Clyde Russell
@clydecommods.bsky.social
Asia Commodities Columnist at Reuters Open Interest, the market commentary service of Thomson Reuters. Focusing on oil, gas, metals, coal, iron ore, renewable energies and government policy.
Saudi Aramco’s cut to its #crude oil prices for Asian refiners for December has been viewed as a move to gain market share amid oversupply concerns. But the cut was at the lower end of expectations and followed Aramco's pattern of responding to the market structure. www.reuters.com/markets/comm...
November 11, 2025 at 6:44 AM
Saudi Aramco’s cut to its #crude oil prices for Asian refiners for December has been viewed as a move to gain market share amid oversupply concerns. But the cut was at the lower end of expectations and followed Aramco's pattern of responding to the market structure. www.reuters.com/markets/comm...
China’s imports of major commodities were a mixed bag in October, with soft outcomes for crude oil, natural gas, copper and coal, but strength in iron ore. High prices played their part in limiting appetite for oil, gas and copper. #crude #LNG #coal #copper #ironore www.reuters.com/markets/comm...
China's major commodity imports ease, except for iron ore
China's imports of major commodities were largely soft in October as high prices weighed on volumes, with iron ore's resilience bucking the trend despite the steel sector showing signs of pressure.
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November 9, 2025 at 11:59 PM
Gold surged 173% from the low in October 2022 to the recent record high around $4,381 an ounce and while this looks mighty impressive, it fades compared to the rallies of 518% in the late seventies and 634% in the noughties. #gold #mining #commodities www.reuters.com/markets/comm...
November 6, 2025 at 5:41 AM
Gold surged 173% from the low in October 2022 to the recent record high around $4,381 an ounce and while this looks mighty impressive, it fades compared to the rallies of 518% in the late seventies and 634% in the noughties. #gold #mining #commodities www.reuters.com/markets/comm...
The trend in global LNG markets that has been in evidence so far in 2025 continued in October, with Asia imports dropping on weak China demand, but Europe arrivals rising by a bigger amount, thereby keeping spot prices robust. #LNG #natgas #energy #naturalgas www.reuters.com/markets/comm...
November 4, 2025 at 6:31 AM
The trend in global LNG markets that has been in evidence so far in 2025 continued in October, with Asia imports dropping on weak China demand, but Europe arrivals rising by a bigger amount, thereby keeping spot prices robust. #LNG #natgas #energy #naturalgas www.reuters.com/markets/comm...
John Maynard Keynes may or may not have said “When the facts change, I change my mind. What do you do, sir?" But it appears the OPEC+ 8 are following the advice by pausing increasing crude oil output targets in the first quarter of 2026. #crude #OPEC #energy www.reuters.com/markets/comm...
OPEC+ makes subtle shift to mitigate potential crude oil glut
OPEC+ managed to both meet market expectations and deliver a surprise by agreeing to a small rise in crude oil output for December, but then pausing for the first quarter of next year.
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November 3, 2025 at 12:15 AM
John Maynard Keynes may or may not have said “When the facts change, I change my mind. What do you do, sir?" But it appears the OPEC+ 8 are following the advice by pausing increasing crude oil output targets in the first quarter of 2026. #crude #OPEC #energy www.reuters.com/markets/comm...
The dynamic of low prices boosting imports leading to higher prices, which in turn lead to lower imports has been on display in Asia’s thermal #coal markets. Top buyers China and India are on track for lower arrivals in October after prices rallied from 4-year lows. www.reuters.com/markets/comm...
October 30, 2025 at 5:31 AM
The dynamic of low prices boosting imports leading to higher prices, which in turn lead to lower imports has been on display in Asia’s thermal #coal markets. Top buyers China and India are on track for lower arrivals in October after prices rallied from 4-year lows. www.reuters.com/markets/comm...
China’s imports of iron ore are on track for the two strongest months on record in September and October, which seems at odds with weakening steel output. Positive sentiment about China’s economy and a potential trade deal with the U.S. are supporting the market. www.reuters.com/markets/comm...
China's ravenous appetite for iron ore remains as steel output slips
China's imports of iron ore are on track for another robust month in October, following on from September's record arrivals, with the strength standing in stark contrast to weak steel output.
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October 28, 2025 at 6:56 AM
China’s imports of iron ore are on track for the two strongest months on record in September and October, which seems at odds with weakening steel output. Positive sentiment about China’s economy and a potential trade deal with the U.S. are supporting the market. www.reuters.com/markets/comm...
it’s a common position in the #crude market to dismiss Western sanctions on Russian exports as a waste of time. But whether this is really the case depends on what you want. If the aim is to keep Russian oil in the market but cut Moscow’s revenue, they may be working. www.reuters.com/markets/comm...
Will US sanctions on Russian oil work? It depends on how success is measured
A common view in the crude oil market is that Western sanctions against Russia's exports are fairly pointless as the market quickly devises ways to keep cargoes flowing.
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October 27, 2025 at 2:01 AM
it’s a common position in the #crude market to dismiss Western sanctions on Russian exports as a waste of time. But whether this is really the case depends on what you want. If the aim is to keep Russian oil in the market but cut Moscow’s revenue, they may be working. www.reuters.com/markets/comm...
Building a critical mineral supply chain outside of China, and the necessity of Western government support, was the main buzz at the IMARC event this week in Sydney. Perhaps surprisingly, given the return of Donald Trump, decarbonisation also featured strongly. www.reuters.com/markets/comm...
October 23, 2025 at 12:33 AM
Building a critical mineral supply chain outside of China, and the necessity of Western government support, was the main buzz at the IMARC event this week in Sydney. Perhaps surprisingly, given the return of Donald Trump, decarbonisation also featured strongly. www.reuters.com/markets/comm...
The US-Australia deal to invest in critical mineral supply chains is more of the first steps in a marathon than a game-changer that will cut Western dependence on China. #criticalminerals #minerals #metals #rareearths #mining www.reuters.com/markets/comm...
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October 21, 2025 at 5:02 AM
The US-Australia deal to invest in critical mineral supply chains is more of the first steps in a marathon than a game-changer that will cut Western dependence on China. #criticalminerals #minerals #metals #rareearths #mining www.reuters.com/markets/comm...
China’s stockpiling of #crude has been the market buzz recently, but flows into tanks slid in September as weak imports collided with rising refinery throughput. This underlines the role of oil prices, as September cargoes were arranged Israel-Iran price spike. www.reuters.com/markets/comm...
China's crude oil storage flows slump in September
China's crude oil stockpile flows dropped sharply in September as lower imports and higher refinery processing cut the surplus that was available for storage.
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October 20, 2025 at 7:45 AM
China’s stockpiling of #crude has been the market buzz recently, but flows into tanks slid in September as weak imports collided with rising refinery throughput. This underlines the role of oil prices, as September cargoes were arranged Israel-Iran price spike. www.reuters.com/markets/comm...
China is once again holding the threat of restrictions on exports of critical metals and minerals over the heads of Western buyers. While this is largely political, there is a risk that repeated threats will force the West to actually build its own supply chains. www.reuters.com/markets/comm...
China can only fire the big gun of refined metals restrictions once
China is once again rolling out the big cannon of curbs on metals and minerals vital to the global energy transition, as well as key components in weapons and electronics.
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October 14, 2025 at 11:43 AM
China is once again holding the threat of restrictions on exports of critical metals and minerals over the heads of Western buyers. While this is largely political, there is a risk that repeated threats will force the West to actually build its own supply chains. www.reuters.com/markets/comm...
China’s oil storage flows have been a top talking point this year in crude markets, but there is considerable uncertainty over how much is actually being added to inventories and how much more will be added in the future. #crude #energy #oil #OPEC www.reuters.com/markets/comm...
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October 10, 2025 at 11:12 AM
China’s oil storage flows have been a top talking point this year in crude markets, but there is considerable uncertainty over how much is actually being added to inventories and how much more will be added in the future. #crude #energy #oil #OPEC www.reuters.com/markets/comm...
Crude oil has been driven this year by OPEC+ unwinding output cuts, China storing vast volumes and geopolitical tensions. These dynamics remain in play, but the problem is that all three are inherently unpredictable and subject to rapid changes. #crude #energy #OPEC www.reuters.com/markets/comm...
OPEC, China and geopolitics are the triple whammy of uncertainty for crude
The unwinding of OPEC+ production cuts, China storage flows and geopolitical tensions have been the primary drivers of crude oil prices this year, and are likely to remain so for the foreseeable future.
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October 2, 2025 at 1:24 PM
Crude oil has been driven this year by OPEC+ unwinding output cuts, China storing vast volumes and geopolitical tensions. These dynamics remain in play, but the problem is that all three are inherently unpredictable and subject to rapid changes. #crude #energy #OPEC www.reuters.com/markets/comm...
Many of the minerals deemed critical to the #energy transition are marooned in a purgatory of low prices while waiting for the anticipated demand to solve the current oversupply. While it will likely happen, it may take longer than anticipated. #criticalminerals www.reuters.com/markets/comm...
Critical minerals are stuck between demand hopes and oversupply reality
Definitions vary as to which minerals and metals are genuinely critical, but one thing is certain. The prices of many of them are currently weak and not reflecting their supposed importance to the global energy transition.
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September 29, 2025 at 12:54 AM
Many of the minerals deemed critical to the #energy transition are marooned in a purgatory of low prices while waiting for the anticipated demand to solve the current oversupply. While it will likely happen, it may take longer than anticipated. #criticalminerals www.reuters.com/markets/comm...
With prices near 4-year lows and mines being closed it would seem odd to have a bullish outlook for metallurgical #coal. But the scaling back of green steel ambitions and the construction of coal-based furnaces across Asia are creating a longer-term positive picture. www.reuters.com/markets/comm...
Metallurgical coal is set to rise from the doldrums as green steel ambition fades
An industry that is shutting down some production as prices hover around four-year lows and higher taxes bite doesn't sound like it should be particularly bullish.
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September 24, 2025 at 5:17 AM
With prices near 4-year lows and mines being closed it would seem odd to have a bullish outlook for metallurgical #coal. But the scaling back of green steel ambitions and the construction of coal-based furnaces across Asia are creating a longer-term positive picture. www.reuters.com/markets/comm...
The Asian coal industry held its annual gathering this week in Bali and the contrast between the robust domestic markets of the Big 3 of China, India and Indonesia and the subdued outlook for the seaborne exporters was very much in evidence. #coal #energy #climate www.reuters.com/markets/comm...
The Big Three of Asia's thermal coal look healthy, others pale
Asia dominates the global thermal coal market but the future is looking increasingly split between robust domestic markets in the three heavyweights of China, India and Indonesia and a gradually fading seaborne market.
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September 23, 2025 at 7:40 AM
The Asian coal industry held its annual gathering this week in Bali and the contrast between the robust domestic markets of the Big 3 of China, India and Indonesia and the subdued outlook for the seaborne exporters was very much in evidence. #coal #energy #climate www.reuters.com/markets/comm...
The strength seen in China’s imports of seaborne thermal coal in August is on track to extend into September, helping prices for key Indonesian and Australian grades recover from 4-year lows. But the boost is likely to prove temporary. #coal #energy #mining www.reuters.com/markets/comm...
September 18, 2025 at 5:30 AM
The strength seen in China’s imports of seaborne thermal coal in August is on track to extend into September, helping prices for key Indonesian and Australian grades recover from 4-year lows. But the boost is likely to prove temporary. #coal #energy #mining www.reuters.com/markets/comm...
China’s steel sector continued to soften in August with output slipping to an eight-month low. But iron ore imports are robust and are set to rise again in September after a strong August, showing hope for a recovery in #steel demand remains the key driver. #ironore www.reuters.com/markets/comm...
Soft China steel output shrugged off by robust iron ore
The divergence between China's soft steel sector and its robust appetite for imported iron ore widened in August, highlighting the difference between reality and hope.
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September 16, 2025 at 4:39 AM
China’s steel sector continued to soften in August with output slipping to an eight-month low. But iron ore imports are robust and are set to rise again in September after a strong August, showing hope for a recovery in #steel demand remains the key driver. #ironore www.reuters.com/markets/comm...
To store or not to store, that is the China question. China’s surplus #crude jumped to just over 1 million bpd in August as imports and domestic output rose faster than refinery use. The question is will China keep buying more than it needs or wait for prices to fall. www.reuters.com/markets/comm...
China keeps building crude oil stockpiles even as processing gains
China's surplus crude surged to just over 1 million barrels per day (bpd) in August as robust imports and domestic production trumped an increase in refinery processing.
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September 15, 2025 at 5:02 AM
To store or not to store, that is the China question. China’s surplus #crude jumped to just over 1 million bpd in August as imports and domestic output rose faster than refinery use. The question is will China keep buying more than it needs or wait for prices to fall. www.reuters.com/markets/comm...
While the focus is often on short-term price drivers in #crude markets, there are two longer-term trends that will shape flows. The first is the gain in supply is from the Americas but demand growth is in Asia. The second is the rising politicisation of oil markets. www.reuters.com/markets/comm...
Crude oil to be driven longer-term by supply-demand mismatch, geopolitics
The global crude oil market is facing two long-term fundamental shifts that will change how cargoes flow around the world and how they are priced.
www.reuters.com
September 11, 2025 at 5:10 AM
While the focus is often on short-term price drivers in #crude markets, there are two longer-term trends that will shape flows. The first is the gain in supply is from the Americas but demand growth is in Asia. The second is the rising politicisation of oil markets. www.reuters.com/markets/comm...
The consensus view at this week’s APPEC oil event in Singapore was that it’s not a matter of if #crude prices are heading lower, it’s more of when and by how much. OPEC+ adding back barrels and the Trump risks to the global economy fuelled the gloom. #OPEC www.reuters.com/markets/comm...
Crude oil sentiment swings to lower prices as bearish factors mount
Sentiment in the crude oil market has shifted to expecting prices to decline, with the debate at the industry's biggest gathering in Asia more about timing than direction.
www.reuters.com
September 9, 2025 at 7:33 AM
The consensus view at this week’s APPEC oil event in Singapore was that it’s not a matter of if #crude prices are heading lower, it’s more of when and by how much. OPEC+ adding back barrels and the Trump risks to the global economy fuelled the gloom. #OPEC www.reuters.com/markets/comm...
The nearly $19 billion bid by Abu Dhabi’s ADNOC for Australian #LNG producer Santos is facing questions about the deal's value to Australia’s #energy sector. The old argument of you don’t sell foreigners the cow, you sell them the milk may see the deal knocked back. www.reuters.com/markets/comm...
ADNOC will have to offer more than money for Santos deal to work
The $18.7 billion bid by Abu Dhabi National Oil Company (ADNOC) for Australian liquefied natural gas producer Santos is facing a far higher hurdle than just the amount of money on offer.
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September 5, 2025 at 2:57 AM
The nearly $19 billion bid by Abu Dhabi’s ADNOC for Australian #LNG producer Santos is facing questions about the deal's value to Australia’s #energy sector. The old argument of you don’t sell foreigners the cow, you sell them the milk may see the deal knocked back. www.reuters.com/markets/comm...
Asia’s crude oil imports rose sharply in August from July, but it may be a reflection of lower prices at the time cargoes were arranged rather than an increase in demand. #crude #energy #OPEC #commodities www.reuters.com/markets/comm...
Asia crude oil imports surge in August, but is it demand or prices?
Asia's imports of crude oil rebounded in August as heavyweight buyers China and India bought more crude from top exporters in the Middle East.
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September 2, 2025 at 3:57 AM
Asia’s crude oil imports rose sharply in August from July, but it may be a reflection of lower prices at the time cargoes were arranged rather than an increase in demand. #crude #energy #OPEC #commodities www.reuters.com/markets/comm...
Donald Trump’s 50% #tariffs on imports from India may backfire insofar as Indian attitudes may harden and it will take the pain and keep buying Russian #crude as well as finding friends in U.S. opponents like China. The only obvious winner so far is Russia’s Putin. www.reuters.com/markets/comm...
India, US to lose from Trump tariffs as Russia wins
The United States imposed tariffs of up to 50% on imports of goods from India on Wednesday in a move that is a textbook example of a lose-lose situation for both countries, but perversely is a win for the intended target, Russia.
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August 27, 2025 at 5:38 AM
Donald Trump’s 50% #tariffs on imports from India may backfire insofar as Indian attitudes may harden and it will take the pain and keep buying Russian #crude as well as finding friends in U.S. opponents like China. The only obvious winner so far is Russia’s Putin. www.reuters.com/markets/comm...