In 1Q25:
Brent oil price was flat (+0.1%) at US$ 74.7 per barrel. However, the quarter itself and the following few days into April was far from stable. Middle East conflict and the OPEC decisions continued to play a crucial role, while a few new factors emerged coming from the Trump administration (primarily, tariffs and renewed tensions with Iran).
Natural gas price was down 15.4%. Despite the quarterly drop, 2025 started with some volatility, driven by ceased Ukraine-Russia transit deal and cold weather.
Gold price was up 19.0%. The precious metal continued to break records (almost every week) in 2025, driven by the same factors that have been elevating it over the past three years – central banks and hedging risks.
Ammonium nitrate price was up 3.9%. The price dynamics are strongly correlated with the natural gas market (key ingredient of nitrogenous fertilizer production) albeit with a certain lag.
Wheat price was up 7.4%. Market remained sensitive to weather patterns and any indications of potential supply disruptions.
Copper price was up 11.6%. The price as well as physical flows of the red metal was volatile over the quarter. Traders rushed to bring copper from London to New York in anticipation of the tariffs.
Ferrosilicon – European ferrosilicon price was up 8.5%, while its Chinese counterpart lost 4.1%.
