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Commodity Trends

Monthly Update: Energy Prices Fall despite Production Cut Announcement

May 3, 2023
Marc-Antoine Dumont
Senior Economist

  • After trading above US$80 per barrel for a time, WTI (West Texas Intermediate) is now back around US$72. But the announcement put a floor under prices and exacerbated expected shortages, especially towards the end of the year when demand growth is likely to accelerate.
  • Aluminum, copper and nickel prices all rebounded in the past month as US financial turmoil abated. Iron prices continue to fall due in part to China’s latest round of steel production cuts.
  • Gold is back above $2,000 per ounce, a level not seen since March 2022.