
Industry - Commodity Price Forecasts - Commodity Price Forecasts
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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