U.S. Diesel Climbs New Highs Above $6.50 a Gallon — Commodities Roundup

MARKET MOVEMENTS:

--Brent crude oil is down 2% to $101.80 a barrel.

--European benchmark gas is down 3.7% to 76.58 euros a megawatt-hour.

--Copper futures are up 0.6% to $14,646 a metric ton.

--Gold futures are down 0.9% to $4,385.30 a troy ounce.

TOP STORY:

U.S. Diesel Climbs New Highs Above $6.50 a Gallon

U.S. diesel prices climbed above $6.50 a gallon for the first time on record as the U.S.-Iran war and Ukrainian attacks on Russian refineries continue to squeeze global supplies.

The national average price of diesel hit $6.510 a gallon on Monday, the highest on record, according to the American Automobile Association, or AAA. Prices averaged $3.695 a gallon a year ago.

Diesel is critical for the global economy. It powers the trucks that carry food and manufactured goods, the machinery used in construction and many commercial vessels, while also serving as a source of heating. An extended squeeze can have consequences far beyond fuel markets, raising transportation costs and feeding into higher prices for groceries, construction and home heating.

OTHER STORIES:

Qatar Says It's Ready to Resume LNG Operations Within Weeks of Hormuz Reopening

Qatar could restore normal operations at parts of its liquefied natural gas facilities within weeks of the reopening of the Strait of Hormuz, the Minister of State for Energy Affairs Saad Sherida Al-Kaabi said, even as extensive damage from Iranian attacks is expected to constrain production for years.

Qatar, one of the world's top three LNG exporters before the war alongside the U.S. and Australia, halted LNG production earlier this year following the near-closure of the strait and Iranian attacks on Ras Laffan-the world's largest LNG export hub. The strikes knocked out around 17% of the facility's capacity.

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Oil Prices Fall for Fourth Day as Supply Concerns Ease

Oil prices fell for a fourth consecutive session Monday as improving flows through the Strait of Hormuz and prospects for renewed diplomacy over the Iran conflict eased immediate supply concerns.

Brent crude futures were down 2.8% at $100.95 a barrel, while West Texas Intermediate fell 2.8% to $97.53 a barrel in European trading.

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A Safer Way to Bet on Nuclear

Uranium enrichment-a key step in making nuclear fuel-is a unique corner of the energy market. Only two companies, both in Europe, hold enrichment capacity outside Russia and China. American company Centrus Energy LEU is hoping to disrupt that world order.

Centrus shares rode an AI wave over the last few years, peaking late last year. Since then, its shares have lost steam alongside other nuclear stocks. It is down 67% from its peak. But it looks less speculative than some nuclear plays.

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Capstone Copper to Sell Cozamin Mine to Luca Mining for Up to $385M

Capstone Copper has agreed to sell its copper-silver-zinc-lead mine in Mexico to Luca Mining for up to $385 million, as the company drives to streamline its asset base and deploy capital into higher-margin copper growth projects.

In return for the Cozamin mine in Zacatecas, Capstone will receive $275 million in upfront cash, $15 million in Luca shares and $35 million in deferred consideration. Capstone will also receive up to $60 million in contingent earn-outs tied to future copper prices.

MARKET TALKS:

Aluminum Prices Seen Below $3,000 Next Year -- Market Talk

1144 GMT - Aluminum prices are expected to weaken into next year as the market moves into a surplus, according to Morgan Stanley analysts. The bank expects recovering supply from the Middle East and a ramp-up in Indonesia to outpace relatively soft demand, resulting in a forecasted global surplus of more than 800,000 tons in 2027. It sees prices falling to around $2,800 a ton in the second half of 2027 from $3,200 currently, although it says higher production costs and the potential for aluminum to substitute for copper should limit the downside.(giulia.petroni@wsj.com)

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U.S. Diesel Hits Fresh Record Above $6.50 a Gallon -- Market Talk

1103 GMT - U.S. diesel prices continue to scale new highs, now above $6.50 a gallon as prolonged disruptions to Middle East energy flows and Russian refineries continue to tighten global supplies ahead of winter. The national average price of diesel hit $6.51 a gallon on Monday, the highest on record, according to the American Automobile Association, or AAA. A year ago, prices averaged $3.695 a gallon. (giulia.petroni@wsj.com)

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Cocoa Headed for First Monthly Loss Since February -- Market Talk

0943 GMT - Cocoa prices are on track for the first monthly loss since February as comfortable near-term supplies continue to weigh on the outlook. "Exchange-monitored inventories in both Europe and the U.S. remain relatively ample, while demand recovery has been slow as manufacturers continue efforts to reduce cocoa usage following the period of elevated prices," analysts at ING say. Still, concerns over crop prospects in Ivory Coast and Ghana, and the risk of a strong El Nino continue to support expectations of a supply deficit in the 2026/27 season, according to the analysts. Cocoa futures trade above $5,420 a metric ton, down more than 20% this month. (giulia.petroni@wsj.com)

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Oil Broadly Unchanged as Traders Await U.N. General Assembly -- Market Talk

0924 GMT - Oil prices are largely unchanged in midmorning European trading despite persistent supply disruptions as the focus shifts to the U.N. General Assembly this week. Brent crude is down 1.9% to $101.95 a barrel, while front-month WTI futures fall 1.8% to $98.52 a barrel. "Profit-taking after recent gains, together with hopes for constructive discussions at this week's U.N. General Assembly and the upcoming Trump-Xi meeting, helped improve market sentiment," analysts at ING say. Still, disruptions to Saudi supply due to attacks to its East-West pipeline continue to fuel concerns. "The pipeline could take several weeks to fully restart," the analysts say. "Reduced Saudi supply has tightened the European market, with some North Sea crude grades trading at steep premiums to benchmark prices." (giulia.petroni@wsj.com)

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Saudi Pipeline Damage Likely to Push European Refiners Toward Other Grades -- Market Talk

0910 GMT - European refiners will likely turn to West African, Mexican and Guyanese crude after Saudi Arabia reportedly cancelled October deliveries to Europe following damage to its East-West pipeline, according to Sparta Commodities' Aaron Kildow. However, replacement cargoes are unlikely to arrive before late October or early November. While Mexican and Guyanese crude also suits U.S. East Coast refiners, West African barrels currently offer better value into northwest Europe, meaning U.S. buyers might need to act quickly to secure enough supply, the analyst says. (giulia.petroni@wsj.com)

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London's Miners Open Higher After Oil Prices Ease on Middle East Diplomacy Efforts -- Market Talk

0734 GMT - London's miners open higher as oil prices ease. The gains come despite a small drop in gold prices as traders assess the inflation outlook. Miners are some of the world's largest consumers of diesel and higher prices increase the cost of mining and eat into margins. Oil is falling as diplomatic efforts to end the conflict in the Middle East step up, with President Trump set to meet Gulf leaders on the sidelines of the U.N. General Assembly in New York this week. Anglo American gains 2.1% while BHP's London shares are 1.5% higher. Rio Tinto's shares are up 1%. Copper miner Antofagasta rises 2.3%.(adam.whittaker@wsj.com)

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Copper Rises on Signs of Stronger Chinese Demand, Supply Concerns -- Market Talk

0733 GMT - Copper prices rise on signs of stronger demand from China and broader supply-side concerns. In early European trading, three-month futures on the London Metal Exchange are up 0.3% to $14,611.50 a metric ton, despite last week's interest-rate hike in the U.S., which typically weigh on demand and increase the cost of financing inventories. Copper mine output has been constrained, while inventories in China are at very low levels. Chinese buyers paid a premium of $124 a ton for physical copper over benchmark futures last week, the highest in four years, ANZ analysts say. China's domestic copper production also slipped slightly in August to 1.279 million metric tons. In Chile, meanwhile, the government has warned that copper output is likely to remain weak through the end of the year, reducing hopes for a recovery in the second half, according to ANZ. (giulia.petroni@wsj.com)

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Gold Falls as Focus Remains on Rate Outlook -- Market Talk

0711 GMT - Gold slips as investors weigh inflation risks and the Federal Reserve's monetary policy outlook following last week's rate hike. In early European trading, New York futures are down 0.8% to $4,388 a troy ounce. "Gold remains caught between geopolitical and safe-haven support on one side and restrictive US monetary policy on the other, with the outlook for inflation and the pace of additional Fed hikes likely to remain the key drivers," says Soojin Kim from MUFG. Oil prices are down 2% on Monday on easing concerns over disruptions to Saudi pipeline flows despite attacks by Yemen's Houthi rebels. But growing expectations of a global cycle of interest-rate increases are weighing on gold, as higher rates make the precious metal less attractive relative to interest-bearing assets. (giulia.petroni@wsj.com)

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Oil Slides 2% With Focus on Saudi Flows, Diplomatic Efforts -- Market Talk

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September 21, 2026 09:18 ET (13:18 GMT)