Commodity price forecasts cut as tariffs weigh on demand

In light of the developments of and post ‘Liberation Day’, we have revised our forecasts across various commodities. The announcement of reciprocal tariffs by the United States has significantly impacted market dynamics, leading to revised expectations for oil, gas, steel and base metals. While most commodity price forecasts have been downgraded due to anticipated demand shocks and supply chain disruptions, we observe a contrasting trend in precious and battery metals where safe-haven demand and growth in the electric vehicle sector provide some optimism.

What you will learn:

• We have downgraded our Brent oil price forecast to average $67.50pb this year.
• We have cut our gas price forecasts for the rest of the year, as we expect the tariffs to weigh on demand for gas from the industrial and power generation sectors.
• We have cut all our steel price forecasts due to weaker demand expectations.

Fill in the form to read our analysis on base metals, gold, battery metals and soft commodities.