ING
May 19, 2026
The Commodities Feed: Supply Worries Remain as US Extends Russian Oil Waiver
Commodities StrategyCommoditiesMacro Economic IndicatorsEnergyMaterials
ING highlights significant oil price volatility driven by US-Iran tensions and the extension of a US waiver for Russian oil sales to June 17. Metals and agriculture face headwinds from weak Chinese demand and improved supply outlooks respectively.
Key Takeaways
- 1.The US has extended the waiver for the sale of Russian oil floating at sea for an additional 30 days to June 17 to stabilize markets.
- 2.Oil markets remain extremely volatile, with ICE Brent trading in a $6/bbl range due to US-Iran tensions.
- 3.Copper prices are retracting due to inflation concerns tied to the Iran conflict and weak economic data from China.
Table of Contents
- Energy - Continued whipsaw movements driving oil market
- Metals - Copper extends losses
- Agriculture - Cocoa declines on improved supply outlook
- Author
- Disclaimer
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Authors
Warren PattersonEwa Manthey
Securities
ICE BrentHGLondon Cocoa
Themes
Geopolitical Supply RiskChinese Macroeconomic SlowdownEl Niño Climate Impacts
Regions
Middle EastAsia PacificEuropeUnited KingdomUnited StatesRussia