Commodities (Crude Oil & Copper) & Macro Outlook

According to Reuters and the U.S. Department of Treasury, the United States revoked general licenses for Iranian crude oil, petrochemicals, and petroleum products on July 8. The revocation will gradually terminate authorization for production, delivery, and sales of these materials originally

WTI crude oil futures rose 4.00% intraday on July 7, reaching $71.30 per barrel.

Saudi Arabia's Foreign Ministry condemned an attack on a Saudi oil tanker and called for Iran to immediately cease all actions threatening international maritime navigation and global energy security.

WTI August crude oil futures closed up $1.89, or 2.76%, at $70.44 per barrel today. Abu Dhabi Murban crude oil futures rose 3.34% to $68.91 per barrel. NYMEX August natural gas futures settled at $3.2650 per million BTU, while gasoline futures closed at $2.9539 per gallon and heating oil futures at

According to Jin10, Shanghai Gold main contract closed up 0.08% at 906 yuan per gram, Shanghai Silver main contract closed down 0.70% at 14,855 yuan per kilogram, and SC Crude Oil main contract closed up 2.82% at 452 yuan per barrel in the night session at 2:30 AM on

According to an interview with Fox Business on July 7, John Williams, president of the New York Federal Reserve, expressed greater optimism about near-term inflation prospects as energy prices continue to decline. Williams stated he expects oil price declines

On July 7 overnight, Shanghai Futures Exchange base metal contracts closed with mixed results. Shanghai copper rose 0.14%, while aluminum advanced 0.59%, lead climbed 0.88%, and tin gained 0.51%. International copper increased 0.18%. Zinc and nickel retreated 0.02% and 0.16% respectively. Aluminum a

Bitcoin’s projected relief rally toward $40,000-$50,000 may precede another corrective phase before September-October recovery. Gold’s consolidation structure suggests a short-term rebound could occur before another move toward accumulation zones. Crude oil maintains a $64 base-case

Bitcoin’s projected relief rally toward $40,000-$50,000 may precede another corrective phase before September-October recovery. Gold’s consolidation structure suggests a short-term rebound could occur before another move toward accumulation zones. Crude oil maintains a $64 base-case

German 10-year bund yields rose 4.9 basis points to 2.996% on Tuesday (July 7) in late European trading, driven by renewed investor focus on the Strait of Hormuz following reports of three vessels attacked. The 2-year yield climbed 4.0 basis points to 2.585%, while the 30-year yield gained 4.1 basis

According to the U.S. Energy Information Administration (EIA) short-term energy outlook released by Jin10 Data on July 8, natural gas consumption in the American power sector is forecast to hit a record level next year, driven by rising overall electricity demand, expanded natural gas generation

According to UK Maritime Trade Operations, three vessels were reported attacked in the Strait of Hormuz within 24 hours as of July 7, with the latest incident occurring when an oil tanker was struck by an unidentified drone while transiting the waterway. The tanker sustained minor structural

According to the U.S. Energy Information Administration (EIA), retail gasoline prices are forecast to average $3.80 per gallon in the third quarter of 2026, declining to approximately $3.40 per gallon in Q4 2026 and to below $3.10 per gallon for the full year 2027, according to its short-term

According to the U.S. Energy Information Administration (EIA), on June 18, the U.S. and Iran signed a memorandum of understanding to end conflict and reopen the Strait of Hormuz. Following the agreement and increased transit through the waterway, the EIA raised its forecast for global crude oil

According to the U.S. Energy Information Administration (EIA) on July 8, global oil inventory drawdown in Q3 2026 is now projected at 2.2 million barrels per day (bpd), sharply down from over 7 million bpd forecasted in June. The revision reflects increased oil production and recovering trade

According to the EIA Short-Term Energy Outlook, U.S. natural gas production in July is forecast to average 124 billion cubic feet per day, up slightly from 123 billion cubic feet per day in June. Production is expected to rise further to 126 billion cubic feet per day in

According to market sources, Russian Urals crude oil's discount to Brent crude has widened to over $10 per barrel in India's market due to weak demand. The increased discount reflects softer buying appetite for Russian oil in the region as energy demand pressures

According to the EIA Short-Term Energy Outlook, U.S. crude oil production is forecast to average 13.84 million barrels per day in July, down from 13.89 million in June. Output is expected to decline further to 13.81 million barrels per day in

Brent crude oil rose 3.0% to $74.15 per barrel intraday on July 7. The Trump administration downwardly revised its forecast for crude oil prices in the next two years by over $10 and raised its forecast for U.S. crude oil production this year.