U.S. Says Oil Is Pouring Through Hormuz. Trackers Can't Find It. — Commodities Roundup

MARKET MOVEMENTS:

--Brent crude oil is down 2% to $90.82 a barrel.

--European benchmark gas is up 3.6% to 68.21 euros a megawatt-hour.

--Copper futures are up 0.5% to $14,263.50 a metric ton.

--Gold futures are up 1.1% to $4,731.20 a troy ounce.

TOP STORY:

U.S. Says Oil Is Pouring Through Hormuz. Trackers Can't Find It.

DUBAI--The Trump administration says large volumes of oil are slipping through the Strait of Hormuz. The trackers whose job it is to count the world's oil shipments see much less.

Energy Secretary Chris Wright said last week the U.S. military had helped ship over 15 million barrels of crude and oil products out of the waterway last Tuesday. He put the average oil exports through the strait over a seven-day period at more than 8 million barrels a day. Earlier this month, Wright said the seven-day average stood at around 9 million barrels a day.

OTHER STORIES:

Gold Hits Three-Month High as Investors Boost Safe-Haven Demand

Gold prices climbed to their highest level in more than three months after the U.S. Treasury's surprise ramp-up in buybacks of long-dated government debt revived concerns over the dollar and pushed investors toward safe havens.

In early U.S. trading, New York futures rose 0.9% to $4,723.30 a troy ounce, their highest since mid-May. Prices are up 16% this month.

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Copper Above $14,200 a Ton, With Global Inventory Shifts in Focus

Copper prices traded above $14,200 a metric ton, supported by a weaker U.S. dollar and persistent concerns over tight physical supplies, even as a sharp rise in LME warehouse stocks offered some relief.

"A surge in deliveries into LME warehouses helped ease the market's most acute tightness," analysts at ANZ said. "Nevertheless, concerns over import tariffs mean the U.S. could still draw additional metal from international markets."

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Sinopec Shares Hit Three-Month High After First-Half Profit Jumps

Shares of China Petroleum & Chemical Corp. climbed to a three-month high after the Chinese energy major's net profit strengthened on higher oil prices, though analysts cautioned of a weaker outlook for the rest of the year.

Shares of the company, better known as Sinopec, were up 4.7% in Shanghai and 4.4% in Hong Kong by midday Monday, on track to close at a three-month high in both markets.

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Ampol Keen to Play Role in Expanding Australia's Oil-Storage Capacity

SYDNEY--Ampol is keen to play a role in raising Australia's oil-storage capacity as officials learn lessons from the Middle East conflict's impact on energy markets, and it is holding higher levels of inventory to guard against new oil-supply disruptions.

Chief Executive Matt Halliday said Ampol's fuel terminals and pipelines are well positioned to support an expansion of Australia's storage capacity as the government consults with industry on the issue, including the establishment of a national oil reserve.

MARKET TALKS:

European Gas Soars on Middle East Supply Worries -- Market Talk

1418 GMT - European natural-gas prices climb 4% to their highest level in more than three years as traders grow increasingly concerned about supply ahead of winter. Asian demand continues to strengthen, adding to the challenge of replenishing European storage as buyers in the region attract LNG cargoes away from Europe. Storage levels currently stand at just 62%, leaving the region increasingly dependent on a mild winter to curb heating demand. In afternoon trading, the benchmark Dutch TTF contract is up 4.2% at 68.61 euros a megawatt-hour. (giulia.petroni@wsj.com)

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Palm Oil Weakens; Falling Trend Likely to Continue -- Market Talk

1009 GMT - Palm oil fell in Asian trade. Nomura expects CPO prices to decline to around 4,600 ringgit a ton this week due to a strengthening ringgit, weaker exports from Malaysia and softer soybean oil prices, its analysts write in a note. However, should exports strengthen due to stronger demand, CPO prices could trade around 4,700 ringgit a ton, they add. The Bursa Malaysia Derivatives contract for November delivery fell 72 ringgit to 4,946 ringgit a ton. (kimberley.kao@wsj.com)

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Corn Leads Grains Higher on Crop Yield Worries -- Market Talk

1007 ET - Corn futures are rising as the market digests results of the Pro Farmer crop tour where weather-related problems with crops led to lower yield expectations. The expected national corn yield of 173.2 bushels per acre compares with the USDA's most-recent 180.7 bpa. "It's important to keep these numbers in context," Arlan Suderman of StoneX says in a note. The estimate is almost always below the USDA's August estimate, he says, and while the USDA estimates could continue to move lower, "it's difficult to see them make a cut this aggressive." CBOT corn for December is up 1.2% at $5.14 3/4 a bushel. Wheat is up 0.8% and soybeans are off 0.7%.(anthony.harrup@wsj.com)

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U.K. Energy Bills Set to Rise Further -- Market Talk

1358 GMT - Another rise in the U.K. energy price cap would more than offset Prime Minister Andy Burnham's move to cut tax on electricity bills, Thomas Pugh at RSM UK says in a note. Ofgem, the country's energy regulator, is expected to increase the price cap in October. This is likely to have a limited impact on headline inflation. "Ofgem's price cap is based on typical use for dual-fuel households, but some households will only use electricity, where prices will probably fall," Pugh says. But risks of higher energy inflation remain going into 2027. European gas storage is at a 10-year low, which could lift wholesale prices, Pugh says. "That would push household bills much higher in January, keeping inflation sticky in 2027." (don.forbes@wsj.com)

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U.S. Natural Gas Futures Start Week With Gains -- Market Talk

0931 ET - U.S. natural gas futures are higher in early trading with at least two weeks more of extremely hot weather, particularly across the southern U.S., expected to drive power-sector demand. "Overall, weather patterns are viewed as bullish the front 10 days, but then closer to seasonal for the 11-15 day period," NatGasWeather.com says in a note. "We expect a volatile week in the natural gas markets and partly due to approaching expiration of Sep'26 options and futures," the forecaster adds. Nymex natural gas is up 1.7% at $2.821/mmBtu.(anthony.harrup@wsj.com)

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Oil Retreats Awaiting Details of U.S. Measures Against Iran

0902 ET - Crude futures are lower following six straight session of gains with the market looking to Scott Bessent's afternoon press conference where the Treasury Secretary plans to give details of increased U.S. economic sanctions against Iran. The measures "could inflict significant economic pain on Iran, potentially moving the needle toward renewed and more serious talks with the U.S.," Peter Cardillo of Spartan Capital says in a note. WTI is down 1.7% at $85.58 a barrel and Brent is 1.3% lower at $93.14 a barrel. (anthony.harrup@wsj.com)

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Investors in Indonesia Likely to Focus on New Commodity Exchange -- Market Talk

0803 GMT - Investors in Indonesia are likely shifting their attention to the Strategic Mineral and Commodity Exchange, which is set to be launched in January, Maybank Sekuritas's Jeffrosenberg Chenlim says in an email. The exchange, which is likely to be operated under sovereign wealth fund Danantara, will facilitate transactions in strategic commodities, he says. It would also serve as a price-discovery mechanism to enhance transparency and help address issues including under-invoicing and transfer pricing. This comes after market sentiment received a further boost from President Prabowo Subianto's recent comments that the sovereign wealth fund's Danantara Sumberdaya Indonesia will remain a facilitator rather than a trading house. "This clarification helps alleviate concerns over potential direct government intervention in commodity trading activities," he says. (amanda.lee@wsj.com)

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Copper Above $14,200 With Focus on Global Inventories -- Market Talk

0756 GMT - Copper prices trade above $14,200 a metric ton as a weaker dollar last week boosted investor appetite, while markets keep a close eye on shifts in global inventories. "A surge in deliveries into LME warehouses helped ease the market's most acute tightness," analysts at ANZ say. "Nevertheless, concerns over import tariffs mean the U.S. could still draw additional metal from international markets." In early European trading, three-month futures on the London Metal Exchange rise 0.2% to $14,207.50 a ton, up more than 4% on the month. (giulia.petroni@wsj.com)

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Oil Falls Ahead of Bessent's Press Conference

0737 GMT - Oil prices fall more than 1.5% as investors await details on expected U.S. sanctions on Iran. "The move could further tighten global oil supplies, with Iranian exports already disrupted and offers to China reduced," analysts at Saxo Bank say. In early European trading, Brent crude is down 1.7% to $91.01 a barrel, while WTI futures slide 2.1% to $85.20 a barrel. Both benchmarks closed last week more than 6% higher as talks to reopen Hormuz hit a stalemate and President Trump announced plans to tighten the economic squeeze on Tehran. U.S. Treasury Secretary Scott Bessent is set to ​hold a press conference at 2 p.m. Eastern time when he is expected to announce details about new economic sanctions against Iran. (giulia.petroni@wsj.com)

Write to Barcelona Editors at barcelonaeditors@dowjones.com

(END) Dow Jones Newswires

August 24, 2026 10:46 ET (14:46 GMT)