Energy: Oil prices are still trading close to their lowest levels: around $63 for Brent and $60 for WTI. This weakness in prices is mainly due to the ceasefire agreement between Israel and Hamas, brokered by US diplomacy, which has reduced tensions in the Middle East. Fundamentally, the Energy Information Administration has raised its forecasts for crude oil production growth in the US for 2025 and 2026 upwards. Production is expected to average 13.53 million barrels per day in 2025 and 13.51 million barrels per day in 2026. At the same time, oil demand is expected to remain stable. These prospects contribute to the perception of a well-supplied market, putting downward pressure on crude prices.
Metals: Gold and silver are shining brightly. The price of gold reached $4,100 per ounce for the first time, supported by massive purchases by central banks, aggressive US trade policy, and investor enthusiasm for gold-linked ETFs. Silver also reached new highs at $52 per ounce, partly due to its safe-haven appeal, but also because of supply shortages. Silver has risen 79% since January 1. Amongst industrial metals, the price of copper for three-month delivery reached $11,000 per ton, up nearly 20% in 2025. This follows major disruptions in mining that have affected supply, including incidents at key sites in Chile and Indonesia.
Agricultural products: Cocoa remains under pressure due to improved weather conditions in West Africa, which are favorable for crop development. As a result, the price of cocoa has recorded another weekly decline, the eighth in a row. In Chicago, wheat also remains on a downward trend. A bushel of wheat is trading at around 506 cents (December 2025 contract).
