ECONOMIC CYCLE RESEARCH INSTITUTE
NEWS & EVENTS
Oil Diverges from Other Industrial Commodities
BNN Bloomberg | Jul 3, 2018

The current downturn in global industrial growth has caught many people off guard because they focus on exchange-traded commodities only. Doing so made it easier to think that demand wasn’t slowing because surging oil, and for a while, primary metals prices had camouflaged what was really happening.

ECRI’s insight was that the rise in exchange-traded prices was not about demand, which we knew was slowing. Rather, it was about the confluence of a variety of supply shocks, which weren’t cyclical, and therefore unsustainable.

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