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The latest commodities coverage from the TrustFinance editorial desk.
Escalating attacks on grain infrastructure in the Black Sea are disrupting shipments from Russia and Ukraine, forcing major importers to seek pricier alternatives and heightening global food security concerns. Wheat futures have surged over 17% since early July as risks to the key supply artery intensify.
Gold prices remained near a two-month peak after a surprise U.S. Treasury announcement to expand its debt buyback program pushed government bond yields and the dollar lower. A hawkish Federal Reserve stance on inflation, however, remains a potential headwind for the metal.
Crude oil benchmarks held steady near one-month peaks after U.S. President Donald Trump announced plans for more severe economic sanctions against Iran, signaling a prolonged standoff over the Strait of Hormuz.
Spot platinum jumped nearly 3% as a weakening U.S. dollar and diminished Federal Reserve rate-hike expectations combined with forecasts for a fourth consecutive annual supply deficit.
Gasoline refining margins in Northwest Europe rose to $39.78 per barrel on Wednesday, supported by tightening regional supplies and broader disruptions in global fuel markets.
U.S. commercial crude oil inventories saw a significant build last week, according to the latest government data, while gasoline stocks also edged higher and refinery activity increased.
Gold prices recorded their largest gains in six months after the U.S. Treasury Department unexpectedly announced it would double its purchases of long-term government debt to curb rising borrowing costs.
Gold prices remained elevated after an unexpected U.S. Treasury announcement to expand long-term bond buybacks sent government yields lower, reducing the opportunity cost of holding the non-yielding metal.
Crude oil benchmarks traded steady after recent gains as investors weighed the risk of supply disruptions from the U.S.-Iran conflict against a larger-than-expected increase in U.S. crude inventories.
