Daily Global Commodity Market News Digest (May 26th)

by Ivy

1. Analysts at JPMorgan indicate that OPEC+ oil exports have fallen by 1.4 million barrels per day so far in May compared to last month.

2. Russian Deputy Prime Minister Novak: OPEC+ will reach a consensus and take measures if necessary.

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3. An Energy Intelligence reporter suggests that OPEC+ will not adjust its policies due to short-term market fluctuations, as they are always playing the long game.

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4. Citigroup: Multiple signs indicate global oil demand growth is unlikely to meet earlier predictions made earlier this year.

5. Iraq’s Ministry of Energy: Iraq and Saudi Aramco have reached an agreement to jointly develop the Akkas natural gas field.

6. European gas futures fell below $280 per thousand cubic meters yesterday, dropping by 10% and reaching a new low in over two years due to high inventory levels, record-level liquefied natural gas inflows, and warm weather.

7. Fitch Ratings: European liquefied natural gas imports are expected to continue to increase, reaching 155 billion cubic meters by 2023.

8. Official statement from Russia: The Russian Foreign Ministry has summoned German, Danish, and Swedish ambassadors for talks on the Nord Stream gas pipeline investigation.

9. Zhang Ming, Chairman of the Shanghai Futures Exchange: Accelerate the development of steel futures and options, and continue to reduce market trading costs. 10. Mining giant Friedland: There is a “supply crisis” in the copper market.

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