Section
Commodities
Oil stockpiles draw down at record 8.7M barrels a day: Goldman Sachs
Oil stockpiles are drawing down at a record 8.7 million barrels a day, Goldman Sachs said, as the Iran war keeps Strait of Hormuz flows at 5% of normal.
Iran war LNG shock: Woodside says markets underprice risk
Iran war LNG shock is still rippling through supply routes and prices, Woodside said, warning markets are underestimating how long the disruption will last.
Hong Kong gold clearing system targets July launch
Hong Kong gold clearing system is set for a July launch, giving the city a government-backed route to capture more Asian bullion settlement and storage flows.
China palladium imports hit record as Guangzhou futures draw inflows
China imported a record 8.6 tons of palladium in April after Guangzhou futures rose above global benchmarks and drew metal into the country.
Power of Siberia 2 gains urgency as Iran war hits Asia gas
Power of Siberia 2 is back in focus as the Iran war squeezes Asian LNG routes, giving Putin urgency but leaving Xi with price leverage.
Oil drops as Trump delays Iran strike, easing Hormuz fears
Crude fell after Donald Trump said he had postponed a planned strike on Iran, easing immediate fears of a supply shock through the Strait of Hormuz.
Equinor's Hormuz warning shows where its priorities now sit
Equinor oil outlook 2026 now hinges on how long Hormuz stays shut, with gas risk, tighter cash discipline and a slower transition shaping strategy.
Trump ends Russian oil waiver as Hormuz risk tightens crude market
Washington let a one-month waiver on some Russian seaborne crude purchases lapse just as Strait of Hormuz disruptions made marginal barrels more valuable.
Capital Economics' $150 oil case turns Hormuz risk into a macro test
Capital Economics' extreme oil scenario is less a commodity call than a map of how Hormuz risk could spread into inflation, yields and the wider equity market.
Currie cools on gold but keeps broader commodity bull case
Jeff Currie sees near-term downside for gold from higher yields and a firmer dollar even as supply risk keeps his broader commodity bull case intact.
Goldman's gold call rests on central-bank buying, not the bounce
Central bank gold buying looks stronger than Goldman thought, with China's steady reserve accumulation helping argue bullion has a firmer floor into 2026.
China and US use supply channels to contain Middle East oil shock
China's 3.6 million bpd import cut and a 3.5 million bpd U.S. export surge blunted the Gulf shock, easing pressure on oil, inflation and yields.
Russian oil waiver expiry adds fresh supply risk to crude
Warren and Shaheen want Treasury to let a Russian oil sanctions waiver expire, setting up a test of how far Washington will push enforcement when crude supply and inflation risk remain sensitive.
Iran war oil shock separates exporter winners from importer losers
The crude spike tied to the Iran conflict is becoming a fiscal sorting mechanism. Export routes, sanctions and import dependence are deciding who actually pockets the windfall.
UAE casts OPEC exit as output strategy with Brent at $109.26
The UAE said its OPEC exit reflects production policy and capacity plans, a signal oil markets are reading through supply discipline and future market share.
Silver import curbs: India tightens rules after $12B bill
Silver imports: India curbed most shipments after a record $12B fiscal-year bill, widening its rupee-support push with trade controls on precious metals.
Strait of Hormuz oil disruption: Stockpile squeeze deepens
Strait of Hormuz oil disruption: UBS, JPMorgan and the IEA warn stockpiles could hit record lows if the closure persists, shifting risk from prices to scarcity.
Gold and silver slide as oil jumps on Hormuz fears
Gold and silver fell while crude pushed higher and Treasury yields rose, as traders treated the Hormuz shock as an inflation problem across commodities.
Oil Edges Higher as Trump-Xi Summit Holds Hormuz Key
Brent crude settled at $105.76 a barrel as the Trump-Xi summit in Beijing kept the Strait of Hormuz in focus, with the IEA warning supply losses from the Iran war have passed 1 billion barrels.
Gold Falls From Three-Week High as Fading Middle East Peace Hopes Lift Dollar
Spot gold slipped 0.8% to $4,698.22 an ounce on Monday, retreating from a three-week high, as deteriorating U.S.-Iran peace talks boosted the dollar and oil prices, undercutting the metal's safe-haven bid.
Gold was supposed to rally on war. It fell 12 percent instead.
Since Iran's military escalation began in March 2026, gold has fallen 12% — defying every historical crisis playbook. The mechanism that broke the trade isn't a mystery, but it rewrites the outlook for the world's oldest safe haven.
US SPR loan: 53M barrels ease Iran oil shock
The Trump administration loans 53.3 million barrels from the Strategic Petroleum Reserve as Iran conflict pushes oil toward $115.
PDBC Commodity ETF Surges 50% on Crude's Run to 98th Percentile
The Invesco PDBC commodity ETF has returned 50% over twelve months as crude oil climbed to the 98th percentile of its historical range. The rally, concentrated in energy futures, raises the question of whether the gains can hold.
Gold's 12% Iran sell-off is a rates story, not a haven failure
Gold has fallen 12 per cent since the Iran conflict began, defying the safe-haven script. ING's Ewa Manthey says the sell-off is a macro story — real yields and a strong dollar — not a structural failure. J.P. Morgan and the ECB see central bank demand keeping the bull case intact.
Copper to average $10,500 per tonne on LME in 2026 as mine disruptions fuel deficit
Reuters poll forecasts $10,500/tonne average in 2026, up 7.2% from July forecast, as mine disruptions create 150,000-tonne deficit
