The Department of Transportation has issued a 90-day waiver allowing fuel truck drivers to work longer hours, a response to record diesel prices and fears of potential supply chain disruptions.
Oil prices continued their decline after reports that Saudi Arabia is offering additional crude cargoes via Oman, mitigating fears of supply disruptions from recent pipeline attacks. A smaller-than-expected draw in U.S. inventories also weighed on the market.
European and UK natural gas prices jumped nearly 5% on Monday, hitting multi-year highs amid worsening Mideast shipping disruptions and a stark warning from a major LNG buyer about critically low storage levels.
Wheat futures contracts closed lower on Monday following reports of a potential agreement between Russia and Ukraine to de-escalate conflict in the Black Sea, though the news was met with official skepticism.
Gasoline refining margins in Northwest Europe surged by approximately $3 to $52 a barrel on Monday, driven by a high volume of physical trades and reports of a Russia-Ukraine agreement to spare energy infrastructure.
Soybean prices recovered on Monday as traders anticipated a forthcoming meeting between U.S. and Chinese leaders, offsetting bearish pressure from a recent USDA report forecasting a larger harvest.
Brent and WTI crude futures rose sharply after Houthi rebel attacks shut down a major Saudi Arabian pipeline and Libya's National Oil Corporation warned of a potential force majeure on exports, stoking global supply fears.
Gold prices declined as a spike in oil prices, driven by Middle East tensions, fueled inflation fears. Markets are now pricing in a 92% probability of a Federal Reserve interest rate hike this week, pushing Treasury yields and the dollar higher.
Wholesale natural gas prices in Europe and the UK pulled back slightly from 2023 peaks amid profit-taking. However, the market remains underpinned by below-average storage levels and significant geopolitical risks to LNG supply chains.
