Ole S Hansen

Commodities •Oil. Brent settled around USD 103 a barrel on Wednesday, ending a five-session losing streak and reclaiming the USD 100 handle, while the front November contract trades at USD 102.30 this morning, down 0.8%. Concerns about a US diesel export ban eased after Energy Secretary Wright said voluntary export cuts were being sought instead, sending diesel futures sharply lower. WTI trades at USD 91.46, down 0.8%, leaving the Brent premium near USD 11. Meanwhile, conflicting signals continue to emerge from the Strait of Hormuz, where attacks on vessels persist despite Treasury Secretary Bessent saying that oil flows through the waterway have at times reached 17 million barrels per day. •Metals. Precious metals fell on Wednesday, weighed down by a stronger dollar and renewed weakness in US Treasuries after robust PMI data and a weak five-year debt auction pushed yields to multi-year highs. Spot gold slipped below USD 4,300, while silver fell harder, dropping 4% on the day. Mining stocks bore the brunt of the broader equity-market weakness, with GDX down 4.36% and GDXJ 5.23%. Copper, meanwhile, held steady, supported by robust underlying demand fundamentals. •Agriculture: Wheat futures fell to a one-month on hopes of easing Black Sea tensions, following diplomatic developments on the sidelines of the UN General Assembly as Russia flagged talks with mediator Turkey about ending strikes on grain vessels. Chicago wheat dropped as much as 1.5% and corn 1.4%. The market remains highly sensitive to the Black Sea conflict after an escalation since July disrupted the vital grain corridor, briefly driving wheat close to USD 8 per bushel and a three-year high, before prices retreated to around USD 7.06.

Commodities •Oil. Brent settled around USD 103 a barrel on Wednesday, ending a five-session losing streak and reclaiming the USD 100 handle, while the front November contract trades at USD 102.30 this morning, down 0.8%. Concerns about a US diesel export ban eased after Energy Secretary Wright said voluntary export cuts were being sought instead, sending diesel futures sharply lower. WTI trades at USD 91.46, down 0.8%, leaving the Brent premium near USD 11. Meanwhile, conflicting signals continue to emerge from the Strait of Hormuz, where attacks on vessels persist despite Treasury Secretary Bessent saying that oil flows through the waterway have at times reached 17 million barrels per day. •Metals. Precious metals fell on Wednesday, weighed down by a stronger dollar and renewed weakness in US Treasuries after robust PMI data and a weak five-year debt auction pushed yields to multi-year highs. Spot gold slipped below USD 4,300, while silver fell harder, dropping 4% on the day. Mining stocks bore the brunt of the broader equity-market weakness, with GDX down 4.36% and GDXJ 5.23%. Copper, meanwhile, held steady, supported by robust underlying demand fundamentals. •Agriculture: Wheat futures fell to a one-month on hopes of easing Black Sea tensions, following diplomatic developments on the sidelines of the UN General Assembly as Russia flagged talks with mediator Turkey about ending strikes on grain vessels. Chicago wheat dropped as much as 1.5% and corn 1.4%. The market remains highly sensitive to the Black Sea conflict after an escalation since July disrupted the vital grain corridor, briefly driving wheat close to USD 8 per bushel and a three-year high, before prices retreated to around USD 7.06.

Commodities •Oil. Brent settled around USD 103 a barrel on Wednesday, ending a five-session losing streak and reclaiming the USD 100 handle, while the front November contract trades at USD 102.30 this morning, down 0.8%. Concerns about a US diesel export ban eased after Energy Secretary Wright said voluntary export cuts were being sought instead, sending diesel futures sharply lower. WTI trades at USD 91.46, down 0.8%, leaving the Brent premium near USD 11. Meanwhile, conflicting signals continue to emerge from the Strait of Hormuz, where attacks on vessels persist despite Treasury Secretary Bessent saying that oil flows through the waterway have at times reached 17 million barrels per day. •Metals. Precious metals fell on Wednesday, weighed down by a stronger dollar and renewed weakness in US Treasuries after robust PMI data and a weak five-year debt auction pushed yields to multi-year highs. Spot gold slipped below USD 4,300, while silver fell harder, dropping 4% on the day. Mining stocks bore the brunt of the broader equity-market weakness, with GDX down 4.36% and GDXJ 5.23%. Copper, meanwhile, held steady, supported by robust underlying demand fundamentals. •Agriculture: Wheat futures fell to a one-month on hopes of easing Black Sea tensions, following diplomatic developments on the sidelines of the UN General Assembly as Russia flagged talks with mediator Turkey about ending strikes on grain vessels. Chicago wheat dropped as much as 1.5% and corn 1.4%. The market remains highly sensitive to the Black Sea conflict after an escalation since July disrupted the vital grain corridor, briefly driving wheat close to USD 8 per bushel and a three-year high, before prices retreated to around USD 7.06.

Commodities •Oil. Brent settled around USD 103 a barrel on Wednesday, ending a five-session losing streak and reclaiming the USD 100 handle, while the front November contract trades at USD 102.30 this morning, down 0.8%. Concerns about a US diesel export ban eased after Energy Secretary Wright said voluntary export cuts were being sought instead, sending diesel futures sharply lower. WTI trades at USD 91.46, down 0.8%, leaving the Brent premium near USD 11. Meanwhile, conflicting signals continue to emerge from the Strait of Hormuz, where attacks on vessels persist despite Treasury Secretary Bessent saying that oil flows through the waterway have at times reached 17 million barrels per day. •Metals. Precious metals fell on Wednesday, weighed down by a stronger dollar and renewed weakness in US Treasuries after robust PMI data and a weak five-year debt auction pushed yields to multi-year highs. Spot gold slipped below USD 4,300, while silver fell harder, dropping 4% on the day. Mining stocks bore the brunt of the broader equity-market weakness, with GDX down 4.36% and GDXJ 5.23%. Copper, meanwhile, held steady, supported by robust underlying demand fundamentals. •Agriculture: Wheat futures fell to a one-month on hopes of easing Black Sea tensions, following diplomatic developments on the sidelines of the UN General Assembly as Russia flagged talks with mediator Turkey about ending strikes on grain vessels. Chicago wheat dropped as much as 1.5% and corn 1.4%. The market remains highly sensitive to the Black Sea conflict after an escalation since July disrupted the vital grain corridor, briefly driving wheat close to USD 8 per bushel and a three-year high, before prices retreated to around USD 7.06.

Commodities •Oil. Brent settled around USD 103 a barrel on Wednesday, ending a five-session losing streak and reclaiming the USD 100 handle, while the front November contract trades at USD 102.30 this morning, down 0.8%. Concerns about a US diesel export ban eased after Energy Secretary Wright said voluntary export cuts were being sought instead, sending diesel futures sharply lower. WTI trades at USD 91.46, down 0.8%, leaving the Brent premium near USD 11. Meanwhile, conflicting signals continue to emerge from the Strait of Hormuz, where attacks on vessels persist despite Treasury Secretary Bessent saying that oil flows through the waterway have at times reached 17 million barrels per day. •Metals. Precious metals fell on Wednesday, weighed down by a stronger dollar and renewed weakness in US Treasuries after robust PMI data and a weak five-year debt auction pushed yields to multi-year highs. Spot gold slipped below USD 4,300, while silver fell harder, dropping 4% on the day. Mining stocks bore the brunt of the broader equity-market weakness, with GDX down 4.36% and GDXJ 5.23%. Copper, meanwhile, held steady, supported by robust underlying demand fundamentals. •Agriculture: Wheat futures fell to a one-month on hopes of easing Black Sea tensions, following diplomatic developments on the sidelines of the UN General Assembly as Russia flagged talks with mediator Turkey about ending strikes on grain vessels. Chicago wheat dropped as much as 1.5% and corn 1.4%. The market remains highly sensitive to the Black Sea conflict after an escalation since July disrupted the vital grain corridor, briefly driving wheat close to USD 8 per bushel and a three-year high, before prices retreated to around USD 7.06.

#Commodities #Crudeoil trades lower for a sixth consecutive day as supply and diplomatic developments continue to erode the geopolitical risk premium. Saudi Arabia said it would soon restore exports through its East-West pipeline, while the US and Iran held a “very productive” meeting aimed at ending the war. With flows through the Strait already increasing and the Saudi pipeline restarting, Iran’s leverage appears to be weakening, helping push prices lower. Gasoil, the diesel and jet fuel feedstock, meanwhile holds near USD 200 per barrel, after Trump said he endorsed the idea of a diesel export ban, while highlighting that the main stress remains in refined products amid reduced capacity. Ahead of the weekly EIA report, API reported a 1.8-million-barrel rise in crude stocks, while gasoline and distillate inventories declined. HG #Copper futures rose to a fresh record on Tuesday, briefly topping USD 6.90 per pound in New York before retreating to USD 6.82 this morning. While the US interest-rate outlook may provide a headwind, copper remains supported by strong underlying supply-and-demand fundamentals, including signs of pre-holiday tightening in China. According to Shanghai Metals Market, some imported copper has arrived, but much of it has gone directly to fabricators rather than warehouses, keeping spot supplies constrained. #Gold continues to trade within its established narrow USD 4,300–4,400 range, with Fed comments and their impact on US rates, bond yields and the dollar, together with oil-price movements, providing the main direction for short-term traders. ETF holdings dipped slightly on Tuesday but have still seen inflows of around 48 tonnes this month, while China’s purchases through August topped 1,000 tonnes, already surpassing the whole of 2025.

#Commodities #Crudeoil trades lower for a sixth consecutive day as supply and diplomatic developments continue to erode the geopolitical risk premium. Saudi Arabia said it would soon restore exports through its East-West pipeline, while the US and Iran held a “very productive” meeting aimed at ending the war. With flows through the Strait already increasing and the Saudi pipeline restarting, Iran’s leverage appears to be weakening, helping push prices lower. Gasoil, the diesel and jet fuel feedstock, meanwhile holds near USD 200 per barrel, after Trump said he endorsed the idea of a diesel export ban, while highlighting that the main stress remains in refined products amid reduced capacity. Ahead of the weekly EIA report, API reported a 1.8-million-barrel rise in crude stocks, while gasoline and distillate inventories declined. HG #Copper futures rose to a fresh record on Tuesday, briefly topping USD 6.90 per pound in New York before retreating to USD 6.82 this morning. While the US interest-rate outlook may provide a headwind, copper remains supported by strong underlying supply-and-demand fundamentals, including signs of pre-holiday tightening in China. According to Shanghai Metals Market, some imported copper has arrived, but much of it has gone directly to fabricators rather than warehouses, keeping spot supplies constrained. #Gold continues to trade within its established narrow USD 4,300–4,400 range, with Fed comments and their impact on US rates, bond yields and the dollar, together with oil-price movements, providing the main direction for short-term traders. ETF holdings dipped slightly on Tuesday but have still seen inflows of around 48 tonnes this month, while China’s purchases through August topped 1,000 tonnes, already surpassing the whole of 2025.

Gasoil futures, the main feedstock to distillate products from diesel and jet fuel to heating oil and fuel oil, jumps 5.3% after Trump said he backs banning exports of diesel as soaring fuel prices squeeze American farmers and truckers and threaten to fuel further inflation ahead of November’s midterm elections. Brent now trades at a USD +103/b premium above gasoil Chart source: Bloomberg

Gasoil futures, the main feedstock to distillate products from diesel and jet fuel to heating oil and fuel oil, jumps 5.3% after Trump said he backs banning exports of diesel as soaring fuel prices squeeze American farmers and truckers and threaten to fuel further inflation ahead of November’s midterm elections. Brent now trades at a USD +103/b premium above gasoil Chart source: Bloomberg

Gasoil futures, the main feedstock to distillate products from diesel and jet fuel to heating oil and fuel oil, jumps 5.3% after Trump said he backs banning exports of diesel as soaring fuel prices squeeze American farmers and truckers and threaten to fuel further inflation ahead of November’s midterm elections. Brent now trades at a USD +103/b premium above gasoil