Executive Summary Surging Electricity, Gas Prices Will Fuel Higher Inflation Heat waves in the Northern Hemisphere are sending electricity and natgas prices through the roof, which will feed into higher inflation…
Executive Summary The surge in food prices following Russia's invasion of Ukraine will drive EM headline inflation higher, given more of individuals' incomes in these economies are spent on food. Economies in the…
Russia’s attack on Ukraine threatens shipping in the Black Sea region, which is where much of Russia's and Ukraine's wheat and corn is exported. In addition, Russian attacks could disrupt the ability of Ukrainian…
Dear Client, This week we present our annual Commodities & Energy Strategy outlook, which contains our key views on the principal markets we cover – energy, base metals and bulks, precious metals, and ags. Over the…
Highlights Tight commodity markets, rising incomes, and constrained logistics networks will continue to push inflation gauges higher, so long as coronavirus mutations don't cause another global economic shutdown. Commodity price…
Highlights The surge in energy prices going into the Northern Hemisphere winter – particularly coal and natgas prices in China and Europe – will push inflation and inflation expectations higher into the end of 1Q22 (Chart of…
Highlights The US government issued its first-ever water-shortage declaration for the Colorado River basin in August, due to historically low water levels at the major reservoirs fed by the river (Chart of the Week). The drought…
Highlights US crude oil output will continue its sharp recovery before leveling off by mid-2022, in our latest forecast (Chart of the Week). The recovery in US production is led by higher Permian shale-oil production, which is quietly…
Highlights Going into the new crop year, we expect the course of the broad trade-weighted USD to dictate the path taken by grain and bean prices (Chart of the Week). Higher corn stocks in the coming crop year, flat wheat stocks and…
Highlights Over the short term – 1-2 years – the pick-up in re-infection rates in Asia and LatAm states with large-scale deployments of Sinopharm and Sinovac COVID-19 vaccines will re-focus attention on demand-side risks to…