ING
June 4, 2026
The Commodities Feed: Dwindling Oil Inventories Leave Market Vulnerable
Daily UpdateCommoditiesFXEnergyMaterials
The Commodities Feed highlights a tightening oil market due to Middle East tensions and significant US inventory draws. It also notes a retreat in copper prices and falling arabica coffee prices on surplus expectations.
Key Takeaways
- 1.Global oil markets are highly vulnerable to Middle East supply disruptions as inventories continue to thin at a faster than seasonal rate.
- 2.US commercial crude inventories saw a significant weekly draw of nearly 8m barrels, driven by refinery ramps and SPR releases.
- 3.Copper prices have retreated below $14,000/t as macro risks and concerns over higher energy costs outweigh supply-side constraints.
Table of Contents
- Energy - US crude inventories continue to decline
- Metals – Copper drops back below $14,000/t
- Agriculture – Arabica coffee drops on ample supply projections
- Author
- Disclaimer
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Authors
Warren PattersonEwa Manthey
Securities
US Crude OilHGTTF Natural GasArabica Coffee
Themes
Inventory Scarcity and Upside RiskGeopolitical Disruption to Energy FlowsCentral Bank Gold Accumulation
Regions
North AmericaMiddle EastEuropeUnited StatesIranKuwait