Gulf Intelligence Podcasts PODCAST: Daily Energy Markets - Oct 15th
Oct 15, 2025
In this discussion, Mike McGlone, a senior strategist at Bloomberg Intelligence, warns about ongoing commodity weakness as gold prices surge. Jamie Ingram from MEES highlights the limited impact of the Gaza ceasefire on oil while pointing to Red Sea shipping risks. Daniel Richards, lead economist at Emirates NBD, outlines Gulf fiscal resilience despite lower oil prices and discusses the potential effects of pending Fed rate cuts on regional economies. The panel also touches on OPEC+ strategies and shifting dynamics in the oil market.
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Macro Pressure Drives Commodity Downturn
- Mike McGlone argues broad commodity weakness reflects macro pressure, not just geopolitics.
- Gold rising while crude falls signals a global recessionary trajectory.
Houthis Are The Market Risk To Watch
- Jamie Ingram highlights the Houthis as the key energy-market risk from Gaza events.
- Gaza itself hasn't hit supply but Houthi attacks add friction to Red Sea trade routes.
Gulf Fiscal Positions Diverge
- Daniel Richards says the UAE retains fiscal surplus while Saudi deficits rose to around 5.5% of GDP.
- Near-term Saudi spending remains committed but longer-term projects face recalibration if low prices persist.