Commodities Weekly: EU gas to shake off the summer lull; Jackson Hole and gold

Although news on the likelihood of a Russia-Ukraine peace deal has influenced EU natural gas prices this week, we still think there are more important factors that will eventually drive prices lower to €25 per MWh by the end of next year. Meanwhile, structural shifts in gold demand mean that, regardless of Fed Chair Powell’s message at Jackson Hole later today, the outlook for gold prices remains bright.

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