(Bloomberg) -- Even before US President Donald Trump announced wide-ranging import tariffs on Saturday, speculation over what he would do had propelled gold to its biggest monthly gain since March. Meanwhile, shale patch activity is showing signs of slowing. And financing deals for climate-focused companies are shrinking even as global investment in the energy transition surpasses $2 trillion.
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Here are five notable charts to consider in global commodity markets as the week gets underway.
Bullion
Gold is hovering near a record high after haven demand helped propel prices in January to the best monthly gain since March. Investors have been seeking safety in haven assets amid uncertainty surrounding Trump’s tariff measures and the potential impact on inflation and the global economy. The weakness in the greenback, which bullion is priced in, has also helped boost prices of the precious metal.
Oil
The biggest oilfield services companies are warning shale activity in the US, the world’s largest oil producer, is expected to fall further this year amid consolidation and a push for greater efficiencies. The number of rigs drilling for oil, a measure that can help gauge the country’s production, and the Primary Vision frack count, which shows active completion crews, have fallen over the past year. But smaller numbers don’t always mean a decrease in production. Frack jobs are becoming more powerful through larger fleet sizes and increased horsepower requirements, Ron Gusek, the incoming Chief Executive Officer of Liberty Energy Inc., said during a recent call with investors.
Coffee
There seems to be little relief in sight for coffee drinkers who have seen prices surge more than 90% in the past year. Weather woes in key producing regions have hurt trees, meaning supplies are set to fall even further. Sticker shock caused demand to slow in high-end markets last year, while consumption stayed strong in coffee-producing nations. Early signs from emerging markets are now showing consumers there are cutting back.
Natural Gas
Speedy depletion of European natural gas inventories is making stockpiling more challenging, especially since summer gas prices are soaring above next winter contracts on supply concerns. The situation worsened in late January, after Germany’s gas market manager announced subsidy proposals to encourage storage site injections. The tool, aimed at helping the German market, threatens to create fuel competition between European nations, which contributes to the rally in summer prices.
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Renewables
Emerging decarbonization technologies such as carbon capture and hydrogen face an uphill battle after global climate tech equity financing fell 40% in 2024. There were 1,200 deals for a total of nearly $51 billion last year, compared to almost $84 billion in 2023, according to BloombergNEF. Despite the dreary outlook, overall investment in the global energy transition rose to more than $2 trillion for the first time.
--With assistance from Michelle Ma and Doug Alexander.
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