Oil Prices Fall as Traders Weigh Russia Sanctions Waiver, Middle East Risks — Commodities Roundup

MARKET MOVEMENTS:

--Brent crude oil is down 1.5% at $108.25 a barrel.

--European benchmark gas is up 0.7% at 88.21 euros a megawatt-hour.

--Copper futures are down 0.3% at $14,317 a metric ton.

--Gold futures are down 0.4% at $4,163.90 a troy ounce.

TOP STORY:

Oil Prices Fall as Traders Weigh Russia Sanctions Waiver, Middle East Risks

Oil prices fell Monday, pulling back after Friday's gains as traders weighed a U.S. decision to waive newly imposed sanctions on Russia against persistent Middle East supply risks.

December Brent crude futures fell 1.0% to $108.72 a barrel, while December West Texas Intermediate futures dropped 0.6% to $98.40 a barrel.

OTHER STORIES:

CME Group to Offer Tungsten Futures Amid Rising Demand for Critical Minerals

CME Group said it would offer tungsten futures as it sees growing demand for critical minerals.

The derivatives marketplace said Monday that trading for tungsten futures would start by early in the first quarter of 2027, pending regulatory reviews.

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Expand Energy Names Daniel Brown as Next President, CEO

Expand Energy hired Daniel Brown as the natural-gas producer's new president and chief executive, effective Oct. 26.

Brown joins the Spring, Texas, company from Chord Energy, where he had been president and CEO since July 2024, Expand said Monday.

MARKET TALKS:

U.S. Natural Gas Futures Turn Lower -- Market Talk

1107 ET - U.S. natural gas futures give up early gains and move lower, adding to Friday's losses. "While tightening storage comparisons and stronger export demand provide underlying support, inventories remain relatively comfortable heading into winter," Andy Huenefeld of Pinebrook Energy Advisors says in a note. Near-term weather forecasts suggest below-normal heating needs, he adds. "A meaningful shift in the weather outlook may be necessary to establish a more durable rally." Nymex natural gas is off 1.2% at $3.078/mmBtu. (anthony.harrup@wsj.com)

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Cattle Inches Lower to Open Week -- Market Talk

1036 ET - Live cattle futures are down in early trading, inching lower as beef prices slide. The futures contract continues to take its cues from the USDA's boxed beef prices, says AgResource in a note. "Boxed beef was slightly lower last week, with choice down $1.04 [per hundredweight] and select down $1.25 [per hundredweight]," says AgResource in its note. In an interview with CNBC, NEC director Kevin Hassett says that beef prices were shown as dropping for the fourth month in a row in the last CPI report from the Labor Department. Live cattle futures slip 0.2%, while lean hog futures rise 0.1%. (kirk.maltais@wsj.com)

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USDA Details More Chinese Grain Buying -- Market Talk

0954 ET - The USDA has announced new flash sales of grain exports to start the week. In its latest notice, the USDA says that 114,000 metric tons of soybeans were sold for delivery to China in the 2026/27 marketing year. An additional 261,000 tons of soybeans were listed as sold to unknown destinations for 2026/27 delivery. 'Unknown destinations' is often another moniker for sales to China, although not necessarily the case. The notice continues a streak of sales announcements to China that began last week. Early in trading, CBOT soybean futures slide 0.3%, while corn is down 0.4% and wheat falls 0.1%. (kirk.maltais@wsj.com)

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USDA Details More Chinese Grain Buying -- Market Talk

0954 ET - The USDA has announced new flash sales of grain exports to start the week. In its latest notice, the USDA says that 114,000 metric tons of soybeans were sold for delivery to China in the 2026/27 marketing year. An additional 261,000 tons of soybeans were listed as sold to unknown destinations for 2026/27 delivery. 'Unknown destinations' is often another moniker for sales to China, although not necessarily the case. The notice continues a streak of sales announcements to China that began last week. Early in trading, CBOT soybean futures slide 0.3%, while corn is down 0.4% and wheat falls 0.1%. (kirk.maltais@wsj.com)

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Americas Gold & Silver's Galena Lags Consensus as Mine Ramps Up -- Market Talk

0912 ET--Americas Gold & Silver's 3Q production in at its Idaho mine Galena was below forecasts as the company continues to focus on debottlenecking activities and waste development for the ongoing ramp up, says TD Cowen's Wayne Lam. "Q3 output was below consensus on continued ramp up at Galena, offset by stronger production from Cosala driven by higher grades from the heart of the EC120 Zone," Lam says. The analyst says this ramp-up at Galena will continue to be an ongoing theme. "FY guidance was reiterated and we continue to view focus on ramp up execution ahead," Lam adds. (adriano.marchese@wsj.com)

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

0912 ET - U.S. natural gas futures start the week higher, continuing their recent pattern of alternating gains and losses from one day to the next. "Domestic demand is falling into seasonal norms with overnight heating demands in the Northeast in the high teens, while power and industrial sector consumption remains relatively strong on a combination of electrification demands and lingering heat in some areas," Gary Cunningham of Tradition Energy says in a note. Steady supply is met with strong LNG feedgas flows and pipeline exports to Mexico, which together take up about 25% of supply, he adds. Nymex natural gas is up 1.4% at $3.158/mmBtu. (anthony.harrup@wsj.com)

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BP's Deleveraging Efforts Get Market Approval -- Market Talk

1214 GMT - Investors are rewarding BP's deleveraging strategy after windfall earnings helped cut net debt, Jefferies analyst Mark Wilson writes. The British energy major's planned strategy and outlook update will help shift the narrative away from asset disposals toward growth and shareholder returns, he says. Shares trade 0.15% higher at 614.90 pence.(adam.whittaker@wsj.com)

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Palm Oil Prices End Lower as Softer Crude Oil Prices Weigh -- Market Talk

1016 GMT - Palm oil prices closed lower, weighed by softer crude oil prices and concerns over elevated Malaysian inventories, despite support from firmer Dalian vegetable oils and expectations for stronger Indian demand ahead of Diwali, says David Ng, a trader at Kuala Lumpur-based Iceberg X. Looking ahead, improving export demand could help cushion further downside, although high domestic stocks might continue to limit any meaningful recovery, he adds. The Bursa Malaysia Derivatives contract for December delivery fell 3 ringgit to 4,766 ringgit a ton.(jiahui.huang@wsj.com; @ivy_jiahuihuang)

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Hormuz Oil Flows Are 41% Below Prewar Levels, Kpler Says -- Market Talk

0849 GMT - Oil flows through the Strait of Hormuz remain below prewar levels, according to the latest Kpler data. Confirmed flows totaled 9.87 million barrels a day on Saturday, while the seven-day average of 10.17 million barrels a day was 41% below its prewar baseline. Alternative export routes have partly offset the shortfall. Combined flows including Gulf of Oman terminals and Red Sea shipments averaged 19.04 million barrels a day over seven days, 19% below the baseline. Loadings at Fujairah and Oman terminals, along with Red Sea volumes, exceeded prewar levels, Kpler says. (giulia.petroni@wsj.com)

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Gold Rises Amid Falling Oil Prices -- Market Talk

0751 GMT - Gold prices rise in early European trading, supported by falling oil prices and as traders assess the U.S. interest-rate outlook for this year. "The market remains caught in a tug of war between short-term selling pressure from macro-focused traders and demand from less interest-rate-sensitive investors seeking a safe haven amid multiple geopolitical and fiscal tensions," analysts at Saxo Bank say. According to CME Group's FedWatch tool, traders see only a 15% chance of a rate hike this month, while for December they see a nearly 89% probability. New York gold futures are up 0.5% to $4,203.30 a troy ounce. (giulia.petroni@wsj.com)

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European Gas Prices High on Storage Concerns -- Market Talk

0745 GMT - European natural-gas prices remain elevated as concerns over storage levels raise questions about the region's preparedness for winter. In early trading, the benchmark Dutch TTF contract is up 1.2% to 88.60 euros a megawatt-hour, taking its monthly gains to more than 11%. According to industry group Gas Infrastructure Europe, EU gas inventories are approximately 74% full, well below the historical average for this time of year. The situation is particularly concerning in Germany, where storage facilities are only 61% full ahead of the Nov. 1 deadline for inventories to reach at least 80%. Persistently low stock levels could increase competition for available supplies as heating consumption rises during colder months, leaving the European market more vulnerable if supply constraints intensify or demand exceeds expectations. (giulia.petroni@wsj.com)

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Palm Oil Rises Amid Cautiously Bullish Sentiment -- Market Talk

0306 GMT - Palm oil rises amid cautiously bullish sentiment, says AmInvestment Bank in a note. Technical indicators suggest CPO futures retain an upward bias, but elevated Malaysian palm oil inventories and mixed trends in competing vegetable oil and energy markets could keep CPO futures consolidating intraday near resistance levels, it adds. AmInvestment Bank pegs resistance at 4,809 ringgit a ton and support at 4,725 ringgit a ton. The Bursa Malaysia Derivatives contract for January delivery is up 22 ringgit at 4,791 ringgit a ton. (yingxian.wong@wsj.com)

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Iron Ore Rises as Squeezed Mining Margins May Limit Further Losses -- Market Talk

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October 19, 2026 11:39 ET (15:39 GMT)

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