Commodities (Crude Oil & Copper) & Macro Outlook

According to Iraq's State Organization for Marketing of Oil (SOMO), Iraq set the official selling price for its June Basra Light crude oil to North America and South America at a premium of $10.20 per barrel over Argus Sour

According to maritime tracking data, a Qatari LNG carrier passed through the Strait of Hormuz today (May 10), marking the first such transit by a Qatari vessel in approximately 70 days since U.S.-Israeli military operations against Iran began. The ship has entered the Gulf of Oman and is heading

According to U.S. Energy Information Administration (EIA) data, China held nearly 1.4 billion barrels of strategic petroleum reserves as of end-2025, surpassing the combined reserves of the United States, Japan, OECD European members, Saudi Arabia, South Korea, Iran, the United Arab Emirates, and In

Saudi Aramco reported first-quarter adjusted net income of approximately 126 billion riyals ($33.6 billion), up 26% year-over-year and exceeding analyst expectations of 109 billion riyals. The earnings growth was driven by elevated oil prices in

According to CME data, on May 8, copper futures trading volume increased by 22,574 contracts to 72,397 while open interest rose by 6,178 to 242,943, marking concurrent gains in both metrics. Meanwhile, WTI crude oil futures posted declines with trading volume falling by 539,490 contracts to 939,928

Saudi Aramco announced on May 10 that its East-West Pipeline has reached full operational capacity, with throughput now at 7 million barrels per day.

Saudi Aramco reported higher crude oil sales volumes in the first quarter of 2026.

According to the Financial Times, the Panama Canal Authority reported a 15% increase in revenue since the Middle East conflict erupted, driven by shipping disruptions. Daily transits through the canal have surged 20% over the same

Copper futures stabilized near $5.85 per pound on Tuesday, hovering close to a three-week low after falling over 2% in the previous session, as escalating U.S.-Iran tensions roiled global markets. The U.S. military repelled an Iranian attack while escorting two American-flagged vessels through the S

U.S. gasoline futures fell below $3.60 per gallon this week as markets priced in expectations for de-escalation in the Middle East conflict. President Donald Trump announced a temporary halt to efforts guiding vessels stuck in the Strait of Hormuz, creating space for negotiations with Iran aimed at

According to reports, WTI crude futures fell to around $86 per barrel on Tuesday, retreating from gains in the previous trading session as Iran signaled a significant policy shift. Iran dispatched a delegation to Islamabad to conduct second-round negotiations with the U.S. before the current

Thursday, WTI crude futures climbed above $93 per barrel for the fourth consecutive trading day as the Strait of Hormuz remains under effective blockade. Iran has intensified control over the waterway, restricting nearly all international shipping and reportedly firing on commercial vessels this

On Thursday (May 7), WTI crude oil futures surged above $108 per barrel, up nearly 15% this week, as ongoing Middle East conflict has effectively closed the Strait of Hormuz, disrupting major global energy flows. U.S. President Trump stated that the United States will maintain a naval blockade on

On Tuesday (May 6), European natural gas futures fell nearly 2% and broke below €40/MWh, retreating from the previous trading day's gains amid escalating tensions at the Strait of Hormuz. According to reports, shipping traffic has been disrupted following military escalation over the weekend, with v

According to Japan's government statement, on May 1 the country began releasing additional state oil reserves at an oil base in Ibaraki Prefecture. Prime Minister Takayomi Koizumi announced on April 10 that Japan would release reserves equivalent to approximately 20 days of national oil

According to President Trump, WTI crude oil futures surged 8% to break $90 per barrel on Monday, driven by escalating Middle East tensions. The U.S. Navy seized an Iranian-flagged cargo vessel in the Gulf of Oman after it ignored orders to exit the Strait of Hormuz, prompting Iranian retaliation

Brent crude futures fell to around $98 per barrel on Friday, erasing gains from the previous trading session. The decline came after U.S. President Trump expressed optimism about a potential deal to end the Iran conflict, stating that Tehran has accepted terms including abandoning nuclear weapons, p

According to Goldman Sachs, daily crude oil production in the Gulf region fell by approximately 14.5 million barrels in April due to the Iran conflict, representing about 57% of pre-conflict supply levels. The cuts were primarily driven by precautionary shutdowns and inventory management rather

According to Hong Kong Exchanges and Clearing CEO Edith Lam, the London Metal Exchange's (LME) warehouses in Hong Kong have expanded from 4 to 15 within the past year, with storage capacity now approaching saturation. Lam made the remarks during a seminar at the LME Asia Week event in Hong Kong.

According to reports, iron ore futures prices climbed above 770 yuan per ton, reaching a one-week high, buoyed by stronger-than-expected Chinese economic data. China's first-quarter GDP grew 5% year-over-year, exceeding both the prior quarter's 4.5% and market expectations of 4.9%. Geopolitical