European Gas at Four-Year High on Winter Supply -2-

0933 ET - Oil futures start the week cautiously lower with the market unsure whether the Middle East will see a renewed major conflict between the U.S. and Iran. "At its core, this is a binary outcome: war, or no war, and the market has not resolved which way it falls," Aaron Kildow of Sparta Commodities says in a note. He adds that while stronger flows through the Strait of Hormuz are helping keep a lid on regional differentials "we doubt that Asian buyers are putting cargos into storage, especially at these high price levels." WTI is down 1.2% at $101.99 a barrel and Brent is off 0.8% at $115.81 a barrel. (anthony.harrup@wsj.com)

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GCC Transition to Knowledge-Based Economies Has Not Been Fully Successful -- Market Talk

1355 GMT - The transition by Gulf states from oil and gas dependency to knowledge-based economies has not been fully successful, says Qatar Financial Centre Chief Economist Kamal Naji. During a panel at the World Investment Forum in Doha, he says that the region has seen some success in transitioning but no state can say that it has achieved all of its aims. "Whether or not we can totally wean ourselves off oil and gas is an open question," he adds. (joseph.wilkins@wsj.com)

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Oil Futures Pull Back Amid Middle East Uncertainty -- Market Talk

0933 ET - Oil futures start the week cautiously lower with the market unsure whether the Middle East will see a renewed major conflict between the U.S. and Iran. "At its core, this is a binary outcome: war, or no war, and the market has not resolved which way it falls," Aaron Kildow of Sparta Commodities says in a note. He adds that while stronger flows through the Strait of Hormuz are helping keep a lid on regional differentials "we doubt that Asian buyers are putting cargos into storage, especially at these high price levels." WTI is down 1.2% at $101.99 a barrel and Brent is off 0.8% at $115.81 a barrel. (anthony.harrup@wsj.com)

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U.S. Natural Gas Futures See Further Weather-Driven Losses -- Market Talk

0903 ET - U.S. natural gas futures start the week lower, extending losses ahead of this week's November contract expiration amid a milder outlook for weather-driven demand. "With the November contract about to expire the focus is firmly on December, which is now struggling to hold the $3 level," Gary Cunningham of Tradition Energy says in a note. Gas prices are in a range where their impact on electricity prices is negligible, so power prices are firm and even slightly higher in some regions, he adds. "Once the key fuel becomes this cheap, other factors take over and electricity markets hold their ground." Nymex natural gas for November is down 4% at $2.534/mmBtu.(anthony.harrup@wsj.com)

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Turkey Plans $180 Billion in Energy Investment by 2035 -- Market Talk

1200 GMT - Turkey plans to invest $180 billion in its energy sector by 2035 as it seeks to strengthen energy security and industrial competitiveness, Deputy Trade Minister Mustafa Tuzcu says. Speaking at the World Investment Forum in Doha, Tuzcu says renewable energy accounts for nearly 63% of the country's installed power-generation capacity. Turkey is directing investment toward solar cells, wind-energy systems and other renewable technologies while seeking to diversify energy suppliers, financing sources and industrial partnerships, he says. Rising energy costs and uncertainty surrounding global trade are making it increasingly difficult for developing economies to maintain industrial competitiveness and attract investment, Tuzcu says. (farhan.rafid@wsj.com)

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Coffee, Soybean Prices Slide as Brazilian Real Falls -- Market Talk

1118 GMT - Coffee, soybean and sugar prices fall after President Luiz Inacio Lula da Silva's surprise election victory prompted a selloff in the Brazilian real. Brazil is the world's largest exporter of soybeans, sugar and coffee, analysts at Peak Trading Research note. "A weaker Brazilian real makes Brazilian exports more competitive globally and encourages farmer selling, as producers receive more local currency for their crops," they say. As a result, dollar-denominated contracts for major Brazilian commodities fall. Sugar futures slip 2% to 19.84 cents a pound, while coffee contracts drop 1.7% to trade just above $3 a pound. Soybean contracts drop 1.2% in Chicago to $12.41 a bushel.(josephmichael.stonor@wsj.com)

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High Energy Prices, Fed Rate-Rise Prospects Could Keep Dollar Supported -- Market Talk

1028 GMT - The dollar is likely to remain supported as energy prices stay elevated and the Federal Reserve is likely to keep a restrictive policy stance on Wednesday, ING's Chris Turner says in a note. "The balance of risks suggests that the dollar can probably hold onto its gains." Energy prices remain at their highs, and a further escalation in the Middle East looks more likely than not, he says. High energy prices should keep the Fed and other central banks "hawkish" in favor of tight monetary policy, he says. ING expects the Fed to leave rates on hold Wednesday but to raise rates in December. The DXY dollar index trades steady at 101.826.(renae.dyer@wsj.com)

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Palm Oil Closes Lower as Inventory Concerns Weigh -- Market Talk

1015 GMT - Palm oil prices ended lower, pressured by concerns over elevated Malaysian inventories and expectations for strong October production, while uncertainties surrounding export demand continue to weigh on market sentiment, says David Ng, a trader at Kuala Lumpur-based Iceberg X. Ng expects CPO futures to find support around 4,650 ringgit a ton and face resistance at 4,850 ringgit a ton, with traders closely monitoring soybean oil and crude oil prices for further direction, he adds. The Bursa Malaysia Derivatives contract for January delivery ended 25 ringgit lower at 4,793 ringgit a ton. (jiahui.huang@wsj.com; @ivy_jiahuihuang)

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Tanker Rates for Saudi Crude Rise as Regional Tensions Escalate -- Market Talk

0851 GMT - Escalating attacks by Yemen's Houthi militants against Saudi Arabia are driving up tanker freight rates, adding to already tight shipping capacity in the Persian Gulf, analysts at Rystad Energy say. Continued attacks on vessels in the Red Sea have forced Saudi crude shipments onto longer routes, primarily through the Suez Canal and around the Cape of Good Hope, increasing transportation costs and delivery times. Freight rates for shipments from Saudi Arabia's Yanbu to China's Ningbo via these routes rose to $48 a barrel as of Oct. 22, from $24 in early September, according to Rystad. The increase is widening the gap between Saudi export prices and delivered costs in Asia, squeezing Saudi Aramco's netbacks--the revenue it retains after transportation costs--the analysts say. (giulia.petroni@wsj.com)

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Goldman Sees Refined-Product Tightness Extending Into 2027 -- Market Talk

0845 GMT - Goldman Sachs expects refined-product supply constraints to persist into 2027 as deferred refinery maintenance raises the risk of further disruptions, particularly in Asia, where heavier maintenance in the second quarter could curb diesel and jet fuel exports. In the near term, refined-product markets face mounting pressure from Ukrainian attacks on Russian refineries, uncertainty over potential U.S. diesel export restrictions and rising crude prices. Meanwhile, record crude freight costs are squeezing refinery margins and reducing the availability of product tankers. Goldman analysts say inventories remain low across major trading hubs: in Asia, Chinese gasoline and diesel stocks have fallen 8% and 11%, respectively, from a year earlier, while Singapore's middle-distillate inventories are down 44%. (giulia.petroni@wsj.com)

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Oil Falls Amid Diplomatic Efforts to End Iran War -- Market Talk

0830 GMT - Oil prices fall more than 1% in early European trading as traders weigh diplomatic efforts to end the Iran war against renewed Houthi attacks on Saudi Arabia. The December Brent crude contract, which expires on Friday, falls 1.4% to $115.04 a barrel, while the January contract is down 1.4% to $110.15 a barrel. WTI futures slide 1.9% to $101.27 a barrel. Middle Eastern mediators have been seeking to revive negotiations between Washington and Tehran, though regional tensions remain elevated, with a Saudi-led coalition saying Monday that it intercepted a ballistic missile launched by the Houthis toward Riyadh. Meanwhile, President Trump told Fox News on Sunday that it is getting to be decision time on whether he will make a deal with Tehran or "finish it off." (giulia.petroni@wsj.com)

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Singapore Inflation Outlook May Be Weighed by Indonesia Gas Supply Cut -- Market Talk

0735 GMT - The Monetary Authority of Singapore's latest inflation outlook could be affected by Indonesia's move to cut gas exports to the city-state, Standard Chartered economists say in a note. The reduction represents less than 2% of Singapore's total daily gas demand. MAS has projected core inflation to ease more discernibly from mid-2027, partly because supply-driven imported inflation is expected to slow. "That moderation is now somewhat less assured," the economists say. A prolonged Middle East conflict would keep global fuel prices high, and regional producers are increasingly prioritizing domestic demand. Earlier this month, MAS estimated core inflation to average 1.5%-2.0% in 2026 and 1.5%-2.5% in 2027. (amanda.lee@wsj.com)

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Malaysia Consumer Sector Could See Rising Competition From China -- Market Talk

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October 26, 2026 12:44 ET (16:44 GMT)