🛢️ Oil Market Supply is being restrained by OPEC+ production decisions, with Saudi Arabia and Russia extending their voluntary cuts into the second quarter. At the same time, US shale oil production is only growing moderately, as investment in new drilling remains limited due to cost pressures and shareholder returns. On the demand side, global economic growth is weakening, particularly in China and Europe, which is dampening industrial oil consumption. Additionally, the structural shift toward electric mobility is accelerating the substitution of crude oil in the transport sector. OECD inventories are slightly above the five-year average, pointing to a comfortable physical market balance. Overall, demand-side risks dominate, keeping prices under pressure despite supply discipline. ⚙️ Industrial Metals The metals markets are showing a divergent trend: While industrial metals such as copper are suffering from cyclical concerns and a strong US dollar, precious metals like gold are benefiting from geopolitical uncertainties and expectations of interest rate cuts. Demand for aluminum is being dampened by overcapacity in China, while supply bottlenecks for zinc and lead are supporting prices. In the short term, macroeconom …
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