Oil prices dropped yesterday due to lingering tariff concerns as the 1 August deadline approaches. The market is expected to move into a large surplus later in the year, leading to additional headwinds. ICE Brent forward curve shows a different story than the large surplus expected, with the market shape changing drastically recently. US crude oil inventories fell by 577k barrels last week, offering some support to prices. European gas prices remained stable, with EU gas storage at 65% capacity, down from the 5-year average of 74%. Norwegian gas flows recovered, easing supply concerns. LME copper prices are nearing $10,000/t again on improving demand in China, with imports of refined copper jumping 15% in June. Chinese imports of US copper scrap dropped to the lowest in 21 years ahead of the 50% tariff on copper. Iron ore prices rose to a five-month high on China’s hydropower dam announcement.

Read more at Investing.com: Crude Oil: Has the Market Surplus Been Delayed?