Diesel Prices Hold High Despite Efforts to Boost Global Supplies — Commodities Roundup

MARKET MOVEMENTS:

--Brent crude oil is up 2.1% at $108.17 a barrel.

--European benchmark gas is up 0.8% at 88.21 euros a megawatt-hour.

--Copper futures are up 0.5% at $14,384.50 a metric ton.

--Gold futures are up 0.4% at $4,186.20 a troy ounce.

TOP STORY:

Diesel Prices Hold High Despite Efforts to Boost Global Supplies -- Analysis

Diesel prices remain stubbornly high as inventories sit near historically low levels, despite efforts to ease pressure on refined-fuel markets through emergency stock releases or the easing of restrictions on Russian exports.

Wholesale diesel benchmarks in the U.S. and Europe have more than doubled year to date. New York Harbor distillate crack spreads, a key measure of U.S. diesel refining margins, are holding above $100 a barrel, while ICE gasoil crack spreads, the European equivalent, have retreated from recent highs but remain elevated at $78.77 a barrel.

The problem isn't simply expensive crude, but a shortage of refined products.

OTHER STORIES:

See the States Where High Gas Prices Are Hurting the Most

Energy prices are up all over the U.S., but the surge is hitting some regions harder than others. And that impact could affect next month's midterm elections.

Rising fuel costs tied to the Iran war are the main driver of inflation, which rose to 3.7% in September. But the national average masks wide differences from state to state. In Wyoming, the typical household has spent an extra $975 on gasoline this year because of the Iran war, according to estimates from Brown University's Climate Solutions Lab. In Oregon, the additional burden was just $339.

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EverWind Outlines C$10B Nova Scotia AI Data Center, Wind-Power Portfolio Plan

Canadian clean-energy developer EverWind is planning to invest 10 billion Canadian dollars (US$7.05 billion) to build an artificial-intelligence data-center campus and power assets in Nova Scotia.

The planned investment is set to include over C$8 billion to drive development, construction, and financing for the Point Tupper campus, alongside C$2 billion to advance EverWind's Nova Scotia onshore wind portfolio.

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Oil Slips as Traders Weigh IEA Reserve Releases, Hormuz Risks -- Update

Oil prices fell Friday as traders weighed plans to accelerate emergency oil-stock releases against persistent Middle East supply risks and uncertainty over shipping through the Strait of Hormuz.

December Brent crude futures were a touch lower at $105.82, while December West Texas Intermediate futures dropped 0.8% to $95.75 a barrel.

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Gas Exporter Venture Global Wants to Get In on AI Power Boom

Natural-gas exporter Venture Global VG is joining the race to provide power to the artificial-intelligence boom, aiming to build gas-fired generation at its facilities to supply electricity to data centers.

Venture Global said it has entered into agreements with GE Vernova GEV and Baker Hughes Energy Services to procure equipment for on-site power plants, including turbines and transformers, which have been in high demand. The deals will allow Venture Global over time to make up to 10 gigawatts of computing capacity available at sites the company owns or controls.

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Ithaca Energy CEO Luciano Vasques to Step Down

Ithaca Energy said it has begun the search for a new chief executive officer after Luciano Vasques informed the board he plans to retire from the company by the end of March next year.

Vasques joined the U.K.-listed energy company, which was recently promoted to the FTSE 100 index, as CEO in October 2024. He previously led Eni's U.K. oil and gas business, which was combined with Ithaca's North Sea assets.

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U.S. Corn Export Sales Hit High End of Forecasts

Export sales of U.S. corn landed on the high side of analyst forecasts for the week ended Oct. 8, according to the latest report from the Department of Agriculture.

In its latest weekly export sales report published Friday, the USDA said that corn sales for delivery in the 2026-27 marketing year totaled 1.12 million metric tons. Soybean sales for 2026-27 totaled 574,900 tons, and wheat sales were 319,900 tons.

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Singapore Palm Oil Stocks Fall as City-State Grapples With Worst Haze in Over a Decade

Singapore has been smothered by the worst haze in over a decade, prompting the government to vow to identify the firms responsible for Indonesian forest fires causing the toxic fumes. That weighed on shares of several Singapore-listed palm oil companies Friday.

Air pollution in the city-state reached levels the government classified as "very unhealthy," as a toxic fog shrouded buildings and halted some outdoor activities. Singapore's government has rolled out measures to help the public deal with the haze, such as handing out masks, setting up shelters protected from the fumes, and closing some outdoor sporting facilities.

MARKET TALKS:

Higher Oil Prices Lift Purchasing Power in Canada for Some -- Market Talk

1024 ET - Elevated oil prices boosted Canada's purchasing power but the gains are uneven across the country, Royal Bank of Canada says. Real gross domestic income expanded 3.1% on-year in 2Q, nearly triple the pace of real GDP growth after a 46% surge in oil added about C$12 billion a quarter to export revenue. Royal Bank says oil producers and resource-rich provinces are capturing a disproportionate share of the initial windfall, while most households face higher costs without offsetting income gains. This complicates monetary policy, since the Bank of Canada controls only one interest rate for the entire country, Royal Bank adds. (robb.stewart@wsj.com; @RobbMStewart)

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Evidence of Chinese Buying Doesn't Lift Soybeans -- Market Talk

1019 ET - The USDA this week announced multiple export sales of U.S. soybeans to China, including a new flash sale of 558,000 tons announced today. An additional 236,000 tons of soybeans sold to "unknown destinations" were also reported. "Unknown destinations" is an alternative moniker that's often used for Chinese buyers, although not necessarily the case. But CBOT soybeans are lower, as China's return to buying U.S. soybeans was at least partially expected, says Joe Davis of Futures International in a note. "The recent demand therefore provides support but has not yet been sufficient to offset harvest pressure." Soybeans fall 0.7%, while corn is off 0.7% and wheat slides 1.2%. (kirk.maltais@wsj.com)

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Crude Futures Steady As Conflicts Keep Sellers At Bay -- Market Talk

1001 ET - Oil futures are steady in early U.S. trading with continuing strikes in the Middle East, and the absence of a Russia-Ukraine energy ceasefire keeping prices afloat while traders consider the IEA's plan to accelerate the release of 100 million barrels of emergency stocks, part of previously agreed supply. Unrest in the Middle East is the main driver and traders maintain a "buy the price breaks type trade," Dennis Kissler of BOK Financial says in a note. Front-month WTI is up 0.2% at $98.18 a barrel, and Brent is up 0.1% at $106.02 a barrel. (anthony.harrup@wsj.com)

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Cattle Climbs Even as Cutout Prices Sink -- Market Talk

0959 ET - Live cattle futures on the CME are up 0.2% to nearly $2.28 a pound. Firm trade is expected today, says AgResource in a note--and that's even though boxed beef prices were lower overnight. "The choice cutout value gave back much of its early-week gains," says the firm, adding that select cutouts also turned negative for the week yesterday. Cattle futures are back to their highest level since early August, with further gains potentially signaling a bigger rally, says AgResource. Lean hog futures are up 1%. (kirk.maltais@wsj.com)

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U.S. Natural Gas Futures Fall in Early Trading -- Market Talk

0910 ET - U.S. natural gas futures are sharply lower despite a cold snap in the Northeast that's likely to lift near-term heating demand, and rising LNG feedgas flows. "The selling started with Asian traders trimming back longs overnight but volumes have been somewhat limited so far, so this doesn't look like a move towards a bearish overall position," Gary Cunningham of Tradition Energy says in a note. "Supplies remain stable, up slightly from last week with the return of Gulf production, but we are seeing some reports of slightly lower flows in from Canada." Nymex natural gas is off 4.6% at $3.087/mmBtu.(anthony.harrup@wsj.com)

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Palm Oil Rises on Stronger Rival Edible Oils -- Market Talk

1019 GMT - Palm oil ended higher in Asian trading. Prices were likely supported by strength in rival edible oils and optimism over stronger early-October export demand, Kenanga Futures writes in a note. However, concerns about abundant tropical oil supply ahead of the weekend might have capped gains, it says. The Bursa Malaysia Derivatives contract for January delivery rose 44 ringgit to 4,769 ringgit a ton. (kimberley.kao@wsj.com)

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Oil Futures Ease But Remain on Track for Weekly Gains -- Market Talk

0835 GMT - Oil prices fall in early European trading but remain on track for weekly gains. Traders are weighing supply risks from continued attacks on shipping in the Middle East against the release of emergency oil reserves by the International Energy Agency. Brent crude falls 0.9% to $105 a barrel, while WTI declines 1% to $96.95 a barrel. For the week, Brent is up 0.3%, while WTI has gained 5.5%. "Uncertainty in the Middle East and concerns over the sustainability of oil flows through the Strait of Hormuz has the market pricing in a significant risk premium," according to ING. Meanwhile, the scale of the IEA's planned diesel release could disappoint the U.S., raising the prospect that the administration could again consider restricting diesel exports to bolster domestic supplies, analysts at the firm say. (giulia.petroni@wsj.com)

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Oil's $100 Rally May Be Short-Lived as Supply Concerns Ease -- Market Talk

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October 16, 2026 12:41 ET (16:41 GMT)

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