Brent to Average $73 Over 2H 2021, ING's Patterson Says

The video discusses the impact of the Delta variant on the oil market, highlighting OPEC's cautious approach to production increases. It forecasts oil prices to remain supported despite potential demand downturns. The discussion shifts to non-food inflation, focusing on crop costs due to adverse weather in Brazil, affecting sugar markets. The video concludes with an analysis of the gold market, predicting continued pressure due to Fed tightening, and highlights aluminium as a strong performer, while copper is expected to face supply improvements.

What is the main concern for the oil market due to the Delta variant?

• Increased oil production

• Overly optimistic demand recovery

• Decreased oil prices

• Surplus in oil supply

How is OPEC+ planning to adjust oil supply from August to December?

• Maintain current levels

• Increase by 2 million barrels a day

• Decrease by 500,000 barrels a day

• Increase by 1 million barrels a day

What is the expected impact of increased drilling activity in non-OPEC nations?

• Reduction in OPEC+ production

• Stability in oil demand

• Substantial non-OPEC supply growth

• Decrease in global oil prices

What weather conditions in Brazil have affected the sugar market?

• Heatwaves and wildfires

• Hurricanes and storms

• Drought and frost

• Heavy rainfall and flooding

What is the expected trend for sugar markets in the 2021-2022 season?

• Deficit and supportive prices

• Decreased demand

• Stable prices

• Surplus in supply

What is the outlook for gold prices going into 2022?

• Above $2000

• Stable at $1800

• Below $1700

• Increasing steadily

Which commodity is expected to perform best in the medium to long term?

• Gold

• Copper

• Aluminum

• Silver