Commodities (Crude Oil & Copper) & Macro Outlook

According to sources, Abu Dhabi National Oil Company (ADNOC) released a spot crude oil tender recently, marking the sixth tender issued since early June as the company continues to increase export volumes.

CME Group announced plans to launch Treasury Link in the fourth quarter of 2026, a new trading tool that will allow institutional investors to execute spreads between U.S. Treasury futures and cash Treasuries in a single transaction. The service will connect CBOT Treasury futures with BrokerTec cash

Oil prices retreated this week despite escalating U.S.-Iran military conflict and a sharp decline in tanker transits through the Strait of Hormuz. Brent crude fell 2.2% to close at $76.30 per barrel on Thursday (July 9), while U.S. West Texas Intermediate (WTI) dropped 2% to $72.08 per barrel.

According to Germany's Federal Statistical Office (FSO), Germany's June consumer price index (CPI) came in at 2.3% year-over-year on July 10, matching preliminary estimates. The monthly reading declined 0.3% from May, while core CPI—excluding food and energy—rose 2.5%. The FSO attributed

According to IEA's monthly report, global energy demand declined by 4.8 million barrels per day in the second quarter.

According to the IEA's monthly report, global crude oil inventories rose in June for the first time in four months.

According to the International Energy Agency (IEA), the escalation of U.S.-Iran hostilities on July 7-8 may upend its forecast for significant oil supply surplus in 2027. The IEA stated that recent hostile actions could reverse market expectations of oversupply next year, which depend on improved

According to the International Energy Agency's latest monthly report, non-OPEC crude oil production is expected to increase by 2.2 million barrels per day in 2027.

According to IEA's latest monthly report, the agency revised its 2026 global crude oil supply deficit forecast to 860,000 barrels per day from the previously estimated 920,000 barrels per day.

According to IEA's monthly report, refineries responded more slowly than crude oil markets to the June reopening of the Strait of Hormuz, resulting in tighter fuel supply during the summer demand peak.

According to the IEA monthly report released in June, global oil demand is now forecast to decline by 1 million barrels per day in 2026, revised down from a previous estimate of 1.1 million bpd. Global oil supply is projected to decrease by 3.7 million bpd, compared to the prior forecast of 3.9 mill