Energy: The rebound in oil prices continued last week, albeit without any overzealousness. European Brent crude edged up to USD 77, while its US counterpart, WTI, traded at around USD 73 a barrel. Even if the general mood on the risky asset front remains relatively changeable, oil has nonetheless benefited from some good news, particularly in the United States. Firstly, oil inventories fell sharply this week, by... 12.5 million barrels, whereas economists were expecting an increase of 1.9 million barrels! In addition, the latest drilling data from the USA confirms the slowdown in the number of rigs in operation. US producers are thus opting for caution in the medium term, while observers are expecting a tighter oil market in the second half of the year.

Metals: Beware, slippery ground! It's hard to reverse the downward spiral that is hitting the industrial metals segment with full force. The cause: mixed economic data from China, a rising greenback and the return of risk aversion. Copper is now trading at USD 7,900 per metric ton on the LME, compared with just over USD 9,000 a little over a month ago. Zinc, which has plunged to USD 2,222, nickel (USD 21,000) and tin (USD 2,452) are experiencing similar dynamics. Gold, weighed down by the rising US dollar, has been unable to regain ground. The barbaric relic nevertheless stabilized at USD 1950.

Agricultural products: The US Department of Agriculture (USDA) has released its initial forecasts for US grain production in 2023/2024. The trend is clear: harvests will be abundant. The USDA expects record corn production of 15.3 billion bushels, an increase of around 10% year-on-year! The outlook for wheat is less prolific, with US supply expected to stabilize at around 1.65 billion bushels. At the same time, Russia is threatening not to extend the agreement on Ukrainian grain exports if its demands for grain and fertilizer exports are not met. In Chicago, wheat prices stabilized at around 610 cents a bushel. In corn, despite the latest USDA report, prices rose to 590 cents a bushel.