Industry - Commodity Price Forecasts - Commodity Price Forecasts

Best Price Guarantee	Length	Publisher	Published Date	SKU
from $285	19 Pages	Oxford Economics	November, 2024	OFE19339350

Best Price Guarantee
Price	from $285
Length	19 Pages
Publisher	Oxford Economics
Published Date	November, 2024
SKU	OFE19339350

Bearish fundamentals continue to drive Brent lower. China's latest stimulus is failing to support prices. Market fears of a conflict escalation in the Middle East have eased and OPEC+ postponed unwinding its December production cuts. We now think OPEC+ will start to unwind at the end of Q1 2025. Trump's election victory poses risks to the downside as his administration is set to encourage US oil production. We forecast Brent will average $74pb in Q4 and $73pb in 2025.

Global: Trump presidency increases uncertainty in markets

Oil Overview

Trump's election victory adds to the downside risks on oil prices

OPEC+ delays unwinding its cuts again

China's fiscal stimulus is unlikely to boost oil demand

We maintain our 2025 oil price forecast of $73pb

Gas Overview

We remain bullish on gas next year

Iron & Steel Overview

Iron ore finds temporary support

We see US steel prices surging in 2026

Base Metals Overview

Base metal price risks tilt to downside

Precious Metals Overview

Gold prices are set to consolidate

Silver and PGMs volatility persists

Battery Metals Overview

Battery metals markets still oversupplied

Agricultural Commodities Overview

Food prices will likely decline next year

Risks

Second Trump presidency

Middle East conflict

Russia-Ukraine war

Macroeconomic risks

Resource nationalism

Industry - Commodity Price Forecasts - Commodity Price Forecasts

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Industry - Commodity Price Forecasts - Commodity Price Forecasts