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Commodities

European Outflows Dominate Global Gold ETF Market in April

Global gold ETFs saw continued outflows in April, wiping out early gains driven by a strengthening gold price, according to a note published by the World Gold Council (WGC) on Wednesday. While Asian funds led global inflows and North American funds saw modest demand, these were dwarfed by significant outflows

US Refinery Activity Ramps Up, Crude Inventories Fall: EIA

US crude oil refinery inputs rose for the week ending May 3, 2024, averaging 15.9 million barrels per day, a gain of 307,000 barrels per day over the previous week, according to the latest data from the Energy Information Administration (EIA). This increased activity pushed refinery utilization to

EIA Forecasts Brent Crude to Remain Near $90 per Barrel in 2024

The US Energy Information Administration (EIA) projects that Brent crude oil prices will remain near $90 per barrel for the remainder of 2024, supported by voluntary OPEC+ production cuts and ongoing geopolitical risks. However, the EIA anticipates a gradual decline to an average of $85 per barrel in 2025 as
EIA Forecasts Brent Crude to Remain Near $90 per Barrel in 2024

Gold ETF Outflows Continue Despite Rising Prices, Driven by Western Profit-Taking

Despite a strong performance in gold prices during the first quarter of 2024, global gold exchange-traded funds (ETFs) experienced their eighth consecutive quarter of outflows, according to the latest data released by the World Gold Council (WGC). ETF holdings declined by 114 tonnes, with assets under management (AUM) reaching their

European Natural Gas Prices Surge Despite Bearish Fundamentals

European natural gas prices experienced a significant rally on Thursday, with the Dutch TTF benchmark settling 7.6% higher at nearly EUR 31 per megawatt-hour. This surge comes despite several bearish factors currently influencing the European gas market, according to a commodity report by ING. ING notes that while concerns

Central Banks Fuel Record-Breaking Gold Demand: World Gold Council

Central banks worldwide continued their strong appetite for gold, setting a new first-quarter record for net purchases, according to the latest report by the World Gold Council. Global official gold reserves grew by a net 228 tonnes in Q1 2024, surpassing the previous Q1 record set in 2013 and marking
Central Banks Fuel Record-Breaking Gold Demand: World Gold Council

OPEC Oil Production Dips in April as Iran, Iraq, and Nigeria Curb Output: Reuters

OPEC oil production declined in April, driven by reduced exports from Iran, Iraq, and Nigeria, according to a Reuters survey released on Tuesday. The survey, based on shipping data and industry sources, revealed that the OPEC pumped 26.49 million barrels per day (bpd) this month, a decrease of 100,

High Gas Inventory Levels Point to Easing Market Fundamentals: IEA

Following a mild winter with subdued demand, gas storage facilities in both the European Union and the United States have concluded the 2023/24 heating season with inventory levels significantly exceeding their five-year averages. This surplus is anticipated to reduce injection demand during the summer months, potentially leading to a
High Gas Inventory Levels Point to Easing Market Fundamentals: IEA

IEA Forecasts 2.3% Growth in Global Gas Demand, Driven by Asian Markets

Following a period of relative stability in natural gas markets during the mild 2023/24 winter, the International Energy Agency (IEA) predicts a 2.3% increase in global gas demand for 2024. This growth will be primarily driven by the expanding economies of Asia, with industrial and residential/commercial sectors

API Reports Rise in US Crude Oil Production Despite Overall Petroleum Demand Dip

The American Petroleum Institute (API) reported a slight year-over-year increase in US crude oil production for March 2024, reaching 13.0 million barrels per day (mb/d). This represents a 1.9% increase compared to March 2023 and contributes to the overall stability of US domestic petroleum supply. However, the
API Reports Rise in US Crude Oil Production Despite Overall Petroleum Demand Dip