This Morning in Metals: May MMO report; crude oil imports; IEA on critical minerals

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This morning in metals news: MetalMiner released its May MMO report earlier this week; US crude oil imports from OPEC are down; and the International Energy Agency issued a report on clean energy and the expected surge in critical mineral demand.

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May 2021 MMO report

Earlier this week, MetalMiner released its May 2021 Monthly Metal Outlook (MMO) forecast report.

The report — available only to subscribers — offers detailed analysis of 10 key metals. The coverage includes support and resistance figures, price drivers, buying strategies and much more.

Visit the MMO landing page for more information.

US crude oil imports from OPEC decline

US crude oil imports from OPEC nations have declined, the Energy Information Administration reported.

“Because of increased domestic production of light crude oil, U.S. imports of medium and light crude oils have decreased while U.S. imports of heavier crude oils have remained comparatively stable,” the EIA said. “This trend has resulted in declining crude oil imports from OPEC member countries because OPEC has historically exported medium and light crude oil grades to the United States.”

Meanwhile, US crude imports from Canada have been stable, the EIA added.

Demand for critical minerals to surge

As MetalMiner contributor Sohrab Darabshaw noted yesterday, the US and other countries are ramping up efforts to boost their own rare earths and critical mineral production in order to wean themselves off of dependence on China.

In a report today, the International Energy Agency warned of potential shortfalls of critical mineral supply as governments aim to reach their climate targets.

The report, “The Role of Critical Minerals in Clean Energy Transitions,” includes analysis regarding copper, nickel, lithium, cobalt and rare earth elements.

“Today, the data shows a looming mismatch between the world’s strengthened climate ambitions and the availability of critical minerals that are essential to realising those ambitions,” said Fatih Birol, executive director of the IEA. “The challenges are not insurmountable, but governments must give clear signals about how they plan to turn their climate pledges into action. By acting now and acting together, they can significantly reduce the risks of price volatility and supply disruptions.”

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