Iran War: Jet Fuel Shortages Equal Expensive Summer Travel
The escalation of the Iran‑Israel conflict has choked the Strait of Hormuz, a conduit for roughly 25% of global jet fuel, prompting airlines to slash routes and brace for higher prices this summer. Lufthansa Group announced the cancellation of 20,000 short‑haul flights to conserve about 13 million gallons of fuel for more profitable services. Other carriers, including Air Canada, United and Cathay Pacific, have also trimmed schedules as jet fuel costs more than double since February. Meanwhile, U.S. airlines anticipate an additional $4 billion in fuel expenses, driving fare and surcharge hikes.
Spot Prices Wrap: West Texas Natural Gas Stumbles as Oversupply Outweighs Warm Weather
West Texas natural‑gas spot prices slipped into negative territory on Thursday as mild spring weather dampened heating demand and pipeline constraints limited take‑away capacity. The oversupply situation outweighed any seasonal warm‑weather boost, driving the Waha hub to trade below $0...
Rare Diesel Cargoes Move From US West Coast to Australia
Three tankers have departed the U.S. West Coast carrying more than 925,000 barrels of ultra‑low sulfur diesel bound for Australia, a route rarely used before the recent Middle East conflict. The volume shipped in the past two months nearly matches...
Futures Settle: ‘Historically Large’ Storage Injection Snaps Nymex Natural Gas Win Streak
Natural gas futures slipped sharply on Thursday after the Energy Information Administration reported a 103 billion cubic‑feet weekly injection, the largest in recent history. The injection lifted total Lower 48 working inventories to 2,063 Bcf, well above the five‑year average. The surge in...
California, Rockies Rally Lifts May Natural Gas Forwards Higher Despite Permian Sell-Off
North American natural gas markets posted mixed signals in the April 15‑22 week as western regions rallied while the Permian basin saw price declines. Forward curves in California, including PG&E Citygate, jumped to $1.339 per MMBtu, turning previously negative basis into...
European Energy Watchdog Warns Hitting Natural Gas Storage Targets Could Prove Difficult
The EU has mandated that member states refill natural‑gas storage to about 80% of capacity before winter, a move driven by the Ukraine war and a desire to curb price volatility. The Agency for the Cooperation of Energy Regulators (ACER)...
Wheatstone LNG Resumes Full Production, Adding Supplies to Market Rattled by Iran War
Wheatstone LNG announced it has returned to full‑production levels, restoring its 7.5 mtpa output to the global market. The restart comes as the LNG sector grapples with supply disruptions linked to the Iran‑U.S. naval standoff in the Strait of Hormuz. Iranian...
MidDay Futures: Bears Feast on Triple-Digit Natural Gas Storage Build
Natural‑gas futures slipped 12.9 cents to $2.593 per MMBtu as a triple‑digit storage build loomed in the upcoming EIA report. Mild temperatures curbed heating demand while early‑season cooling offered only modest support, leaving physical spot prices on a downward bias. The...
Norway’s Farmed Cod Prices Double Since the Beginning of April; Wild-Caught Prices Fall in Scotland
Norwegian farmed cod prices have nearly doubled since early April, climbing to NOK 136.75 per kilogram (about $14.40). The surge follows a sharp production drop, with shipments falling from 8.26 million kg in March to 4.78 million kg in April – a 42% reduction. Lower...
Morgan Stanley Cuts Gold Price Forecast by Almost 10%
Morgan Stanley’s commodities team slashed its gold price target for the second half of 2026 to $5,200 per ounce, a near‑10% reduction from the prior $5,700 forecast. The downgrade follows a six‑week sell‑off that erased roughly a quarter of gold’s...
Why some Countries Give Away Free Electricity and Even Pay Consumers to Use It
Rising solar and wind generation in Germany, Australia and other markets is creating periods where supply far exceeds demand, prompting wholesale electricity prices to plunge into negative territory and even become free for consumers on flexible tariffs. In 2024, Europe...
“War, Oil, and the Great Metals Inversion: Short-Term Mania Meets Long-Term Muscle”. Manic Metals Report 04/23/2026
The Manic Metals report highlights a persistent inversion where oil price spikes, driven by geopolitical tensions, push gold, silver and copper lower instead of acting as safe‑haven assets. Since the 2022 Russia‑Ukraine war, metals have underperformed as a stronger dollar,...
Middle East Conflict Triggers Aluminium Supply Concerns
The global aluminium market is confronting a sudden supply shock as the Middle‑East conflict disrupts both primary aluminium and alumina shipments. The region accounts for roughly seven million tonnes, about 9% of worldwide output, and the disruption could create a...
The Briefing Room
The United States and Israel’s two‑month war with Iran has kept the Strait of Hormuz effectively shut, choking the route that moves roughly 20% of the world’s oil and LNG. Consequently, crude prices remain elevated, feeding inflation pressures across major...
Use the WTO to Address Global Fertilizer Supply Constraints Related to the Iran War
The war in Iran has crippled the global fertilizer supply chain, affecting roughly 30% of worldwide trade that passes through the Strait of Hormuz. Export bans by China, Russia and Turkey have pushed fertilizer prices higher and sparked fears of...
From Net Oil Importer to Net Oil Exporter : Shifts in the Role of Petroleum in the US Economy
The United States transitioned from a long‑standing net oil importer to a net exporter around 2020, as refined petroleum exports outpaced imports. Data from the Federal Reserve’s FRED series show the net export share of GDP turning positive after decades...
Canada March PPI +2.4% M/M vs +1.9% Expected
Canada’s March industrial producer price index (IPPI) rose 2.4% month‑over‑month, outpacing the 1.9% consensus. The raw‑materials price index (RMPI) jumped a staggering 12.0% m/m, far exceeding the 0.6% rise recorded in February. Year‑over‑year, the IPPI was up 7.8% while the...
MacroVoices #529 Ole S Hansen: Commodities in The Wake of The Iran Crisis
Ole S. Hansen joins MacroVoices to dissect how the escalating Iran crisis is reshaping commodity markets. He highlights logistical bottlenecks, a looming fertilizer deficit, and the ripple effects on agricultural and industrial inputs. The discussion also covers copper’s price surge...
The Decrease in Moroccan Courgette Exports to the EU Benefited Almeria's Producers
Morocco’s courgette exports to the EU fell 27.4% year‑over‑year, ending the season on 12 April after shipping 25,507 tons. The drop eased foreign pressure on Almería growers, who saw early‑year prices spike to about €3 (~$3.30) per kilogram before sliding to under €0.40 (~$0.44)...
Silver Extends Losses as US-Iran Stalemate and Rate Hike Bets Weigh on Precious Metals
Silver prices slipped further Tuesday as Iran rejected participation in Islamabad talks, heightening geopolitical tension. The market’s bearish tilt was reinforced by persistent U.S. rate‑hike expectations, keeping upside capped. Technical charts show the metal breaking below $78, eyeing the $67...
Hormuz 'Reopening Optimism' Is 'Sliding Fast', Analyst Warns
Analysts warn that optimism about a May 1 reopening of the Strait of Hormuz is eroding, raising the risk of a sharp Brent price adjustment. SEB’s Bjarne Schieldrop notes that each week of delay could add roughly $5 per barrel to...
Malaysia’s Durian Growers in ‘Survival Mode’ as Early Glut and Iran War Hit Export Trade
Malaysia’s durian growers are in "survival mode" as an early bumper harvest coincides with soaring fuel and freight costs linked to the Iran war. The surge in supply pushed Musang King prices from about $18 per kilogram to roughly $5,...
The Butter Price Crash: Winners, Losers and What Comes Next
Butter prices have slumped about 22% year‑on‑year, with the EU down 35.2%, the US down 20% and Oceania down 10.2%, as record milk output floods the market. Bakers are capitalising on the dip, locking in low‑cost butter through 2027 and...
Oil Shock May Push up Electricity Costs in India, Renewables Seen as Key to Energy Security: Report
A new ISI Markets report warns that a global oil supply shock could lift electricity tariffs in India, as power prices have historically tracked fossil‑fuel costs. With coal still supplying about 70% of generation, rising oil and coal prices would...
Why Diesel Has Become a Much Bigger Economic Problem Than Gasoline
The U.S.–Israeli war with Iran has sharply limited diesel supplies, pushing the fuel’s price up about 45 percent since late February—well ahead of gasoline’s 35 percent rise. The Energy Information Administration expects diesel to exceed $5.80 per gallon, while gasoline hovers near...
How the Iran War Has Stoked Competition Between India and China for Russian Oil
India and China are now locked in a tight race for Russian crude, each securing roughly 1.6 million barrels per day in April. The competition intensified after Iranian attacks disrupted Gulf supplies and the U.S. renewed a waiver allowing sanctioned Russian...
War Turns Sulphur Market Toxic in Acid Supply Shock
Global seaborne sulphur shipments plunged in March 2026, falling 31% month‑on‑month to 1.5 million tonnes, the sharpest decline in a decade after the Strait of Hormuz was effectively closed. The Gulf, which supplies over half of the world’s sulphur, saw exports...
What Would a Permanent ‘Tehran’s Tollbooth’ on Oil Mean for the World?
Iran’s peace plan proposes a $2 million toll per tanker—about $1 per barrel—for ships transiting the Strait of Hormuz. The charge would add roughly $7 billion a year to global oil costs and could keep Brent crude near $100 per barrel through...
The ‘Age of Electricity’ Is Here. No One Knows What Comes Next.
The International Energy Agency and Ember report that 2025 was a watershed year for renewable energy, with solar becoming the largest electricity source and renewables surpassing coal for the first time in a century. China and India drove the shift,...
Stock Market Today: Oil Rises as Hormuz Impasse Drags On
Oil prices extended gains for a fourth day, with Brent crude trading above $103 a barrel as the stalemate in the Strait of Hormuz fuels supply worries. Traders cite the lack of progress in U.S.-Iran diplomacy and near‑standstill traffic through...
Panama Canal Prices Surge as Iran War Disrupts Strait of Hormuz — Why Oil Shipping Costs Are Soaring
The Iran‑Israel conflict has crippled traffic through the Strait of Hormuz, prompting Asian refiners to seek U.S. Gulf Coast crude via the Panama Canal. Auction bids for canal slots have surged to an average of $837,500, with some offers reaching...
Mint Explainer | Is India's Wheat Export Push a Good Idea?
India has reopened wheat exports, raising the quota to 5 million tonnes after a four‑year hiatus. Record‑high stocks of 21.79 million tonnes and a bumper 2025‑26 harvest have created a surplus that threatens domestic price softness. By shipping grain abroad, the government...
Chart Alert: WTI Crude Oil at Risk of Mean Reversion Decline Below $102.2...
WTI crude oil rallied 5% on an unverified report of an attack in Tehran, but the surge quickly reversed once the incident was confirmed as a drill. The spike pushed futures to $97.22 before settling around $94.27, highlighting how headline‑driven...
Petrol & Diesel Prices May Surge ₹25–28 per Litre After April 29 Polls: Kotak
Kotak Institutional Equities warns that India’s retail petrol and diesel prices could jump ₹25‑28 per litre (about $0.30‑$0.34) after the April 29 elections. The brokerage says refiners are shouldering an extra ₹270 billion ($3.3 billion) a month as global crude prices climb and...
Iron Ore Consolidates as Investors Weigh Higher War-Induced Costs Against Rising Supply
Iron ore prices held steady on April 23 as investors weighed higher freight and input costs from the Iran war against a growing supply outlook. The Dalian Commodity Exchange price stayed at 785.5 yuan (≈$115) per ton, while Singapore’s benchmark hovered just...
HSBC Downgrades India to 'Underweight' As Oil Shock Clouds Earnings Recovery
HSBC downgraded Indian equities to underweight from neutral, marking its second downgrade in less than a month. The move follows a 42% surge in Brent crude since February, with prices now above $100 a barrel, heightening inflation and growth risks...
Brent Tops $100 Again Amid Supply Fears After Iran Seizes Vessels in Hormuz
Brent crude futures surged past $100 a barrel on Thursday, reaching $103.40 as Iran seized two vessels in the Strait of Hormuz, heightening supply‑risk concerns. U.S. crude and refined‑product exports climbed to a record 12.88 million barrels per day, up 137,000...
Oil Prices up Amid Stalemate over Next Round of Peace Talks, Continued Blockade of Strait of Hormuz
Oil prices edged higher on Thursday as the United States and Iran maintained naval blockades of the Strait of Hormuz, keeping roughly one‑fifth of global oil supplies disrupted. Brent settled at $102.40 a barrel and WTI at $93.51, reflecting a...
Oil Price Today (April 23): Crude Oil Prices Cross $100 Again as Iran War Ceasefire Talks Show No Progress. $120...
Crude oil prices surged past $100 a barrel on April 23 as stalled Iran‑U.S. cease‑fire talks and renewed restrictions in the Strait of Hormuz heightened geopolitical risk. Brent settled at $101.76 and WTI at $92.82, following a $3‑plus rally driven...
Upstream Oil and Gas Producers to Shine in Q4, but OMCs and Gas Distributors Face Profit Squeeze
Upstream oil and gas producers in India are set to post strong Q4 earnings as Brent crude climbed to $81 per barrel, a 28% sequential rise, driving EBITDA growth of 6‑49% and revenue up 17‑22%. Down‑stream oil‑marketing companies (OMCs) face...
'I Live in Vegas': Canadian Ag Producers Take Gamble with High Fuel, Fertilizer Costs
Canadian grain producers are confronting a sharp surge in diesel and fertilizer prices, which have nearly doubled since the Middle‑East conflict disrupted oil shipments through the Strait of Hormuz. Farmers such as Bruce Bird and Dave Reid pre‑purchased fuel and...
Hormuz Standoff the 'Largest Supply Shock' Ever Experienced, Says Global Energy Expert
Traffic through the Strait of Hormuz has virtually stopped after U.S. and Israeli strikes on Iran, cutting off roughly 20% of the world’s petrochemical flow. Karen Young of Columbia University estimates that about 600 million barrels of oil have been stranded...
Rollins Teases Announcements on Forest Service, Fertilizer
Agriculture Secretary Brooke Rollins told a Senate appropriations hearing that the Trump administration will soon unveil an all‑government initiative aimed at lowering fertilizer prices and reducing U.S. reliance on Russian and Chinese imports. She also signaled that the USDA’s Forest...
Global Strife Boosts US Gas Players' Output, Profits
In the first quarter of 2026, two Appalachian natural‑gas producers posted stronger cash flow as global geopolitical tensions lifted gas prices and a record production run defied a brutal winter. One company credited the price surge from overseas conflicts, while...
Spot Prices Wrap: Henry Hub Cash Maintains Premium to Nymex Despite Drop in Demand
The latest spot‑price wrap shows the Henry Hub cash market still trading at a modest premium to the NYMEX futures contract, even as natural‑gas demand slipped in the United States during the reporting week. Cash prices hovered around $2.85 per...
Mideast War to Erase Nearly All 2026 Oil Demand Growth
Energy Intelligence’s latest forecast predicts that the Middle East war will wipe out almost all growth in global oil demand for 2026. The supply shock from disrupted production and export bottlenecks has driven the projected increase to near zero, a...
Energy Intelligence Price Forecasts
Energy Intelligence’s April briefing highlights a sharp shift in the global oil market as the Middle‑East war drives 2026 demand growth toward zero and pushes Brent crude back above $100 per barrel. Iran’s domestic tanker fleet can keep crude loadings...
Brent Rises Back Above $100 as Focus Remains on Hormuz
Brent crude climbed back above $100 a barrel on Wednesday after President Donald Trump announced an indefinite extension of the U.S. cease‑fire with Iran. The move left the strategic Strait of Hormuz partially open while the U.S. blockade of Iranian‑flagged...
Soybeans, Products See Profit Taking, Corn and Wheat Finish Mixed
U.S. soybean futures slipped as traders took profits while awaiting clarity on an upcoming China‑U.S. trade meeting, which is complicated by tensions in the Middle East. Corn prices moved sideways, with Midwest rain improving soil moisture but delaying planting, and...
USDA’s Rollins Signals Possible Action Soon on Fertilizer Prices
U.S. Agriculture Secretary Brooke Rollins told a Senate subcommittee that the administration is preparing an inter‑agency effort to address soaring fertilizer prices. She indicated an announcement could come soon, potentially involving new funding to ease short‑term cost pressures. Rollins highlighted...