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Industry - Commodity Price Forecasts - Commodity Price Forecasts

Publisher Oxford Economics
Published Sep 11, 2025
Length 20 Pages
SKU # OFE20418417

Description

We maintain our Brent and WTI forecasts. Strong OPEC+ and non-OPEC supply has not yet translated into higher recorded inventories, leaving prices supported even as implied stock-building points to a growing surplus.

Table of Contents

20 Pages
Global: Energy forecasts unchanged; industrial metals upgraded
Oil Overview
We have held our Brent forecast for another month
Strong OPEC+ and non-OPEC supply
Growing supply yet to move prices
WTI reflects further divergence between physical and paper market
Gas Overview
Supply sufficient for winter demand
European gas (TTF)
US gas (Henry Hub)
Iron and Steel Overview
Iron ore boosted by mine disruption
Weak steel supply supports prices
Base Metals Overview
Resilient price growth, slowing ahead
Precious Metals Overview
Gold threatens to breakout
Silver and PGMs outlook rising
Battery Metals Overview
Price recovery to proceed slowly amid short-term volatility
Agricultural Commodities Overview
Mixed range of forecast changes
Weak demand and stockpiles hit lumber
Risks
US tariffs
Middle East tensions
Russia-Ukraine war
Macroeconomic risks
Resource nationalism

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