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
'Availability of Cucumbers Was Occasionally Tight'
German cucumber markets in week 20 of 2026 were dominated by domestic production, which held 44% of the volume, while Dutch and Belgian imports together accounted for roughly 58% of the remaining supply. Weather‑related crop shortfalls forced traders to reserve portions of each load for large food‑retail chains, tightening overall availability. The scarcity drove cucumber prices higher across retail channels, yet the market remained broadly stable despite the price pressure.
Oil Price Rises Back Above $100 a Barrel as Energy Market May Be Past ‘Point of No Return’
Oil prices jumped back above $100 a barrel on Tuesday after fresh U.S. strikes on Iran intensified geopolitical risk. The attacks, combined with the ongoing blockade of the Strait of Hormuz, have cut roughly 14.4 million barrels per day from Gulf...
Morning News: May 26, 2026
U.S. airstrikes against Iranian targets sparked a sharp rise in global crude prices, pushing Brent to roughly $84 a barrel and WTI to about $80, the highest levels in six weeks. The attacks also complicated ongoing diplomatic talks aimed at...
Gas Market Eyes China and Weather Amid Hormuz Shutdown
As the global gas market grapples with the Strait of Hormuz being all-but closed for nearly three months, traders are fixated on two wildcards: China and the weather. Read more: https://t.co/eSR1IoODjX 📷️: Ritesh Shukla/Getty Images https://t.co/CQLliezHmB
Gold Buying Prices in Zimbabwe per Gram/ Ounce, 26 May 2026
Fidelity Gold Refinery (FGR) published its official gold buying rates for 26 May 2026, listing cash prices per gram and per ounce across purity grades. The top tier (SG 90% and above) commands $136.02/gram ($4,230.74/oz), while the fire‑assay cash price for bulk purchases above...
Ofgem Should Tell It Straight: Electricity Prices Are Set to Stay High for Years | Nils Pratley
Ofgem is set to keep the UK electricity price cap high, with the typical household bill expected to reach about £1,850 ($2,350) – a £209 ($265) rise from the previous quarter. While wholesale gas prices influence only a third of...
Fuel Tensions Leave Logistics Industry Tyred Out
Diesel shortages have forced about 20% of India’s 9.5 million‑truck fleet to idle, tightening goods transport. State‑run oil marketers raised diesel prices four times in 11 days, adding ₹5‑6 per litre (~$0.06‑$0.07) and creating a ₹40‑42 per litre (~$0.48‑$0.51) retail‑to‑institutional gap, while...
Oil and LNG Tankers Resume Strait of Hormuz Transit, Easing Global Supply Bottlenecks
U.S. and Iranian negotiators have cleared the way for oil and LNG tankers to resume transit through the Strait of Hormuz after a three‑month shutdown. The reopening has already nudged Brent crude below $98 a barrel and eased pressure on...
Chevron CEO Warns of 1970s‑style Oil Shortage, Sparking Retail Stock Concerns
Chevron chief Mike Wirth warned at a Milken Institute forum that a closure of the Strait of Hormuz could trigger physical oil shortages comparable to the 1970s crisis. He said economies may have to slow, a scenario that analysts say...
Wall Street's Oil Bullishness Faded; Expect Price Plunge
The repost details the Wall Street consensus that the Strait is days away from reopening, and this will lead to crude prices plummeting. Add this chart. It shows that most of the net long positions among managed money (CTAs) and Large...
Global Crude Steel Output Drops 1.9% in April as China Contracts and India Climbs
World crude steel production fell 1.9% year‑on‑year to 153.4 million tonnes in April 2026, driven by lower output in China, the Middle East and Russia. India bucked the trend, posting a 3.9% rise and cementing its place as the second‑largest producer.
U.S. Administration Signals Economic Relief in Iran Peace Talks, Aims to Reopen Strait of Hormuz
President Donald Trump announced that a peace agreement with Iran is largely negotiated, pledging to lift sanctions and reopen the Strait of Hormuz, which has been shut since late February and cut 10‑12 million barrels per day from world supply. The...
Lithium Market Poised for 2026 Tightening as Oversupply Eases
S&P Global projects a smaller global lithium surplus for 2026, while Morgan Stanley and UBS warn the market could slip into deficit by mid‑year if demand outpaces limited new supply. The shift is driven by accelerating grid‑scale storage demand and...
Government Forwent Rs 1 Lakh Crore via Excise Duty Cuts to Shield Consumers From Fuel Inflation: FM
Finance Minister Nirmala Sitharaman said the Indian government forgave more than Rs 1 lakh crore (about $12 billion) in excise‑duty revenue to protect consumers from fuel‑price spikes caused by the West‑Asia conflict. The duty cuts prevented an estimated Rs 10 per litre increase in petrol and...
Guinea Unveils Plan to Curb Bauxite Exports After Surge
Guinea, the world’s largest bauxite producer, will unveil export‑control reforms in June after a 25% surge in shipments to 183 million tonnes in 2025 drove prices down almost 50% from their early‑2024 peak. The government says limiting exports will rebalance supply,...
US‑Iran Peace Deal Hopes Push Oil to Two‑Week Lows, Spark Global Market Rally
President Trump announced that a US‑Iran peace agreement is largely negotiated, raising expectations that the Strait of Hormuz will reopen. The prospect has pulled oil down to two‑week lows, lifted gold and equities across Europe, Asia and the United States,...
Aluminium Prices Near $3,600/Tonne as Supply Tightens and Demand Rises
Aluminium is trading near multi‑year highs, with London Metal Exchange contracts above $3,600 per tonne and Indian MCX prices around ₹390/kg (≈$4.70/kg). The rally stems from structural supply tightness—environmental caps, high energy costs and low inventories—combined with steady demand from...
Oil Below $100 But Iran Says a Peace Deal Is Not Close Yet
Oil prices slipped below $100 a barrel on Monday as Brent settled at $94.61 and WTI at $90.94, driven by market optimism that a Middle‑East peace deal could be near. However, Iran’s foreign ministry cautioned that a settlement with the...
Demand for India Mn Alloy Export Falters, Surplus Rises
India’s manganese alloy sector is facing a sharp downturn as export demand collapses and domestic overcapacity widens. Prices for 60% silico‑manganese fell to $795‑810 per tonne, a 15% drop from mid‑April, while domestic prices slipped about ₹14,000/t (≈$147) amid weaker...
U.S. Gas Prices Reach $4.51/gal on Memorial Day, Adding $2 Billion to Consumer Costs
The American Automobile Association reported the national average gasoline price hit $4.51 per gallon on Memorial Day, up $1.34 from last year. Analysts say drivers will spend an extra $2 billion over the four‑day weekend, tightening household budgets amid inflation concerns.
India's Economy Stressed by $110‑115 Crude Oil, Former BPCL Exec Warns of Rising Import Bill
Former Bharat Petroleum marketing director Sukhmal Kumar Jain warned that global crude has jumped to $110‑115 a barrel, inflating India's oil import bill and deepening rupee depreciation. The surge, coupled with consecutive fuel price hikes, is eroding the trade balance...
Oil Prices Slip Below $100 as US‑Iran Talks Boost Hormuz Hope
Brent crude slid to $98.83 a barrel, breaking the $100 mark after President Donald Trump announced that U.S.‑Iran talks were progressing toward ending the war and reopening the Strait of Hormuz. The price drop reflects shifting market sentiment from geopolitical...
OPEC+ June 7 Meeting Likely only Symbolic Quota Hike
The next OPEC+ meeting is on June 7 - another largely symbolic increase in the quota is expected https://t.co/VGOwbbfug5
Gold & Silver Ready for Next Big Leg Up? 360 ONE Asset’s Rahul Khetawat Shares Tactical Allocation Strategy
Gold and silver have paused after reaching all‑time highs, and 360 ONE Asset’s Rahul Khetawat sees the lull as a technical pause rather than a trend reversal. He points to a potential Federal Reserve rate cut as the next catalyst, which...
Oil Drops Below $100 on Iran Peace Hopes, but Fuel Prices Rise Again
Global crude prices slipped more than 4%, with Brent dropping to $99.22 a barrel and WTI to $92.22, as markets priced in hopes of an Iran‑U.S. peace deal that could reopen the Strait of Hormuz. Despite the dip, Indian oil...
Spain and Greece Face Summer Flight Cancellations Over Jet‑Fuel Shortage Linked to Iran War
Airlines serving Spain and Greece may have to cancel flights in late summer as the Iran‑Israel war chokes the Strait of Hormuz, a key jet‑fuel corridor. Industry analysts say supply constraints could materialise as early as September, putting millions of...
Prices Ease as Northern Supply Improves
April‑May yarding data show a split Australian sheep market, with New South Wales and Western Australia increasing throughput while Victoria and South Australia tighten further. Lamb and sheep prices have softened over the past month, with heavy lamb falling to...
India’s LNG Imports Plunge 29.6% as Hormuz Cargo Offers Thin Hope
India’s LNG imports dropped 29.6% to 1,954 MMSCM in April 2026, while a lone cargo from the Strait of Hormuz reached western India, underscoring the fragility of supply amid the West Asia crisis. The slump adds to a 4.6% fall in...
FAO Warns Hormuz Shutdown Could Spark Severe Global Food‑price Crisis Within a Year
The Food and Agriculture Organization warned that the ongoing closure of the Strait of Hormuz could trigger a severe global food‑price crisis within six to twelve months. The agency cites disrupted fertilizer shipments, rising transport costs and looming El Niño impacts,...
Gold Jumps as Prospects of Iran Deal Temper Inflation Concerns
Gold surged up to 1.6% to about $4,580 an ounce as reports of a tentative U.S.-Iran agreement to reopen the Strait of Hormuz eased inflation worries. The rally erased a modest loss from the previous week but remained muted amid...
Oil Prices Drop as Hormuz Blockade Hits WTI, Brent and Triggers Jet‑Fuel Shortages
Oil prices fell more than 3% on Tuesday, with WTI sinking to $89 a barrel and Brent to $98 as the Strait of Hormuz remained closed amid Iran‑U.S. tensions. The disruption sparked jet‑fuel shortage warnings for European airlines and prompted...
Oil Prices Sink on Signs of U.S.-Iran Deal
Oil prices fell about $5 per barrel on Sunday as tentative outlines of a U.S.–Iran deal emerged, easing fears over the Strait of Hormuz blockage. Brent crude slipped to $98.76, a 4.6% drop from Friday, while the conflict continues to...
Germany's Wholesale Power Prices Remain Europe's Highest Since 2024
Good Morning from #Germany, where wholesale electricity prices have been among the highest in Europe almost continuously since 2024. https://t.co/mUPt40XKIh
SkyView Sells $12.9 Million of COMT ETF, Nears Full Exit
SkyView Investment Advisors, LLC sold 450,849 shares of the iShares GSCI Commodity Dynamic Roll Strategy ETF (COMT) for an estimated $12.9 million in Q1 2026, reducing its holding to a token 20,000 shares. The move trims SkyView’s exposure to a fund that...
Record Diesel Prices Hit Chicago Truckers, Farmers and Push Consumer Inflation
Chicago-area diesel surged to a record $6.30 a gallon, up 71% from last year, forcing food‑truck owners, trucking firms and farmers to absorb higher fuel costs. The spike, tied to Iran’s blockade of the Strait of Hormuz, is feeding broader...
UBS Predicts Brent Near $100 Through 2026 as Hormuz Shutdown Looms
UBS Group told clients that Brent crude will hover around $100 a barrel through mid‑2026, driven by a prolonged shutdown of the Strait of Hormuz. The Swiss bank’s latest forecast raises the year‑end 2026 Brent target to $90, underscoring a...
Gold Offered at ₹450/G Discount to Indian Consumers After Import Duty Hike
India raised gold customs duty to 15% from 6% on May 13, creating a domestic discount of over ₹450 per gram (≈$5.4) versus landed prices. Dealers are off‑loading inventory imported at the lower duty, pushing Mumbai spot prices to about ₹158,500...
Retail Fuel Price Hike 'Inevitable' If Global Oil Pressures Persist: BPCL's Director HR
BPCL’s HR director Raj Kumar Dubey said a further retail fuel price increase is inevitable if global oil market volatility continues. He outlined three policy options: pass the hike to consumers, absorb losses within petroleum firms, or fund the gap...
World Steel Output Drops 1.9% in April, Extending 4% Global Decline
World Steel Association data show global crude steel production slipped 1.9% in April 2026 to 153.4 million metric tons, extending a 4% month‑on‑month decline. The drop reflects divergent regional trends, with China and the CIS contracting while North America and Africa...
Half of U.S. SPR Oil Exported, Diesel Tight as WTI Crude Slides 2%
The United States released oil from its Strategic Petroleum Reserve, but roughly 50% of the barrels were exported overseas, limiting domestic supply relief. As a result, diesel prices remain elevated and West Texas Intermediate (WTI) crude fell about 2% on...
Strait of Hormuz Disruption Threatens Global Food and Fertilizer Supplies
Analysts warn that a prolonged blockage of the Strait of Hormuz would drive natural‑gas‑based fertilizer prices higher and strain global food supply chains into 2027. The risk is amplified by rising oil prices, El Niño forecasts and already tight margins for...
Hormuz Strait Congestion and Longer‑Haul Trades Reshape Crude Tanker Market
Iran announced that 35 vessels crossed the Strait of Hormuz under a new permit system while Iranian‑linked tankers surged 93% at Kharg Island. At the same time, longer‑haul trades have steadied the crude tanker market, delivering record quarterly profits for...
Strait of Hormuz Blockade Threatens to Push Brent to $150‑$200, Raising Alarm for Emerging Markets
U.S. officials warned that Iran's closure of the Strait of Hormuz could drive Brent crude to $150‑$200 a barrel, sparking a commodity shock that threatens emerging markets dependent on imported energy. India, which imports 85% of its oil, faces a...
Aluminium Prices Jump 14% as Iran War Slashes Gulf Output, LME Tightens
Aluminium spot prices rose 14% to $3,650 a ton as missile strikes in the Gulf and the Iran war crippled regional smelters. The London Metal Exchange’s cash‑to‑three‑month spread flipped into an $80 backwardation, while physical premiums in Japan, Europe and...
Global Oil and Gas Prices Spike Amid West Asia Tensions
Surging Input Costs: A sharp rise in global crude oil and natural gas prices, partly due to ongoing geopolitical tensions in West Asia and shipping disruptions.
Oil Supply Tightens Soon Amid US‑Iran Standoff
One of the biggest questions markets have in the standoff between the US and Iran is when the supply crunch in oil really hits. In our latest blog post, @econ_harris and I lay out a timeline for how much oil...
Middle East Conflict Drives Food Prices Higher, Sparks Wheat, Rice and Coffee Volatility
The escalation of hostilities in the Middle East has lifted global food prices, with wheat and rice indexes up 3% and overall food inflation climbing 5% in the two months after the Strait of Hormuz closure. At the same time,...
Even if the Iran War Ended Today, US Fuel Prices Aren’t Likely to Normalize This Year
U.S. gasoline prices sit at $4.55 per gallon, roughly $1.50 above pre‑war levels, as the Iran conflict disrupts about 20 million barrels of daily crude flow through the Strait of Hormuz. Energy analysts warn that even an immediate cease‑fire would not...
El Nino, Strait of Hormuz Risks May Fuel Fresh Global Food Inflation Surge: Citi Research Report
Citi Research warns that global food inflation could spike in the next 6‑12 months as a prolonged closure of the Strait of Hormuz and a strong El Nino raise energy and fertilizer costs while curbing crop yields. Traded agricultural prices are...
Power of Siberia‑2 Pipeline Moves Forward, Cementing Russia‑China Gas Partnership
After a meeting between Xi Jinping and Vladimir Putin, Russia and China accelerated the Power of Siberia‑2 project, a 2,600‑km pipeline costing over $11.5 billion that will supply roughly one‑eighth of China's gas consumption. The deal offers Moscow a new export...