Commodity tracker: 4 charts to watch this week

S&P Global Platts editors’ pick of unfolding commodities trends. This week, oil markets await updates on OPEC supply in the second half of the year, while LNG flows could shift on diverging regional prices. Gold is in the spotlight following a spike in late June, and European carbon prices are nearing winter fuel-switching levels. 1. Will OPEC and allies extend supply cut agreement?   What’s happening? OPEC and its allies are gearing up to extend their 1.2 million b/d in production cuts beyond the first half of the year. The oil market has been caught between global economic growth concerns and likely increased US supply on one hand, and sharp falls in Iranian and Venezuelan production and continued Saudi supply restraint on the other. Heightened geopolitical risks around trade disputes, sanctions, and tensions around the key chokepoint of Strait of Hormuz have complicated the matter as OPEC and Russia look for clarity in their market rebalancing efforts. What’s next? The oil market – with Brent crude hovering between $60 and $70 a barrel – will be looking for clear signals on how OPEC and its allies plan to manage the market in the second half of the year, when the… continue reading

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