Commodities (Crude Oil & Copper) & Macro Outlook

According to IIR Energy, Mexico's state-owned Pemex partially shut down its Salina Cruz refinery with 325,000 barrels per day capacity on May 11 due to electrical contamination affecting utilities. The company expects to restart the facility on May 14 following

Iran's highest environmental official stated on Tuesday that an apparent oil spill discovered near Kharg Island in the Persian Gulf was likely caused by tanker wastewater discharge rather than a petroleum facility leak. Satellite imagery previously revealed what appeared to be an oil slick

On Tuesday (May 12) at New York close, ICE cocoa futures fell 2.36% to $4,598 per ton, while London cocoa futures declined 1.26%. ICE cotton futures dropped 1.82%, hitting a daily low of 86.18 cents. ICE raw sugar futures rose 0.47% and white sugar futures gained 0.91%. Chicago WCE canola futures c

According to Bloomberg commodity data, CBOT wheat futures surged 7.10% to $6.79 per bushel on Tuesday (May 12) New York close, hitting a daily high after the U.S. Department of Agriculture (USDA) released its monthly grain inventory report. CBOT corn futures rose 0.74% to $4.7875/bu, while soybean f

According to Reuters, Iraq and Pakistan have reached agreements with Iran on May 13, allowing both countries to transport oil and liquefied natural gas through the Persian Gulf region, demonstrating Tehran's control over energy flows via the Strait of Hormuz. An Iraqi Oil Ministry official said Ira

Saudi Arabia conducted multiple undisclosed military strikes against Iran in late March to retaliate for attacks on Saudi territory during the Middle East conflict, according to reports. WTI crude oil futures rose 3.79% to $101.79.

WTI June crude oil futures rose $4.11 per barrel today, up 4.19%, closing at $102.18. NYMEX June natural gas futures settled at $2.8430 per million BTU, while June gasoline futures closed at $3.6977 per

President Trump stated today that U.S. inflation is temporary and oil supply will increase significantly. The remarks reflect the administration's outlook on near-term economic conditions and energy markets.

Marex has launched a new relative value execution desk across New York, London, Dubai and Singapore, targeting hedge funds and banks running complex strategies across cash fixed income and listed futures. The desk operates on a principal basis with Marex acting as a single counterparty to clients, c

Cuba's Finance Ministry announced it will adjust fuel prices at gas stations starting May 15 to reflect actual import costs.

According to the U.S. Energy Information Administration (EIA), U.S. natural gas production is expected to reach record highs in 2026, while demand is projected to decline. The EIA's Short-Term Energy Outlook (STEO) report forecasts dry gas production will rise from 1,077 billion cubic feet per

According to the U.S. Department of Agriculture, global exports of major plant oils—palm, sunflower, soybean, and canola—are projected to grow 4% in the 2026/27 marketing year, with sunflower oil showing the strongest expansion. Palm oil remains the world's most-traded vegetable oil, accounting

According to Chile's Copper Commission (Cochilco), state-owned Codelco's copper output declined 9.98% year-over-year in March to 110,900 tonnes. Escondida copper mine saw a steeper drop, with production falling 15.75% to 101,600 tonnes over the same

According to the U.S. Energy Information Administration (EIA) short-term energy outlook released on May 13, Brent crude oil prices are forecast to average around $106 per barrel in May and June 2026, supported by an expected average decline of 8.5 million barrels per day in global oil inventories

According to EIA's Short-Term Energy Outlook released on May 13, the Strait of Hormuz will remain closed through the end of May, with shipping volumes expected to resume in June. The agency assessed that Iraq, Saudi Arabia, Kuwait, UAE, Qatar, and Bahrain collectively shut down 10.5 million

According to the U.S. Department of Agriculture (USDA), CBOT wheat futures rose on May 12 as the agency forecasted a sharp 25% decline in U.S. winter wheat production.

According to the EIA's Short-Term Energy Outlook, the agency lowered its 2027 natural gas price forecast to $3.30 per barrel from a previous estimate of $3.73 per barrel.

According to the EIA Short-Term Energy Outlook, the agency raised its forecast for U.S. crude oil demand growth in 2026 to 100,000 barrels per day, compared to a previous estimate of negative 4,000 barrels per day.

According to the EIA's Short-Term Energy Outlook released on May 12, the agency raised its forecast for U.S. natural gas (dry) production in 2027 to 115.0 billion cubic feet per day, up from the previous estimate of 112.6 billion cubic feet per day.

According to the U.S. Energy Information Administration's annual energy outlook released in May 2026, global oil production is projected at 101.6 million barrels per day in 2026, down from a previous estimate of 104.3 million barrels per day. For 2027, the EIA maintained its forecast at 109.5 millio