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
Fertiglobe Profits Surge on Middle East Conflict-Driven Price Spike
Fertiglobe, the Abu Dhabi‑based fertilizer subsidiary of ADNOC, saw first‑quarter profit surge 173% to $197.9 million, driven by a sharp price spike after the Iran‑Israel conflict closed the Strait of Hormuz. Revenue rose 32% to $915 million despite a 12% drop in sales volume, helped by a one‑off $52.7 million tax‑rate adjustment. The company credited higher urea and ammonia prices for offsetting volume losses, while CEO Ahmed El‑Hoshy praised the firm’s resilience in a turbulent market.
Interview with Turkiye's Diplomacy 05.05.2026
In this episode, host Uma speaks with financial consultant Laurent Lecon of The Macro Butler about the cascading economic fallout from the war disrupting oil shipments through the Strait of Hormuz. Lecon warns that Asian oil reserves will only last...
HRC Rally Pushes US Galvalume Price up by $30/T in April Despite Soft Demand
US Galvalume prices jumped $30 per ton to $1,130 in April, a gain driven solely by a hot‑rolled coil (HRC) rally rather than underlying coated‑steel demand. Domestic Galvalume demand stayed flat to down as residential construction slowed and distributors struggled...
Black Sea Wheat Pushes Australian Wheat Out of SE Asia
Buyers in Southeast Asia are shifting from Australian Standard White wheat (ASW9) to lower‑cost Black Sea wheat with 11.5% protein for June shipments. Black Sea offers of $283‑285 per tonne are about $10 lower than ASW9, widening the premium buyers...
Consus Ag Consulting AM Market Brief
Corn, soybeans and wheat slipped overnight as profit‑taking intensified, while crude oil also fell despite constrained Persian Gulf supplies. Traders cite weak long positions and mixed reports of renewed US‑Iran hostilities, keeping a heightened risk premium in the market. A...
Oil Prices Jump on Hormuz Tensions as US Indices Retreat From Records
Oil prices jumped over 5% after a drone strike ignited a fire at a UAE energy installation in Fujairah, raising concerns about the US‑Iran cease‑fire. The U.S. Navy deployed destroyers through the Strait of Hormuz as part of a new...
Kuwait's KPC Raises May Sulphur Price by $195/T
Kuwait's state‑owned sulphur producer KPC raised its May Kuwait Sulphur Price to $765 per tonne FOB, a $195 increase from April's $570. This marks the highest KSP level since the price hikes began in July 2025 and since the benchmark’s...
Study: UK Food Prices on Track to Surge 50 per Cent over Past Five Years
A new report from the Energy and Climate Impact Unit (ECIU) projects UK food prices will climb roughly 50% over the next five years, outpacing general inflation. The surge is attributed to a "perfect storm" of rising fossil‑fuel costs, climate‑driven...
Western Star Pushes U.S. Defense Tungsten Supply with DIBC Application
Western Star Resources Inc. submitted a proposal to the U.S. Defense Industrial Base Consortium to develop its Rowland tungsten project in Nevada, positioning the company to benefit from a 350% year‑to‑date price rally in tungsten and an upcoming U.S. ban...
Ali Haji of American Tungsten Corp. To Speak on Restoring Domestic Tungsten Supply Amid Growing National Security Concerns
Ali Haji, CEO of American Tungsten Corp., will speak at the Critical Minerals Institute’s Summit 5 in Toronto on May 14, outlining the company’s plan to restore a domestic tungsten supply. He highlighted that China currently dominates the market, supplying roughly 80%...
Gold Dominates Zim’s Exports, Prices Deserve Credit, but a Production Boom Cannot Be Ignored
Zimbabwe’s gold exports surged to US$426.6 million in March 2026, representing 45.8% of total export value and over US$1.38 billion in the first quarter. While record gold prices above US$4,000 per ounce contributed, a structural boom driven by artisanal and small‑scale mining...
Home Batteries Earn During Negative Electricity Price Spikes
Over the recent European holiday weekend, day‑ahead electricity prices in the Germany‑Luxembourg bidding zone fell to minus €0.50/kWh (≈$0.58). Delta Green, a Czech aggregator of residential batteries, EV chargers and inverters, used its AI platform to empty home batteries before the...
Cattle Availability Builds as Processor Leverage Returns
Cattle availability in Australia rose in March, driven by strong yardings and processing in New South Wales and Queensland, but the surge was uneven across states. In April, NSW yardings eased while Queensland continued to climb, concentrating supply in the...
Global Cattle Pricing Update April 2026
The EP3 April 2026 cattle price index shows US heavy‑steer at 769 Ac/kg, far ahead of Argentina (480 Ac/kg), Australia (414 Ac/kg) and Brazil (325 Ac/kg). Australian prices slipped 7% year‑to‑date, while US values rose 2% and both Argentina and Brazil gained 9%. The gap...
This Is Not Temporary Price Pain for Buildings – It’s a Major Structural Shift. Get Set for Big Changes
Australia’s electricity and gas markets are entering a structural price‑volatility phase, pushing building operating costs higher. Daytime solar drives low prices but peak‑evening spikes keep electricity bills among the highest globally, while gas prices have surged, nearly doubling in Melbourne...
Will Green Demand Push Australian Transition Metals Into a New Supercycle?
Rising demand for copper, lithium, nickel and other transition metals is prompting a debate over whether Australia is entering a new mining supercycle. The International Energy Agency projects the critical‑minerals market to expand from $320 bn in 2022 to $770 bn by...
Gold's Outlook Remains Neutral-to-Bearish Amid Prolonged US-Iran Stalemate and Neutral Fed
Gold’s price continues to slip as the protracted US‑Iran standoff lifts real yields and strengthens the dollar, stripping the metal of the bullish catalysts that buoyed it earlier in the year. Federal Reserve Chair Jerome Powell’s confirmed tenure through 2028...
House Bill Eyes to Overhaul Sugar Industry
The Philippine House has introduced the Tunay na Ugnayan, Buhay, at Oportunidad sa Asukal (TUBO) Act of 2026, amending the 2015 Sugarcane Industry Development Act. The bill expands the Sugar Regulatory Administration’s remit to cover sugar substitutes and creates a...
The Rise and Fall of OPEC
The Organization of Petroleum Exporting Countries (OPEC) was founded in 1960 by five oil‑producing nations to challenge the dominance of the Western “Seven Sisters” oil majors. Over the next two decades OPEC expanded its membership and, by the 1973 oil...
P2/L Fuel Hike Follows 3 Weeks of Price Drop
The Philippines’ Department of Energy announced a fuel price increase of up to P2.66 per liter for diesel and P2.21 per liter for gasoline, ending three weeks of rollback. Diesel prices now sit between P79.62 and P107.48 per liter (≈$1.43‑$1.92), while...
Oil, Metals, and the Dollar: What Treasury Professionals Must Watch
U.S. military action in the Strait of Hormuz has turned the waterway into a critical chokepoint, driving oil prices higher and tightening treasury payment timelines. At the same time, Iran’s attempts to use the Chinese yuan for oil fees highlight...
Price Of Petrol And Diesel To Increase From Wednesday
South Africa's Department of Petroleum and Mineral Resources announced that, effective Wednesday, pump prices will rise by R3.27‑R6.19 per litre for petrol and diesel. The increase is partially offset by a R3 reduction in the general fuel levy for petrol...
The Commodities Feed: Middle East Re-Escalation Pushes Oil Prices Higher
The cease‑fire between the United States and Iran is unraveling, with U.S. forces striking Iranian boats and Iran allegedly hitting a U.S. warship and UAE infrastructure. Brent crude rallied 5.8% to settle above $114 per barrel, while Fujairah port—crucial for...
Russian Think Tank Cuts 2026 Growth Forecast to 0.5%-0.7% Amid Oil Production Disruptions
The TsMAKP think tank, linked to the Russian government, reduced its 2026 GDP growth projection to 0.5%-0.7% from 0.9%-1.3%, citing Ukrainian drone strikes, new Western sanctions and falling oil export volumes. The downgrade comes even as global crude prices have...
ECB and Bank of England Hold Rates as Energy‑Driven Inflation Persists
The European Central Bank and Britain’s Bank of England both kept their policy rates steady this week, with the BoE holding its base rate at 3.75%. Officials warned that volatile oil and gas prices keep inflationary pressure alive, limiting any...
Diamondback Energy Lifts Shale Output to 520,000 Bpd Amid Iran‑Driven Oil Rally
Diamondback Energy announced it will increase U.S. shale output to more than 520,000 barrels per day, 3% above its full‑year guidance, as oil prices climb on the back of the Iran war. The move signals confidence in the price outlook...
U.S. Crude Stocks Drop 6.2 Million Barrels, Fuel Inventories Shrink, Fueling Price Gains
U.S. crude oil stockpiles plunged 6.2 million barrels to 459.5 million barrels in the week to April 24, while gasoline and distillate inventories fell by roughly 1.7 and 2 million barrels respectively. The draw, far larger than analysts’ expectations, bolsters...
US Oil Exports Hit Historic Record Levels
⚠️America has NEVER exported more oil in history: Total US crude oil and petroleum product exports surged to a RECORD 14,179 thousand barrels per day last week. US crude exports alone surged above 6 million barrels per day👇 https://globalmarketsinvestor.beehiiv.com/p/the-s-p-500-gained-for-the-5th-straight-week-weekly-market-recap-trading-week-18-2026
The Input Spike Leaves a Long Shadow
Input costs for U.S. farmers surged as diesel nearly doubled and fertilizer rose about 80% above pre‑conflict levels, then eased modestly. Because many growers purchased inputs at peak prices, the subsequent price declines do not relieve their cost base. Wheat...
The Grain Rally Farmers Cannot Take at Face Value
Wheat prices have rallied as US winter wheat condition remains weak, with the good‑to‑excellent rating only edging to 31%, keeping a risk premium in place. Rising energy prices—crude, diesel and freight—have pushed fertilizer and transport costs up more than 80%...
Philippines Inflation Spikes to 7.2%, Widening Asian Divergence
The Philippines April inflation rose sharply to 7.2%YoY on rice and fuel price hikes. We had predicted that this would be the most vulnerable country in Asia due to its deficits of energy and food. We expect further hikes for...
Higher Oil Prices and Yields Aren’t That Scary
seems most folks get it... higher oil and yields are not as spooky as many folks want us to believe
Iran War Spurs Recession Fears as IMF Warns of Severe Global Fallout
Oil prices have surged more than 50% since the U.S.-Iran conflict began on Feb. 28, lifting Brent to $111 a barrel and sending the S&P 500 to a fresh intraday high. Energy analyst Amrita Sen warned investors are "sleepwalking" into...
Oil Spikes Above $100 as Hormuz Closure Persists
The Strait of Hormuz remains closed, with the flimsiest of ceasefires looking flimsier by the hour, and oil prices have jumped back above $100 a barrel. At times like these, it’s important to remember that things can still get much, much,...
Germany's Solar Glut Sparks Call to Cut Renewable Subsidies
Good Morning from Germany, where deeply negative energy prices due to solar glut are forcing a rethink of the energy transition, w/Economy Minister calling to end subsidies for excess renewable electricity after costs ran into the tens of millions last...
Australia's Geelong Refinery Outage Extends, Tightening Fuel Supply
Viva Energy announced that the fire-hit Geelong refinery will operate at reduced capacity for at least six weeks, cutting petrol output to about 60% and diesel and jet fuel to roughly 80%. The prolonged outage deepens Australia's fuel shortage risk...
Ranchers Profit From Calf Shortage, Driving Beef Prices
Absolutely fantastic piece about why beef prices are so high. Contrary to what many people may surmise, it's not the meatpackers getting margin right now. It's the actual ranchers, who are benefitting from an overall scarcity of calves https://t.co/kCJ8qf30ZE https://t.co/AAAodfrc0H
US Refining Tightness Fuels 2026 Margin Surge
US refining squeeze = opportunity: Post-2020 COVID closures + no major new builds since 1976 = tight capacity. Utilization ~90%, strong crack spreads boosting margins. Refiners like $VLO, $MPC, $PSX thriving in 2026.
The Silent Crisis Taxing Your Grocery Bill Could Get a Lot Louder
U.S. farmers face their steepest cost surge since the 1980s as global fertilizer prices hit 2026 highs, driven by geopolitical tensions in the Strait of Hormuz and lingering effects of the Ukraine war. A Farm Bureau survey shows 70% of...
Diversified Energy Mix Calms Europe's 2026 Power Market
COLUMN: Ruinously high electricity bills became the defining image of Europe's energy crisis in 2022. So what's different this time? Thanks to nuclear, hydropower, solar, and better grids, European lectricity markets are calmer in 2026. @Opinion https://t.co/Ve1F7kIrNc
DiamondBack Ramps up Output; Shale Reacts to $80 Oil
DiamondBack Energy, one of the top US shale companies, says it will bring "incremental barrels to the market inmediately." US shale can not offset the closure of the Strait of Hormuz, but the idea that companies wouldn't react to >$80...
Singapore Oil Inflows Throw up Fuel Warning Light for Australia
Since the February 28 outbreak of the Middle East war, global oil logistics have been reshaped, with the Strait of Hormuz bottleneck only now rippling through Asian markets. Singapore’s oil imports have surged, diverting cargoes that would have traditionally passed through...
Urals Crude Doubles, Sanction Exemptions Reveal Strategic Desperation
Russian Urals crude is being sold at around $110 per barrel — more than double its price before the attack on Iran. Exempting Russian crude from US sanctions is either a deliberate strategic move (part of the plan) or a clear...
Strait of Hormuz Turmoil Sends Shockwaves Through Oil Markets
Spoke with CBC's Power and Politics this evening about the chaotic past 24 hours in the Strait of Hormuz and what it all means for oil markets. https://t.co/WgW8feXlpU
Southeast Squeeze, Eastern Chill Set Up Clash in Spot Natural Gas Markets
Spot natural gas prices jumped on Tuesday as a brief cold snap hit the Northeast and Midwest while a force‑majeure outage knocked out a major Southeast pipeline. The supply constraint lifted prices at key hubs in the Southeast and added...
Oil Executives Warn of Emerging Western Physical Shortages
Oil Execs: 'We are starting to see physical shortages emerge in the west' Market: https://t.co/s25BclzDwg
Natural Gas Cheap Now, Demand Surge Signals Enduring Shift
Natural gas prices are at one of their cheapest levels in history relative to oil prices. Historically, those dislocations don’t persist when demand is accelerating. And right now, the demand side story for natural gas is quietly becoming one of the strongest...
Could Production Dips, LNG Demand Finally Push Natural Gas to $3?
NYMEX natural‑gas futures rose on Monday as a confluence of lower domestic output, persistent liquefied natural‑gas (LNG) export demand, and a milder heating outlook in the Midwest and Northeast lifted market sentiment. Production is estimated at 106.6 billion cubic feet per...
Imminent Event Should Spark After‑Hours Oil Volatility
If this is imminent, you’d expect to see more movement in oil in after hours trading…
Oil, Yields Higher on Persian Gulf Escalation, Stocks Down Slightly
Crude oil rebounded above $105 per barrel after reports of an Iranian strike on the UAE and a U.S. naval show of force in the Strait of Hormuz. The surge pushed oil to a peak near $107 before settling around...