Energy: The mood is still upbeat. The two major global oil benchmarks ended last week higher, recording their fourth straight positive weekly sequence. Brent crude is trading around USD 86 while US WTI briefly surpassed its yearly high by trading above USD 83. This rise is fueled by the China/OPEC duo: China, which, via its dynamic imports and exports, is demonstrating that the country is accelerating its reopening, and OPEC, which is further suffocating global supply through its production cuts. As for natural gas in Europe, the Rotterdam TTF is treading water at around 41 EUR/MWh.

Metals: Gold continues to climb to 2010 USD per ounce. Falling inflation in the US, which is helping to temper bond yields, is doing gold buyers a favor. In its latest monthly note, the World Gold Council reported that ETFs backed by physical gold saw strong net inflows last month, boosted by the banking crisis, a weakening dollar and falling bond yields. On the industrial metals side, prices gained ground. A ton of copper is trading around USD 9,000, while aluminum is trading at USD 2,380.

Agricultural products: The U.S. Department of Agriculture (USDA) raised U.S. wheat stocks to 598 million bushels from 568 million bushels due to deteriorating demand. The price of wheat weakened in Chicago to 675 cents per bushel, while corn rose slightly to 660 cents.