PERSPECTIVES Viewpoint Commodities: Risks becoming reality

In this PERSPECTIVES Viewpoint Commodities: Risks becoming reality, we examine how the duration of current disruptions and shifting macro conditions are likely to shape energy and metals markets over the coming months.

Key takeaways

Prolonged oil and gas disruptions have turned headline risk into physical strain, tightening inventories and keeping prices high.

Europe’s gas risk is about timing: infrastructure damage and limited scope for rerouting mean prices will remain elevated to secure LNG early and refill storage.

Precious metals are being driven by liquidity and macro forces, while copper faces short-term pressure but a firmer long-term electrification backdrop.

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