Five Key Charts to Watch in Global Commodities This Week
A worker stacks 12.5 kilogram gold bullion bars at a precious metal refinery in Balerna, Switzerland.
Photographer: Stefan Wermuth/BloombergHere are some notable charts to monitor in commodities markets over the coming days.
Oil extended losses on Monday after coming off its worst weekly rout since April 2020 as the turmoil in the banking sector fuels further concern that the global economy will tip into recession and hit demand, adding to a woeful first quarter for West Texas Intermediate and Brent futures. Both crude benchmarks are down at least 15% in 2023, while natural gas futures in the US and Europe have tumbled 46% and 47%, respectively. That spells trouble for the bottom lines of the world’s energy behemoths. Exxon Mobil Corp., Chevron Corp., Shell Plc and BP Plc all posted record profits in 2022, but lower prices for oil and gas dampen the chances of a repeat this year.