Commodity Analysis: September 2026

🛢️ Oil Market The oil market in September 2026 finds itself in a phase of relative stability, though this remains underpinned by structural tensions. Brent quotations have been moving within a comparatively narrow range since early summer, supported on the one hand by the disciplined production policy of the OPEC+ alliance and on the other by moderately easing demand dynamics in the major industrialized economies. Inventories in OECD countries are near their long-term average, making short-term price spikes less likely without, however, offering a comfortable buffer against unexpected supply disruptions. Geopolitical risks – particularly in the Gulf region and along key shipping routes – remain a latent upward factor that appears only partially reflected in the current risk premium. On the demand side, electric mobility is gaining increasing importance in China and Europe, dampening long-term growth potential, though this is partially offset in the short term by demand for petrochemicals and aviation fuel. For investors, the oil market thus remains a tactically interesting segment, but one that must increasingly be viewed with differentiation from a strategic perspective. ⚙️ Industrial Metals Industrial metals present a divided picture in September 2026. Copper continues to benefit from the electrification of infrastructure, the expansion of power grids, and growing demand from data centers emerging in the wake of AI expansion. The supply side is responding only slowly: new mining projects take years, and ore quality in established production regions is declining. Aluminum, by contrast, is under pressure from …