Energy : European gas prices reached their highest level since October 2023 last week. Futures contracts in Europe (Rotterdam TTF) rose by over 6%, closing above 52 EUR/MWh. This rise is due to unforeseen supply disruptions, while demand is expected to increase as temperatures fall. Gas storage levels in the EU currently stand at around 55%, below the five-year average of 62%. The oil market continues to decline. These releases are largely due to uncertainties linked to US tariff policies, which could restrict oil supply. In this context, the increase in weekly US inventories has added further downward pressure on prices. EIA data showed an increase of 3.5 million barrels in US commercial crude oil inventories, above expectations. In terms of prices, Brent crude is trading down at USD 75.90, while WTI is trading around USD 72.60.
Metals : Aluminum prices recovered last week in London following the European Union's proposal to phase out imports from Russia. This was not the case for the barometer of the global economy, copper, which came under selling pressure after President Trump threatened to introduce tariffs on several metals, including copper, in a bid to boost US production. Poor economic data from China also weighed on the trend. Both manufacturing and non-manufacturing PMIs deteriorated in January, clearly not a positive signal for industrial metals consumption. Gold broke through the 2,800-dollar-an-ounce line, boosted by uncertainties surrounding the tariffs imposed by Donald Trump. These trade tensions, accompanied by falling bond yields, are boosting gold's appeal, which is flying from record to record.
Agricultural products: coffee futures hit new highs, driven by unfavorable weather conditions in the main producing regions and a decline in global stocks. Brazil revised its national production downwards due to high temperatures. In Chicago, cereals were also affected by US customs concerns. Prices moved up and down with the news. Corn is trading at around 480 cents a bushel (contract expiry March 2025), compared with 555 cents for wheat.
