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Friday November 22, 2019

In the latest edition of the Numbers Report, we’ll take a look at some of the most interesting figures put out this week in the energy and metals sectors. Each week we’ll dig into some data and provide a bit of explanation on what drives the numbers.

Let’s take a look.

1. Silver supply gap

• The silver supply surplus is set to narrow this year, as physical demand is expected to rise by 1 percent and supply is expected to contract by 0.5 percent.
• “If silver ETFs, which have already seen strong inflows of nearly 3,000 tons this year, are factored into the equation, the silver market actually shows a clear deficit for the first time in six years,” Commerzbank said in a note.
• Silver’s largest use is for industrial demand (51 percent of the share), and industrial demand is set to stagnate. But silver demand in the auto industry is on the rise.
• “What is more, the photovoltaic industry is also likely to demand more silver because of numerous renewable energy projects,” Commerzbank said.
• Overall, the price for silver is “too low and is undervalued,” the bank concluded.

2. Refining margins plunge

• Refining margins have plunged in the last two months, falling from close to $20 per barrel down to near $12 per barrel, according to BP.
• In Northwest Europe, refining margins fell into…






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