Five Key Charts to Watch in Global Commodities This Week

Oil markets are flashing signs of renewed strength amid tightening supplies, while record heat around the world is impacting everything from crops and energy prices to the availability of water. Here are five charts to consider in global commodity markets this week.

After OPEC+ kingpins Saudi Arabia and Russia pledged measures to limit oil flows into August, traders will be looking for signs buyers are snapping up barrels this week. Nearby time spreads for both West Texas Intermediate and Brent futures — which help gauge tightness in the market — have surged in recent sessions, even flipping into a bullish backwardation pattern. With Saudi Arabia now lifting prices for its barrels, that’s set to boost demand for oil linked to the two benchmarks. If that does happen, the trend in time spreads is likely to continue. Other things to watch this week for clues on the trajectory for supply and demand: monthly reports from the Organization of Petroleum Exporting Countries and the International Energy Agency, both due on Thursday.