Commodities (Crude Oil & Copper) & Macro Outlook

According to OPEC's monthly report, the organization has downgraded its 2026 economic growth forecast for the eurozone to 1.1% from the previous 1.2%, while maintaining its 2027 projection at 1.2%.

According to OPEC's monthly report, U.S. petroleum product net imports declined by 2.66 million barrels per day to -5.63 million barrels per day compared to the previous statistical period.

According to OPEC's latest monthly report, the organization maintained its U.S. economic growth forecasts at 2.2% for 2026 and 2% for 2027.

According to OPEC, Russia's oil production declined by 107,000 barrels per day in April compared to March, falling to 9.057 million barrels per day.

According to OPEC's monthly report, Saudi Arabia's crude oil output fell to 6.316 million barrels per day in April, marking the lowest level since 1990. The Iran war disrupted Persian Gulf transportation routes, causing Saudi Arabia, the UAE, and Iraq to experience their steepest production

OPEC maintained its global economic growth forecast at 3.1% for 2026 and 3.2% for 2027. The organization also held its U.S. growth projections unchanged at 2.2% for 2026 and 2% for 2027.

According to OPEC, the organization cut its 2026 global oil demand growth forecast to 1.17 million barrels per day, down from a prior estimate of 1.38 million barrels per day. OPEC also raised its 2027 demand growth outlook to 1.54 million barrels per day from 1.34 million barrels per day. OPEC+

According to a U.S. research institution's report released on May 13, the European Union imported 16% more liquefied natural gas from Russia in the first quarter of 2026 compared to the same period last year, reaching the highest level since Russia's full-scale invasion of Ukraine in 2022.

According to Indian Minister of Information and Broadcasting Ashwini Vaishnaw on Wednesday, India launched a 375 billion rupee (approximately $3.9 billion) initiative to industrialize coal conversion into synthetic gas, aiming to reduce import dependence and strengthen foreign exchange reserves.

On Wednesday, WTI crude futures fell below $102 per barrel while Brent crude slipped under $107, snapping a three-day rally. The pullback occurred despite ongoing supply constraints tied to geopolitical tensions in the Middle East and restrictions on oil flows through the Strait of Hormuz. U.S.

According to sources, Russia's Perm refinery halted operations following a drone attack on May 7. The facility ceased functioning after the strike.

According to Jin10, on May 13, the U.S. waiver allowing countries including India to purchase Russian crude oil may not be extended beyond May 16, potentially forcing Indian refiners to reduce imports. According to Kpler data, India's Russian oil imports have reached a record 2.3 million barrels

According to Eurostat data released on May 13, eurozone industrial output rose 0.2% month-on-month in March, matching February's growth rate. The uptick partly reflects companies accelerating production and stockpiling to preempt rising energy costs and potential supply disruptions stemming from

LME three-month aluminum futures touched $3,641 per ton today, marking the highest level since April 17, up 2.2% on the day.

According to French Finance Minister Lecours, on May 13, the rare earth market needs to be organized to prevent any single country from forming a monopoly. The statement underscores France's commitment to ensuring diverse sourcing of critical minerals essential for renewable energy and defense

French Finance Minister Bruno Lescure said on the sidelines of next week's G7 meeting that there are currently no plans for a new round of strategic oil reserve releases, though the issue could be discussed in coming

According to Jin10 Futures, Shanghai aluminum futures rebounded on May 13, with the main contract closing up 240 yuan/ton, or 0.97%. Macroeconomic pressure intensified as U.S. April CPI rose 3.8% year-over-year, the fastest pace since 2023, leading markets to lower expectations for Federal Reserve r

According to Jin10, the Shanghai Futures Exchange released warehouse receipts data for commodity futures on May 13. Notable increases included aluminum up 2,034 tonnes, nickel up 2,450 tonnes, copper up 4,317 tonnes, and silver up 35,232 kg. Zinc, stainless steel, and lead also recorded gains,

According to the International Energy Agency (IEA) monthly report, global refining capacity will decline by 1.6 million barrels per day in 2026 due to attacks, reduced crude oil supply, and export restrictions.

According to the IEA monthly report, since February, global oil supply has lost 14 million barrels per day due to the Strait of Hormuz closure.