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All Market Commentary

Goldman Sachs is Still Bullish on Commodities

February 22, 2023

The energy markets were a mixed bag yesterday with some swings both up and down.

The current market expectation is to see another build in US crude stock for this week which adds to the concerns about demand.

The release of the Fed minutes today from their last meeting will have traders looking for insight into whether there are more interest rate hikes coming and did the outlook for the peak rate increase. The dollar has traded higher and that is putting pressure on energy prices. More rate increases raised the concerns that this will cause and economic slowdown or a recession in the US and Europe.

Is inflation having an impact? It appears it is in the housing market. January existing home sales came in at just 4 million. This is the lowest level since 2010 and the twelfth straight month of decline, and the longest stretch since 1999. The median price was $359,000, a 13% increase on the year.

Energy markets are rangebound as they are getting balled up in congestion trying to determine where they are headed as the concerns about our economy seem to have become more prominent in the data and the headlines lately.

Goldman Sachs is still bullish on commodities. Comments from Goldman Sachs Groups Inc’s Jeff Currie from Bloomberg. Commodities are poised to rally in 2023 as China recovers, US inflation proves benign and Russian oil output contracts. The bank is sticking with a bullish view despite a soft start to the year for raw materials.

Eurozone Manufacturing Activity Falls for Eighth Consecutive Month
Russia Halts Pipeline Exports to Poland

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