By Anna Szymanski
Every Friday, Reuters Open Interest (ROI) distills the financial week into five key charts, spotlighting the major trends, surprises and overlooked moves that defined the past five days.
1. OIL GLUT LOOMS AGAIN
RON BOUSSO, ROI Energy Columnist: Dozens of oil tankers have left the Middle East Gulf since the U.S. and Iran signed an interim deal on June 17 to end the war and reopen the Strait of Hormuz, which had effectively been closed for more than 100 days. Mideast oil production is now expected to recover in the coming months, with the International Energy Agency forecasting supplies will far exceed demand next year.
2. CHIP DIVERGENCE
MIKE DOLAN, ROI Finance & Markets Columnist: The SOX U.S. chip stock index just posted its best quarter on record, but June was also the second-worst month ever for the Magnificent 7 megacap tech stocks, a grouping created three years ago. The divergence speaks to worries about possible overspending on AI infrastructure by the hyperscalers in the "Mag 7," and about whether chip and tech-equipment makers can meet all that demand. This month's earnings season updates will be critical in assessing just how sustainable those Q1 estimates of AI growth really were.
3. ASIA'S OIL IMPORTS EDGE UP
CLYDE RUSSELL, ROI Asia Commodities and Energy Columnist: Asia's crude oil imports have recovered somewhat from their lowest level in more than a decade, as refiners source alternatives to Middle East grades shut in by the effective closure of the Strait of Hormuz during the Iran conflict. But at 20.71 million barrels per day in June, imports remain about 5 million bpd below pre-war levels. The strait also has not fully reopened, with flows still well below pre-war volumes.
4. COPPER BOOM, SMELTER BUST
ANDY HOME, ROI Metals Columnist: While copper has hit all-time highs this year, copper smelters are struggling to survive due to an implosion in core processing revenues. Benchmark 2026 treatment charges are zero, and spot charges are negative, as too much new smelter capacity chases too little mined concentrate. Only the fittest will survive.
5. 1980s FLASHBACK
ANNA SZYMANSKI, ROI Editor-in-Charge: The Japanese yen labored near 40-year lows against the dollar this week, plumbing depths last seen in the summer of 1986. The slide comes just months after rumored yen-buying by Japanese authorities briefly pulled the currency back from the 160-per-dollar level. Perhaps the tide is turning, though. The yen rallied on Thursday as traders considered news that Japan may be altering its intervention strategy.
Opinions expressed are those of the authors. They do not reflect the views of Reuters News, which, under the , is committed to integrity, independence, and freedom from bias.