ING
June 4, 2026
The Commodities Feed: Dwindling Oil Inventories Leave Market Vulnerable
Daily UpdateCommoditiesFXConsumer StaplesEnergy
The Commodities Feed highlights a tightening oil market due to Middle East tensions and significant US inventory draws. It also notes a retreat in copper prices and falling arabica coffee prices on surplus expectations.
Key Takeaways
- 1.Global oil markets are highly vulnerable to Middle East supply disruptions as inventories continue to thin at a faster than seasonal rate.
- 2.US commercial crude inventories saw a significant weekly draw of nearly 8m barrels, driven by refinery ramps and SPR releases.
- 3.Copper prices have retreated below $14,000/t as macro risks and concerns over higher energy costs outweigh supply-side constraints.
Table of Contents
- Energy - US crude inventories continue to decline
- Metals – Copper drops back below $14,000/t
- Agriculture – Arabica coffee drops on ample supply projections
- Author
- Disclaimer
Document Preview
Access the Full Report
Get unlimited access to institutional research reports with a 14-day free trial.
Authors
Warren PattersonEwa Manthey
Securities
US Crude OilHGTTF Natural GasArabica Coffee
Themes
Central Bank Gold AccumulationGeopolitical Disruption to Energy FlowsInventory Scarcity and Upside Risk
Regions
North AmericaMiddle EastEuropeUnited StatesIranKuwait
Browse More
Related Reports
Why The Grid Could Make Or Break The Electro-Tech Revolution
Jul 10, 2026
European Consumers Still Aren't Consuming But The Way They Save Is Changing
Jul 10, 2026
ECB Minutes Reveal June Hike Was More Than Just An Insurance Move
Jul 9, 2026
Poland Central Bank Governor Turns More Dovish
Jul 9, 2026
Taiwan Trade Surplus
Jul 9, 2026