Clyde Russell
@clydecommods.bsky.social
Asia Commodities Columnist at Reuters Open Interest, the market commentary service of Thomson Reuters. Focusing on oil, gas, metals, coal, iron ore, renewable energies and government policy.
China’s surplus #crude surged to a six-month high of 1.88 million bpd in November as the highest imports in 27 months far outweighed steady refinery processing. Increased import quotas and weaker oil prices likely drove the increase in crude available for storage. www.reuters.com/markets/comm...
China accelerates crude stockpiling amid weaker oil price trend
China's flows of crude oil into storage probably jumped in November to the highest in six months, as a surge in imports overwhelmed steady refinery processing rates.
www.reuters.com
December 16, 2025 at 5:48 AM
China’s surplus #crude surged to a six-month high of 1.88 million bpd in November as the highest imports in 27 months far outweighed steady refinery processing. Increased import quotas and weaker oil prices likely drove the increase in crude available for storage. www.reuters.com/markets/comm...
India’s imports of Russian #crude are set to rise to a 6-month high in December as US sanctions are largely ignored. But which refineries are buying is changing, with Reliance cutting but part-Russian owned Nayara raising to levels in excess of its refining capacity. www.reuters.com/markets/comm...
India imports more Russian crude, but mix of buyers shifts
India's crude oil imports from Russia are on track to climb to a six-month high in December as the world's third-biggest buyer defies U.S. sanctions on Moscow's oil producers.
www.reuters.com
December 11, 2025 at 3:46 AM
India’s imports of Russian #crude are set to rise to a 6-month high in December as US sanctions are largely ignored. But which refineries are buying is changing, with Reliance cutting but part-Russian owned Nayara raising to levels in excess of its refining capacity. www.reuters.com/markets/comm...
China’s exports of steel and aluminium have diverged this year, with #steel surging as mills try to compensate for weak domestic demand, but #aluminium slipping as output caps and rising local consumption cut metal available for exports. #metals #commodities #China www.reuters.com/markets/comm...
China steel exports surge but aluminium shipments slide
China's exports of steel products have surged this year as domestic demand - particularly from property development - slumps, while those of aluminium have tumbled on rising activity from the manufact...
www.reuters.com
December 9, 2025 at 6:38 AM
China’s exports of steel and aluminium have diverged this year, with #steel surging as mills try to compensate for weak domestic demand, but #aluminium slipping as output caps and rising local consumption cut metal available for exports. #metals #commodities #China www.reuters.com/markets/comm...
China’s imports of major commodities were a bit of a mixed bag in November, with strength in crude oil and iron ore, but softness in copper and coal. Crude and iron ore were likely boosted by stockpiling amid steady prices. #crude #coal #ironore #copper #commodities www.reuters.com/markets/comm...
China's major commodities tell a story of prices and inventories
China's imports of major commodities were on divergent tracks in November, with crude oil and iron ore powering ahead but copper and coal losing steam.
www.reuters.com
December 8, 2025 at 8:10 AM
China’s imports of major commodities were a bit of a mixed bag in November, with strength in crude oil and iron ore, but softness in copper and coal. Crude and iron ore were likely boosted by stockpiling amid steady prices. #crude #coal #ironore #copper #commodities www.reuters.com/markets/comm...
There was a small uptick in thermal coal imports by top buyers China and India in November, but recent price rises for the main grades may limit any rallies in volumes even as the winter peak demand approaches. #coal #thermalcoal #energy #mining www.reuters.com/markets/comm...
China and India import more thermal coal, but price gains may weigh
Thermal coal imports by Asia's heavyweights China and India ticked higher in November, but the accompanying rise in prices may cap further gains in volumes.
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December 4, 2025 at 5:50 AM
There was a small uptick in thermal coal imports by top buyers China and India in November, but recent price rises for the main grades may limit any rallies in volumes even as the winter peak demand approaches. #coal #thermalcoal #energy #mining www.reuters.com/markets/comm...
A main theme in LNG this year has been the slide in China’s imports, so much so that the top buyer is in danger of losing the crown back to Japan, according to Kpler data. High prices amid rising European demand have capped imports by price-sensitive Asian buyers #LNG www.reuters.com/markets/comm...
China's LNG importer crown at risk as high prices cap demand
Asia's imports of liquefied natural gas flatlined in November, putting the top-buying region of the super-chilled fuel on track to record its first annual decline in three years.
www.reuters.com
December 2, 2025 at 7:13 AM
A main theme in LNG this year has been the slide in China’s imports, so much so that the top buyer is in danger of losing the crown back to Japan, according to Kpler data. High prices amid rising European demand have capped imports by price-sensitive Asian buyers #LNG www.reuters.com/markets/comm...
OPEC+ stuck to its script of an #oil market that is healthy with low inventories in deciding not to change output quotas at its meeting yesterday. This was expected, but it also shows that many #crude analysts diverge, seeing a supply glut next year. #OPEC #energy www.reuters.com/markets/comm...
OPEC+ sticks to its 'all is fine in oil' mantra, but uncertainty rises
At first glance the decision by OPEC+ to leave oil output levels unchanged for the first quarter of next year could be viewed as confirmation the exporter group is concerned about a looming crude supp...
www.reuters.com
December 1, 2025 at 12:10 AM
OPEC+ stuck to its script of an #oil market that is healthy with low inventories in deciding not to change output quotas at its meeting yesterday. This was expected, but it also shows that many #crude analysts diverge, seeing a supply glut next year. #OPEC #energy www.reuters.com/markets/comm...
Silver is not a media darling like gold, but it has delivered a higher percentage return than its more glamorous rival in the current 2-year uptrend. It also has a more compelling outlook of restrained supply and robust demand growth from solar panels. #silver #gold www.reuters.com/markets/comm...
Silver quietly outperforms gold for precious metal podium
Silver may be viewed as something of a bridesmaid to gold in precious metal markets, seemingly overshadowed by its more talked about rival.
www.reuters.com
November 27, 2025 at 6:50 AM
Silver is not a media darling like gold, but it has delivered a higher percentage return than its more glamorous rival in the current 2-year uptrend. It also has a more compelling outlook of restrained supply and robust demand growth from solar panels. #silver #gold www.reuters.com/markets/comm...
One of the effects of the sanctions on Russian oil companies has been to tighten Asia’s diesel market, leading to refining margins hitting 2-year highs. The market now expects China’s refiners will step up and export more refined products in December. #energy #diesel www.reuters.com/markets/comm...
November 25, 2025 at 6:06 AM
One of the effects of the sanctions on Russian oil companies has been to tighten Asia’s diesel market, leading to refining margins hitting 2-year highs. The market now expects China’s refiners will step up and export more refined products in December. #energy #diesel www.reuters.com/markets/comm...
The COP30 statement may have disappointed environmentalists by not mentioning fossil fuels, but it wouldn’t have mattered much even if it had. What is clear is that the real battle is between “electrifiers” and “fossileers” and the money flow favours renewables #COP30 www.reuters.com/markets/comm...
www.reuters.com
November 24, 2025 at 1:10 AM
The COP30 statement may have disappointed environmentalists by not mentioning fossil fuels, but it wouldn’t have mattered much even if it had. What is clear is that the real battle is between “electrifiers” and “fossileers” and the money flow favours renewables #COP30 www.reuters.com/markets/comm...
China’s domestic thermal coal prices have surged to a one-year high amid stronger fossil-fuel power generation and lower #coal output. This has also dragged seaborne coal prices up from four-year lows, while volumes have remained largely steady. #energy #mining www.reuters.com/markets/comm...
November 20, 2025 at 7:11 AM
China’s domestic thermal coal prices have surged to a one-year high amid stronger fossil-fuel power generation and lower #coal output. This has also dragged seaborne coal prices up from four-year lows, while volumes have remained largely steady. #energy #mining www.reuters.com/markets/comm...
There is a seeming contradiction between China’s slumping steel output and iron ore imports heading for a record year. The main difference is #ironore is focusing on stimulus hopes while #steel deals with the reality of soft demand. #commodities www.reuters.com/markets/comm...
November 19, 2025 at 5:35 AM
There is a seeming contradiction between China’s slumping steel output and iron ore imports heading for a record year. The main difference is #ironore is focusing on stimulus hopes while #steel deals with the reality of soft demand. #commodities www.reuters.com/markets/comm...
The China crude oil storage story continued in October, with surplus crude rising to 690,000 bpd from September’s 570,000. Lower prices at the time cargoes were arranged encouraged imports to rise year-on-year, outweighing a gain in processing volumes. #crude #energy www.reuters.com/markets/comm...
November 18, 2025 at 6:24 AM
The China crude oil storage story continued in October, with surplus crude rising to 690,000 bpd from September’s 570,000. Lower prices at the time cargoes were arranged encouraged imports to rise year-on-year, outweighing a gain in processing volumes. #crude #energy www.reuters.com/markets/comm...
LNG supply is poised to rise by 10% in 2026 from 2025, or about 44 million tons. This surge will swamp demand growth meaning spot prices will have to drop to tempt Asia’s price-sensitive buyers. The question is just how far will they have to fall. #LNG #energy www.reuters.com/markets/comm...
November 13, 2025 at 6:13 AM
LNG supply is poised to rise by 10% in 2026 from 2025, or about 44 million tons. This surge will swamp demand growth meaning spot prices will have to drop to tempt Asia’s price-sensitive buyers. The question is just how far will they have to fall. #LNG #energy www.reuters.com/markets/comm...
Saudi Aramco’s cut to its #crude oil prices for Asian refiners for December has been viewed as a move to gain market share amid oversupply concerns. But the cut was at the lower end of expectations and followed Aramco's pattern of responding to the market structure. www.reuters.com/markets/comm...
November 11, 2025 at 6:44 AM
Saudi Aramco’s cut to its #crude oil prices for Asian refiners for December has been viewed as a move to gain market share amid oversupply concerns. But the cut was at the lower end of expectations and followed Aramco's pattern of responding to the market structure. www.reuters.com/markets/comm...
China’s imports of major commodities were a mixed bag in October, with soft outcomes for crude oil, natural gas, copper and coal, but strength in iron ore. High prices played their part in limiting appetite for oil, gas and copper. #crude #LNG #coal #copper #ironore www.reuters.com/markets/comm...
China's major commodity imports ease, except for iron ore
China's imports of major commodities were largely soft in October as high prices weighed on volumes, with iron ore's resilience bucking the trend despite the steel sector showing signs of pressure.
www.reuters.com
November 9, 2025 at 11:59 PM
Gold surged 173% from the low in October 2022 to the recent record high around $4,381 an ounce and while this looks mighty impressive, it fades compared to the rallies of 518% in the late seventies and 634% in the noughties. #gold #mining #commodities www.reuters.com/markets/comm...
November 6, 2025 at 5:41 AM
Gold surged 173% from the low in October 2022 to the recent record high around $4,381 an ounce and while this looks mighty impressive, it fades compared to the rallies of 518% in the late seventies and 634% in the noughties. #gold #mining #commodities www.reuters.com/markets/comm...
The trend in global LNG markets that has been in evidence so far in 2025 continued in October, with Asia imports dropping on weak China demand, but Europe arrivals rising by a bigger amount, thereby keeping spot prices robust. #LNG #natgas #energy #naturalgas www.reuters.com/markets/comm...
November 4, 2025 at 6:31 AM
The trend in global LNG markets that has been in evidence so far in 2025 continued in October, with Asia imports dropping on weak China demand, but Europe arrivals rising by a bigger amount, thereby keeping spot prices robust. #LNG #natgas #energy #naturalgas www.reuters.com/markets/comm...
John Maynard Keynes may or may not have said “When the facts change, I change my mind. What do you do, sir?" But it appears the OPEC+ 8 are following the advice by pausing increasing crude oil output targets in the first quarter of 2026. #crude #OPEC #energy www.reuters.com/markets/comm...
OPEC+ makes subtle shift to mitigate potential crude oil glut
OPEC+ managed to both meet market expectations and deliver a surprise by agreeing to a small rise in crude oil output for December, but then pausing for the first quarter of next year.
www.reuters.com
November 3, 2025 at 12:15 AM
John Maynard Keynes may or may not have said “When the facts change, I change my mind. What do you do, sir?" But it appears the OPEC+ 8 are following the advice by pausing increasing crude oil output targets in the first quarter of 2026. #crude #OPEC #energy www.reuters.com/markets/comm...
The dynamic of low prices boosting imports leading to higher prices, which in turn lead to lower imports has been on display in Asia’s thermal #coal markets. Top buyers China and India are on track for lower arrivals in October after prices rallied from 4-year lows. www.reuters.com/markets/comm...
October 30, 2025 at 5:31 AM
The dynamic of low prices boosting imports leading to higher prices, which in turn lead to lower imports has been on display in Asia’s thermal #coal markets. Top buyers China and India are on track for lower arrivals in October after prices rallied from 4-year lows. www.reuters.com/markets/comm...
China’s imports of iron ore are on track for the two strongest months on record in September and October, which seems at odds with weakening steel output. Positive sentiment about China’s economy and a potential trade deal with the U.S. are supporting the market. www.reuters.com/markets/comm...
China's ravenous appetite for iron ore remains as steel output slips
China's imports of iron ore are on track for another robust month in October, following on from September's record arrivals, with the strength standing in stark contrast to weak steel output.
www.reuters.com
October 28, 2025 at 6:56 AM
China’s imports of iron ore are on track for the two strongest months on record in September and October, which seems at odds with weakening steel output. Positive sentiment about China’s economy and a potential trade deal with the U.S. are supporting the market. www.reuters.com/markets/comm...
it’s a common position in the #crude market to dismiss Western sanctions on Russian exports as a waste of time. But whether this is really the case depends on what you want. If the aim is to keep Russian oil in the market but cut Moscow’s revenue, they may be working. www.reuters.com/markets/comm...
Will US sanctions on Russian oil work? It depends on how success is measured
A common view in the crude oil market is that Western sanctions against Russia's exports are fairly pointless as the market quickly devises ways to keep cargoes flowing.
www.reuters.com
October 27, 2025 at 2:01 AM
it’s a common position in the #crude market to dismiss Western sanctions on Russian exports as a waste of time. But whether this is really the case depends on what you want. If the aim is to keep Russian oil in the market but cut Moscow’s revenue, they may be working. www.reuters.com/markets/comm...
Building a critical mineral supply chain outside of China, and the necessity of Western government support, was the main buzz at the IMARC event this week in Sydney. Perhaps surprisingly, given the return of Donald Trump, decarbonisation also featured strongly. www.reuters.com/markets/comm...
October 23, 2025 at 12:33 AM
Building a critical mineral supply chain outside of China, and the necessity of Western government support, was the main buzz at the IMARC event this week in Sydney. Perhaps surprisingly, given the return of Donald Trump, decarbonisation also featured strongly. www.reuters.com/markets/comm...
The US-Australia deal to invest in critical mineral supply chains is more of the first steps in a marathon than a game-changer that will cut Western dependence on China. #criticalminerals #minerals #metals #rareearths #mining www.reuters.com/markets/comm...
www.reuters.com
October 21, 2025 at 5:02 AM
The US-Australia deal to invest in critical mineral supply chains is more of the first steps in a marathon than a game-changer that will cut Western dependence on China. #criticalminerals #minerals #metals #rareearths #mining www.reuters.com/markets/comm...
China’s stockpiling of #crude has been the market buzz recently, but flows into tanks slid in September as weak imports collided with rising refinery throughput. This underlines the role of oil prices, as September cargoes were arranged Israel-Iran price spike. www.reuters.com/markets/comm...
China's crude oil storage flows slump in September
China's crude oil stockpile flows dropped sharply in September as lower imports and higher refinery processing cut the surplus that was available for storage.
www.reuters.com
October 20, 2025 at 7:45 AM
China’s stockpiling of #crude has been the market buzz recently, but flows into tanks slid in September as weak imports collided with rising refinery throughput. This underlines the role of oil prices, as September cargoes were arranged Israel-Iran price spike. www.reuters.com/markets/comm...