Expect 'a rough 6 months' for commodities: Analyst

Volatility in commodities will continue as long as Saudi Arabia's next moves are unclear, RBC Capital Markets' chief commodities strategist told CNBC on Wednesday. Meantime, Helima Croft said, she expects "a rough six months."

In an interview on "Squawk on the Street" Croft said she thinks the Saudis will be prepared to keep prices down only for the next six months to "bleed out as much non-OPEC oil production as they can."

"We have a situation where the crown prince's son is quite senior in the oil ministry, and there are some reports in The Wall Street Journal that he's not entirely happy with the lower-for-longer strategy. So I think we should look if there is a shift in Saudi strategy," Croft said.

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She also said that as King Abdullah rallies from health problems, Saudi Arabia will at least keep production at current levels until the next OPEC meeting on June 5. "Things could change if you have a new king or somebody else scouting oil strategy in Saudi," she added.

Saudi Arabian King Abdullah (L) with President Obama
Roger L Wollenberg | Pool | Getty Images
Saudi Arabian King Abdullah (L) with President Obama

Croft said that uncertainty with oil has had a negative spillover effect on commodities, especially on metals.

"Any sign of an improving demand picture will certainly rally the commodities complex," she said. "It's going to be a rough six months and a lot of uncertainty until we know really what OPEC is going to do."

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