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Commodities

OPEC Abandons $100 Oil Dream as Production Cuts Wind Down, Moody's Analytics Reports

OPEC+ has agreed to wind down voluntary production cuts, signaling a shift in strategy and potentially sending oil prices lower, Moody's Analytics observes in a note published on Thursday. This decision marks a tacit admission by OPEC that its efforts to prop up oil prices have failed to

Global Energy Investment Hits Record High as Clean Energy Takes Center Stage

Global energy investment is set to exceed USD 3 trillion for the first time in 2024, with a significant portion directed towards clean energy technologies and infrastructure, according to the International Energy Agency's (IEA) latest World Energy Investment report. This surge in clean energy investment, fueled by a

Goldman Sachs Projects 50% Growth for Global Gas Market

The global oil and gas industry is undergoing a major transformation, driven by declining oil demand and rising global demand for natural gas, according to a new note published by Goldman Sachs Research on Thursday. This shift is evident in investment trends, with oil investment showing signs of peaking in
Goldman Sachs Projects 50% Growth for Global Gas Market

US Refinery Production Soars, Yet Crude Oil Inventories Continue to Shrink, EIA Reports

US refineries are running at near full tilt, yet crude oil inventories continue to shrink, according to the latest weekly report from the Energy Information Administration (EIA). For the week ending May 10, 2024, US crude oil refinery inputs averaged 16.3 million barrels per day, a gain of 307,

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