Gasoline refining profits in Northwest Europe fell sharply on Tuesday, dropping by more than $7 per barrel as a surge in crude oil prices, reportedly linked to Saudi supply disruptions, squeezed margins.
European and UK wholesale natural gas prices rose as critically low storage levels ahead of winter and hawkish commentary from the European Central Bank stoked supply and inflation fears.
U.S. commercial crude oil inventories fell less than expected last week, while gasoline and distillate stockpiles unexpectedly rose, suggesting potentially softer fuel demand, according to the latest data from the Energy Information Administration.
The head of Japan's gas industry group has endorsed a government agreement with Malaysia's Petronas to secure emergency LNG supplies, calling it a valuable step for national energy security.
The Norwegian energy major plans a significant expansion of its liquefied natural gas (LNG) supply to meet growing demand in Europe and Asia, targeting new agreements and diverse sourcing.
Raw sugar prices edged lower as a decline in crude oil made ethanol production less attractive, encouraging mills to produce more sugar. Broader supply concerns from key regions like the EU and India, however, limited the downside.
Chicago wheat futures edged lower Wednesday, pressured by technical selling and a downturn in the crude oil market. However, concerns over global supply, including a projected drop in Canadian output, limited the decline.
Spot gold has breached the critical 200-period moving average on its 5-hour chart, a key bearish signal for traders. Technical analysis points to immediate support at $4,260, with a break potentially accelerating the downward trend.
Silver is consolidating around the key $63.08 technical level, a 50% Fibonacci retracement from its recent highs. A sustained break below this support could signal a deeper correction, while a successful defense may lead to a short-term rebound.
