Today's Commodities Pulse
UK energy bills surge to two‑year high as Europe feels shock from Iran conflict
UK households are set to face their deepest‑unwelcome energy bill increase in two years as wholesale prices climb amid the Iran‑related war. Analysts say the conflict will push household energy costs higher for the first time across Europe.
Also developing:
By the numbers: M Battery Materials acquires graphite assets for $20M
Kazakhstan's Central Bank Sells $400 Million to Bolster Tenge as Oil Prices Rise
Kazakhstan's National Bank sold $400 million from the National Fund in March, using the proceeds to support the budget and shore up the tenge, which rose 3.9% to 478 per dollar. The move, accounting for about 6% of daily FX volume, reflects a policy shift as oil prices lift foreign‑currency inflows.
RM3.2B Fuel Subsidy: Who Ultimately Pays?
RON95 is still RM1.99. The government spent RM3.2 billion in under a week to keep it there. Who do you think pays for that eventually — consumers or businesses? Drop your answer below
India Cuts Fuel Taxes, Firms Absorb Losses, Supplies Secured
Indian government has cut excise taxes on petrol and diesel to help keep pump prices stable. Oil marketing companies are also sharing the burden, bearing losses of INR 24/litre (12 cents) on petrol and INR 104/litre ($1.12) on diesel.
India's FX Reserves Drop $11.4B to $698B Amid Gold Sell‑off
India’s foreign‑exchange reserves shrank by $11.4 billion to $698 billion for the week ending March 20, 2026, after a sharp decline in gold holdings. The drop follows a record peak of $728.5 billion two weeks earlier and coincides with heightened geopolitical tension and a...
Extreme Weather Pushes Easter Lamb Prices up by a Fifth
Extreme weather events have driven Easter lamb prices up by between 7% and 21% across the UK. Drought, record heat and heavy rainfall have reduced pasture quality, increased feed costs and lowered animal growth rates. The price surge threatens traditional...
Tariffs Strained U.S. Aluminum Supplies. Now the Iran War Is Making It Worse.
U.S. tariffs on imported aluminum have tightened domestic supply, and the escalating conflict in Iran is further disrupting global metal shipments. Manufacturers like Awake Window & Door in Arizona are already cutting production, while Reitnouer Trailers relies on roughly 4,500 pounds...
Brent Spot Price Hits $141.36, Highest Since 2008
The spot price for current physical cargoes of Brent crude oil soared Thursday to $141.36, the highest level since the 2008 financial crisis, according to S&P Global - CNBC
Oil Prices Jump and Shares Drop After Trump Threatens More Iran Strikes
Former President Donald Trump’s warning of further strikes against Iran sparked an immediate surge in oil markets, with Brent crude climbing over 8% and U.S. West Texas Intermediate briefly exceeding $110 per barrel. The rhetoric revived fears of prolonged disruption...
Market Watch: May Nymex Dips After Above-Average Storage Build
May NYMEX natural gas futures slipped 1.9 ¢ to $2.80 per MMBtu, marking the first decline of the month. The drop was driven by an unexpectedly large weekly storage build, which lifted inventories above seasonal norms. Analysts attribute the easing to...
Comparative Fuels, Apr. 2, 2026
The piece titled “Comparative Fuels” offers no substantive text, but its headline signals a focus on the emerging segment of alternative and renewable fuels. Industry analysts project the global comparative fuels market to exceed $250 billion by 2030, driven by stringent...
Record Hormuz Outflow: 4 Million Barrels, War‑Era Peak
Everything suggests that at least ~4 million barrels of crude exited the Strait of Hormuz today. Largest outflow since the 1st day of the Third Gulf War. (... And yes, that's a fraction of the 20 million barrels a day...
Saudi Maxes Yanbu Flows, Taps Storage in March
Saudi Arabia rerouted most of its March crude shipments to the Red Sea port of Yanbu, pushing crude exports to an average of 5.3 million barrels per day and refined product exports to about 800,000 b/d. The 1,200‑km East‑West pipeline reached full...
Falling Maize Prices to Spell Doom for Farmers
Kenya is confronting a record maize harvest of roughly 70 million 90‑kg bags, the largest in recent history. The surplus has driven farmgate prices down from about $30 per bag to under $16, squeezing farmers’ ability to recoup high input costs....
Geopolitics Drive Record US Oil Exports and Price Surge
🎯 Following the Hormuz Crisis, U.S. exports of petroleum products surged to a record high last month as Europe suffers for high diesel and jet fuel prices, while Venezuela’s crude oil exports reached their highest level in six years. 🎯Following Trump's...
WTI Must Hit $120 to Push Gas to $5 per Gallon
National average gasoline at $4.07. Probably take $120 WTI oil to get to $5 per gallon Gas (WTI now at $112 per barrel)
SLV vs SLVP: Investors Weigh Lower-Cost Miner ETF Against Liquid Silver Trust After Price Plunge
The iShares Silver Trust (SLV) and iShares MSCI Global Silver & Metals Miners ETF (SLVP) are under fresh scrutiny as silver prices slipped below $74 per ounce. SLV, a $36 billion physical‑silver fund, offers direct exposure but higher fees, while SLVP...
The Bespoke Report – 4/2/26 – It’s All Oil, Oil the Time
The Bespoke Report for April 2, 2026 highlights that oil prices are the primary constraint on equity market movements, especially after a volatile first quarter. Energy stocks posted extraordinary gains and losses, driven by geopolitical tensions and shifting supply dynamics. The newsletter...
Oil Flow Could Fully Recover Within Four Weeks
Tomorrow, I am going to show that there is actually a path towards a fully recovered oil-flow in 4 weeks from now, even despite a situation where Trump doesn't really end the war, or where he leaves with solving the...
Morgan Stanley’s Defensive Playbook for Spiking Oil Prices Amid Iran War
Morgan Stanley is urging investors to adopt a defensive stance as the Iran‑Israel conflict pushes oil prices sharply higher. West Texas Intermediate futures surged more than 11% to $111.54 per barrel, the highest close since June 2022, while Brent rose...
Daily Energy Report
U.S. petroleum product exports surged to a new record in April 2026, according to the Daily Energy Report. The increase was most pronounced in shipments to Europe, which captured the bulk of the growth. The report’s “others” category, expected to...
Oil Prices Hit Highest Since 2008, Surpassing War Levels
From Bloomberg: “The world’s most important price for real-world oil barrels surged above $140 on Thursday, the highest since 2008. Dated Brent, the price of shipments bought and sold in the North Sea, reached $141.37, surpassing levels seen when Russia invaded...
US Hits Record Petroleum, Naphtha, LNG Exports Post‑Hormuz
Most recent interview.... Note: New record highs for the US after the closure of Hormuz: 🎯Export of petroleum products 🎯Exports of Naphtha 🎯Exports of LNG
The Next Global Food Crisis Has Already Begun
The closure of the Strait of Hormuz amid the U.S.–Israeli war on Iran has choked a key maritime route for fertilizer shipments, pushing nitrogen and phosphate prices up 20‑40 percent. Rising transport costs and insurance premiums are forcing farmers in...
Oil Prices Surge, Other Energy Markets Remain Flat
Third Gulf War — energy impact (week-on-week; Fri-to-Thu because Easter): Dated Brent oil: ⏫ +17.5% (note physical, not futures) WTI crude oil: ⏫ +12.2% Newcastle coal: ↔️ +1.5% EU nat gas TTF ⏬ -7.6% German power:...
Trump Increases Tariffs on Steel, Aluminum, Copper
Fact Sheet: President Donald J. Trump Strengthens Tariffs on Steel, Aluminum, and Copper Imports – The White House https://t.co/IXDEgVOFVH
Western-Insured Tankers Continue to Load Urals Crude
Western‑insured, primarily Greek‑owned, tankers are still loading Russia's Urals crude at Black Sea and Baltic ports. The FOB price of the blend has risen to roughly $100 per barrel, more than twice the EU price‑cap of $44.10. Despite heightened sanctions,...
White House Tightens Controls on Aluminum, Steel, Copper Imports
Strengthening Actions Taken to Adjust Imports of Aluminum, Steel, and Copper Into the United States – The White House https://t.co/K1KguBjwkT
Brent Crude Futures Plunge Sharply This Week
Brent crude oil futures looking out a few months and beyond are down sharply in the past week @augurinfinity https://t.co/0xHk81TJYg https://t.co/VVmceseKBH
As Oil Shortages Deepen, Wartime Rationing Offers a Guide for Today’s Governments
The U.S.-Iran conflict has shut the Strait of Hormuz, cutting roughly eight million barrels of oil per day—about eight percent of global demand—and driving prices sharply higher. In response, the Philippines, South Sudan and Mauritius have declared emergencies or begun...
Relief as Soybean and Corn Prices Remain Low
All this sticking a fork in soybeans and corn makes me feel so much better that we are not near our highs yet. Even the farmers hate it going up. Lol. Have a great holiday Eater weekend and back...
War‑Driven Energy Costs Revive Food
🇺🇸The food-vs-fuel debate is back amid the war-driven surge in energy costs, particularly for corn-based ethanol. Yes, 2026 U.S. corn plantings will drop from 2025, largely due to rotations. But 2026 could see the 4th largest corn area since WWII and...
Avgas Prices Climbed in March
National avgas prices rose in March, with 100LL full-service averaging $6.80 per gallon, a 5.9% increase from February. Self‑service 100LL climbed to $5.69, up 4.7%, still offering roughly 16% savings where available. Jet A full-service prices jumped to $7.64, a...
Trump's Speech Signals Shift in Oil Market
Short but (characteristically) excellent piece from @Rory_Johnston on Trump’s speech and the oil market https://t.co/UCAlkgeCLD https://t.co/TaxA7jMxrL
No Deal Imminent; Hormuz Likely Stays Closed This Weekend
I hope I’m wrong, but I don’t think we’re anywhere close to having a “deal” or the strait of Hormuz opening anytime soon. This 3 day weekend could be a absolute sh-t show and almost expect it to be...
US Natgas Storage Rises by 36 Bcf
The U.S. Energy Information Administration reported a 36 billion‑cubic‑feet (Bcf) increase in natural‑gas inventories for the week ending March 27, pushing net working inventories to 1,865 Bcf. The build reflects a modest supply surplus after a relatively mild winter heating season. Analysts note...
Retail Diesel Rises, but Less Sharply than WTI
WTI is important for diesel pricing, but retail diesel is set on on ULSD heating oil contract traded n NYMEX, which already saw these levels over last 10 days. Retail diesel will move up in price, but nearly as dramatic...
Iran Conflict Could Waste Over One Billion Barrels
🚨 NEW POST 🚨 The Billion Barrel Cost of a Longer Iran War The total volume of unproduced Gulf barrels is set to rise above one billion barrels over full shock duration; lost production in April alone will absorb nearly the entire...
The Billion Barrel Cost of a Longer Iran War
President Trump used his latest address to reaffirm that the United States is on track to achieve its military objectives in Iran within a few weeks, signaling a longer‑than‑expected conflict. He repeated earlier claims that the war’s energy‑price impact is...
Debunking the Myth of a Global Natural Gas Price
Another Victor and Uncle Albert moment as @MrMBrown and I debunk the myth of a global natural gas price. Pay attention at the back "taps sign" https://t.co/ii46KI6Uxn
Global Commodities: A Month of Disruption
In this episode, JP Morgan analysts Greg Scheer (Precious Metals) and Tatar de Boadze (European Natural Gas) dissect the fallout from the escalating Middle‑East conflict on commodities. They note historically low European gas inventories (18‑28% full) and limited LNG flows, while oil...
Energy Security Drives Coal ETF Assets to Double in March
The Range Global Coal Index ETF (COAL) saw assets double in March as investors rushed into coal amid heightened energy‑security concerns triggered by the Persian Gulf conflict. COAL climbed just over 11% in the month and has delivered roughly 60%...
2026 Food Crisis Fears Ease Compared to 2022
VIDEO COLUMN: Another food crisis? The experience of 2022 after Russia invaded Ukraine, plus the increase in fertiliser prices, have prompted concern about another food price spike. But the situation in 2026 isn't nearly as concerning. At least, no yet. https://t.co/BjXPjnhMrG
A Post Planting Intentions and Quarterly Stocks Report Run Down April 2, 2025
The USDA released its March Planting Intentions and Quarterly Stocks report on Tuesday, marking one of the year’s most closely watched agricultural data releases. The figures provide the first official glimpse into farmers’ crop‑planting plans for the upcoming season and...
Oil Prices Surge After Trump Vows To Hit Iran ‘Extremely Hard’
President Donald Trump warned of a two‑to‑three‑week escalation against Iran, sending oil markets into a frenzy. Brent crude surged more than 10% to breach the $100‑per‑barrel mark, while the 10‑year Treasury yield climbed above 4.3%. Mortgage rates followed, jumping to...
Energy Markets Are Tightening. The Supply Chain Impact Is Uneven.
Energy markets are tightening, but the impact on supply chains is uneven and delayed. Transportation contracts, surcharges, and caps cause cost pass‑through to lag weeks or months, while energy‑intensive manufacturers feel pressure immediately. The staggered transmission creates a patchwork of...
Baker Hughes Total Rig Count 548 versus 543 Previously
U.S. drilling activity nudged higher this week as Baker Hughes reported a total rig count of 548, up from 543 the prior week. Oil rigs increased to 411, while natural‑gas rigs rose to 430. Crude oil prices jumped to $110.75...
US Seeks Bids for 10mn Bl Crude Release From SPR
The U.S. Department of Energy announced a second round of exchange contracts to loan up to 10 million barrels of sour crude from the Strategic Petroleum Reserve, with 2 million barrels available in April and 8 million in May. Companies must return the...
Newfoundland Snow Crab Harvesters Union Decries Price-Setting Process Once Again as Season Closes In
Newfoundland’s Fish Food and Allied Workers Union (FFAW) has again denounced the provincial snow‑crab price‑setting process as inadequate, accusing the Association of Seafood Producers (ASP) of offering a price below last year’s level despite a stronger market. After 13 hours...
Gas Prices Boosting and Biting State Budgets
Crude oil prices have surged past $100 a barrel, delivering a short‑term windfall for oil‑producing states that rely on severance taxes. Alaska’s revenue forecast rose to $6.5 billion, up $0.5 billion from the prior estimate, while North Dakota and Alaska already collect...
Brent Oil Surges to $141.37, Highest Since 2008
Physical oil hits its highest level since 2008 *DATED BRENT OIL PRICE SOARS TO $141.37/BBL, HIGHEST SINCE 2008 https://t.co/OkcbcnE3kg