2023 Commodities Outlook: Stormy seas ahead

ING commodities outlook 2023: Stormy seas ahead

2022 has been an extraordinary year for commodity markets. Supply risks led to increased volatility and elevated prices. However, demand concerns have…

Europe faces stiff competition for natural gas

The collapse in European natural gas prices in recent months has created a false sense of security. While the current winter appears to be more…

Tighter times ahead for oil

Oil prices have seen a fair amount of weakness as we approach the end of 2022. Demand concerns are weighing heavily on sentiment. However, the market is…

Aluminium faces macroeconomic headwinds

Negative macro sentiment will continue to put downward pressure on aluminium, with a worsening demand outlook being balanced against tight physical supply

Middle distillate tightness to persist

Middle distillates have been a standout among refined products. Inventories are tight in all regions and there is plenty of uncertainty over Russian flows…

Macro headwinds to keep pressure on copper prices

Copper has lost all of the gains it made this year as inflation has climbed higher, interest rates have risen, and energy costs keep surging. The…

Nickel surplus to build

Nickel has had a tumultuous year amid Russia’s invasion of Ukraine in February and March’s short squeeze, and the subsequent temporary…

Gold to rebound as Fed easing starts

US dollar strength and central bank tightening have weighed heavily on the gold market in 2022. In the near term, there is room for more downside with…

Iron ore’s rout to continue until China recovers

Iron ore has been one of the worst-performing commodities this year. Concerns over Chinese macroeconomic performance and continued Covid-19-related…

Turbulence in fertiliser markets weighs on crop outlook

Fertiliser supply decreased in 2022 and prices rose to record highs causing a global drop in demand. High gas prices, sanctions, and export restrictions…

Wheat supply risks will linger

Global wheat markets are likely to tighten over the 2022/23 season. Meanwhile, there are already several supply risks building for the next marketing…

Sugar surplus should limit upside

The global sugar market is set to see yet another surplus, driven by expectations of stronger output from Brazil, India and Thailand. We believe the…