Commodities Prices

Higher energy prices spearheaded February’s upturn. Crude traded higher as OPEC+ continued to cut its production, U.S. output stagnated, and tensions in the Middle East remained inflamed. Disruptions to shipping in the Red Sea also persisted. On the flip side, natural gas prices declined in both the U.S. and Europe due to a mild winter. Additionally, agricultural commodity prices fell, as all grains traded lower due to an improved supply outlook. Conversely, prices for other softs rose on declining production. Meanwhile, downbeat manufacturing activity in China dented prices for most base metals. Lastly, all precious metals lost ground due to a stronger dollar and higher U.S. bond yields.

Commodities prices increased 0.9% month on month in February, following January’s 0.8% rise.

This chart displays Brent Crude Oil (US$/bbl) from 2022 to 2024.

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