Section
The latest commodities coverage from the TrustFinance editorial desk.
Rising fuel prices, driven by refinery disruptions, contributed a cumulative 0.5 percentage points to Russia's inflation in June and the first half of July, according to the central bank. The data highlights the inflationary pressures facing policymakers even as they recently cut interest rates.
Surging fuel costs contributed a cumulative 0.5 percentage points to Russia's consumer price growth in June and early July, according to central bank data, following supply disruptions from drone attacks on oil refineries.
Gold prices remained elevated as optimism over a potential reopening of the Strait of Hormuz eased inflation concerns, reducing expectations for further Federal Reserve interest rate hikes. Investors are now looking ahead to key U.S. labor market data for further policy clues.
Benchmark Dutch and UK natural gas futures fell sharply Wednesday as traders reacted to the prospect of de-escalation between the U.S. and Iran, which could secure vital energy shipments through the Strait of Hormuz.
Crude oil benchmarks are holding near multi-week lows, down over 10% for the week, as a shipping agreement in the Strait of Hormuz eases supply fears and a surprise increase in U.S. inventories points to softer demand.
Benchmark Dutch and UK natural gas futures fell more than 5% on Wednesday as traders reacted to reports of negotiations between the U.S. and Iran, easing concerns over potential energy transport disruptions in the Strait of Hormuz.
U.S. exports of diesel and heating oil surged to a record 1.9 million barrels per day, according to the EIA, drawing domestic stockpiles down to their lowest seasonal level since 1996 amid tight global supplies.
An executive at Phillips 66 forecasts that the current bull market for oil refiners, driven by a severe global shortage of finished fuels like gasoline and diesel, could extend through 2027. The company reported record quarterly earnings as geopolitical disruptions and tight capacity sent refining margins to historic highs.
Gold prices are approaching a key technical resistance zone after a sharp rally pushed the metal into extreme overbought territory, raising the risk of a short-term price correction.
