Blockade Stalemate Rallies Crude
The U.S. Navy’s blockade of Iranian ports and the IRGC’s control of the Strait of Hormuz halted Iranian oil shipments, sparking a sharp rally in crude. WTI peaked at $98.40 per barrel while Brent reached $107.40, with both grades closing above last week’s levels. Declining U.S. crude inventories and draws on refined products reinforced the price surge, and the IEA labeled the Middle‑East flare‑up the biggest energy‑security threat in history. The Energy Information Administration reported a 4.1 million‑barrel draw from the Strategic Petroleum Reserve to support supply.
Correction to Renewable Diesel, Del Los Angeles on April 17
Fastmarkets issued a correction for its Los Angeles renewable diesel price report, changing the published range from $3.6761‑$6.7761 per gallon to $3.6761‑$3.7761 per gallon. The pricing database has been updated to reflect the accurate range. The notice invites market participants...
Fastmarkets to Launch US Bismuth and Indium Prices
Fastmarkets announced the launch of two new US‑based price assessments for bismuth and indium, designated MB‑BI‑0004 and MB‑IN‑0005. The bismuth benchmark is quoted in dollars per pound with a minimum 1‑tonne lot, while the indium benchmark is quoted in dollars...
More Dairy Products Are in Cold Storage
The USDA reported that butter inventories rose to 288.8 million pounds in March, up from 256.2 million pounds in February but still below the 323.1 million pounds recorded a year earlier. Cheese stocks also increased modestly to 1.4 billion pounds, yet remain under the...
Closing Grain and Livestock Futures: April 24, 2026
U.S. grain and livestock futures closed with modest moves on April 24, 2026. May corn slipped half a cent to $4.55 per bushel, while May soybeans rose four cents to $11.63. Live cattle futures gained $1.72, ending at $245.22 per...
Trump Admin Eyes New Fertilizer Plants, a Fix to Address High Fertilizer Costs
The Trump administration announced a push to expand U.S. nitrogen fertilizer production, aiming to cut permitting timelines and build new plants within three years. Agriculture Secretary Brooke Rollins said the effort will target the country’s reliance on Russian and Chinese...
How Jet Fuel Shortages Could Affect Summer Travel to Europe and Beyond
Jet fuel prices have jumped more than 70% since the Iran‑Russia conflict escalated in February, tightening supplies across Europe and prompting airlines such as Lufthansa and KLM to slash schedules. The surge is driving U.S. carriers to face billions in...
Futures Settle: Bears Tighten Grip on Natural Gas as May Contract Heads Toward Expiry
Natural gas spot prices fell Friday as a force majeure limited Permian northbound capacity, pushing regional prices toward record lows. The decline fed into NYMEX futures, with the May contract slipping below the $2.50 support level as storage builds and...
Why Crude Prices Won’t Fall Back to Levels Seen Before the Iran War Anyti...
SLB and Halliburton warned that crude oil prices will stay elevated longer as the Iran‑Israel conflict disrupts the Strait of Hormuz, a key chokepoint for global oil shipments. Both companies cited supply interruptions, infrastructure damage and a heightened geopolitical risk...
Colombia’s Oil Industry Eyes Comeback as $100 Crude Revives Investment Case
Colombia’s oil output has slumped to a multi‑year low of about 735,000 barrels per day, driven by left‑wing policies that banned fracking, halted new licences and raised taxes. A sudden Brent price surge above $100 per barrel, sparked by geopolitical...
Correction to Steel Scrap Chicago No1 Busheling Weekly Composite
Fastmarkets announced a correction to its Chicago No1 busheling weekly composite for steel scrap, updating the pricing database to reflect the latest market information. The notice invites users to provide feedback or submit price data via dedicated email channels. Fastmarkets...
UK Move to Delink Gas and Power ‘Overdue’
The UK government announced a voluntary long‑term fixed‑price contract scheme for low‑carbon generators, covering roughly 30% of the nation’s power supply, and raised the Electricity Generator Levy to 55% on revenues above $104/MWh. The measures aim to decouple electricity prices...
Short-Term Diesel Supply at ARA Good, Tightness Ahead
Diesel at the Amsterdam‑Rotterdam‑Antwerp (ARA) hub is currently well‑supplied thanks to strong refinery runs, inventory draws and rare barge imports from Germany. Refining margins, though down from a record $79.22 per barrel, remain high at $53.93 per barrel, encouraging continued...
Oil Hits Highest Level Since US-Iran Ceasefire Began, as Conflict Hurts Gulf Crude Production – as It Happened
Brent crude rose to $105 a barrel, the highest level since the US‑Iran ceasefire was announced in early April, as fighting in the Middle East curtails Gulf crude output. The price surge follows a jump from sub‑$70 earlier in 2026...
India Procures Spot LPG Cargoes From the US as West Asian Supplies Still Under Cloud
India’s state‑run oil marketing companies are boosting spot LPG purchases from the United States to offset supply uncertainty from the Middle‑East Gulf region. The OMCs already hold a long‑term US contract and have expanded their source pool from 10 to...
Brent Holds at $105 as Iran Talks Temper Rally
Brent crude held steady at $105 per barrel on April 24 as renewed U.S.–Iran diplomatic talks capped further upside, keeping prices below the $110 threshold. Iran’s Revolutionary Guard seized two container tankers after the U.S. captured the Iranian vessel Touska, heightening...
Telangana to Procure 15 Lakh Tonne of Maize
The Telangana government will spend roughly ₹4,173 crore (about $502 million) to procure 14.9 lakh tonnes of maize at the minimum support price of ₹2,400 per quintal, covering about one‑third of the state’s estimated 43.2 lakh‑tonne output. Market prices have fallen to ₹1,600 per...
India Plans Joint Buying of Fertilizers, Raw Materials
India’s fertilizer ministry has urged state‑run producers to purchase key fertilizers and raw materials collectively rather than individually. A three‑month consortium will aggregate demand for products such as DAP, MOP, NPS/NPK, ammonia, sulphur and phosphoric acid. The first joint tender,...
Centre Raises Wheat Procurement Target to 34.5 Million Tonnes Amid Erratic Weather
The Indian government has lifted its wheat procurement target for the 2026‑27 marketing season from 30.33 million to 34.5 million tonnes, responding to unseasonal rains and rising state demand. Procurement caps in Madhya Pradesh, Uttar Pradesh and Rajasthan have been expanded, and Delhi will...
Forward Prices Rise on Western Strength Despite Permian Natural Gas Rout
During the week of April 15‑22, natural‑gas forwards climbed in the Western United States, pushing the PG&E Citygate price to $1.339 per MMBtu and delivering the strongest weekly gain in the winter strip. At the same time, spot prices in...
Average US Electricity Prices Rose 9% Year over Year in February: EIA
The U.S. Energy Information Administration reported that average electricity revenue per kilowatt‑hour rose 9% in February 2026 compared with February 2025, reaching 14.36 cents/kWh. Price spikes were most pronounced in Virginia (26.3%), Ohio (21.9%) and Pennsylvania (19.5%). All four market segments—residential,...
Gold Prices Firm up in India as Rupee Depreciates Against Dollar
Indian gold prices rose on Friday to ₹1,51,479 per 10 g (≈ $1,825), as the rupee kept weakening against the dollar. At the same time, global spot gold slipped 0.2% to $4,685 an ounce, marking a roughly 3% decline for the week....
BMI Revises Lithium Price Forecast Upwards Amid Tightening Supply
BMI, a Fitch Solutions firm, raised its 2026 average lithium price outlook to $17,000 per tonne for mainland Chinese lithium carbonate and $16,700 per tonne for lithium‑hydroxide, reflecting tighter supply and stronger demand signals. Year‑to‑date prices have already surged to...
IGC Pares Global Grain Output Projections for 2026-27 by 3 Million Tonnes
The International Grains Council lowered its 2026‑27 global grain output forecast by 3 million tonnes to 2.414 billion tonnes, citing fertilizer affordability concerns tied to the West Asia war. The cut applies across major crops, including wheat and maize, and reduces the...
Donovan and Nikoladze Cited in FXStreet Article Stating that Central Banks Building up Gold Reserves to Shield From Sanctions or...
In a recent FXStreet analysis, Atlantic Council experts Kimberly Donovan and Maia Nikoladze highlighted a surge in central‑bank gold purchases. They argue that banks are stockpiling the metal to hedge against potential sanctions and a looming financial crisis. The commentary...
Hershey Leans on Cocoa Sourcing Resilience to Blunt Price Shocks
Hershey is strengthening its cocoa supply chain by diversifying origins beyond the Ivory Coast and Ghana to include Ecuador and Brazil. The company is using sophisticated hedging contracts and a commodities‑governance framework to lock in prices amid recent cocoa price...
Fastmarkets Proposes to Launch Price Assessment for UCO Straits: Pricing Notice
Fastmarkets has announced a proposal to launch a weekly price assessment for used cooking oil (UCO) FOB Straits, covering ports in Malaysia and Singapore, effective May 14, 2026. The assessment will be published every Thursday, using a data window that...
Current Price of Oil as of April 24, 2026
Brent crude traded at $106.01 a barrel on April 24 2026, up $2.34 from the previous day and about 59 percent higher than a year ago. The rise reflects tightening supply amid heightened geopolitical risk, notably disruptions in the Strait of Hormuz and...
Storage Critical as Waha Buckles Under Permian Natural Gas Glut, KMI Says
Kinder Morgan executives warned that West Texas is facing a tightening natural‑gas market as the Permian Basin’s output outstrips pipeline capacity. The Waha hub price has plunged to roughly -$7 per MMBtu, reflecting a severe supply glut and limited take‑away...
Will China’s Deal with Australian Mining Giant BHP Boost Yuan Internationalisation?
Australian miner BHP has agreed to price its flagship Jimblebar fines using a blended formula that weights 51% of the price on yuan‑denominated indexes and 49% on traditional US‑dollar benchmarks. The move incorporates China’s own market‑trade data for the first...
UK Solar Generation Hits Record 15 GW as Gas Falls to Historic Low
British solar generation broke 15 GW for the first time on April 23, supplying 42% of the nation’s electricity at its peak. At the same time, gas‑fired plants fell to a historic low of 1.2% of the generation mix, helping the grid...
Kyodo News Digest: April 24, 2026
Japan announced the release of an additional 20 days of strategic oil reserves from May 1, extending a March‑initiated 50‑day drawdown to cushion supply risks from the Strait of Hormuz. The government is also weighing a trade‑minister visit to China for...
Green Gold Is Getting More Precious in Wartime
A war‑related export blockade in Iran has left millions of pounds of pistachios stranded in warehouses, creating a sharp supply shock for global food manufacturers. Prices for shelled pistachios have jumped roughly 30% since the conflict escalated, squeezing margins for...
Dallas Fed: Executives See Prolonged Hormuz Disruption, Modest U.S. Supply Gains
Oil and gas executives surveyed by the Dallas Fed expect the Strait of Hormuz disruption to persist for months, with 39% forecasting a return to normal shipping only by August and many seeing risk extending into late 2026. They anticipate...
Oil Majors Boost Exploration as 300-Billion-Barrel Supply Gap Looms
Major oil companies are ramping up ultra‑deepwater and frontier exploration as Wood Mackenzie warns of a 300‑billion‑barrel supply gap by 2050. Existing fields are projected to decline 40% between 2025 and 2040, leaving only about 700 billion barrels from current and...
The Strait of Hormuz Energy Crisis Shows the EU’s Carbon Pricing Is the Right Approach
Recent closure of the Strait of Hormuz has driven up global energy prices, forcing Europe to spend an additional €24 billion (about $26 billion) on fossil fuel imports. In response, the European Commission unveiled the AccelerateEU package, a set of non‑binding short‑term...
California's Jet Fuel Stockpile Hits Two-Year Low, Putting 'Black Cloud' Over Summer Travel
California’s jet‑fuel inventory has plunged more than 25% to 2.6 million barrels, the lowest level since 2023, as the Iran‑related war chokes global oil flows. Prices have doubled, pressuring low‑margin carriers such as Spirit and prompting airlines to trim summer schedules....
Prices for Atlantic Salmon From Norway Continue Their Steady Decline Into Week 17
Norwegian Atlantic salmon prices kept falling into Week 17, with whole fresh salmon averaging NOK 78.07 ($8.29) per kilogram on 19 April. Export volumes rose by almost 2 million kg week‑over‑week, while the global average export price for all salmon categories slipped to NOK 84.07 ($8.93)...
The ‘Simple Math’ Why Oil Prices Need to Rise a Lot More, According to JPMorgan
JPMorgan commodities analyst Natasha Kaneva warns that the current oil market imbalance requires a far larger price spike than the recent 65% rise to $100 per barrel. Global supply disruptions from the Iran‑War have removed up to 13.7 million barrels per...
There Is a High Risk Being Short Energy, Analyst Warns
Oil analyst Ole R. Hvalbye of SEB warned that short positions in energy face heightened risk as Brent crude surged to $106.3 a barrel, driven by a weakening assumption that the Strait of Hormuz will reopen by May 1. He noted...
Ranked: Which Countries Have Had the Worst Fuel Price Spikes Since the Iran War?
Oil prices surged above $100 a barrel after the Strait of Hormuz blockage, triggering the sharpest fuel‑price spikes in Europe since the Iran conflict began. Eurostat data show a 13.5% rise across the EU between February and March 2026, with...
Splash Wrap: Why the Hormuz Conflict Is a World War
The Hormuz shipping crisis has sent freight slot prices soaring to $385,000, with some bids exceeding $1 million, while disrupting global fertilizer and sulphur supplies. The International Maritime Organization’s secretary‑general called for immediate de‑escalation to safeguard freedom of navigation. Panama Canal...
Singapore Gas Supply Secure; Higher Power Prices May Benefit Units: Sembcorp
Sembcorp Industries assured that Singapore's gas supply stays secure despite the Middle East conflict, thanks to diversified piped natural gas and LNG contracts that exclude the region for 2026. The firm said higher wholesale power prices could let its power...
China Wafer Declines Narrow as Demand-Side Regulation Lifts Market Sentiment
China's photovoltaic wafer prices saw their steepest weekly declines narrow, with n-type M10 and G12 wafers falling only 0.71% and 0.59% respectively. Despite the modest pull‑back, trading volumes remain weak as solar‑cell manufacturers operate at reduced capacity, dampening downstream demand....
Chile Braces for Bad Acid Trip
Chile’s mining sector is confronting a looming shortage and price surge for sulphuric acid, a critical reagent for copper processing. The disruption stems from the Iran‑Israel conflict and the recent closure of the Strait of Hormuz, which have choked global...
Iran War Hits Asia’s Suppliers to Global Fast Fashion
The Iran‑War‑driven surge in fossil‑fuel prices is hitting polyester feedstock costs, pushing Indian yarn producer Filatex to pay roughly 30% more for PTA and MEG. Indian and Bangladeshi textile firms report sharp rises in yarn and thread prices, labor shortages,...
Sheep Shorn and Wool Clip Shrinking to Historic Lows
Australia’s wool production forecasts have slipped to historic lows, with the 2025/26 clip now projected at 255.4 million kg, an 8.8% drop from the previous year. The Australian Wool Production Forecasting Committee expects 59.3 million sheep to be shorn, a 5.9% decline that...
Dollar Rises as US–Iran Stalemate Lift Oil Prices, Euro Hit by Weak Outlook
The U.S. dollar rose as oil prices climbed amid a lingering US‑Iran maritime standoff and a three‑week Israel‑Hezbollah ceasefire extension that failed to ease geopolitical risk. Higher oil prices are feeding inflation expectations, reinforcing a higher‑for‑longer rate outlook and safe‑haven...
Report: Countries with the Most Gold Reserves, 2026
Gold prices topped $5,300 per ounce in early 2026, pushing bullion bars above $1 million each. Official holdings show the United States still leads with 8,133.5 tonnes, followed by Germany, Italy and France, while Russia, China and several mid‑size economies expand their...
Lithium Supply Tightens as Low Prices Stall New Projects
Lithium supply is tightening, with analysts warning of a potential global deficit as early as 2024 that could extend to 2035. Prices have plunged about 80% year‑over‑year to mid‑2025, eroding miner margins and stalling new projects. Production cuts are evident...