Today's Commodities Pulse
Western subsidies risk creating a surplus in critical minerals
Western governments are committing tens of billions of dollars to critical minerals to curb China’s dominance. The United States has earmarked over $20 bn and Australia $9.4 bn, prompting analysts to warn of potential oversupply in rare‑earths and other metals.
Also developing:
By the numbers: M Battery Materials acquires graphite assets for $20M
Natural Gas Futures, Feb. 24, 2026
Natural gas futures settled at $2.85 per MMBtu on Feb. 24, 2026, marking a 3% weekly gain. The rally was fueled by colder-than-expected temperature forecasts across the U.S. Midwest and a continuation of OPEC+ production cuts extending into 2027. Liquefied natural gas (LNG) export volumes rose 12% month‑over‑month, tightening near‑term supply. Meanwhile, U.S. working‑day inventories held at 1.8 trillion cubic feet, underscoring a tight market balance.
USDA Seeks Input on Data Reporting as Farmer Trust Concerns Grow
The U.S. Department of Agriculture announced a 45‑day Request for Information to gather public input on improving its market data reporting. Farmers have voiced growing distrust, citing confusing acreage updates in the 2025 corn report and perceived gaps between supply...
How the EU Could Unlock 22 Trillion Cubic Feet of Barents Gas
The European Union is reviewing its Arctic policy, and a tighter definition could unlock the Barents Sea’s estimated 22 trillion cubic feet of gas. Norway’s offshore fields could then supply 20‑30% of EU gas demand through 2050, offering a lower‑emission alternative...
Pork in Cold Storage Rises Above Year Ago Levels
U.S. pork cold‑storage rose 1 % year‑over‑year to 410.404 million pounds in February, driven by gains in butts and bone‑in hams despite a dip in overall pork production. Beef inventories fell 4 % YoY, pulling total red‑meat stocks 2 % below last year’s level....
More Cheese, Less Butter in Cold Storage Last Month
The USDA reported that U.S. cold‑storage cheese inventories rose modestly in January, reaching 1.38 billion pounds, up from 1.37 billion pounds a year earlier. By contrast, butter stocks fell to 215.4 million pounds, down 45 million pounds from the same month last year but...
Government Allows Export of 25 Lakh Tonnes of Wheat
The Indian government has approved a limited export of 25 lakh metric tonnes of wheat and an additional five lakh tonnes of wheat products, despite the overall export ban remaining in force. The decision, taken in January and notified by...
Pertamina, Halliburton Target Unconventional Fracturing Expansion in Indonesia
Indonesia’s state oil company Pertamina and U.S. service firm Halliburton have signed an MOU to develop unconventional well construction and stimulation across onshore fields. The partnership will evaluate multi‑stage hydraulic fracturing, acid stimulation, advanced cementing and AI‑driven automation to improve...
Shale Giant Diamondback Says Global Oil Glut Fears Are Fading
Diamondback Energy says fears of a global oil glut are receding as resilient demand steadies the market. Recent price action shows U.S. crude futures up more than 15% year‑to‑date, erasing most of 2025’s 20% loss. The company will keep output...
ORLEN Builds 25-MMboe North Sea Portfolio in Ekofisk Area
Polish oil major ORLEN has bolstered its North Sea presence by acquiring a 7.6% interest in the Albuskjell and Vest Ekofisk fields, bringing its total stake in the Tommeliten Gamma field to 62.61%. The three assets, developed under the Previously Produced Fields...
Med Gasoline Market Diverges From Northwest Europe
The Mediterranean gasoline market is diverging from northwest Europe as several key fluid catalytic cracker units undergo maintenance, notably Helleniq Energy’s Aspropyrgos refinery in Greece and Eni’s Milazzo refinery in Italy. With offshore capacity constrained, February‑March spreads have turned backwardated—a...
Poland's Ferrous Scrap Exports Fall; Ukraine Imports Hit Record
Poland’s ferrous scrap exports to non‑EU markets slipped 8.6% in 2025, falling to 1.204 million tonnes after three years of growth. Shipments to India, Pakistan and Morocco dropped sharply, while volumes to Turkey rose 2.4% and exports to the United States...
Motiva Announces US Group II Base Oil Posting Decrease
Motiva announced a $0.50 per US‑gallon reduction to its Group II, II+ and III base‑oil postings, effective 1 March. The cut could translate into contract price declines of 10‑15¢/USG for parties linked to Motiva’s postings or to basket indices, while blenders with...
Copper’s New Fundamental: How Fear Is Shaping the Market
The Fast Forward podcast revealed that fear has become a standalone market fundamental for copper, outweighing traditional supply‑demand metrics. Deglobalization is prompting nations to build strategic stockpiles such as the U.S. Project Vault and forcing firms to adopt just‑in‑case inventory...
UK to Remove Turkish HDG Quota Exemption
The UK Trade Remedies Authority (TRA) plans to strip Turkey of its developing‑economy exemption for hot‑dip galvanised (HDG) steel, moving Turkish shipments into the capped “other countries” quota. The move follows Tata Steel’s complaint that Turkish imports surged to 58,030 t...
DRC Mineral Export Prices Decline, Tin Records Steepest Weekly Drop
The Democratic Republic of Congo’s mineral export prices are set to fall in the week of Feb 23‑28, 2026, with tin posting the steepest decline to $48,089 per ton, a $1,667 drop from the prior week. Copper, gold, and zinc also...
Why Cost Alone No Longer Defines Chicken Value
Rising food‑away‑from‑home prices and growing protein demand are reshaping how full‑service restaurants evaluate chicken. While private‑label chicken still promises lower case costs, operators are encountering variability that hurts labor efficiency and menu flexibility. Brakebush Brothers positions itself as a consistent,...
Kibali Breaks Revenue Record as Gold Prices Surge Despite Lower Output
Kibali gold mine posted record revenue of about $2.3 billion in 2025, a 40% jump from 2024, despite a 2% dip in gold output to roughly 673,000 ounces. Barrick’s 45% share generated $1.04 billion, while the mine’s contribution to group earnings rose...
Gold Poised for Higher Leg; Buy Near 5080‑5100
Gold ( XAUUSD ) : Macro picture remains the same as told earlier. Current move is simply a small profit taking move before next leg higher , which is common after such quick bullish moves. I remain bullish. 5080s - 5100s looks...
Sylvania Posts Healthy Financials on the Back of Higher Production, Prices
Sylvania Platinum posted a 110% year‑on‑year jump in net revenue to $99.8 million for the six months to 31 December, driven by a 25% rise in 4E PGM production and a 55% increase in basket prices. Adjusted EBITDA surged 414% to $51 million...
ET Fuels Secures Bunkering Buyer for Texas E-Methanol
Irish developer ET Fuels has signed a binding long‑term offtake agreement with UK shipping firm RFOcean to supply e‑methanol at a fixed price starting in 2030. The fuel will be produced at ET Fuels’ advanced Rattlesnake Gap plant in Texas,...
Ukrainian Bitumen Imports to Remain Steady in 2026
Ukrainian bitumen imports held steady in 2026, following a record‑high 190,000 tonnes in 2025 after a 111,700‑tonne year‑on‑year jump. Major suppliers from Poland and Lithuania, led by Orlen, plan to ship roughly 100,000 tonnes this year, while Orlen Lietuva targets about 550,000 tonnes...
How Full Is the USA Strategic Petroleum Reserve?
The U.S. Strategic Petroleum Reserve sits at 415.4 million barrels, roughly 58.2% of its 714 million‑barrel authorized capacity, according to the EIA’s February 13 report. This marks a 5.1% rise over the same week last year and a 15.6% increase from 2024, reflecting...
Egypt’s NCIC Awards Fertilizers Sales Tender: Update
Egyptian state‑owned NCIC announced the award of its latest fertilizer sales tender on 19 February, covering March loading. The tender granted 20,000 t of DAP at $750/t FOB, 25,000 t of TSP at $560/t FOB, 20,000 t of granular urea at $492/t FOB, 20,000 t...
Copper Must Stay Above $6 to Avoid Deflationary Dominoes
Atlas' Burden Shifting to $6 Copper? Bitcoin's Gravity Pull - Copper may need to remain above $6 a pound or else. If the economically and stock-market-sensitive industrial metal follows falling Bitcoin, iron ore, crude oil and Chinese government-bond yields, it...
Copper Above $6 Offers Poor Risk‑Reward for New Longs
A Lot Riding on Copper Remaining Over $6 - Copper, the S&P 500 and US Treasury 30-year yield on the same scale may emphasize the implications of some normal reversion. That the metal hasn't had a year since 2021 without...
Slovakia Halts Emergency Electricity Supplies to Ukraine over Russian Oil Dispute
Slovakia announced it will halt emergency electricity supplies to Ukraine until Kyiv restores Russian oil transit through the Druzhba pipeline. The move follows a dispute over the pipeline’s shutdown after a Russian drone strike and accusations that Ukraine is delaying...
Copper Overheated: Price Spike Signals Potential Deflation
Is Copper a Prudent Short? Next to its industrial commodity and inflation companions -- iron ore, Brent crude oil and Chinese Government 10-year Bond yields (CGBs) -- copper might be too hot. From a base of 100, starting with our iron...
Tanker Rates Hit Three-Year High Amid US‑Iran Tensions
TANKER RATES for chartering vessels to carry crude (or other dirty products such as fuel oil) have surged to the highest for more than three years as the United States and Iran edge towards war. The Baltic Exchange dirty tanker...
New Cross-Border U.S. Pipeline Proposal Could Revive Idle Keystone XL Assets: Analysts
A private U.S. firm, Bridger Pipeline LLC, has filed a proposal for a 550,000‑barrel‑per‑day pipeline that would run from the Canada‑U.S. border in Montana to a hub in Guernsey, Wyoming. Analysts believe the route is designed to tap the partially...
ICCM Says Government Policy Has Tightened the Metals Cycle
The International Council on Mining & Metals (ICMM) warned that heightened government oversight is tightening the global metals cycle, curbing the explosive price spikes typical of past supercycles. In its 2025 Tax Contribution Report, ICMM members paid $37 billion in taxes...
GRDC Update: Growth Seen in Asian Feedgrain Demand
Grains Australia CEO Richard Simonaitis told the GRDC Perth Update that bio‑fuel policies are reshaping Australian grain exports, with EU canola demand driving Western Australia’s highest‑value market. At the same time, feedgrain demand in Southeast Asia is accelerating faster than...
U.S. Plant Retirements Clash With Surging Power Demand
The U.S. plans to retire ~11 GW of power plants in 2026, mostly coal & aging gas Don’t count on it. Power demand is surging faster than new generation can be brought into the grid. Renewables aren't fit for purpose except at the...
Gold Mirrors Pre‑ATH Pullback, Poised for New Highs
$GOLD It looks the exact same as the last pullback before it pumped to new all time highs. https://t.co/bIrm4xXjAp
Bangladesh’s Food Grain Imports Surge
Bangladesh’s food‑grain imports surged 42 percent in the first half of the 2025‑26 marketing year, reaching 4.2 million tonnes, driven primarily by a sharp rise in wheat purchases. Private‑sector wheat imports jumped 31 percent while government imports fell, and rice imports exploded 380 percent,...
Tariffs Boost Steel Jobs, Undermine U.S. Manufacturing
"Trump’s Tariffs Are Adding Steel Mill Jobs, and Crushing American Factories" https://t.co/EdQKmnKPzv You guys will never believe this, but heavily taxing a vital manufacturing input isn't good for manufacturing. https://t.co/6IRvgAXzPH
Base Metals Bullish Signal Emerges Across Major Stocks
NEW POST: I Saw the Sign for Base Metals https://t.co/Ts6jMvV3dF $AA $COPX $BHP $XME $FCX
Why Copper May Give Silver a Major Boost
The author’s long‑standing bullish thesis on copper is now materialising, with the base metal entering a sustained up‑trend that also benefits silver. Recent market data shows copper prices accelerating as renewable‑energy projects, electric‑vehicle production, and infrastructure spending drive demand. At...
EU Anticipates US Softening of Metals Tariffs Soon
EU sees the US easing impact of metals tariffs in the coming weeks https://t.co/qG2gkI6D64 via @AlbertoNardelli @europressos https://t.co/QmBgb5eFOv
Optimism Returns as Lithium Prices and ESS Boom Questioned
Sunny & cold in Florida. How high will #lithium price go this cycle was the # 1 question. How real is the ESS boom was #2. Nice to see some optimism after a couple of lean years. https://t.co/KLtvzNOlxk
US Interior Guts Environmental Reviews for Oil, Gas Drilling
The U.S. Department of the Interior finalized a rule on Monday that slashes the time required to secure oil and gas drilling permits on federal lands. The regulation trims environmental review periods, limiting National Environmental Policy Act (NEPA) assessments to...
U.S. Tops Global Oil, Gas Production Under Biden
What's interesting about this is that the U.S. led the world in oil and natural gas production during the Biden Administration, too.
Parana's Second Corn Planting Lags Year‑ago, Barely Above Five‑year Average
🇧🇷Second corn was 45% planted in Parana, Brazil as of Monday, well behind the year-ago pace of 64%. It reads above the five-year average for the date, but the five-year includes the dreadfully slow 2021 & 2023 campaigns. https://t.co/Bv10A7ILhk
Clean Energy Sector Sorts Out US Tariff Ruling Impacts
Last week the U.S. Supreme Court invalidated most of the tariffs imposed by the Trump administration on clean‑energy imports. The decision instantly altered market expectations for solar panels, wind turbine components, and battery materials that had been adjusting to higher...
Iran's Oil Loadings Hit 2018 Highs, Margins Thin
Iran is pumping and loading at near-2018 highs ahead of nuclear talks Loadings are surging, buyers are softer, and oil-on-water is piling up More leverage, more risk, thinner margins. https://t.co/AZPC1zaGls #Oil #Iran #Hormuz #Sanctions #Geopolitics #EnergyMarkets
Japan's New Rare Earth Find Won't Shift Global Supply
Japan has identified a large rare earth deposit of its own, but it's not going to change global supply dynamics. Here's the situation... #rareearths #japan #geopolitics https://t.co/2WX7oeO6Jm
Bloomberg's Oil Glut Narrative Shows They're Six Months Late
Bloomberg is still arguing “oil glut” & saying the correlation between geopolitics in the Middle East & oil prices is "broken" How can @bbgoriginals be 6 months behind the curve & still be in the news business? #Oil #EnergyMarkets #Geopolitics #Commodities...
Shadow Oil Fleet Stressed, Sanctions Spur Higher Prices
The shadow oil fleet isn’t gone — it’s under stress Seizures raise costs & strand barrels, but doing more against Russian & Iranian flows means higher oil prices & inflation https://t.co/P5EDN7PrRY #Oil #Sanctions #EnergySecurity #Russia #Iran #Geopolitics
Section 122 Tariffs Reduced to 10% From 15%
Section 122 tariffs now being collected at 10%, not Trump's weekend 15%. Clearly, a well-oiled tariff machine here. 🤷🤷 https://t.co/5MjbcrZuXD https://t.co/jb72H2AZQ8
Fortescue Bets on Green Iron Amid
Fortescue’s green iron bet in a €300 per tonne iron world #energysky -- via Renew Economy: https://t.co/o9SQlmpEPc https://t.co/oEuy12U2pf
USCF Launches Iron Ore Index Fund for Futures
New: @USCFInvestments files for a an Iron Ore Index Fund. Will invest in Iron order futures contracts. https://t.co/RHtnD2joQb