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Oil prices settle 1% lower in volatile trading after US mulls resuming Strait of Hormuz military escorts
US considers restarting escorts for commercial vessels through Strait of Hormuz, WSJ saysAnalysts warn prices could rebound if conflict escalates againIran's oil production likely down by around 400,000 bpd - US energy secretary Chris WrightBrent, WTI futures turn positive in extended trading af...Reuters
Thu, May 7
Energy markets headed into 'troubled waters' amid Iran war, head of IEA says
By Wa Lone and Shariq KhanTORONTO, May 7 (Reuters) - Global energy markets are headed into 'troubled waters' as the Iran war continues to knock out millions of barrels of oil each day, Fatih Birol, head of the International Energy Agency, said on Thursday at a conference in Toronto.His comme...Reuters
Thu, May 7
CBOT corn falls on long liquidation
CHICAGO, May 7 (Reuters) - Chicago Board of Trade corn futures turned lower on Thursday under pressure from long liquidation sparked by falling crude hopes of a truce between the U.S. and Iran.Managed money and speculators had taken long positions on grains earlier in the war. Oil prices swung betwe...Reuters
Thu, May 7
President Lula tells Trump Brazil is open to critical minerals investment
SAO PAULO, May 7 (Reuters) - Brazilian President Luiz Inacio Lula da Silva said on Thursday that he told U.S. President Donald Trump that Brazil is open to sharing its critical mineral potential with investors interested in the country.Lula added at a press conference that he was “very satisfied” wi...Reuters
Thu, May 7
Permian to US Gulf Coast crude pipeline operational after oil spill
By Georgina McCartney and Arathy SomasekharHOUSTON, May 7 (Reuters) - A pipeline that ships crude oil between the Permian basin in West Texas and Houston was fully operational on Thursday after a brief outage due to a leak, operator ONEOK OKE.N said. Traders had received a shipping notice from ONEO...Reuters
Thu, May 7
US natural gas futures rise as storage build lags forecasts, output declines
Weekly storage build below forecasts, EIA reports 63 bcf added versus 74 bcf expectedLower 48 gas output declines as producers like EQT cut production amid low spot pricesLSEG projects higher demand than previously expected, with cooling needs risingBy Scott DiSavino NEW YORK, May 7 (Reuters) - U...Reuters
Thu, May 7
PRECIOUS-Gold gains as US-Iran peace hopes ease inflation concerns
Spot gold hits 2-week high earlier in the sessionChina's gold reserves rise for 18th month in AprilFocus on US employment report due on FridayBy Ashitha Shivaprasad May 7 (Reuters) - Gold rose on Thursday on optimism over a potential U.S.-Iran peace deal, easing concerns about inflation and p...Reuters
Thu, May 7
Crude Oil claws back as Hormuz blockade outlasts deal hopes
Crude Oil markets staged a sharp intraday reversal on Thursday, with WTI futures briefly tagging lows below $90 a barrel before clawing back above $93, while Brent slid toward $95 before recovering to reclaim the $100 handle.
Fxstreet
Thu, May 7
Europe made a mistake by moving away from nuclear power, IEA's Birol says
TORONTO, May 7 (Reuters) - Europe made a mistake when it transitioned away from nuclear power, Fatih Birol, head of the International Energy Agency, said on Thursday at a conference in Toronto, Canada.His comments come as energy prices are surging amid the Iran war and the effective closure of the S...Reuters
Thu, May 7
GRAINS-Grains fall on long liquidation as war premium fades
Hopes of US-Iran deal weigh on agricultural commoditiesRain misses dry areas of US Plains, frost damage minimalBy Heather Schlitz CHICAGO, May 7 (Reuters) - Chicago Board of Trade grain futures fell on Thursday as hopes of a potential truce between the U.S. and Iran sparked selling from managed f...Reuters
Thu, May 7
Barrick contractor to exit Mali, lay off more than 600 people, sources say
GMS issued termination letters to over 600 workers, sources sayBarrick lowered 2026 output targets, person familiar saysExpatriate workers expected to return in Q2, sources sayBy Portia Crowe and Tiemoko DialloDAKAR/BAMAKO, May 7 (Reuters) - The largest contractor at Barrick Mining's Loulo-Gounk...Reuters
Thu, May 7
US Cash Grains-Corn, soy basis mostly steady as CBOT futures slip
CHICAGO, May 7 (Reuters) - Basis bids for corn and soybeans were mostly steady in the U.S. Midwest on Thursday as Chicago Board of Trade corn and soy futures stepped back from recent multi-week highs, discouraging further farmer sales.Among the exceptions to the steady trend, the soybean basis in De...Reuters
Thu, May 7
Argentina mining chamber urges extension to investment incentives
Miners urge extending incentive scheme beyond 2027Scheme seen key to attracting investment in ArgentinaFirms hedge bets ahead of electionsBy Lucila Sigal SAN JUAN, Argentina, May 7 (Reuters) - Argentina’s flagship investment incentive scheme for large projects should be extended beyond its curren...Reuters
Thu, May 7
Pipeline operator Targa forecasts core profit above estimates on boost in gas volumes
Shares up 1.3% Targa to start Delaware Express NGL pipeline expansion in May Major LPG export expansion to come online Q3 2027By Katha KaliaMay 7 (Reuters) - Pipeline operator Targa Resources TRGP.N forecast full-year core profit above analysts' expectations on Thursday, helped by higher transp...Reuters
Thu, May 7
US CDC notifies Texas of two state residents on cruise ship with hantavirus outbreak
May 7 (Reuters) - The U.S. Centers for Disease Control and Prevention has notified the Texas health department that two of the state's residents were passengers on the MV Hondius, a ship that experienced an outbreak of hantavirus while traveling in the Atlantic Ocean.Public health workers in Tex...Reuters
Thu, May 7
Europe Gasoline/Naphtha-Gasoline refining margins slip
LONDON, May 7 (Reuters) - Northwest European gasoline refinery margins fell by about $1.23 on Thursday despite lower stocks as markets reacted to signs of a temporary agreement between the U.S. and Iran to halt the war.A total of 26,250 metric tons of E5 gasoline barges traded in the Argus window as...Reuters
Thu, May 7
EU wheat falls with crude oil, rain relief hopes
PARIS, May 7 (Reuters) - European wheat touched a more than two-month low on Thursday before paring some of its losses, following trends in crude oil prices with additional pressure from welcome rainfall in both the U.S. and Europe.Benchmark September milling wheat BL2U6 on Paris-based Euronext, clo...Reuters
Thu, May 7
US grid operator PJM forecasts sufficient generation for peak demand this summer
May 7 (Reuters) - PJM Interconnection, the largest U.S. power grid operator, said on Thursday that it was prepared to meet peak power demand this summer.PJM added that it was prepared to call on contracted demand response resources to reduce power use during times of high system stress.With energy d...Reuters
Thu, May 7
Strong ex-Gulf crude exports, soft China demand help offset tight supplies, Goldman Says
May 7 (Reuters) - Goldman Sachs said that strong crude exports outside the Gulf and subdued demand from China are helping to partially offset market tightening caused by very low Gulf exports.Goldman Sachs said in a note dated Thursday that 45% of the hit to Persian Gulf crude/condensate exports is ...Reuters
Thu, May 7
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