The commodities market faces tightening supply conditions, particularly in oil and refined products, despite optimistic investor sentiment regarding potential US-Iran negotiations.
Key Takeaways
- 1.Oil markets are trading on unrealistic expectations of a resolution to US-Iran tensions while inventories tighten.
- 2.Refined product inventories in Europe and Singapore have seen significant weekly declines, tightening the market ahead of summer.
- 3.Agricultural commodities, specifically corn, are weakening due to favorable weather conditions in the US.
Table of Contents
- Energy - Oil product inventories fall in Europe and Singapore
- Metals - Gold rebounds
- Agriculture – Corn weakens on improving US crop prospects
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Authors
Warren PattersonEwa Manthey
Securities
Henry Hub Natural GasCBOT Corn
Themes
Inventory TighteningGeopolitical Risk
Regions
EuropeMiddle EastUnited StatesChinaSingapore