Inside Commodities

The report highlights critical supply constraints in U.S. oil due to record-low DUC counts and examines China's entrenched dominance in the rare earths talent pipeline. It also covers significant M&A activities in the power sector and price volatility in tin and renewable fuel credits.

Key Takeaways

• 1.U.S. shale producers face record-low drilled-but-uncompleted (DUC) well counts, limiting their ability to rapidly boost crude output despite supply gaps from the U.S.-Israeli war on Iran.
• 2.China maintains a strategic advantage in rare earths through a massive education and research ecosystem that produces highly specialized talent for the refining industry.
• 3.Tin prices remain historically high (~$55,000/mt) due to 'scarcity memes' and speculative interest, even as physical market supply and demand begin to rebalance.

Table of Contents

• Top News - Oil
• Top News - Agriculture
• Top News - Metals
• COLUMN-Tin re-balances but investors are still betting on scarcity: Andy Home
• A bachelor's in rare earths? In China, there are schools for that
• Top News - Carbon & Power
• Top News - Dry Freight