Latest News Stream - Commodity

Brent crude held below $95 per barrel on Thursday, following a decline of nearly 9% in the previous session that pushed prices to a two-month low. The drop came as a Democratic sweep in the US midterm elections fueled expectations that the Trump administration could face growing pressure to bring the war with Iran to an end. President Donald Trump acknowledged that Republicans suffered losses largely due to the conflict and pointed to rising gasoline prices as a major contributing factor, while indicating no immediate plans to ramp up military strikes against Iran. A Democratic-controlled Congress could limit military funding for operations in the Middle East, with Senate Minority Leader Chuck Schumer vowing to push for an end to the conflict. Meanwhile, crude exports from the Persian Gulf have begun recovering, with supply exceeding near-term demand. Overall, the international oil benchmark has fallen about 16% so far this week.

Silver increased 5% to 52.282 USD/t.oz

Brent crude fell over 8% to settle near $95 a barrel on Wednesday, extending losses for a third consecutive session and hitting a one-month low. Markets are increasingly pricing in an end to the Iran war after the White House linked Republicans’ midterm election losses to the conflict. Washington and Tehran have signaled openness to negotiations, with President Donald Trump telling reporters that Iran wants “to make a deal and that could happen.” Trump also cited gasoline prices as a factor behind the Republican defeat, while Vice President JD Vance blamed the war in a post on X. Qatar continues to mediate talks between the two sides. Trump told the Financial Times that the US had no immediate plans to strike Iran. Meanwhile, Democratic control of Congress could constrain military spending in the Middle East, further raising hopes for a near-term peace deal. Supply dynamics also weighed on prices, renewed Gulf exports pushed Middle Eastern oil availability above near-term demand.

Platinum futures rose above $1,430 an ounce but remained close to their lowest since September 2025, following a Democratic sweep in the US midterm elections. The results could complicate President Trump’s foreign policy agenda and efforts to secure additional funds for the war with Iran. Still, markets continue to price in further monetary tightening as energy costs linked to the Middle East conflict remain elevated and fuel inflation concerns. Higher rates put downward pressure in investment demand for the non-yielding metal. Expensive fuel and costlier auto financing also threaten vehicle sales and could curb demand for platinum in catalytic converters. Automotive demand is expected to decline 4%, partly offset by a projected 5% increase in industrial demand. The World Platinum Investment Council now expects a 265,000-ounce surplus in 2026, as weaker investment demand and softer jewelry consumption weigh on the outlook.

Crude Oil decreased to 88.25 USD/Bbl, the lowest since October 2026. Over the past 4 weeks, Crude Oil lost 1.16%, and in the last 12 months, it increased 48.31%.

Palladium futures rose above $935 an ounce but remained near their lowest level since June 2025, following a Democratic sweep in the US midterm elections. The results could complicate President Trump’s foreign policy agenda and efforts to secure additional funds for the war with Iran. Still, markets continue to price in further monetary tightening as still elevated energy costs linked to the Middle East conflict fuel inflation concerns. Higher rates put downward pressure in investment demand for the non-yielding metal. Meanwhile, the auto sector, which accounts for over 80% of palladium demand, faces pressure from rapid EV adoption, weak vehicle sales and tighter consumer spending amid the conflict. Still, a modest recovery is expected in 2027 amid stable hybrid-catalyst driven demand. Constrained output from Russia, the world's largest palladium producer, offers some support, with Nornickel warning that an overhaul at one of its plants could extend into 2028.

US gasoline futures traded around $2.82 per gallon, holding close to a four-month low as markets weighed diplomatic efforts between Washington and Tehran against persistently tight supplies. Ongoing negotiations helped ease concerns over disruptions to the Strait of Hormuz, with flows reportedly nearing normal levels. US President Trump said he has no immediate plans to strike Iran following a Democratic sweep in the US midterm elections, weighing on prices as the political outcome could complicate the President's foreign policy. However, tight US gasoline inventories remain a concern, with EIA data showing a 222,000-barrel draw in the week ending October 30th. Energy Secretary Wright said the administration is working with refiners to boost output and restart idled facilities, adding that prices peaked in September and should decline further. Still, seasonal refinery maintenance and a shift toward diesel production ahead of winter could constrain gasoline supply.

Brent Oil decreased 5% to 98.421 USD/Bbl

Heating Oil decreased 5.01% to 4.3035 USD/Gal

Brent crude fell more than 8% to below $95 a barrel, extending losses for a third consecutive session and reaching its lowest level in two months. Prices remained under pressure as investors assessed prospects for de-escalation in the US-Israeli conflict with Iran following the Republican Party’s losses in the midterm elections. President Donald Trump said Washington had no immediate plans for further strikes, although he stressed that the US remained prepared to act if necessary. Meanwhile, diplomatic efforts led by Qatar and Pakistan continued, with Qatari officials expecting responses from both sides on proposals to resolve the conflict, despite reports that negotiations remain far from an agreement. Supply dynamics also weighed on prices, as renewed Gulf exports pushed Middle Eastern oil availability above near-term demand for the first time since July. In the US, however, crude inventories fell by 865,000 barrels last week, marking their fifth consecutive weekly decline.

Silver climbed more than 4% to $52 an ounce on Wednesday, as the US dollar slumped following a sweeping Democratic victory in the midterm elections. The result, which gave Democrats control of both chambers of Congress, pushed the dollar to a more than one-month low as investors weighed the potential impact of tighter AI regulation on economic growth. Meanwhile, persistent inflationary concerns and elevated oil prices amid the ongoing US-Israeli war on Iran continued to shape market sentiment. Investors also looked ahead to Friday’s US nonfarm payrolls report for further clues on the Federal Reserve’s policy outlook, following its decision to leave interest rates unchanged in October. Markets currently price in a 79% probability of a rate hike in December, according to the CME FedWatch Tool.