Global Commodities: Gold soars, oil swoons and gas shrugs as financial stress spooks markets

The sudden failure of SVB and Signature Bank forced a rethink about the health of the broader economy and spooked markets. Brent lost $11/bbl (15%) of its value over the last 10 days to settle at $74.70 a barrel on Thursday, its lowest level since December 2021. In the US, WTI futures tumbled to $66 in New York on Friday. For comparison, over the same period, S&P 500 equity futures slumped 3.6%, and copper prices edged 3.3% lower. Natural gas prices on both sides of the Atlantic stayed largely flat, while gold rose near 7%. Natasha Kaneva is joined by Shikha Chaturvedi and Greg Shearer to discuss the volatility in commodity markets and the outlook for 2Q23.  

 

Speakers 
Natasha Kaneva, Head of Global Oil and Commodities Research
Greg Shearer, Head of Base and Precious Metals Research
Shikha Chaturvedi, Head of Natural Gas Research

This podcast was recorded on Mar. 17, 2023.
 
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