Commodities (Crude Oil & Copper) & Macro Outlook

According to S&P Global Market Intelligence data, the iTraxx Europe Crossover index for euro-denominated high-yield credit default swap spreads fell 5 basis points to 246 basis points on July 9, as declining oil prices improved risk sentiment. The decline in default protection costs reflects

According to a report by Yide Futures on July 9, crude oil exports from the Hormuz Strait remain at 40-60 percent of pre-conflict levels, falling short of the normal recovery threshold of 70 percent. The supply disruption has strained global refined product supplies, with refineries in the Middle

Iran attacked three energy vessels in the Hormuz Strait on the 7th (local time), and the US immediately revoked Iranian oil sales licenses and resumed strikes on the 8th (local time). WTI crude reached $76.08 per barrel on the 8th, the highest since May 22, while Brent exceeded $80 and the US

According to its H1 2026 earnings forecast, Zhengbang Technology expects a net loss of 700–800 million yuan in the first half, compared to a profit of 200 million yuan in the same period last year. The company attributed the sharp turnaround to volatile hog market conditions, with commercial pork pr

According to BlockBeats, ExxonMobil and Chevron's Q2 net profits are projected to reach $15 billion and $9.7 billion respectively, totaling approximately $24.7 billion on July 9, each more than tripling from the previous quarter amid Middle East tensions and rising energy prices. Refining firms

According to Jin10, China's crude oil futures surged more than 8% on July 9, driven by escalating U.S.-Iran tensions and uncertainty surrounding a previously reached memorandum of understanding. Analysts warn that if the bilateral accord collapses, disruptions to shipping through the Strait of

According to HTX Research analyst Chloe, on July 9, 2026, the U.S. launched airstrikes on Iran and revoked oil sales exemptions, prompting the market to reprice the risk of a breakdown in temporary peace agreements. The escalation at the Strait of Hormuz has driven crude oil prices higher,

According to customs data, Indonesia received its first Russian crude oil shipment of 770,000 barrels valued at approximately $75 million on June 29, following an agreement reached with Moscow in April. The tanker Sera arrived at the Port of Balikpapan carrying crude loaded from Russia's Kozmino

According to Ukrainian President Zelensky, on July 9, Ukrainian forces struck Russian oil storage facilities in the Tver and Stavropol regions.

The Bank of Japan (BOJ) released its regional economic report (Sakura Report) finding that corporate capital investment remains robust amid expanding global artificial intelligence (AI) demand, while cost increases from labor and raw materials—particularly those linked to Middle East conflict—are

According to the Bank of Japan's Sakura Report released on July 9, Japanese companies maintain robust capital expenditure plans supported by surging global artificial intelligence demand, with semiconductor equipment orders and related manufacturing activity underpinning production levels across

WTI crude oil dropped 3.00% to $72.27 per barrel in intraday trading on July 9.

WTI crude oil futures fell 3.00% intraday on July 9, trading at $72.51 per barrel.

Baosteel announced on July 9 that it will adjust the rare earth concentrate transfer pricing for Q3 2026 to 38,565 yuan per ton (before tax, dry basis, REO 50%), following the pricing mechanism approved at its 2022 annual shareholder meeting. For every 1% increase or decrease in REO content, the pr

According to Jin10 on July 9, Sterling surged to a one-year high against the Euro and a three-week high against the U.S. Dollar, driven by rising market expectations for Bank of England rate hikes amid escalating U.S.-Iran tensions pushing oil prices higher. Monex Europe analysts noted that oil

According to CryptoQuant analyst Darkfost, Brent crude oil prices surged approximately 10% over two days as of July 9, with the price breakthrough above its annual average line typically signaling economic stress periods characterized by rising inflation, declining production, and slower growth. Da

According to Singapore's Economic Development Board, as of the week ending July 8, mid-distillate oil inventories in Singapore increased by 813,000 barrels to 8.912 million barrels, marking a six-week high.

According to Singapore Enterprise Development Board (EDB), as of the week ending July 8, Singapore light distillate inventories fell 455,000 barrels to 12.245 million barrels, marking the lowest level in three

According to Singapore's Economic Development Board, fuel oil inventories fell by 477,000 barrels to 19.177 million barrels for the week ending July 8, marking the lowest level in three weeks.

According to the Norwegian Offshore Industry Group, oil production losses are increasing and are expected to reach approximately 120,000 barrels of oil equivalent per day by mid-to-late July.