How are everyone's resource stocks recently - Summary of key oil, gas, gold, and iron news (06/13)

Crude oil prices fell due to concerns about weak demand. The futures market continues to show weakness in the spot market. The spread between the second and third month WTI futures contracts was discounted for the first time since March. Some predictions that demand will be cut have boosted market sentiment. The market seemed unconvinced by the bullish trend. After the White House promised to buy 3mbl to fill strategic oil reserves, the price of sulfur-containing crude oil in the US Gulf Coast and WTI's premium reached the highest level in a year. Iran has confirmed that it is not negotiating a nuclear deal with the US. Last week, the market was shocked by rumors about progress in negotiations on its nuclear program. Iran's production declined from 3.8mb/d to 2-2.5mb/d before the Trump administration suspended the 2015 agreement. $Occidental Petroleum(OXY.US)$

As a weak economic background weighed on market sentiment, basic metals declined slightly. Aluminum stocks remain the focus of traders' attention due to concerns that consumers will reject Russian materials. The London Metal Exchange said two-thirds of the inventory in its warehouses comes from Russia. A Chinese trader who established a large position for a client last month has been working hard to fulfill these contracts as it searches for non-Russian materials at the client's request. The surge in the supply of nickel from non-LME trade continues to put pressure on LME prices. Nickel sulphate prices plummeted by nearly 4% last week due to increased material supply in Indonesia. Copper outperformed most other metals as reduced inventories provided some support. Asian inventories fell sharply last week, leading to a tightening of the spot market. This has surpassed our expectations. As the energy transition accelerates, infrastructure investment will drive strong demand in China. $Aluminum(BK2211.US)$