Wholesale natural gas prices in Europe and the UK gained on Thursday as the winter heating season officially began with storage levels significantly below last year's figures and ongoing geopolitical tensions supporting the market.
The U.S. administration has reportedly warned France and Germany to release emergency diesel inventories to help lower global fuel prices or face a potential American diesel export ban.
Tehran has reportedly received Washington's response to its latest ceasefire proposal, a development that coincides with the final withdrawal of U.S. military forces from neighboring Iraq, according to a Reuters report.
Crude oil prices held recent gains as traders balanced a partial recovery in Middle Eastern exports against persistent geopolitical risks and tightening refined fuel markets in the United States.
Crude oil benchmarks traded in a narrow range as the market balanced supply concerns from stalled U.S.-Iran diplomacy with signs of recovering crude exports from Saudi Arabia and the broader Gulf region.
Gold prices held steady following their largest monthly drop since June. Softer-than-expected U.S. inflation data has lowered the probability of an imminent Fed rate hike, but elevated Treasury yields continue to weigh on the non-yielding asset.
The White House is reportedly considering expanding sales of tax-exempt, red-dyed diesel to combat record-high fuel prices, but energy analysts warn the move would not address underlying supply issues.
Paris-based wheat futures erased earlier gains to close lower after a U.S. Department of Agriculture report revealed larger-than-expected corn inventories, creating spillover pressure across the grains complex.
The Indian government has lowered its special additional excise duty on exported diesel and aviation turbine fuel, a move that could improve margins for the nation's oil refiners.
