Economy

After briefly threatening to fall below $60/b last week, Brent crude has staged a strong recovery, climbing back above $65/b. The rebound reflects a shift in market sentiment, driven by new U.S. sanctions on Russian oil majors, easing trade tensions between the U.S. and China, and a broader improvement in global risk appetite. Please note: this podcast is provided for information purposes only and should not be construed as an offer, or a solicitation of an offer, to buy or sell financial instruments. This podcast does not constitute a personal recommendation and is not investment advice. Investec

From Washington to London, the balance between growth and stability remains razor thin. In this special Investec Focus Radio UK episode, host Jeremy Maggs is in conversation with Ruth Leas, CEO of Investec UK, following the IMF and World Bank meetings. They unpack the latest global growth forecasts, the persistent challenge of inflation, and why, despite mounting debt and geopolitical strain, optimism is returning to the UK market. Investec

Brent crude fell to $60.14/b on Friday, its weakest level since May, and remains below $61/b this morning. The selloff followed a break below key support at $65/b after Trump announced new 100% tariffs on China. Sentiment worsened as U.S. equities tumbled on reports of bank fraud linked to distressed mortgage loans and concerns over stretched AI valuations. Adding pressure, China's Q3 GDP came in below 5%, highlighting weak demand. Please note: this podcast is provided for information purposes only and should not be construed as an offer, or a solicitation of an offer, to buy or sell financial instruments. This podcast does not constitute a personal recommendation and is not investment advice. Investec

In today's episode, we explore the recent drop in Brent oil prices and what's really driving the move - fundamentals or global market sentiment. From trade tensions between the US and China to shifting supply expectations, we break down the key factors shaping oil's future and what might come next. Please note: this podcast is provided for information purposes only and should not be construed as an offer, or a solicitation of an offer, to buy or sell financial instruments. This podcast does not constitute a personal recommendation and is not investment advice. Investec

OPEC+ members agreed over the weekend to proceed with a modest production increase of around 137 kb/d for November, continuing the phased unwinding of last year's voluntary cuts. While largely in line with market expectations, the decision is expected to have limited impact on overall supply given existing overproduction among several members. Please note: this podcast is provided for information purposes only and should not be construed as an offer, or a solicitation of an offer, to buy or sell financial instruments. This podcast does not constitute a personal recommendation and is not investment advice. Investec

Geopolitical tensions and supply constraints are impacting energy markets. Russian diesel restrictions, continued Ukrainian strikes on refineries, and evolving U.S. policy signals have tightened supply, contributing to Brent trading above $70/b for the first time since early August. Please note: this podcast is provided for information purposes only and should not be construed as an offer, or a solicitation of an offer, to buy or sell financial instruments. This podcast does not constitute a personal recommendation and is not investment advice. Investec

Despite stepped-up Ukrainian strikes and fresh EU measures aimed at curbing Russian oil exports, Brent continues to trade in the $65–$70 range. Market sentiment remains cautious, with limited signs of momentum ahead of the September OPEC+ meeting. Please note: this podcast is provided for information purposes only and should not be construed as an offer, or a solicitation of an offer, to buy or sell financial instruments. This podcast does not constitute a personal recommendation and is not investment advice. Investec

Recent geopolitical events, including the Israeli attack on Doha and Russian drones entering Polish airspace, have influenced energy markets. On the other hand, the International Energy Agency's (IEA) latest report suggest a potential surplus. Please note: this podcast is provided for information purposes only and should not be construed as an offer, or a solicitation of an offer, to buy or sell financial instruments. This podcast does not constitute a personal recommendation and is not investment advice. Investec

The eight core OPEC+ members have agreed to a modest increase in oil output for October, surprising markets after recent cuts. As production dynamics shift, the implications for global supply and pricing are significant. Please note: this podcast is provided for information purposes only and should not be construed as an offer, or a solicitation of an offer, to buy or sell financial instruments. This podcast does not constitute a personal recommendation and is not investment advice. Investec

Despite ongoing market uncertainties, Brent continues to trade around $68/b. The recent meeting between India, China, and Russia signals a unified front against US sanctions, while the upcoming OPEC+ meeting is unlikely to result in significant policy changes. Please note: this podcast is provided for information purposes only and should not be construed as an offer, or a solicitation of an offer, to buy or sell financial instruments. This podcast does not constitute a personal recommendation and is not investment advice. Investec

Oil prices rally on worries about Russian oil exports in view of the imminent increase in tariffs on India, which aim to dissuade India from buying in Russian oil Please note: this podcast is provided for information purposes only and should not be construed as an offer, or a solicitation of an offer, to buy or sell financial instruments. This podcast does not constitute a personal recommendation and is not investment advice. Investec

Following their meeting after market close on Friday, initial uncertainty about the outcomes has shifted to optimism, with Russia agreeing to provide Ukraine with security guarantees. As markets react to this development, attention turns to the complexities of negotiations and their potential impact on oil, gas, and electricity prices. Please note: this podcast is provided for information purposes only and should not be construed as an offer, or a solicitation of an offer, to buy or sell financial instruments. This podcast does not constitute a personal recommendation and is not investment advice. Investec

With Trump's deadline for a Russian ceasefire passing, Brent crude fell to $65.50/b, indicating market speculation about potential deals. As focus shifts back to rising OPEC+ output and summer demand, the implications for global oil and gas markets remain uncertain. Please note: this podcast is provided for information purposes only and should not be construed as an offer, or a solicitation of an offer, to buy or sell financial instruments. This podcast does not constitute a personal recommendation and is not investment advice. Investec

OPEC+ has officially decided to unwind the remaining voluntary cuts, which aligns with recent market trends. This move, combined with the latest developments in US tariffs, has significant implications for oil supply and pricing. Please note: this podcast is provided for information purposes only and should not be construed as an offer, or a solicitation of an offer, to buy or sell financial instruments. This podcast does not constitute a personal recommendation and is not investment advice. Investec

Oil prices have edged higher following the recent EU trade agreement with the US, which prevents the imposition of higher tariffs. While details are still being finalized, the agreement is seen as a positive step for oil markets, with OPEC+ members set to meet next weekend to discuss September production. Please note: this podcast is provided for information purposes only and should not be construed as an offer, or a solicitation of an offer, to buy or sell financial instruments. This podcast does not constitute a personal recommendation and is not investment advice. Investec

Oil prices have stayed relatively stable over the past week, strengthening slightly following the announcement of fresh EU sanctions on Russia. Key developments include a new cap on Russian oil prices and expanded sanctions targeting the financial sector, raising questions about the market's response to looming US tariffs. Please note: this podcast is provided for information purposes only and should not be construed as an offer, or a solicitation of an offer, to buy or sell financial instruments. This podcast does not constitute a personal recommendation and is not investment advice. Investec

Brent prices strengthened last week despite ongoing geopolitical risks, as the IEA adjusted its 2025 and 2026 demand forecasts and highlighted a surplus in the market. Meanwhile, developments in US trade policy and a shift in Trump's stance on Russia add further complexity to the outlook for oil prices. Please note: this podcast is provided for information purposes only and should not be construed as an offer, or a solicitation of an offer, to buy or sell financial instruments. This podcast does not constitute a personal recommendation and is not investment advice. Investec

Eight OPEC+ members met over the weekend and agreed to a production increase of 548 kb/d for August, surpassing previous monthly increases. While this decision comes as a surprise to the market, the actual impact on supply may be limited due to several members already exceeding their targets. Please note: this podcast is provided for information purposes only and should not be construed as an offer, or a solicitation of an offer, to buy or sell financial instruments. This podcast does not constitute a personal recommendation and is not investment advice. Investec

After a tumultuous few weeks, energy markets have calmed down. With supply risks from the Middle East seemingly dissipated, the focus now shifts back to concerns over weak demand growth and the potential impact of US tariffs on energy markets. Please note: this podcast is provided for information purposes only and should not be construed as an offer, or a solicitation of an offer, to buy or sell financial instruments. This podcast does not constitute a personal recommendation and is not investment advice Investec

The US strikes on Iranian nuclear facilities and the potential closure of the Strait of Hormuz have raised alarms in the oil and gas markets. Disruptions could lead to higher prices, with markets reacting to these emerging risks. Please note: this podcast is provided for information purposes only and should not be construed as an offer, or a solicitation of an offer, to buy or sell financial instruments. This podcast does not constitute a personal recommendation and is not investment advice. Investec

The conflict between Israel and Iran has intensified, impacting gas supplies as Chevron shuts down production at the Leviathan field due to security risks. While oil supplies remain unaffected, the market is reacting with volatility, and OPEC+ may adjust its plans in response to these developments. Please note: this podcast is provided for information purposes only and should not be construed as an offer, or a solicitation of an offer, to buy or sell financial instruments. This podcast does not constitute a personal recommendation and is not investment advice. Investec

Brent crude oil prices have strengthened at the end of last week, despite discussions of potential production hikes from OPEC+. Factors such as limited cuts to Saudi selling prices and ongoing overproduction by several members are supporting prices, while the market remains in its current range, with the possibility of reaching $70/b if it breaks out. Please note: this podcast is provided for information purposes only and should not be construed as an offer, or a solicitation of an offer, to buy or sell financial instruments. This podcast does not constitute a personal recommendation and is not investment advice. Investec

OPEC+ has agreed to increase production, setting July's output at 410 kb/d above June and 822 kb/d above the original target. Despite these increases, oil prices rose, likely due to geopolitical tensions, including strikes on Russian airfields that may affect production. Please note: this podcast is provided for information purposes only and should not be construed as an offer, or a solicitation of an offer, to buy or sell financial instruments. This podcast does not constitute a personal recommendation and is not investment advice. Investec

Oil prices remained stable last week despite significant news, with Brent holding around $65/b amid OPEC+ discussions and Trump's comments on EU trade. Bearish factors may lead to further declines if trade talks falter. Meanwhile, gas and power prices in Europe have risen due to maintenance outages in Norway, pushing winter gas futures to their highest levels since early April. Please note: this podcast is provided for information purposes only and should not be construed as an offer, or a solicitation of an offer, to buy or sell financial instruments. This podcast does not constitute a personal recommendation and is not investment advice. Investec

Recent developments on a potential Iran nuclear deal have impacted the oil market, with Brent hovering around $65/b. The IEA's report shows upward revisions in oil demand for 2024-2026, but concerns about oversupply persist, especially with the potential increase in Iranian crude later this year. Please note: this podcast is provided for information purposes only and should not be construed as an offer, or a solicitation of an offer, to buy or sell financial instruments. This podcast does not constitute a personal recommendation and is not investment advice. Investec

The oil market rallied into the end of last week on optimism about talks between China and the US on trade. Callum Macpherson, Head of Commodities at Investec UK, discusses what progress has been made and what does this mean for energy markets. Please note: this podcast is provided for information purposes only and should not be construed as an offer, or a solicitation of an offer, to buy or sell financial instruments. This podcast does not constitute a personal recommendation and is not investment advice. Investec

OPEC+ have announced an increase in output over the weekend. Callum Macpherson, Head of Commodities at Investec UK, discusses what has been decided and the motivation behind the move. Please note: this podcast is provided for information purposes only and should not be construed as an offer, or a solicitation of an offer, to buy or sell financial instruments. This podcast does not constitute a personal recommendation and is not investment advice. Investec

Brent set a new recent high in its recovery from the sell-off at the start of this month. Callum Macpherson, Head of Commodities at Investec UK discusses market prospects in the current global environment. Please note: this podcast is provided for information purposes only and should not be construed as an offer, or a solicitation of an offer, to buy or sell financial instruments. This podcast does not constitute a personal recommendation and is not investment advice. Investec

In this episode, we discuss the recent rise in the oil market to $68/b and the factors driving this change, including US-Iran talks. We also touch on the implications for oil prices, US-China trade relations, and the current state of European electricity and gas markets. Tune in for insights into the future of these sectors. Please note: This podcast is provided for information purposes only and should not be construed as an offer, or a solicitation of an offer, to buy or sell financial instruments. This podcast does not constitute a personal recommendation and is not investment advice. Investec

With the latest Tariff announcements from US President Donald Trump, oil has rallied following. Callum Macpherson, Head of Commodities at Investec UK discusses the oil price outlook, amid uncertainty in the market. Please note: this podcast is provided for information purposes only and should not be construed as an offer, or a solicitation of an offer, to buy or sell financial instruments. This podcast does not constitute a personal recommendation and is not investment advice. Investec

The sharp sell-off in oil markets after Trump's tariffs were announced last week, continues this morning. Callum Macpherson, Head of Commodities at Investec UK discusses the latest in the oil market and why OPEC+ announced an output increase when prices were already falling. Please note: this podcast is provided for information purposes only and should not be construed as an offer, or a solicitation of an offer, to buy or sell financial instruments. This podcast does not constitute a personal recommendation and is not investment advice. Investec

With the continued strengthening of Brent, Callum Macpherson, Head of Commodities at Investec UK looks at whether the market still concerned about supply. Investec

Oil has strengthened over the last week and Brent is over 72 $/b this morning.? Callum Macpherson, Head of Commodities at Investec UK looks at what has been behind this move and if the rally can continue. Investec

Last week was much quieter in oil markets than the week before, despite continued falls in US equities. Callum Macpherson, Head of Commodities at Investec UK discusses why did oil not follow equities lower again. Please note: this podcast is provided for information purposes only and should not be construed as an offer, or a solicitation of an offer, to buy or sell financial instruments. This podcast does not constitute a personal recommendation and is not investment advice. Investec

It's been a tumultuous time in energy markets and Callum Macpherson, Head of Commodities at Investec UK takes a look at some key events from last week and how the market reacted. Investec

Callum Macpherson, Head of Commodities at Investec UK, discusses the impact of uncertainty in the oil market brought about by President Trump's trade policies and the debate over Ukraine peace talks. Investec

Brent fell at the end of last week, whereas it had been rallying strongly for much of last week. Callum Macpherson, Head of Commodities at Investec UK looks at what brought about this change of direction. Please note: this podcast is provided for information purposes only and should not be construed as an offer, or a solicitation of an offer, to buy or sell financial instruments. This podcast does not constitute a personal recommendation and is not investment advice. Investec

Callum Macpherson, Head of Commodities at Investec UK discusses the latest report from the International Energy Agency looking at outlook for supply and demand. Investec

Since last week's podcast, Trump has delayed some of the new tariffs, Callum Macpherson, Head of Commodities at Investec UK, discusses what has been going on and what this might mean for oil. Investec

U.S President Donald Trump has gone ahead with introducing the tariffs he threatened. Callum Macpherson, Head of Commodities at Investec UK looks at the oil market reaction to the new tariffs imposed by Washington. Investec

Callum Macpherson, Head of Commodities at Investec UK, delves into the impact of President Trump's latest statements and executive orders on the global oil and gas markets. Investec

Investec's Head of Commodities, Callum Macpherson, looks at the impact the Israel-Hamas ceasefire and Trump's incoming presidency are having on the Brent crude market, and how far its rally has left to run. Investec's Energy Market Podcast · Investec

Investec's Head of Commodities Callum Macpherson gives insights into the 2025 Hedging Considerations' themes and how they relate to the latest in the market at the moment? Investec

The energy update is back with season three, and in the first episode of the year Investec's Head of Commodities Callum Macpherson discusses factors driving Brent's positive tone at the beginning of 2025. Investec