ING
June 2, 2026
The Commodities Feed
Daily UpdateCommoditiesMacro Economic IndicatorsConsumer StaplesEnergy
The report highlights high volatility in oil markets due to US-Iran negotiation uncertainty and Russian fuel export bans. It also notes rising copper prices on tariff expectations and declining coffee exports from Uganda.
Key Takeaways
- 1.Oil price volatility is primarily driven by shifting headlines regarding US-Iran negotiations and threats to Red Sea shipping lanes.
- 2.Russia has implemented a ban on jet fuel exports through November and is considering similar restrictions for diesel exports.
- 3.EU natural gas storage is improving but remains below the 5-year average, prompting Dutch government financial intervention to secure supplies.
Table of Contents
- Energy - Negotiation uncertainty
- Metals – Copper gains on tariff uncertainty
- Agriculture – Uganda coffee shipments decline
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Authors
Warren PattersonEwa Manthey
Securities
OilCopperEU Carbon AllowancesNatural Gas
Themes
Geopolitical Supply DisruptionsEnergy Protectionism/Export BansTariff Policy Uncertainty
Regions
Middle EastEuropeAfricaUnited StatesIranRussia