Today's Commodities Pulse
Lower‑48 gas producers expand output despite storage surplus
U.S. lower‑48 natural‑gas operators are adding production capacity even though storage inventories remain in surplus, according to NGI. At the same time, spot prices are climbing as summer temperatures rise and LNG demand increases.
Also developing:
By the numbers: M Battery Materials acquires graphite assets for $20M
ICE Registers Record Trading Activity Across Its Global Derivatives Markets
Intercontinental Exchange reported record trading activity across its global derivatives markets and NYSE equities in March 2026, driven by heightened Middle‑East geopolitical risk. Open interest hit all‑time highs, including 76.8 million commodity contracts and a total of 125.4 million futures and options on March 12. Daily volume peaked at 35 million contracts on March 3, while the NYSE Closing Auction processed 3.57 billion shares worth $230.5 billion. ICE also cleared a $2.678 trillion notional in credit‑default swaps, underscoring its infrastructure resilience.
Soybean $12 Barrier Demands $100+ Oil, Crop Shortfalls
Soybean's $12 Ceiling Alongside $120 Crude Oil - It may take some combination of WTI crude oil staying above $100 a barrel, a poor Brazilian crop and a Corn Belt drought for soybeans to stay above $12 a bushel. Alongside...
Grain Producers Hedge as Futures Signal Mild Profitability
March Selling When They're Yelling in Grains - A takeaway from the March 24-25 Bloomberg Farm, Food & Fuel Summit in Kansas City was that many Corn Belt grain producers used recent price increases to hedge. Corn and soybean futures...
Deal or No Deal? Conflict Drives Oil Volatility and UK Inflation
In this episode, Charlene Young and Tom Sieber dissect how the ongoing Iran conflict is fueling oil price volatility and feeding into UK inflation pressures, while also reviewing the latest UK CPI data and government energy support plans. They highlight...
What’s Driving the Global Dairy Boom?
The global dairy market hit a record‑high in 2025 as milk production surged across every major region, driven largely by unprecedented growth in the United States. U.S. herd size swelled to roughly 9.6 million cows, supporting a 2 % annual increase in...
March Futures Expiry
Silver’s open interest has fallen to its lowest level in over two decades, suggesting the metal is deeply oversold and may soon reverse higher. Gold also shows weakness, with Comex open interest under 400,000 contracts and prices testing key moving...
AirGas Forces Helium Shipments to Half, Adds $13.50 Surcharge Amid Qatar Collapse
AirGas, an Air Liquide subsidiary, announced a force majeure on helium shipments on March 17, limiting deliveries to roughly 50% of normal volumes and tacking on a $13.50 per hundred cubic feet surcharge. The move follows QatarEnergy’s shutdown of LNG‑linked...
Southeast Asia Revives Nuclear Plans to Power AI Data Centers Amid Oil Shock
Indonesia, Malaysia, Thailand, Vietnam and the Philippines are accelerating nuclear power projects to meet soaring electricity needs of AI data centers, a shift driven by soaring oil prices from the Iran war. The region could contribute roughly 40 GW of new...
Chevron Warns California of Historic Diesel Shortage as Prices Top $7 per Gallon
Chevron warned that California is on track for a historic diesel shortage after the state’s diesel price surged past $7 a gallon, the highest on record. The company said it may exit California refining within a decade unless policy changes...
Bridgewater Limits Losses to Sub‑1% as Iran Oil Shock Sends Hedge Funds Tumbling
Bridgewater Associates' $92 billion Pure Alpha strategy posted a loss of under 1% for March, outpacing rivals that logged multi‑billion‑dollar declines amid an Iran‑driven oil price shock. The fund’s defensive positioning highlights a widening gap between macro hedge funds that were...
Fed’s Hawkish Tone and Middle East Tensions Push Dollar to 99.64 Index
The U.S. dollar index climbed to 99.64, its biggest one‑day gain this week, after the Federal Reserve signaled a “higher‑for‑longer” policy stance and Middle‑East cease‑fire hopes faded. Rising oil prices above $100 a barrel and heightened safe‑haven demand drove the...
OECD Says Iran-Israel War Erases Global Growth Upgrade, Spurs Inflation
The OECD’s interim Economic Outlook warns that the Iran‑Israel war has erased a tentative 0.3‑percentage‑point upgrade to global GDP growth and pushed G20 inflation to 4% in 2026. The outlook flags higher energy prices, supply‑chain strain and heightened downside risks...
Gold Prices Bounce Back After Morning Drop
Vietnam's Saigon Jewelry Company saw its gold‑bar price rebound 0.59% to VND 171.6 million (≈$6,517) per tael after a morning dip, while gold‑ring prices also edged higher. Globally, spot gold surged 2% to $4,466 per ounce, driven by a softer U.S. dollar...
Gold May Not Rebound If Fed Shrinks Balance Sheet
So weird anyone is surprised by this. Time and time again, gold falls at the peak of a liquidity/financial crisis because people liquidate emergency supplies. Note Turkey. But then usually corrects higher once things stabilise (especially if Cbanks flood the...
Barry FitzGerald: Looking for Upside in the Oil Crisis? Find It in ASX Lithium Stocks
A surge in petrol and diesel prices caused by the Strait of Hormuz blockade is creating a tailwind for lithium demand, especially from electric‑vehicle (EV) buyers seeking to avoid record fuel costs. Macquarie’s research now expects the global lithium market...
How Capital Cycles Create 100 Baggers (Django Davidson)
In this episode, Django Davidson explains the capital cycle framework—a supply‑focused, mean‑reverting approach to investing that emphasizes measurable supply constraints over demand storytelling. He traces its origins to Jeremy Hosking’s experience with the PC boom, outlines how capital misallocation drives...
Check Diesel Prices Before Filling to Avoid Overcharges
Alert Warning ‼️🚨 TrafficSA has advised motorists to check the price before just pouring diesel into your vehicle. R33.30 a litre is just insane. 🤯 We need to advise each other about prices at petrol stations so we do not fall victim...
China Solar Cell Prices Fall for Third Consecutive Week as Upstream Costs Ease
China's TOPCon M10 solar cell prices slipped for a third week, falling 0.36% to $0.0558 per watt as polysilicon and wafer costs eased. N‑type M10 wafer prices dropped 3.92% to $0.147 each, reflecting broader upstream price pressure. Production in January‑February...
Gold Digger: Is Gold Losing Its Cool?
Gold’s spot price has slumped 17.5% to $4,456 per ounce, pushing the metal into a technical bear market after peaking at $5,405 in January. The broader miner index (GDX) has underperformed even more, falling 28.9% since the Iran conflict began,...
Fuel Quotas Cut 33%: RON95 Squeeze Hits Malaysia
April 1st is judgment day for your fuel tank. The government just slashed Budi 95 quotas by 33% and put diesel on a leash. Are you ready for the RM1.99 squeeze? TLDR List: 1. RON95 quota slashed. 2. Gig workers protected. 3. Diesel limits enforced. 4....
Electricity Spot Market Also Reels From Price Shock
The Philippines' Wholesale Electricity Spot Market (WESM) will be suspended as spot power prices are projected to hit P9 per kilowatt‑hour (about $0.16), more than double February's average of P3.50 ($0.06). The Energy Regulatory Commission (ERC) ordered the shutdown to...
Spike in LPG Prices May Hit Record High of P30/Kg
The LPG market in the Philippines is set to see a record price jump, with the industry association warning that per‑kilogram rates could rise by P30 (about $0.55) as early as March 28, followed by an additional P10 ($0.18) on April 1....
Singapore Ramps up Push to Become Asia-Pacific’s Gold Trading Hub Amid Rising Investor Demand
Singapore is accelerating its bid to become the Asia‑Pacific gold‑trading hub, with the Monetary Authority of Singapore (MAS) and the Singapore Bullion Market Association (SBMA) outlining four strategic focus areas: capital‑market products, vaulting standards, a dedicated clearing system, and vault...
Iran War Unleashes Unprecedented Oil Market Disconnect
The complexity, uncertainty and fluidity of the Iran war’s impact on oil markets have made it increasingly challenging to compress analysis into 45-second soundbites in 5-7 minute TV interviews — though I’ve done my best over the past 4 weeks. So...
WA’s CSBP Opens up on Fertiliser in Trying Times
CSBP, a major Western Australian fertilizer supplier, warned that the ongoing blockade of the Strait of Hormuz is severely curtailing urea imports, a key nitrogen source for growers. To offset the shortfall, the company has accelerated domestic production of ammonium...
Aramco Redirects 4 M Bpd, Fastest Global Mitigation
Striking image: dozens of empty tankers queued up at Saudi Arabia’s Red Sea ports, ready to load oil. @saudi_aramco has diverted approximately 4 million barrels per day from its eastern fields to the west. Their rapid and massive response stands...
Global Economy Faces Early Contagion: Rationing, Price Spikes, Policy Shocks
Headlines & tweets about talks & deals are NOISE at this point THE SIGNAL is rationing, price spikes, policy interventions, & rising stress in import-dependent economies We're in the early stage of CONTAGION This time it's not a novel virus It's a heart attack...
Oil Surges to $106, Stocks Fall Amid West Asia War Doubts and Rate Hike Fears
Oil prices jumped to $106 a barrel, spurring global market declines. Iran's denial of any talks with the United States heightened doubts about a swift cease‑fire in the ongoing West Asia conflict. European stocks and bonds fell as ECB President...
Daily Market Wire 27 March 2026
Severe drought across the U.S. Hard Red Winter wheat belt has driven Chicago July wheat up 7.25 cents to $6.30 per bushel, with CFTC data showing the largest ever gross long and a near‑record gross short position. Export sales surged to...
Rising Oil Prices and Recession Fears Prompt Call for Long‑Term Investing
Oil prices have surged as the war in Iran pushes fuel costs higher, reigniting recession concerns across equity markets. Analysts warn that short‑term volatility may mask the benefits of disciplined, long‑term portfolio construction.
WTI Holds Near $89 as Cushing Inventories Jump 3.4 MMbbl, Venezuelan Imports Reach 2019 Levels
WTI settled around $89 per barrel on Tuesday as U.S. crude inventories at the Cushing hub swelled by 3.4 million barrels, the largest weekly build since January 2023. At the same time, imports of Venezuelan crude surged to their highest level...
Diesel Prices Rising Faster than Petrol, up 28 Cpl Across the Largest Cities in Last Week
Retail diesel prices jumped 10% in the week to 25 March, rising 27.8 cents per litre to 303.5 cpl across Australia’s five largest cities, while petrol increased 8% to 252.2 cpl. The surge mirrors a 17% rise in the Singapore Gasoil 10 ppm benchmark, compared...
UBS Has a Message on Oil Price and the Economy
Oil prices are climbing amid the Iran‑Houthi conflict, reviving 1970s‑style headlines. UBS economist Arend Kapteyn argues that today’s economies are far less oil‑intensive, with oil spending representing a fraction of GDP. In the United States, oil’s share of GDP has...
Tight Copper, Aluminium Supply Set to Boost Prices Through 2026
ING expects tight copper and aluminium supply to support prices into 2026 amid tariffs, weak mine output, and power constraints. https://www.metalnomist.com/2026/03/tight-copper-and-aluminium-supply-keeps.html
Dollar and Oil Hold Steady After Trump’s Iran Pledge
The Dollar and Oil are Bid: The dollar and oil remain firm. The market has a had muted reaction to President Trump’s announcement late yesterday that it will extend its pledge not to strike Iran’s energy infrastructure for ten days...
JL Mag Rare‑Earth Posts Full‑Year Profit More Than Doubles to $99 M
JL Mag Rare‑Earth Co., Ltd. announced full‑year earnings that more than doubled to RMB705.6 million ($99 million), driven by a 14.1% rise in revenue to RMB7.718 billion. The results highlight the expanding role of rare‑earth minerals in global technology supply chains.
Brent Surpasses $110 as Hormuz Closure Cuts 15M Barrels Daily
Gm, oil watchers Brent crude back above $110 this morning because—and stop me if you’ve heard this one—the Strait of Hormuz remains shut and the world oil market is losing 15 million barrels every day that remains true https://t.co/jg4V9IlWhv
Iran’s Gas Attacks Threaten Persian Gulf Aluminum Production
Aluminum production in the Persian Gulf is going bye-bye. As Iran ramps up strikes on gas fields, pipelines, and power plants, the countries that depend upon cheap natural gas will no longer be able to run their smelters. Full Newsletter: https://t.co/HA7AqLgHqP...
Call for Measures to Restrain Fuel Price Hikes
The Thai Chamber of Commerce is urging the government to curb a recent 6 baht (~$0.16) per‑litre fuel price increase, warning it will raise production, logistics and consumer costs. It calls for securing sufficient crude‑oil supplies, even at premiums above global...
China Slashes LNG Imports, Pivots to Domestic Gas
China is cutting LNG purchases as the Middle East conflict boosts prices 🇨🇳🚢 📉 March imports are poised to fall to lowest level in 8 years ⚠️ Instead of LNG, China is turning to domestic/pipeline gas. This will help free up supply...
Saudi Crude Exports Surge From Western Ports
A Picture Worth a Thousand Words: Saudi Crude Exports from Western Ports Continue to Rise https://t.co/fSDuoL9nVW
This Map Shows a Crude Ticking Time Bomb that Hits Much of the World’s Oil Supply in April
J.P. Morgan warns that recent disruptions in the Strait of Hormuz will trigger a cascading oil‑supply shock throughout April. The last tanker left the strait on Feb. 28, coinciding with U.S. and Israeli strikes on Iran, and traffic has been largely...
WTI Prices Surge Despite Rising Inventories, Signaling Urgent Supply
WTI comparative inventory reflected supply urgency over fundamentals CI increased 9.5 mmb but price rose $4.22 week ending March 20 $96.07 was far above any previous yield curve marginal price for current C.I. #energy #OOTT #oilandgas #WTI #CrudeOil #fintwit #OPEC #Commodities #commoditiesmarket
Hormuz Closure Threatens Systemic Oil Supply Collapse
This is not a normal supply shock—it’s a systemic break, writes @Rory_Johnston You don’t replace Hormuz with bypass pipelines, SPR releases & sanction waivers You either reopen it—or break the system Markets are betting on a quick fix—but reality says otherwise. https://t.co/J4ZbSY2K9u #Oil #Hormuz...
Mar 26 | Commodity Week
In this episode of Commodity Week, panelists Todd Gleason, Dave Chatterton, Kurt Kimmel, and Greg Johnson discuss the current grain market landscape, focusing on headline risks from the Iran‑U.S. conflict, upcoming USDA acreage and stocks reports, and the impact of...
11 Days of Delay Add 400M Barrels Lost
Time is irreversible damage Trump has kicked the can till April 6 11 more days of disruption = 120MM additional barrels shut in ==>cumulative losses ~400MM, notes @ericnuttall That’s how a “temporary” disruption becomes a lasting supply shock. #Oil #Hormuz #SupplyShock #EnergyCrisis #Inventories...
Cyclone Cuts Australian LNG Output, Hits Global Supply
Another blow to the global LNG market 🚢🚨 🇦🇺 Three Australian LNG export plants (which provide ~8% of the world’s supply) have had output curbed by a cyclone ⚠️ Some offshore gas platforms were knocked offline by the big storm https://t.co/pnn7NiguUr
Chris Uhlmann Fronts SKY NEWS AUSTRALIA Deep Dive on Fuel Crisis
Sky News Australia will broadcast a one‑hour special titled "Australia’s Fuel Crisis" on Sunday 29 March at 7:30 pm AEDT, hosted by veteran journalist Chris Uhlmann. The program will dissect soaring fuel prices, shrinking emergency stockpiles, global geopolitical instability and long‑term...
Iran Ships 1.5M Barrels Daily, Prices Surge
four weeks in, iran continues to export oil through the strait of hormuz. 1.5 million barrels a day, at significantly higher prices than before the war.
Wells Fargo Forecasts Gold Surpassing $6,000 by Year‑end
Gold seen well above $6,000 by year-end despite recent struggles, Wells Fargo says $GLD @seekingalpha https://t.co/aUuFstZJDx