Trump Calls for Probe Into U.S. Gasoline Prices After Oil Falls — Commodities Roundup

MARKET MOVEMENTS:

--Brent crude oil is down 4.2% at $73.59 a barrel.

--European benchmark gas is down 2.6% to 40.94 euros a megawatt-hour.

--Copper futures are down 2% at $13,110 a metric ton.

--Gold futures are down 3% at $4,022.90 a troy ounce.

TOP STORY:

Trump Calls for Probe Into U.S. Gasoline Prices After Oil Falls

President Trump said he instructed the Justice Department to look into major oil companies, accusing them of "gouging" customers by not lowering gasoline pump prices in line with falling crude costs.

"The big Oil Companies are not dropping their price at the pump commensurate with the sharply lower prices they are paying for Oil," Trump said in a social-media post early on Wednesday. "In other words, customers are being 'gouged,'" he wrote. He didn't name specific companies.

The remarks come as global oil prices retreat on optimism over improved shipping conditions through the Strait of Hormuz after the U.S. and Iran reached an interim deal to end the war. West Texas Intermediate, the U.S. oil gauge, has fallen more than 25% so far this month.

OTHER STORIES:

U.S. Crude Oil Inventories Fall, Product Stocks Rise

U.S. crude oil inventories fell for a ninth consecutive week while gasoline and distillate fuel stocks posted increases, according to data released Wednesday by the U.S. Energy Information Administration.

Commercial crude oil stocks excluding the Strategic Petroleum Reserve fell by 6.1 million barrels to 412.1 million barrels in the week ended June 19 and were about 7% below the five-year average for the time of year, the EIA said. The withdrawal was larger than the 4.1 million barrel decline expected in a Wall Street Journal survey of analysts.

--

Gold ​Falls Toward $4,000 ​on Strong​er Dollar, Rate-Hike Expectations

Gold prices tumbled, extending the previous session's losses as a stronger U.S. dollar and growing expectations that the Fed could raise interest rates later this year weighed on investor sentiment.

In morning trading in New York, gold futures fell 2.5% to $4,045.90 a troy ounce. The greenback advanced against a basket of currencies today, which has the effect of making dollar-denominated commodities more expensive for overseas buyers.

--

Swedish Green Steel Startup Stegra Completes $1.59 Billion Funding Round

STOCKHOLM--Green steel startup Stegra completed a $1.59 billion funding round led by a consortium formed by Sweden's prominent Wallenberg family, allowing it to complete construction of its new steel plant.

Stegra, formerly known as H2 Green Steel, is building a large-scale steel mill in northern Sweden that will replace the coal traditionally used for iron ore-based steelmaking with hydrogen produced from renewable energy. Stegra expects to produce steel that cuts carbon dioxide emissions by 95% compared to the traditional process.

--

Sunrun, Renew Home and Tesla Partner to Provide 16 Gigawatts of Flexible Power Capacity

Sunrun, Renew Home and Tesla said Wednesday they have formed a partnership to provide more than 16 gigawatts of flexible energy capacity to utilities and hyperscale data center operators, drawing from batteries, thermostats and other connected devices.

The companies on Wednesday said the agreement will establish a framework to aggregate millions of demand-side and energy-exporting devices into local energy resources that can be deployed without additional hardware, software, interconnection, water or land use.

--

China Resources New Energy Seeking to Raise $3.6 Billion in Record Shenzhen Listing

China Resources New Energy is seeking to raise up to $3.60 billion in an initial public offering, in what would be the Shenzhen Stock Exchange's largest-ever listing.

The renewable energy arm of China Resources Power Holdings is issuing 2.11 billion shares at 10.11 yuan each, according to filings. If the overallotment option is fully exercised, China Resources New Energy's total issuance would rise to 2.42 billion shares, raising a total of 24.47 billion yuan, equivalent to $3.60 billion.

MARKET TALKS:

Gulf Stocks End Mostly Lower as Oil Prices Slip -- Market Talk

1448 GMT - Gulf stocks mostly fall as weaker oil prices weigh on regional sentiment, says Aqib E. Mehboob, head of research at Saudi-based BSF Capital. Dollar strength is also affecting markets through global risk appetite, foreign flows and funding conditions, he says. Oil prices are tumbling on signs that traffic through the Strait of Hormuz is recovering. Qatar's QE Index falls 0.8%, while Saudi Arabia's Tadawul All Share Index and Abu Dhabi's benchmark index each lose 0.3%. The Dubai Financial Market General Index rises 0.1%. (farhan.rafid@wsj.com)

--

Temperatures Seen Turning Hotter in Corn Belt -- Market Talk

1042 ET - Grain futures are getting support from a shift in weather expectations for the U.S. Corn Belt and Plains. The National Weather Service's Climate Prediction Center says that above-average temperatures are expected in the entire eastern half of the U.S. over the next 6-10 days. The worst of the heat is concentrating in eastern Corn Belt states including Illinois, Indiana, and Ohio. But precipitation is expected to stay near normal through the central portion of the Corn Belt, and above-average in more northern growing areas. The latest Crop Progress report from the USDA showed that states on the eastern side of the Corn Belt are already well-watered--with 43% of Illinois seen with "surplus" topsoil moisture, making hot conditions welcome for farmers there. (kirk.maltais@wsj.com)

--

U.S. Grain Traders Brush Off Any Iran Ag Purchasing -- Market Talk

1037 ET - CBOT grain futures are higher, but the prospect of Iran buying agricultural goods from the U.S. as part of a peace agreement isn't seen as much of a factor. "The market doesn't care about the potential Iran purchases," says Naomi Blohm of Total Farm Marketing. "While Iran does need to import some corn, beans and wheat annually--if the U.S. did get some of their business, it is not a 'market moving' purchase amount." In a post on Truth Social this morning, President Trump said that the U.S. "will be releasing some of their money" referring to Iran, to buy U.S. agriculture. Most-active CBOT corn is up 0.3%, while soybeans climb 0.2% and wheat rises 0.8%. (kirk.maltais@wsj.com)

--

U.S. Natural Gas Futures Steady in Rangebound Trade -- Market Talk

0957 ET - U.S. natural gas futures inch higher as they continue to trade in a fairly tight range. Spot prices at Henry Hub have averaged $3.11/mmBtu so far in June, providing support for the Nymex front month at the bottom of the recent range, Eli Rubin of EBW Analytics says in a note. Higher temperatures going into July and an expected increase in LNG exports could offer demand-side support, he says. Challenges to "the bullish narrative" include recovering production and the end of pipeline maintenance making more supply available at Henry Hub, he adds. Nymex natural gas is up 0.5% at $3.162/mmBtu. (anthony.harrup@wsj.com)

--

Grain Traders Look Towards Acreage Report -- Market Talk

0929 ET - The USDA's acreage report, due on June 30, is the next major catalyst for grain futures, and the trend has been lower ahead of the report. That could continue until the report is published, says Matt Zeller of StoneX in a note. "There's no real evidence to argue that fund selling is ready to let up," says Zeller, although he adds that the acreage report could potentially provide some surprises. Grain futures happen to be bucking that downward trend this morning, potentially in reaction to hotter weather forecasts in growing areas globally. CBOT corn is up 0.5%, soybeans are flat, and wheat rises 0.6%. (kirk.maltais@wsj.com)

--

Oil Extends Slide As More Ships Cross Strait of Hormuz -- Market Talk

0918 ET - Crude futures are trading at their lowest level since the start of the war as more ships carry oil through the Strait of Hormuz under the U.S.-Iran agreement. President Trump said on Truth Social that Iran told the U.S. that it wasn't seeking or collecting tolls, insurance costs and or any other charges from ships sailing through the Strait. A combination of rising supply and loss of demand could push crude even lower, while U.S. dollar strength compounds the pressure, says Nikos Tzabouras of Tradu. "That said, the market is still headed for a deficit this year and toll-free passage through the Strait of Hormuz is far from guaranteed." WTI is down 2.9% at $71.08 a barrel, and most active Brent is off 2.8% at $74.64. (anthony.harrup@wsj.com)

--

Oil Down 3% After Trump Said Iran Seeks No Tolls From Hormuz Shipping -- Market Talk

1256 GMT - Oil prices extend losses after President Trump said Iran told the U.S. that it wasn't seeking or collecting tolls from ships sailing through the Strait of Hormuz. In afternoon European trade, Brent crude slides 2.8% to $74.62 a barrel, while WTI futures fall 3% to $71.06 a barrel. "No tolls, no insurance costs, & no other charges of any kind being sought or received by Iran on ships traveling the Strait of Hormuz," Trump said in a social-media post on Wednesday. The comment comes as traders grow increasingly optimistic that flows through Hormuz will gradually normalize and supply from major Gulf producers will recover soon. (giulia.petroni@wsj.com)

--

Hormuz Crude Traffic Recovers to About One-Third of Normal Levels So Far in June -- Market Talk

(MORE TO FOLLOW) Dow Jones Newswires

June 24, 2026 11:17 ET (15:17 GMT)