Energy: Oil fell last week, pushing Brent crude prices momentarily below the USD 90 line. These price levels may prompt OPEC member countries to take more action to support prices, as currently the expanded cartel has agreed to cut production by 100,000 barrels per day. A more symbolic measure that aims to show that the cartel can intervene at any time to support the market. Another major fact of the week was the surprise increase in U.S. inventories, which rose by 8.8 million barrels, while the consensus was for a contraction of 2 million. This increase is linked to a decline in U.S. exports but also to a drop in refining activities. In terms of prices, Brent crude oil is trading near USD 93 per barrel, while the US benchmark, WTI, is trading around USD 87. Related to the European gas market, where prices remain volatile, the European Union's energy ministers met to agree on a series of measures aimed at curbing the rise in gas prices. In broad terms, Brussels would like to cap the price of gas imported into Europe as well as the revenues of electricity producers who are raking in record profits.

Metals: Industrial metals prices have generally stabilized on the LME, with the exception of copper, which has risen sharply for five sessions to $7,860 per metric ton. Workers at the world's largest mine, Escondida in Chile (operated by BHP Group), are set to go on strike to demand better safety measures. Operators recall a similar episode in 2017, which severely tightened global supply. Finally, gold regained some height at USD 1725.

Agricultural Products: The Ukrainian grain export deal took another twist this week as Vladimir Putin questioned it, saying that the deal benefits Europe more than poor, famine-ridden countries. According to data compiled by Bloomberg, half of the shipments went to Asia, the Middle East and Africa. Wheat is trading at 840 cents in Chicago, compared with 673 cents for corn.