Oil: Brent to 85+ after US-Iran strikes halt Hormuz flows, biggest weekly surge since April.

The angle · Crude net longs doubled via short-covering; diesel crack at records widens refined-product dislocation.

European natgas: TTF up 15% weekly and 29% monthly on Gulf LNG disruptions plus summer power demand.

The angle · Storage rebuild slowed; prompt tightness versus US Henry Hub slide creates cross-Atlantic basis pressure.

Diesel/gas oil: prices surged on Hormuz and Russia export ban, pushing US refining margins to records.

The angle · Spec net longs in gas oil jumped 20%; crude longs lag, embedding crack-spread carry risk.

Wheat and soybean oil: modest gains on Black Sea and Middle East export disruption fears.

The angle · Funds cut wheat net short 41% via covering; ag positioning remains light after prior liquidation.

Rare earths: China export controls and licensing tighten on heavy elements amid US firm bans.

The angle · Refining concentration near 99% in China sustains downstream premium gaps; processing capacity outside remains bottleneck.

WTI Crude · live weekend pricing

$82.81 ▲ +1.03 +1.26%

vs Friday, July 17, 2026 NYMEX WTI Crude close $81.78

Nat Gas · live weekend pricing

$2.87 ▼ -0.00 -0.03%

vs Friday, July 17, 2026 NYMEX Nat Gas close $2.88

Deutsche Bank · Sun, Jul 13, 2026

Deutsche Bank's annual survey ranks cost of living, quality of life, and prices for goods and services across 69 global cities, providing macro context on inflation, purchasing power, and economic disparities relevant to commodity demand and energy costs. Read →

Deutsche Bank · Thu, Jul 9, 2026

Analysis of the Strait of Hormuz chokepoint amid renewed Iran-related tensions, examining shipping flows, energy supply risks, and broader implications for global oil and commodity markets in a potential new normal of heightened geopolitical volatility. Read →

Macquarie · Mon, Jul 13, 2026

Macquarie's commodities compendium argues the copper price rally is running ahead of fundamentals, with investor sentiment outpacing weak physical demand and persistent global surpluses (262kt expected in 2026); lowered demand growth forecast to 1.8% while raising price targets on momentum. Read →

Citi · Wed, Oct 1, 2025

Citi Research's quarterly commodities outlook covers more than 25 markets with 2026 forecasts, highlighting a broadening bull market in gold and silver that shifts into copper and aluminum, alongside updated global macro analysis. Read →

J.P. Morgan · Tue, Jul 14, 2026

J.P. Morgan Global Research maintains a bearish view on oil, forecasting Brent crude to average around $60/bbl in 2026 amid soft supply-demand fundamentals despite recent price spikes. Read →

Macro Voices · Thu, Jul 17, 2026

Erik Townsend and Patrick Ceresna interview Dr. Anas Alhajji on the Bab el-Mandeb strait as a potential new oil chokepoint amid ongoing Middle East tensions, reviewing how conflict dynamics evolved and implications for global oil flows. Key takeaway: Focus shifts to this under-watched route after Hormuz concerns, with analysis of U.S. strategy and market risks. Listen →

Macro Voices · Thu, Jul 2, 2026

Erik Townsend and Patrick Ceresna host Rory Johnston (Commodity Context) discussing Hormuz Strait flows, Iran's influence, China's demand role, refining tightness, and market positioning post-ceasefire. Key takeaway: Crisis may not be fully resolved; short interest and geopolitical risks persist for oil markets. Listen →

Columbia Energy Exchange · Tue, Jul 14, 2026

Jason Bordoff interviews Suzanne Maloney (Brookings) on the collapsing U.S.-Iran ceasefire, renewed strikes, Hormuz uncertainties, and Gulf energy implications. Key takeaway: Perpetual low-level conflict could become the norm, affecting oil and LNG markets with limited U.S. leverage. Listen →

Columbia Energy Exchange · Tue, Jul 7, 2026

Jason Bordoff speaks with Alice Yake on grid operators' role in the energy transition, balancing reliability, cleaner power, and rising demands like data centers. Key takeaway: Significant challenges and opportunities in building resilient grids amid policy and tech shifts. Listen →

Argus Media Global LPG Conversations · Sun, Jul 13, 2026

Argus experts discuss LPG market responses to Middle East conflict, disrupted Hormuz flows, winter supply risks, and export developments. Key takeaway: Markets face ongoing pressure from geopolitical uncertainty despite some U.S. export growth. Listen →

Bloomberg Odd Lots · Tue, Jul 15, 2026

Joe Weisenthal and Tracy Alloway interview NY Governor Kathy Hochul on the state's one-year pause on large new data centers, energy infrastructure strains, and AI growth. Key takeaway: Policy balances economic benefits of AI/data centers with grid and local concerns, signaling rising pushback nationwide. Listen →

Grok · xAI

▼ Down Oversupply and soft demand point to lower prices.

Gemini · Google

▲ Up Geopolitical risks, OPEC+ supply discipline, and recovering global demand will push prices higher despite economic headwinds.

Claude · Anthropic

▼ Down Demand fears from trade-war slowdown outweigh OPEC cuts as US shale supply stays stubbornly resilient.

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