Crude oil prices could rise by +10% to +15% in 2024. Potential rebound in natural gas prices from $1.5 to $2.5 MMBtu. Target of $32 to $35 per ounce for silver not unrealistic. Promising trend reversal for industrial metals.

Key points

• Further rise in commodity prices in 2024
• Crude oil prices could rise by +10% to +15% in 2024
• Potential rebound in natural gas prices from $1.5 to $2.5 MMBtu
• Investment demand has yet to boost gold prices
• Silver’s target of $32 to $35 an ounce is not unrealistic
• Platinum and palladium closely linked to a recovery in the automotive sector
• Promising trend reversal for industrial metals
• Energy transition to support copper prices
• Towards the disappearance of surplus aluminium production

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