25th April 2025
Brent Crude
Brent crude hovered near $66.50/bbl on Friday, closing nearly flat after a volatile week. Pressure remains from rising OPEC+ supply, with the group expected to approve another accelerated output hike in June following May’s 411,000 bpd increase. Kazakhstan’s refusal to comply with production limits has added tension within the alliance. Meanwhile, the IMF cut its U.S. growth forecast to 1.8%, dimming demand prospects. On the geopolitical front, hopes for a US-Russia ceasefire and signs of de-escalation in the US-China trade war offered some support.
Dutch TTF Gas
European gas prices dipped to €32.46/MWh, down nearly 3.5% and testing a seven-month low. Ample LNG supply and weak demand from Asia—especially China—continue to weigh on prices. With storage now in refilling mode, the market has slipped back into contango, while lower thermal coal prices further diverted demand away from gas.
Iron Ore
Iron ore futures retreated Friday, with DCE’s I2509 down 1.87% to CNY709. Despite moderate trading activity, steel mills showed firm restocking interest ahead of Labour Day. However, sentiment is capped by lingering trade uncertainties and weaker-than-expected signals from Chinese policymakers. SGX 62% fines slipped -0.88% to $97.55/mt.
Copper
Copper eased from weekly highs as a stronger US dollar pressured dollar-denominated metals. LME 3M copper fell -0.26% to $9,366/tonne. While easing global trade tensions buoyed broader sentiment—highlighted by possible Chinese tariff cuts—dollar strength and lingering speculation around copper’s inclusion in trade disputes kept the market on edge.
