From Investing.com.: 2024-02-21 05:01:00

US natural gas prices surged after Chesapeake Energy announced production cuts for 2024, leading to an 8% rise in Henry Hub front-month contract. Russia’s daily crude oil exports dropped in January in compliance with OPEC+ cuts. LME aluminum spiked over 2.5% on speculation of US sanctions against Russia’s metals industry. Steel inventories at major Chinese mills rose significantly.

The global copper market reported a marginal supply surplus in December. Aluminum production rose 2.4% YoY in January, with Chinese output up 2.8%. Steel inventories at major Chinese mills surged 23.8%. Investor bullish positions increased for copper and aluminum, while declining for zinc. US weekly wheat and soybean export inspections fell.

European wheat exports fell 4.3% YoY due to cheaper Ukrainian supplies. EU corn imports dropped 42% YoY. US corn export inspections rose to 918.6kt for the week. This publication by ING provides information for informational purposes only, not investment advice.



Read more at Investing.com.: Natural Gas Jumps as Chesapeake Plans for Output Cuts; Crude Oil Retreats