Shanghai tin futures fell 2.00% to 409,500 yuan/ton intraday, while London tin dropped 2.00% to $53,234/ton.

According to Jin10, CME data for July 27 showed mixed performance across energy and precious metals. Gold trading volume increased 34,701 contracts to 213,170 while open interest declined 1,065 to 373,693. Silver volume rose 4,028 to 34,689 with open interest down 242 to 106,649. Copper

According to Seoul Bond Market data, South Korean government bond yields declined slightly on the morning of July 28 as risk-off sentiment swept markets. The 3-year benchmark yield fell 2.3 basis points to 3.844%, while the 10-year yield dropped 1.5bp to 4.315% and the 30-year yield eased 0.1bp to 4

According to Bank of America, on Monday (July 27), the bank stated that the Federal Reserve should avoid responding to energy supply shocks, describing such inaction as a 'textbook policy choice.' The assessment comes as Kalshi prediction market traders widely expect such shocks to be mentioned in u

According to Hyperinsight, on July 28, WTI crude oil mapping contract (xyz:CL) on Hyperliquid fell to $80.91, down 5.2% in 24 hours and off 13.4% from the July 24 peak of $93.44. The decline reflects easing geopolitical risk premiums as the U.S. pauses military strikes on Iran and diplomatic

According to Reuters, Saudi Aramco is considering adjusting its oil pricing to reflect higher transportation costs for shipments loaded at Egypt's Sidi Krir port and destined for Asia, according to sources familiar with the

According to Jin10 Futures, on July 27, pure benzene futures closed at 7,820-7,960 yuan/ton (Chinese commodity futures price), down 490 yuan/ton from the previous trading session. Trading activity weakened as crude oil prices retreated from higher levels, though some buying interest remained at