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2025
March 2025
Feature Article: Assessment of the global economy
February 2025
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January 2025
Feature Article: Oil market outlook for 2026
2024
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Feature Article: Review of 2024 and outlook for 2025
November 2024
Feature Article: Global oil inventory developments
October 2024
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September 2024
Feature Article: Review of world economic developments
August 2024
Feature Article: Crude and product price movements in 1H24
July 2024
Feature Article: Monetary policies impact on oil market
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Feature Article: World oil market prospects for the second half of 2024
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Feature Article: Non-Declaration of Cooperation (Non-DoC) oil supply developments
April 2024
Feature Article: Global oil demand in summer months of 2024
March 2024
Feature Article: Assessment of the global economy
February 2024
Feature Article: Review of global oil demand trends
January 2024
Feature Article: Oil market outlook for 2025
2023
December 2023
Feature Article: Review of 2023 and outlook for 2024
November 2023
Feature Article: Global oil market fundamentals remain strong despite exaggerated negative sentiments
October 2023
Feature Article: Winter oil market outlook
September 2023
Feature Article: A review of world economic developments
August 2023
Feature Article: Crude and product price movements
July 2023
Feature Article: The outlook for the oil market in 2024
June 2023
Feature Article: World oil market prospects for the second half of 2023
May 2023
Feature Article: Non-OPEC oil supply development
April 2023
Feature Article: Summer oil market outlook
March 2023
Feature Article: Assessment of the global economy
February 2023
Feature Article: Review of global oil demand trend
January 2023
Feature Article: Monetary policies and their impact on the oil market
2022
December 2022
Review of 2022; outlook for 2023
November 2022
Global oil inventory developments
October 2022
Winter oil market outlook
September 2022
Review of the world economic development
August 2022
Crude and product price movements
July 2022
The outlook for the oil market in 2023
June 2022
World oil market prospects for the second half of 2022
May 2022
Non-OPEC oil supply development
April 2022
Summer Oil Market Outlook
March 2022
Assessment of the global economy
February 2022
Review of global oil demand trend
January 2022
Monetary policies and their impact on the oil market
2021
December 2021
Review of 2021; outlook for 2022
November 2021
Development of global oil inventories
October 2021
Winter oil market outlook
September 2021
Assessment of the global economy in 2021 and 2022
August 2021
Crude and product price movements
July 2021
The outlook for the oil market in 2022
June 2021
World oil market prospects for the second half of 2021
May 2021
Non-OPEC oil supply development
April 2021
Summer oil market outlook
March 2021
Assessment of the global economy
February 2021
Review of global oil demand trend
January 2021
Monetary policies and their impact on the oil market
2020
December 2020
Review of 2020, outlook for 2021
November 2020
Development of global oil inventories
October 2020
Winter oil market outlook
September 2020
Assessment of the global economy in 2020
August 2020
Crude and product price movements
July 2020
The outlook for the oil market in 2021
June 2020
World oil market prospects for the second half of 2020
May 2020
Non-OPEC oil supply development
April 2020
Summer oil market outlook
March 2020
Assessment of the global economy
February 2020
Review of global oil demand trend
January 2020
Monetary policies and their impact on the oil market
2019
December 2019
Review of 2019; outlook for 2020
November 2019
Recent developments in global oil inventories
October 2019
Winter oil market outlook
September 2019
Review of global economic development
August 2019
Crude and products price movement
July 2019
Oil market outlook for 2020
June 2019
World oil market prospects for the second half of 2019
May 2019
Non-OPEC oil supply development
April 2019
Summer oil market outlook
March 2019
Review of global economic development
February 2019
Review of global oil demand trend
January 2019
Monetary policies and their impact on the oil market
2018
December 2018
Feature article: Review of 2018; outlook for 2019
November 2018
Recent developments in global oil inventories
September 2018
Feature article: Review of global economic development
August 2018
Crude and product price movements
July 2018
Oil Market Outlook for 2019
June 2018
World oil market prospects for the second half of 2018
May 2018
Non-OPEC oil supply development
April 2018
Summer oil market outlook
March 2018
Assessment of the global economy
February 2018
Review of recent global oil demand trends
January 2018
Monetary policies and their impact on the oil market
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September 2021
Assessment of the global economy in 2021 and 2022
September 2021
Assessment of the global economy in 2021 and 2022

Commodity markets

Summary

Energy commodity prices were mixed in August. There was a decline in crude oil prices on demand recovery uncertainties related to rising Covid-19 cases, while natural gas and coal prices continued their ascending trend supported by strong demand for power generation amid heatwaves, recovering industrial activities, lower power output from competing energy sources and some supply restrictions due to weather-related events.

Base metal prices followed a similar pattern as July, easing in the first half of the month on the back of the third consecutive monthly drop in the pace of global manufacturing expansion, and gains in the US dollar value. However, restricted output and a reversal in the dollar appreciation trend at the end of the month provided support. Gold prices declined for the third consecutive month on expectations for faster than anticipated US monetary policy tightening.

 
 

Table 2-1

Commodity price data, *base: 2010=100
Commodity Unit Monthly averages % Change Year-to-date
    Jun 21 Jul 21 Aug 21 Aug 21/Jul 21 2020 2021
Energy Index 93.2 97.7 95.6 -2.1 50.4 84.9
Coal, Australia US$/mt 130.0 152.0 168.8 11.0 58.6 114.8
Crude oil, average US$/b 71.8 73.3 68.9 -6.0 40.4 65.2
Natural gas, US US$/mbtu 3.2 3.8 4.1 6.8 1.9 3.4
Natural gas, Europe US$/mbtu 10.3 12.5 15.5 23.8 2.4 9.2
Non-energy Index 114.0 113.8 112.6 -1.0 80.4 109.5
Base metal Index 119.0 119.3 120.9 1.3 75.2 113.5
Precious metals Index 144.2 141.2 138.0 -2.3 127.8 141.4
 

Table 2-2

CFTC data on non-commercial positions, ‘000 contracts
  Open interest Net length
  Jul 21 Aug 21 Jul 21 % OI Aug 21 % OI
Crude oil 3,043 2,776 348 11 284 10
Natural gas 1,465 1,443 91 6 63 4
Gold 645 639 103 16 86 13
Copper 218 214 35 16 27 13