(Bloomberg) — A basket of the world's key commodities rose in 2024, helped in part by gold's stellar run. Coffee and cocoa were the best performers among raw materials, much to the dismay of chocolate lovers and coffee drinkers who crave lower prices. And crude oil stockpiles at the largest US storage facility have fallen to their lowest seasonal level since 2007.
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Here are five notable charts to watch in global commodity markets as the week progresses.
Commodity Index
Despite impressive gains from coffee to gold, a key gauge of raw material prices was close to an average year for performance. The Bloomberg Commodity Spot Index – which tracks 24 energy, metal and agricultural contracts – rose 6.3% for the year, reversing the decline seen in 2023. However, Comex gold futures, the index's largest component, rallied , helped raise the BCOM. plunging prices for agricultural crops such as wheat, corn and soybeans limited the performance of the meter.
Oil
US crude inventories fell by 1 million barrels in the last full week of 2024 as stockpiles at the vital storage hub of Cushing, Oklahoma, held to a 17-year seasonal low. Dwindling supply has pushed up the premium on West Texas Intermediate futures contracts in the near term. The so-called spot spread is hovering at three-month highs, indicating tight supply.
Soft
Cocoa and coffee were the best performing commodities in 2024, with a relentless rally that is sure to make chocolate lovers and cappuccino drinkers tired in the coming months. Leading coffee producers have been looking at price increases as one way to mitigate a surge in the cost of arabica beans, the type favored by chains such as Starbucks Corp. Chocolate fans have been suffering the effects of cocoa gains for months, with candy bars getting more and less expensive. That is expected to continue through 2025.
Gold
Investors sold gold-backed exchange-traded funds for a fourth year in a row, with holdings falling 3.2% in 2024. While the optimism of the Federal Reserve's interest rate cuts in 2024 helped gold ETFs regain some ground in 2024, the US election results in That momentum ended in November. A stronger dollar following Donald Trump's election victory saw fresh sales of gold ETFs, with bullion prices falling from record highs as investors redirected money elsewhere, including stocks and Bitcoin.