Price movements and fundamentals across major commodities.
Analysis and reporting on commodities such as oil, natural gas, gold, industrial metals, and agricultural products. Focuses on supply-demand dynamics, geopolitical risks, inventory trends, and macro drivers affecting commodity markets.
1,897 total articles
The conflict between the United States, Israel and Iran intensified as Israeli forces struck targets in Tehran and Beirut while the U.S. dispatched thousands of Marines and an amphibious assault ship to the Middle East. The fighting has caused significant casualties, closed the Strait of Hormuz to most shipping and driven sharp rises in oil prices,…
JPMorgan Chase & Co strategists led by Fabio Bassi cut their year-end S&P 500 target to 7,200 from 7,500, flagging the de facto closure of the Strait of Hormuz as a major supply shock. The team warns that prolonged triple-digit crude prices could compress valuation multiples, reduce consensus EPS estimates by 2% to 5%, and raise the probability of …
Georgia's governor has ordered a temporary halt to the state's gas and diesel taxes for two months in response to a sharp rise in fuel costs tied to the ongoing U.S.-Israeli war in Iran. The pause removes 33.3 cents per gallon on gasoline and 37.3 cents per gallon on diesel for 60 days as national prices reach levels not seen since late 2022. Offic…
Iraq has invoked force majeure across oilfields operated by foreign companies after military operations disrupted navigation through the Strait of Hormuz, stopping the bulk of the country’s crude shipments. A ministry letter dated March 17 ordered production shutdowns in affected concession areas, while Basra’s output has been reduced significantly…
Nearly a month after oil first appeared along Mexico's Gulf Coast, coastal communities in Tabasco and Veracruz remain on edge as contamination spans roughly 230 km and an investigation into the spill's origin continues. Fishing and tourism sectors face potential disruptions ahead of the Easter holidays and sea turtle nesting season, while officials…
Retail prices for chocolate Easter goods in the United States are expected to stay high this season even though cocoa futures have plunged more than 70% from a late-2024 peak. Industry purchasing patterns - including advance cocoa buys and use of hedges - mean most Easter chocolate was produced when raw-material costs were still elevated. Some reli…
A Hong Kong-flagged tanker that carried diesel of Russian origin and had been headed for Cuba has changed course to Trinidad and Tobago, according to LSEG ship-tracking data. The diversion comes as Cuba endures widespread power blackouts and limited tanker arrivals this year, while the U.S. Treasury has narrowed a waiver covering sales of Russian-o…
UBS strategists have increased their expected average Brent crude prices for this year and 2027, citing continued hostilities in the Middle East and a pronounced reduction in flows through the Strait of Hormuz. Their updated view reflects a short-term price spike and a sustained risk premium tied to supply uncertainty and inventory restocking.
Citi’s commodities strategy team has shifted to a more bullish stance on Brent crude after a wave of attacks on energy infrastructure across the Middle East. The bank now projects Brent at $110-$120 per barrel if disruptions persist for four to six weeks, and places a 30% probability on a $150 per barrel scenario should damage to supply extend long…
Morgan Stanley raised the probability of inadequate European gas storage refills this summer after confirming sustained damage to two LNG mega-trains at Qatar’s Ras Laffan. The bank moved its base case to a scenario in which TTF reaches €90/MWh over the summer, and now forecasts a 15 Mt global LNG deficit in 2026 alongside a longer-term tightening …
UBS has more than doubled its 2026 European composite refining margin forecast to $14.8 per barrel amid strikes that have removed over 3.5 million barrels per day of refining capacity in the Middle East. The brokerage raised diesel and jet fuel margin estimates materially for the near term, increased earnings and price targets for European refiners…
The recent strikes on Iran's South Pars gas field and subsequent attacks on regional energy infrastructure, including Qatar's Ras Laffan LNG hub, have produced steep moves in physical energy markets and mounting stress across refined product supply chains. Despite dramatic one-day surges in European gas prices and strains on shipping routes through…
Yardeni Research reaffirmed a long-term bullish stance on gold, holding to targets of $6,000 by year-end and $10,000 by 2029. The firm said the outlook is grounded in its 'Roaring 2020s' scenario, where equity gains prompt investors to shift into alternatives such as gold. Yardeni cited ongoing central bank reserve accumulation, resilient Chinese i…
Saudi Arabian oil officials told the Wall Street Journal that crude prices might exceed $180 per barrel if supply interruptions from the U.S.-Israel conflict with Iran continue beyond April. The warning follows recent strikes on Iranian and regional energy infrastructure, Israeli attacks on South Pars, Iranian retaliatory strikes aimed at oil facil…
Gold traded narrowly higher in Asian hours on Friday but remained on track for its steepest weekly fall in six years. Markets have pulled back rate cut expectations after the U.S.-Israel war on Iran lifted inflation concerns, a development that has strengthened the dollar and U.S. Treasury yields and weighed on precious metals.
Saudi Arabia's foreign minister warned that the kingdom retains the right to take military action against Iran after Riyadh was targeted by Iranian ballistic missiles. The minister said trust with Tehran has been shattered and accused Iran of deliberate hostile acts both directly and through regional proxies. The confrontation follows a fresh wave …
Nationwide retail gasoline prices in the United States have risen by roughly 90 cents a gallon - more than 30% - since the end of February, pushing the national average to $3.88 and setting the market on course for $4 per gallon. The climb has tracked a sharp rise in U.S. crude futures, while short-term policy moves such as a temporary Jones Act wa…
Goldman Sachs warns that oil prices may remain higher for an extended period due to supply shocks tied to the Iran conflict. The bank sees short-term upward pressure while flows through the Strait of Hormuz are constrained and highlights scenarios in which Brent could top its 2008 peak and remain above $100 if disruptions produce lasting production…
Gold has experienced a sharp pullback even as conflict in the Middle East deepens. Yardeni Research attributes the decline to profit-taking, stronger bond yields, and shifts in investor positioning, while noting technical breaks and heavy ETF outflows. The firm retains lofty multi-year targets but says it may trim its near-term forecast if gold fai…
Three Israeli officials speaking anonymously said Israel coordinated a Wednesday strike on Iran's South Pars gas field with the United States but does not expect to repeat such an operation. U.S. President Donald Trump said he was unaware of the strike and warned Israel would refrain from further attacks on the gas field unless Iran again struck Qa…
U.S. Treasury Secretary Scott Bessent said the United States may soon remove sanctions on roughly 140 million barrels of Iranian crude currently stranded aboard tankers, a move intended to add near-term physical supply to global markets and help lower oil prices. Officials also plan further unilateral Strategic Petroleum Reserve releases and are pu…
Benchmark Middle East crude oil spot premiums reached unprecedented highs on Thursday, with cash Dubai and Oman trading about $65 per barrel above their respective reference points. The move follows Iran's strikes on regional energy facilities and Tehran's retaliatory response to Israeli attacks on Iranian gas infrastructure, pushing spot different…
Global energy markets tightened sharply after attacks on major gas infrastructure in the Gulf drove Brent crude above $115 a barrel and pushed European natural gas prices dramatically higher. Central banks signalled caution, with the Federal Reserve keeping rates on hold but projecting a higher inflation path and removing a 2026 rate-cut from futur…
In Aguacate, Cuba, mechanic Juan Carlos Pino adapted a 1980 Polish-built Fiat Polski to run on charcoal, presenting a low-cost alternative as U.S. actions and disrupted oil supplies have tightened fuel availability. Built from scrap parts in his workshop, the two-cylinder car completed a long-distance test and has drawn local attention, while innov…
European natural gas prices rose sharply after attacks on energy infrastructure in the Middle East included strikes at Ras Laffan, a major liquefied natural gas facility in Qatar. The Dutch TTF next-day contract climbed about 24.8% by 05:23 ET (09:23 GMT), raising inflationary concerns and complicating policy decisions for central banks already mon…
