Commodity news — oil, gold, metals, and supply-chain shifts — and the ripple to energy, mining, and materials stocks.
Timeline
What happened in Commodities
Q2 2026
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Oil crashes on Iran peace, dollar hits gold, chips mixed
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Oil prices crash on Strait of Hormuz reopening The US-Iran peace deal reopened the Strait of Hormuz, bringing back millions of barrels of oil and sending prices to multi-month lows. This hurt oil majors: Exxon and Chevron's expensive acquisitions looked strained, Shell paused a $3.5B buyback, and producers plus oilfield services faced shrinking profits.
This was the dominant force driving oil stocks and the energy sector down.
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Hawkish Fed lifts dollar, crushing gold and silver A hawkish Fed pushed the dollar to a 13-month high, which crushed gold and silver prices. It also threatened debt-financed AI data center growth, as higher borrowing costs could slow expansion.
This monetary shift hit precious metals and raised concerns for AI infrastructure spending.
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Memory chip turmoil: selloff then price hikes Memory chips sold off on SK Hynix's slowdown, but AI-driven shortages later let Micron and Samsung raise prices. This drew an antitrust suit and forced Apple, Sony and Nintendo to hike device prices.
This shows the mixed impact on chipmakers and device makers from AI demand and supply constraints.
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China rare earth curbs threaten supply chains but boost non-Chinese suppliers China's rare earth export curbs threatened global supply chains, but boosted non-Chinese suppliers who could fill the gap. This created winners and losers across the sector.
This geopolitical move had a mixed effect on rare earth stocks and supply chains.
Q3 2026
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War reopens, oil spikes, inflation forces rate hikes, tech sinks
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Oil and gas surge on renewed US-Iran war The US-Iran war kept the Strait of Hormuz largely closed, pushing Brent above $100 and diesel to record highs. Oil producers, refiners, defense stocks, and gold miners benefited, while LNG doubled and grain risk rose.
This is the central new event driving commodities and related stocks this quarter.
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Oil-driven inflation forces global rate hikes Oil-driven inflation forced the Fed, ECB, and BOJ to hike rates, sending the US 10-year yield above 5% and pressuring real estate and tech. Higher borrowing costs threaten debt-financed growth.
This is the key monetary policy shift caused by the oil spike, affecting many sectors.
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Tech and chips enter bear market, but AI memory booms Tech and chip stocks entered a bear market, with the SOX down over 23%. Yet AI memory 'chipflation' delivered record results for Micron, SK Hynix, and Samsung while squeezing Apple and Nvidia.
This shows the stark divergence within tech, a major theme this quarter.
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High fuel costs hit transport and consumers Airlines, truckers, retailers, and consumers faced heavy fuel costs, squeezing profits and spending. This broad economic burden weighed on sectors dependent on fuel.
This highlights the widespread negative impact of high oil prices on the economy.
Latest
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War Escalation and China Export Halt Tighten Oil; Micron's AI Boom Rolls On
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Iran rejects US deal, war escalation keeps oil supply at risk Iran refused to reopen the Strait of Hormuz and warned of a 'doomsday war'; Trump rejected its offer and may resume bombing after November midterms. Brent jumped past $106. This keeps oil producers like Chevron and Exxon supported, but fuel costs stay high for airlines and consumers.
This is the core geopolitical driver of oil prices and directly affects energy stocks and fuel consumers.
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US sends third carrier, China halts oil exports, OPEC+ holds output The US is deploying a third aircraft carrier and 10,000 troops to the Middle East, while China suspended October oil exports and OPEC+ kept its November target unchanged despite output running 5 million barrels a day below pre-war levels. This tightens global supply, lifting oil and refined product prices.
These new supply restrictions and military moves intensify the oil shortage, pushing energy prices higher.
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US 10-year yield tops 5% on fiscal crisis fears The US 10-year Treasury yield breached 5% as debt passed $40 trillion and $8.4 trillion must be rolled over, with heavy corporate bond issuance competing for cash. This raises borrowing costs worldwide, pressuring rate-sensitive sectors like real estate and tech, while supporting banks and the dollar.
This is a major new macro force that affects all asset classes and the cost of capital for companies.
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Micron's blowout earnings confirm AI memory boom Micron reported Q4 revenue up 4.8x and net profit up 12x, with strong guidance and $32 billion in customer commitments. The AI memory shortage persists beyond 2027, boosting memory makers like Micron and SK Hynix, but squeezing device makers like Apple and Nvidia with higher costs.
This is a new earnings report that reinforces the ongoing AI memory shortage and its impact on tech supply chains.
LatestCommodities
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Commodities
Venture Global Targets 500-518 LNG Cargoes in 2026 as Global Demand Firms
Venture Global expects to export 500 to 518 LNG cargoes in 2026, with 91% of expected volumes already contracted, as the company positions itself to benefit from rising global demand for liquefied natural gas. The company said LNG imports into China, Japan and India have recovered despite elevated prices, while tighter European inventories are expected to support seasonal demand. Plaquemines Phase I is targeted to reach commercial operation date in the fourth quarter, while CP2 is on schedule for first LNG in the second half of 2027. U.S. LNG exports are expected to rise from 15.1 billion cubic feet per day in 2025 to 17.4 Bcf/d in 2026 and 18.6 Bcf/d in 2027, according to the U.S. Energy Information Administration. Venture Global shares have declined 5.9% over the past year against the industry's 13.3% growth, and the stock trades at a trailing 12-month enterprise-value-to-EBITDA of 9.98X versus the broader industry average of 10.65X.
Sintana Energy transfers PEL 90 stake to Chevron affiliate for $11M upfront
Sintana Energy's Namibian affiliate Trago Energy has agreed to transfer its entire 10% participating interest in Petroleum Exploration Licence 90 to Harmattan Energy Limited, an affiliate of Chevron, for US$11 million in cash upon completion. Sintana holds an indirect 49% interest in Trago, and the agreement also provides for additional contingent consideration tied to appraisal and production milestones, including revenues from potential commercial production currently estimated at between 1.5 million and 2.5 million barrels of oil. CEO Robert Bose said the deal removes Trago from the PEL 90 joint venture, eliminating capital obligations that could reach $15 million per exploration well and as much as $500 million if the project moved into development with an uncarried 10% interest, while preserving exposure to milestones such as appraisal plan approval and first oil. Attention now turns to the Nabba 1-X exploration well on PEL 90, expected in December, which will test the prospectivity of Namibia's Orange Basin near the Mopane and Venus discoveries. Bose also noted that Total is set to begin a three-well campaign on PEL 83 in the fourth quarter, with Equinor having recently farmed into PEL 90.
SEI.LSE · Capital · Positive Sintana's Trago affiliate transfers its 10% PEL 90 stake for $11M upfront plus contingent milestone payments, removing up to $500M in future capital obligations.
CVX · Capital · Positive Chevron affiliate Harmattan Energy acquires Trago's 10% interest in PEL 90, expanding Chevron's Namibian Orange Basin position.
Trago Energy · Capital · Positive Trago Energy transfers its entire 10% PEL 90 interest for $11M cash plus contingent consideration, eliminating its capital obligations.
Harmattan Energy Limited · Capital · Positive Harmattan Energy, a Chevron affiliate, is the buyer acquiring the 10% participating interest in PEL 90.
Gold Rebounds as Investors Raise Odds to 78.4% for Fed Rate Hold in October After Weak Jobs Data
Gold prices rebounded today after weak employment figures eased investors' concerns about interest rate hikes by the US Federal Reserve. As of 9:37 pm Thailand time, spot gold rose 0.43 dollars, or 0.01%, to 4,140.10 dollars per ounce, while COMEX December gold futures gained 7.00 dollars, or 0.17%, to 4,169.30 dollars per ounce. Investors increased their bets that the Fed will hold rates steady at its October meeting after the US Labor Department reported that nonfarm payrolls rose by only 29,000 in September, below analysts' forecast of 89,000, while the unemployment rate rose to 4.2%, against expectations that it would remain steady at 4.1%. The latest CME Group FedWatch Tool indicates that investors now assign a 78.4% probability to the Fed holding rates at 3.75-4.00% in October, up from just 29.1% a week earlier, and a 21.6% probability to a 0.25% rate hike to 4.00-4.25%, down from as much as 70.9% previously. However, gold's gains were capped by a stronger dollar, while investors await the minutes of the Fed's September monetary policy meeting, due for release on Wednesday.
GOLD · Monetary · Positive Weak September jobs data (29k vs 89k forecast) raised odds of a Fed rate hold to 78.4%, easing rate-hike concerns and lifting gold prices.
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Commodities▲
Equinor Seen Gaining From Brent Above $100 as Output Rises
Equinor ASA stands to benefit from elevated Brent crude prices as its expanding production base increases exposure to stronger crude realizations. Brent is trading above $100 per barrel amid Middle East supply disruptions and falling global inventories, with disruptions in the Strait of Hormuz restricting regional energy exports. Equinor's upstream portfolio is supported by production growth from assets including Johan Castberg, Eirin, Symra and Bacalhau, and its low breakeven after a dividend of about $50 per barrel supports strong cash generation even if Brent retreats. The U.S. Energy Information Administration forecasts Brent to average around $90 per barrel in the second half of 2026. Shell plc saw its second-quarter 2026 upstream adjusted earnings rise as its realized liquids price increased to $89 per barrel from $72 in the prior quarter, while TotalEnergies SE said an $8-per-barrel increase in Brent was enough to offset the expected 2026 cash-flow impact from affected assets in Iraq, Qatar and the United Arab Emirates. Equinor shares have gained 67.7% over the past year against the industry's 115.7% growth, and the stock trades at a trailing 12-month EV/EBITDA of 2.2X versus the industry average of 5.94X.
EQNR · Supply · Positive Brent above $100 on Middle East supply disruptions and falling inventories boosts Equinor's crude realizations as its production base expands.
SHEL.LSE · Supply · Positive Shell's Q2 2026 upstream adjusted earnings rose as realized liquids price climbed to $89/bbl from $72 on higher Brent.
TTE.PA · Supply · Positive TotalEnergies said an $8/bbl Brent increase offsets the 2026 cash-flow hit from affected Iraq, Qatar and UAE assets.
ConocoPhillips Signs 20-Year LNG Supply Deal With Venture Global
ConocoPhillips has signed a long-term agreement with Venture Global to purchase 1 million tons of liquefied natural gas per year, with deliveries beginning in 2030 and running for 20 years. Venture Global said it looks forward to supporting ConocoPhillips in expanding its global LNG portfolio. ConocoPhillips expects LNG demand to double by 2050 and is building its LNG portfolio toward a targeted 10-15 million tons per annum. In the second quarter, the company's Qatar LNG operations were affected by the conflict in the Middle East, with the Ras Laffan plant largely shut down, though ConocoPhillips said the NFE and NFS projects in Qatar were progressing well despite the conflict.
Energy Transition & Power Demand › Natural Gas Value Chain ▲Supply
Energy Transition & Power Demand › Firm Power & Transition Fuels ▲Supply
COP · Demand · Positive ConocoPhillips signed a 20-year deal to buy 1 million tons/year of LNG, expanding its global LNG portfolio toward a 10-15 Mtpa target.
VG · Demand · Positive Venture Global secured a 20-year, 1 Mtpa LNG supply agreement with ConocoPhillips starting in 2030.
NATGAS · Demand · Positive A new 20-year, 1 Mtpa LNG offtake agreement adds long-term demand for natural gas.
Pan American Silver Plans $40-$43 Million 2026 Timmins Capital, $146 Million Camp Project
Pan American Silver Corp. estimates 2026 project capital of $40-$43 million for its Timmins operation in Ontario, where it expects to produce 105.5-115 thousand ounces of gold at an estimated AISC of $2,575-$2,675 per ounce. The Timmins operations consist of the Timmins West and Bell Creek underground gold mines, which supply ore to the Bell Creek processing plant with a design capacity of 5,600 tons per day and current throughput of 4,400 tons per day. Timmins produced 103.6 thousand ounces of gold in 2025 at an AISC of $2,443 per ounce, and the company plans to drill 118,000 meters at Timmins in 2026. In June 2026, Pan American Silver identified mineral resources at the Bell Creek mine and satellite deposits, and it is proceeding with a conceptual plan for phased development of these new resources. The company has commenced the first phase of the Timmins Camp Project following board approval and a total investment of $146 million.
PAAS · Capital · Positive Pan American Silver details 2026 Timmins capital spending of $40-$43M and a $146M Timmins Camp Project investment, advancing phased development of new resources.
Eni Extends 20% Fuel Discount to Agriculture and Fishing Sectors
Eni S.p.A. announced an extension of fuel price discounts to the agricultural and fishing sectors as part of its "Eni for Italy" initiative, offering a discounted rate of 20% net of VAT for customers purchasing agricultural and fishing diesel and gasoline through its Enilive business. The discounted prices will remain until the end of the month, and based on the market scenario and product availability, the discounts may be extended till the end of this year. The move follows Eni's earlier offer of a 30% discount on electricity and natural gas rates to Italian households through its retail wing, Plenitude, and its prior price cap on diesel and gasoline at participating Enilive fuel stations, under which diesel was capped at €2.19 per litre and petrol at €1.99 per litre. Eni said the measure is intended to support the agricultural and fishing sectors, both of which are highly sensitive to changes in energy and fuel costs, and to demonstrate further solidarity with the country while helping the government ease the burden of higher energy costs on Italian consumers. Eni currently carries a Zacks Rank #1 (Strong Buy).
Magnolia Oil & Gas Targets 4-5% Growth After WildFire Deal
Magnolia Oil & Gas Corporation said its WildFire Energy acquisition is progressing smoothly and will support 4% to 5% annual organic growth in both oil and total production across the combined Eagle Ford and Austin Chalk portfolio. The company expects more than $100 million of annual run-rate synergies from the deal, with at least one-third realized by year-end 2026, while keeping drilling and completion capital reinvestment below 55% of adjusted EBITDAX. Magnolia has already sold non-core Dimmit and Zavala county properties for $47.5 million and received 616 net acres in Gonzales County, lifting its average operated working interest in the contiguous Karnes position to 98%. The company ended the third quarter with approximately $1.9 billion of net debt, putting leverage below 1.0x net debt to 2027E EBITDA at current strip prices, more than a year ahead of its original deleveraging timetable, and it repurchased about 2.3 million shares in the quarter, leaving roughly 267 million shares outstanding. For the fourth quarter, Magnolia guides production of 159 to 161 Mboe/d with oil at 49% to 50% of volumes and D&C capital spending of about $235 million, while for 2027 it projects oil and total production up 4% to 5% from a second-quarter 2026 pro forma base of roughly 78 Mbod of oil and 158 Mboe/d of total production, with D&C capital spending of $900 million to $950 million.
Oil in Focus as Hormuz Shipping Stalls, WTO Crude at $90
Oil prices remain in focus as the war in Iran has widened into a proxy fight between the Saudi-backed Yemen government and the Iran-backed Houthis, with barely any oil tankers moving through the Strait of Hormuz, though WTO spot oil prices sit at $90 per barrel and Brent crude at $102 per barrel. Trading opens a breather week between last week's jobs and PCE inflation reports and next week's unofficial start of Q3 earnings season, with pre-market futures turning lower, spot oil relatively muted at sustained higher levels, and bond yields flattish but elevated. September S&P Services PMI and ISM Services are due after the opening bell, with ISM expected to dip slightly to 55 from 55.4, both indexes still well above the 50 growth line. This week also brings August Consumer Credit on Wednesday ahead of the preliminary University of Michigan Consumer Survey for October on Friday, and Tuesday's U.S. Trade Balance ahead of August Monthly Wholesale Trade numbers on Thursday. PepsiCo reports Thursday morning with earnings growth of 0.00% year over year and revenue growth of +3.94%, while Delta Air Lines reports Friday with projected earnings growth of +14.65% and revenue growth of +6.15%; both stocks currently sit at sell-levels on the Zacks Rank.
DAL · Capital · Neutral Mentioned only as reporting Friday with projected earnings growth of +14.65% and revenue growth of +6.15%, sitting at sell-levels on the Zacks Rank; no new development.
PEP · Capital · Neutral Mentioned only as reporting Thursday with 0.00% earnings growth and +3.94% revenue growth, sitting at sell-levels on the Zacks Rank; no new development.
ADM Sees China's 25 Million Ton Soybean Commitment Boosting Ag Services
Archer Daniels Midland Company's Ag Services business stands to gain from continued Chinese purchases of U.S. soybeans, which would support grain merchandising, origination and transportation volumes. ADM's second-quarter 2026 Ag Services operating profit surged 159% year over year, helped by strong commercial execution and the return of its Barcarena, Brazil, export terminal to full operations. Management said China is well underway in fulfilling its commitment to purchase 25 million tons of U.S. soybeans in 2026 and has been buying roughly 1 million tons per week, a contributor to the company's 2026 outlook. ADM expects Ag Services results in the third quarter to be slightly lower than the second quarter, with fourth-quarter performance depending partly on the pace of U.S. exports and whether additional corn and sorghum programs develop alongside soybean shipments. The Zacks Consensus Estimate for ADM's 2026 and 2027 earnings per share indicates year-over-year growth of 59.2% and 3.9%, respectively, and the stock carries a Zacks Rank #1 (Strong Buy).
ADM · Demand · Positive China's 25 million ton U.S. soybean purchase commitment and ~1 million tons/week buying support ADM's grain merchandising, origination and transportation volumes.
Baker Hughes Signs Venezuela Gas Infrastructure Deals With PDVSA, Lindsayca, Fulcrum LNG
Baker Hughes said Monday it signed agreements with Venezuelan state oil company PDVSA, engineering firm Lindsayca, and LNG developer Fulcrum LNG to develop natural gas infrastructure in Venezuela, with financial terms not disclosed. Under the first alliance, the three companies will combine their capabilities to develop the infrastructure needed to process, transport, commercialize, and potentially export natural gas. Baker Hughes said the agreements establish an enterprise deal framework that can connect upstream resource development, midstream infrastructure, gas monetization, and liquefied natural gas commercialization. Separately, Baker Hughes signed a memorandum of understanding with New Stratus Energy to support future oil and gas projects in the country. Chairman and CEO Lorenzo Simonelli said Venezuela holds tremendous potential to become a significant contributor to the evolving global energy landscape, and that the agreements are designed to bring world-class resource opportunities, project development, energy infrastructure and technologies, and financing expertise together to realize this.
Energy Transition & Power Demand › Natural Gas Value Chain ▲Supply
Energy Transition & Power Demand › Firm Power & Transition Fuels ▲Supply
BKR · Demand · Positive Baker Hughes signed agreements with PDVSA, Lindsayca, and Fulcrum LNG to develop Venezuelan natural gas infrastructure, plus an MOU with New Stratus Energy for future oil and gas projects.
Fulcrum LNG · Demand · Positive Fulcrum LNG is a named partner in the alliance to develop Venezuelan natural gas infrastructure and LNG commercialization.
Lindsayca · Demand · Positive Lindsayca is a named engineering partner in the alliance to develop Venezuelan natural gas infrastructure.
Petroleos de Venezuela, S.A. (PDVSA) · Demand · Positive PDVSA is a party to the alliance to develop, process, transport, and potentially export Venezuelan natural gas.
New Stratus Energy Inc. · Demand · Positive New Stratus Energy signed an MOU with Baker Hughes to support future oil and gas projects in Venezuela.
Global oil prices directionless as G7 agrees to release up to 100 million barrels from reserves
Global crude oil prices moved without direction. At about 7:45 p.m. Thailand time, West Texas crude for November delivery fell 0.81 dollars, or 0.89%, to 90.30 dollars per barrel, while Brent crude for December delivery rose 0.38 dollars, or 0.37%, to 102.63 dollars per barrel. The Group of Seven leading industrial nations, the G7, reached an agreement to release diesel and crude oil onto the market to control surging fuel prices, stating in a declaration that it would release up to 100 million barrels from reserves within four months and would release large volumes of diesel in the first 20 days. The agreement came after the Trump administration pressured European allies, especially Germany and France, which hold a large share of the European Union's diesel reserves. Meanwhile, the Iran-backed Houthi group said it fired long-range missiles and drones at Saudi Aramco oil facilities in Riyadh and Qures in Saudi Arabia. Ukrainian President Volodymyr Zelensky told Reuters in an interview that he would double attacks on Russian oil refineries, and OPEC+ postponed its review of oil production quotas for members in 2027 because the war with Iran has affected plans to expand production capacity in the Middle East.
PTT to go ex-dividend on 7 October, paying an interim dividend of 1.40 baht per share
PTT shares are set to trade ex-dividend on 7 October to pay an interim dividend of 1.40 baht per share, with the actual payment date set for 22 October 2026. Meanwhile, brokers are maintaining their estimates and their 2027 fundamental value at 48 baht per share. Asia Plus Securities noted that PTT still stands out as a holding company with a diversified business structure, which helps spread risk and generate relatively stable profits. It also pointed out that the current share price remains a laggard compared with energy-sector subsidiaries, and that the interim dividend payout is a positive factor for the share price. KGI Securities (Thailand) expects PTT's profit to fall quarter-on-quarter in the third quarter of 2026, after hitting a record high of 52.5 billion baht in the second quarter of 2026, pressured by PTTEP, PTTGC, the gas business unit and the trading business unit. It expects PTTEP's average selling price to decline in line with lower Dubai crude prices, which have fallen to 80 US dollars per barrel in the third quarter to date of 2026, or a 17% drop quarter-on-quarter, while the HDPE price in the third quarter to date of 2026 is still down 21% quarter-on-quarter at 1,125 US dollars per tonne, which should pressure the olefins business profit of PTTGC. Meanwhile, the contribution margin of the trading business unit, which had been as high as 0.31 baht per litre in the second quarter of 2026, is expected to return to normal levels in the third quarter of 2026 forecast. KGI also maintains its buy recommendation on PTT, with a sum-of-the-parts target price for the first half of 2027 forecast at 43.00 baht, and expects the share price to be supported by an attractive dividend yield of 5.6% in 2026 and 2027 forecast, based on an estimated dividend per share of 2.30 baht per year.
PTT.BK · Capital · Positive PTT declares an interim dividend of 1.40 baht per share with brokers maintaining buy ratings and a 48 baht fundamental value.
PTTEP.BK · Pricing · Negative KGI expects PTTEP's average selling price to fall with Dubai crude down 17% QoQ, pressuring PTT's Q3 profit.
PTTGC.BK · Pricing · Negative HDPE prices down 21% QoQ to $1,125/tonne are expected to pressure PTTGC's olefins business profit.
Critical Metals Wins Greenland Approval for Tanbreez Rare Earth Mine
Critical Metals Corp. shares rose 13% Monday morning after the company said it received formal mining approvals from the Government of Greenland for its Tanbreez Mine, valid through 2050. The Government of Greenland approved the Mining Plan and Closure Plan for the Tanbreez Project, one of the world's largest heavy rare earth deposits, located in Southern Greenland. The approvals, signed by Minister Múte B. Egede on September 29, 2026, establish a framework for approximately 24 years of permitted operations under the company's existing exploitation licence. They cover the extraction of 19 critical elements, including the heavy rare earths terbium, dysprosium and yttrium, as well as the magnet metals neodymium and praseodymium. The remaining step before construction can begin is obtaining activity-specific operating permits under sections 120 and 121 of the Greenland Mineral Activities Act, covering environmental management, marine transport, health and safety, and the export and sale of minerals. The approvals were granted to the company's Greenlandic subsidiary, Tanbreez Mining Greenland A/S, under Exclusive Licence No. 2020-54, which covers mineral exploitation at Killavaat Alannguat, between Narsaq and Qaqortoq in Southwest Greenland.
CRML · Regulation · Positive Critical Metals Corp. received formal Greenland government mining approvals for its Tanbreez rare earth project, a key regulatory milestone.
Tanbreez Mining Greenland A/S · Regulation · Positive Tanbreez Mining Greenland A/S, the company's subsidiary, was granted the mining and closure plan approvals under its exploitation licence.
IHL eyes more car leather seat orders after floods, hints at positive signals for Q4 2026
Wasin Damrongsakulwong, director and general manager of Interhides Public Company Limited, or IHL, told the Stock Vision news team that the company may benefit from additional orders for car leather seats after the flood situation eases, since many vehicles were damaged, creating extra demand for repairs or replacement of car leather seats. In past flood events, the company also received additional orders, but it now needs to wait for a clearer assessment of damage and market demand after the water recedes. As for the current flooding, IHL's factories have not been directly affected and internal operations remain normal. The short-term impact comes from some domestic customers asking to delay deliveries by about two to three days, and the company expects deliveries to return to normal within this week. There are no signs of overseas customers requesting delivery delays, and new orders continue to come in as usual. For the fourth quarter of 2026, the company sees the overall picture still trending well, especially the shoe leather business, which has continued to receive orders. The car leather seat business still requires monitoring of order trends after the floods ease and deliveries return to normal. The collagen factory continues to operate as planned, and revenue recognition is expected to begin in the fourth quarter of 2026. However, the company is still monitoring the government approval process for its license, which may take longer because the government is focusing on flood relief and there are public holidays.
IHL.BK · Demand · Positive Flood damage to vehicles is expected to generate additional orders for car leather seat repairs/replacements, as happened in past floods.
IHL.BK · Supply · Positive IHL's factories were not directly affected by the floods and internal operations remain normal, with only brief 2-3 day delivery delays from some domestic customers.
Greenland Mines Doubles AnorTech Stake to 19.9% in US$5.3 Million Share Swap
Greenland Mines Ltd. has exercised in full its option to acquire an additional 25,168,669 common shares of AnorTech Inc. at a deemed price of C$0.30 per share, doubling its ownership from approximately 9.9% to approximately 19.9% of AnorTech's issued and outstanding common shares. In exchange, Greenland Mines will issue common shares with a deemed value of approximately US$5,298,000, or C$7,550,600, to AnorTech, with the exact number based on the 10-day volume-weighted average trading price ending immediately before closing. On closing, Greenland Mines will hold 45,127,172 AnorTech shares, subject to a 60-month contractual lock-up, while the Greenland Mines shares issued to AnorTech will be locked up as to one-half for 12 months and the remaining one-half for 24 months. AnorTech currently owns 318,000 shares of Greenland Mines from previous transactions, and closing remains subject to customary conditions including acceptance by the TSX Venture Exchange. AnorTech President Jim Cambon called the full exercise a strong endorsement of the company's Greenland anorthosite work in the aluminum critical mineral supply chain and lunar project development, while Greenland Mines President Bo Møller Stensgaard said the doubled position gives its shareholders exposure to zero-waste smelter grade alumina and high purity alumina on Earth and to lunar materials science.
GRML · Capital · Positive Greenland Mines doubles its AnorTech stake to 19.9% via a US$5.3M share swap, a financial/M&A transaction.
AnorTech Inc. · Capital · Positive AnorTech receives ~US$5.3M in Greenland Mines shares as Greenland Mines fully exercises its option, a financing/equity event.
Mineral Road Reports High-Grade Tungsten Drill Intercepts at Bergslagen Project
Mineral Road Discovery Inc. announced that it continues to advance its 100%-owned Bergslagen Tungsten Project in Sweden, reporting excellent WO3%, Cu%, and CaF2% drill intercepts from a review of the previous operator's drilling around the historical Yxsjöberg Mine. Select discovery intercepts within the company's Conceptual Exploration Targets include KD-004 with 3.78m at 0.74% WO3, 0.38% Cu, and 11.11% CaF2 from 36.42m; KD-005 with 17.15m at 0.42% WO3, 0.23% Cu, and 6.66% CaF2 from 39.85m; KD-006 with 12.60m at 0.65% WO3, 0.21% Cu, and 8.35% CaF2 from 14.50m; and KD-007 with 10.50m at 0.79% WO3, 0.15% Cu, and 6.76% CaF2 from 25.50m. The company said the historical assays indicate a robust multi-commodity opportunity in tungsten, copper, and acid-grade fluorite, which is currently trading at industrial benchmarks of $500 to $630 per tonne, and that this approach, integrated with its proposed re-processing of the two tailings repositories at Bergslagen, aligns directly with European Critical Raw Material supply security mandates. Mineral Road outlined a three-stage program beginning with its Stage 1 tailings re-processing proposal, followed by a shallow hard-rock mining proposal as Stage 2 and longer-lead-time work on deeper hard-rock mineralisation as Stage 3, supported by a compiled database including approximately 15,000 metres of historical diamond core drilling. Executive Chair and Interim CEO Damien Reynolds said the company is establishing a conceptual exploration target of multi-million-tonnes of surface tailings as a potential cash-flow anchor, while the near-surface conceptual exploration targets are interpreted as the upper expression of a larger continuous system. The Yxsjöberg mine operated from the mid-1930s to 1989, yielding approximately 5.3 million tonnes of material at an average grade of 0.38% WO3 and 0.16% Copper, and supplied over 90% of Sweden's historical tungsten.
COPPER · Supply · Positive High-grade copper intercepts at Bergslagen indicate potential new copper supply, though the project is early-stage and copper is only a by-product
Kentucky Power and TeraWulf Finalize Deal Doubling Data Center Demand to 1 GW
Kentucky Power has finalized an amended agreement that would double its contracted electric demand with TeraWulf Inc. to 1 gigawatt at the Muskie Data campus in Grayson, Kentucky, up from 500 megawatts. If approved by the Kentucky Public Service Commission, the deal is expected to provide $100 million in winter bill credits funded by TeraWulf for Kentucky Power's residential customers over the first 10 years of the contract, amounting to roughly $25 per month during the winter heating season for a typical residential customer, with credits beginning in 2029. The agreement also advances planned delivery of the second 500-megawatt phase from 2030 to 2029, subject to Commission approval and Kentucky Power's construction schedule. TeraWulf has agreed to pay all applicable service charges plus the estimated financing costs of Kentucky Power's planned 760-megawatt combined-cycle generation facility at Big Sandy, so that costs of serving the added demand are not shifted to existing customers. Kentucky Power, an operating company in the American Electric Power system serving about 163,000 customers in 20 eastern Kentucky counties, plans to file the amended contract and seek related regulatory approvals later this year.
Energy Transition & Power Demand › Firm Power & Transition Fuels Demand
WULF · Demand · Positive TeraWulf finalized an amended deal doubling its contracted power at the Muskie Data campus to 1 GW, enabling expanded data center operations.
Kentucky Power · Demand · Positive Kentucky Power finalized an amended agreement doubling contracted demand with TeraWulf to 1 GW, with TeraWulf funding $100M in bill credits and financing costs.
AEP · Demand · Positive AEP subsidiary Kentucky Power doubles contracted electric demand with TeraWulf to 1 GW, adding a large new customer load.
Nutrien to Indefinitely Shut Trinidad Nitrogen Operations at Point Lisas
Nutrien Ltd. announced it will indefinitely shut down its Trinidad Nitrogen operations at the Point Lisas Facility following an extensive review of strategic alternatives and engagement with relevant stakeholders. The company said ongoing natural gas constraints and uncertainty made the closure the optimal path to enhance free cash flow and return on invested capital. Nutrien had previously implemented a controlled shutdown of the facility on October 23, 2025, in response to port access restrictions and a lack of reliable and economic natural gas supply that reduced the free cash flow contribution of the Trinidad Nitrogen operations over an extended period. Dean Perkins, Senior Vice President, Upstream, Nitrogen and Proprietary Product Operations, said the company appreciates the contributions and dedication of its Trinidad team and is committed to managing the transition responsibly and safely. Nutrien said there will be no impact to its 2026 Nitrogen sales volume guidance because the company assumed no production from its Trinidad Nitrogen operations, and it remains well positioned to meet customer demand for nitrogen and grow volumes from its North American Nitrogen assets through reliability improvements and low-cost debottleneck projects.
NTR · Supply · Positive Nutrien is indefinitely shutting its Trinidad nitrogen facility due to natural gas constraints, cutting high-cost capacity and improving free cash flow without affecting 2026 sales guidance.
Chevron Rated Zacks Rank #2 as Earnings Estimates Surge
Chevron has drawn heavy investor search interest on Zacks.com, with the company now rated Zacks Rank #2 (Buy) on the strength of sharply rising earnings estimates. Chevron is expected to post earnings of $4.89 per share for the current quarter, a year-over-year change of +164.3%, and the Zacks Consensus Estimate has moved +22.4% over the last 30 days. For the current fiscal year, the consensus earnings estimate of $16.98 points to a change of +132.9% from the prior year, while the next fiscal year's consensus estimate of $15.11 indicates a change of -11%. On the revenue side, the consensus sales estimate of $59.3 billion for the current quarter points to a year-over-year change of +19.3%, with the $235.36 billion and $228.55 billion estimates for the current and next fiscal years indicating changes of +24.5% and -2.9%, respectively. In the last reported quarter, Chevron posted revenues of $70.06 billion, a year-over-year change of +56.3%, and EPS of $6.06 versus $1.77 a year ago, beating the Zacks Consensus revenue estimate of $57.53 billion by +21.78% and the EPS estimate by +4.48%.
Exxon Mobil Earnings Estimates Surge as Zacks Keeps Hold Rating
Exxon Mobil Holdings is expected to post earnings of $3.93 per share for the current quarter, a year-over-year change of +109%, with the Zacks Consensus Estimate rising +19.8% over the last 30 days. For the current fiscal year, the consensus earnings estimate of $12.4 indicates a year-over-year change of +77.4% and has moved +4.5% over the past month, while the next fiscal year's estimate of $12.08 reflects a -2.6% change from the prior year and a +5.7% revision over the last month. The consensus sales estimate for the current quarter of $104.61 billion indicates a year-over-year change of +22.7%, with current and next fiscal year estimates of $410.03 billion and $407.47 billion representing +23.4% and -0.6% changes, respectively. Exxon reported revenues of $116.02 billion in the last reported quarter, a year-over-year change of +42.3%, with EPS of $3.52 versus $1.64 a year ago, and the revenue figure beat the Zacks Consensus Estimate of $95.8 billion by a surprise of +21.1% while the EPS surprise was -4.35%. Based on the size of the recent consensus estimate change and three other earnings-related factors, Exxon carries a Zacks Rank #3 (Hold) and a Zacks Value Style Score of B, indicating it trades at a discount to its peers.
XOM · Capital · Positive Zacks consensus earnings estimate for Exxon surged +19.8% over 30 days with strong YoY EPS and revenue growth, though it keeps a Hold rating.
Nippon Ham Effectively Raises Schau Essen Price by Cutting Content to 107 Grams
Nippon Ham announced on the 5th that it has reduced the per-bag content of its flagship sausage product Schau Essen by 10 grams, from 117 grams to 107 grams. With the price unchanged, this amounts to an effective price increase. The change took effect with deliveries from the 1st. The company reviewed the content volume as raw material, labor, and energy costs continue to rise. The reference retail price for the two-bag pack remains 702 yen, and the company said it increased the weight of each individual sausage to boost customer satisfaction.
2282.JP · Pricing · Positive Nippon Ham effectively raised the price of Schau Essen by cutting content from 117g to 107g while keeping the 702 yen price, boosting margin per unit amid rising costs.
ICE Launches First VLCC Tanker Freight Futures on TD34 and TD15 Routes
Intercontinental Exchange has launched the first tanker freight futures on the TD34 Gulf of Oman to China and TD15 West Africa to China Very Large Crude Carrier routes, alongside two new cash-settled container freight average price options. The tanker contracts are cash-settled futures based on Baltic Exchange price assessments, designed to let customers hedge those routes as they navigate restricted access through the Strait of Hormuz. The container options, FAN Asia to North Europe and FAW Asia to U.S. West Coast, are indexed to NYSHEX's Freight Indices and build on the equivalent freight futures ICE launched in April 2026. The new contracts extend ICE's freight complex to more than 90 contracts across over 30 global routes spanning wet and container freight, as average daily volume across ICE's freight markets is up 33% year-to-date. Jeff Barbuto, SVP and Global Head of Oil Markets at ICE, said the market can now manage the full chain of risk, the commodity and the cost of moving it, in one place, as events like the disruption at the Strait of Hormuz continue to affect both.
ICE · Technology · Positive ICE launched the first VLCC tanker freight futures on TD34 and TD15 routes plus new container freight options, expanding its freight derivatives complex to over 90 contracts.
NYSHEX · Demand · Positive ICE's new container freight options are indexed to NYSHEX's Freight Indices, driving demand for NYSHEX's index products.
Silver Jumps 2.3% to Near $61.80 as Hawkish Fed Bets Recede
Silver price rose 2.3% to near $61.80 during Monday's European session as traders scaled back hawkish Federal Reserve expectations following soft September US labor data. The economy created just 29K jobs in September, below the 90K estimate and a prior reading revised down to 133K from 162K, while the Unemployment Rate climbed to 4.2% against expectations it would hold at 4.1%. According to the CME FedWatch tool, the odds of a Fed rate hike at this month's policy meeting have fallen to 19.4% from 70.9% a week ago. Deutsche Bank analysts, however, see the broader labor market as broadly stable and expect two further 25 basis point Fed hikes over the next couple of quarters. The US Dollar Index rose 0.3% to near 102.20 and touched a fresh annual high near 102.53, supported by safe-haven demand tied to heightened French fiscal risks. On the technical side, XAG/USD trades at $61.69 below its 20-day exponential moving average at $63.24, with the Relative Strength Index at 43.89, while $30 is the immediate support zone and the August 3 low sits at $56.57.
SILVER · Monetary · Positive Silver jumped 2.3% as traders scaled back hawkish Fed bets after weak September US labor data cut rate-hike odds to 19.4%.
DBK.XETRA · Monetary · Neutral Deutsche Bank analysts expect two more 25bp Fed hikes, a view at odds with the article's dovish repricing after soft US jobs data.
European UnionUnited StatesFranceSpainIranSaudi Arabia
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Euro Hits 17-Month Low as French Debt Fears Sink Paris Stocks
The euro fell to its lowest level against the dollar in 17 months and the Paris stock market shed one percent Monday on growing concerns about France's high debt levels after an underwhelming government budget plan unveiled last week. The CAC 40 was also pushed lower by a 10 percent drop in the share price of Schneider Electric after the French software group said it would buy US peer PTC for $22.6 billion in cash. Spanish Prime Minister Pedro Sanchez on Monday called a snap election for November 29, after parliament rejected housing relief measures proposed by his minority government, with Spain's stock market edging up about 0.5 percent around midday. The oil market began the week calmer after G7 countries, in coordination with the International Energy Agency, agreed Friday to immediately release 100 million barrels of diesel and crude oil to ease global energy supply concerns caused by the US-Iran war, and Saudi Aramco chief executive Amin Nasser described oil stockpiles as "scarily thin." Asian stock markets closed higher, with regional stocks catching up with global gains Friday after a big miss on US jobs creation gave the Federal Reserve breathing room to hold off an interest rate increase this month.
EURUSD.FOREX · Monetary · Negative Euro hit a 17-month low vs the dollar on French debt/budget concerns, weakening the euro.
SU.PA · Capital · Negative Schneider Electric shares fell 10% after announcing a $22.6 billion all-cash acquisition of PTC.
PTC · Capital · Positive Schneider Electric agreed to buy PTC for $22.6 billion in cash, a takeover premium for the target.
Saudi Aramco · Supply · Negative G7/IEA agreed to release 100 million barrels of diesel and crude, easing supply and pressuring oil; Aramco CEO called stockpiles scarily thin.
Cenovus to Buy Athabasca Oil in C$5.7 Billion Deal
Cenovus Energy Inc. agreed to buy Athabasca Oil Corp. at an enterprise value of C$5.7 billion, or $4 billion, the latest in a wave of consolidation as Canada's government seeks to grow energy production. The cash and share takeover would add about 45,000 barrels of oil equivalent a day to Cenovus's output and give it significant potential for further growth, according to the statement. The per-share value represents a 13% premium to Athabasca's closing price on Oct. 2. The cash portion, accounting for 65% to 75% of the transaction, will be funded with cash on hand and certain short-term borrowings, and Cenovus's financial framework and net-debt target of $4 billion remain unchanged. The deal has been unanimously approved by the boards of both companies and is expected to close in December, pending approvals from regulators and Athabasca shareholders, the company said. Cenovus president and chief executive officer Jon McKenzie said the transaction strengthens the company's position in one of the world's premier oil-producing regions and is a natural extension of its oil sands strategy.
ConocoPhillips Chairman Expects Oil Price Floor to Rise to Around $70
Ryan Lance, chairman of U.S. oil and gas major ConocoPhillips, said on the 5th that he expects the floor for crude oil prices to rise to around $70 a barrel, and projected a mid-cycle price of $65 to $70 for U.S. crude benchmark West Texas Intermediate. Speaking at the Energy Intelligence Forum held in London, the chairman said this year's Middle East conflict dealt a major blow to the global oil system but did not cause it to collapse. He said that if crude prices hold near current levels, U.S. oil production could exceed 14 million to 14.5 million barrels per day. He said it could take until 2028 or 2029 for global oil demand to recover from the current crisis, but that after that nothing would stop demand growth. "The real strategic challenge for a company like ours is where to secure traditional production resources to meet that growing demand," the chairman said, adding that ConocoPhillips is currently focusing more on upstream investment than midstream investment in its oil business.
Japan, Australia finance ministers sign memorandum to create ministerial economic security dialogue
Finance Minister Satsuki Katayama met with Australian Treasurer Jim Chalmers at the Ministry of Finance on the 5th and signed a memorandum establishing a framework for a "Finance Ministers' Dialogue" aimed at strengthening cooperation on economic security and expanding investment between the two countries. The move elevates the Japan-Australia framework, previously limited to the vice-ministerial level, to the ministerial level, with the two sides deepening coordination in areas centering on energy security, including liquefied natural gas, and investment in critical minerals. At the signing ceremony, Katayama stressed that the two countries will "further strengthen our cooperation and contribute to stable economic growth in the Indo-Pacific region and, by extension, the world as a whole," while Chalmers said "the importance of closer Japan-Australia cooperation has never been greater." Under the Finance Ministers' Dialogue, the two sides will also strengthen information sharing in the screening of domestic investment by foreign capital and consider investment support using public financial institutions such as the Japan Bank for International Cooperation. They will also coordinate on investment in Pacific island countries and support for anti-money-laundering measures.
Yemeni army retakes Bab el-Mandeb strait area from Houthis
Yemen's government army has launched an operation to retake several strategic positions around the Bab el-Mandeb strait from the Houthis, an Iran-aligned group that tried to seize control of shipping routes in the Red Sea last month. Reuters reported today, citing military and government sources, that government forces have captured most of the Dubab district on the Bab el-Mandeb strait and are pushing to take full control of the area, with the operation backed by air support from a Saudi-led coalition. The Yemeni government announced on Sunday that it had launched the operation to retake the area, with Yemen's president, Rashad al-Alimi, vowing to keep fighting until the country is freed from the control of armed groups. Energy exports from the Arabian Gulf region are already blocked by Iran's closure of the Strait of Hormuz, and the fighting in Yemen adds further risk to oil export routes through the Red Sea, pushing global oil prices higher.
US Adds Just 29,000 Jobs in September as Consumer Confidence Hits Lowest Since 2014
The US economy added only 29,000 jobs in September, far below the 90,000 expected, as the unemployment rate ticked up to 4.2% and average hourly earnings rose an anemic 0.1% from August. The weak print pulled odds of a 25 basis point hike at the October FOMC meeting back to roughly 20%, per CME data, with economists at BNP Paribas and JPMorgan saying it would now take a very strong CPI reading on Oct. 14 to make the October meeting live. Consumer confidence plunged in September to 81.9 from 88.6 the prior month, its lowest reading since 2014, and economists expect Friday's University of Michigan sentiment report to fall further to 48 from 48.1, below the roughly 55 to 60 seen during the financial crisis. In energy, Persian Gulf crude exports have recovered to roughly 98% of pre-war levels, but refined product exports remain at about 3 million barrels per day, or 58% of pre-war levels, per JPMorgan Chase, pushing US diesel prices to an all-time high of $6.41 per gallon. On Friday, G7 leaders announced they would release 100 million barrels of crude oil and diesel onto the open market over four months, led by a substantial diesel release within 20 days, after pressure from the Trump White House. Earnings this week include Constellation Brands on Tuesday, Applied Digital on Wednesday, PepsiCo on Thursday, and Delta Air Lines on Friday.
Iran Ties Hormuz Reopening to Seven U.S. Conditions as Cerebras, RobCo and Revolut Draw Investor Attention
Iran said it will not reopen the Strait of Hormuz until the United States meets seven conditions outlined in an earlier agreement, Reuters reported, a stance that could prolong disruptions in one of the world's key energy corridors and keep investors focused on oil prices, shipping and inflation. Separately, Senators Elizabeth Warren and Josh Hawley are investigating how major home and auto insurers process claims after a Wall Street Journal report found rising odds that some policyholders receive no payout, asking six large insurers for data and explanations. Cerebras Systems shares rose as much as 8.1% in early trading after OpenAI CEO Sam Altman described the chipmaker as a close partner with a deep engagement focused on improving speed. German robotics startup RobCo sold $40M of shares in a transaction valuing the company above $1B, double its level earlier this year, with most of the shares sold by employees to new and existing investors. Revolut's latest secondary share sale values the London-based fintech at $115B, up more than 50% from its $75B valuation in November 2025, making it Europe's most valuable startup ahead of established banks including Barclays and Société Générale.
CBRS · Technology · Positive OpenAI CEO Sam Altman called Cerebras a close partner with deep engagement focused on improving speed, boosting the chipmaker's shares.
Revolut · Capital · Positive Revolut's latest secondary share sale values the fintech at $115B, up over 50% from its $75B November 2025 valuation.
RobCo · Capital · Positive RobCo sold $40M of shares in a transaction valuing the German robotics startup above $1B, double its level earlier this year.
World News Roundup: Iran Weighs U.S. Response to Proposal, Saudi Arabia Cuts Asia Oil Prices, Japan Moves to Regulate Big Data
Iran is reviewing U.S. comments on its proposal to end the fighting and reopen the Strait of Hormuz, Iranian Deputy Foreign Minister for Legal and International Affairs Kazem Gharibabadi said on Sunday, October 4. Saudi Arabia, the Middle East's largest crude oil exporter, announced it will cut prices for November-loading crude for Asian customers, an unexpected move, while raising prices for customers in Northwest Europe and the Mediterranean. Meanwhile, Japanese Chief Cabinet Secretary Minoru Kihara confirmed on October 5 that Japan has no plans to release additional crude oil from its national reserves, as it has already released supply into the market, even though the G7 countries reached an agreement on Friday, October 2, to release a total of 100 million barrels of diesel and crude oil from emergency reserves. In Japan itself, authorities plan to amend economic security legislation to require companies and organizations holding big data to notify the government before transferring or disclosing sensitive personal information to third parties. Daiwa Securities Group disclosed on October 5 that data on approximately 110,000 customers of its securities brokerage subsidiary, including non-personal information, may have leaked after a server managed by a subcontractor was accessed without authorization. Also on the same day, Japanese Prime Minister Sanae Takaichi delivered a policy speech to parliament, pledging to cut the consumption tax on food products without issuing new bonds in order to reassure the markets. In addition, the U.S. Federal Bureau of Investigation announced the arrest of a California woman at Los Angeles International Airport on Sunday, October 4, charging her with acting as an unregistered agent of a foreign government after she was found surveilling and following the son of Taiwan's president on the orders of Chinese government officials. U.S. President Donald Trump announced the creation of the Super Intelligence Force, a new federal task force to coordinate government artificial intelligence operations. Spanish Prime Minister Pedro Sánchez announced early elections on November 29, acknowledging his government's mistakes after facing heavy pressure from public protests over the housing crisis across the country, and after parliament rejected the emergency decree aimed at addressing the crisis.
BRENT · Supply · Negative Saudi Arabia's unexpected price cut for Asian crude customers signals weak demand/ample supply, weighing on Brent crude.
WTI · Supply · Negative Saudi Arabia unexpectedly cut November-loading crude prices for Asian customers, signaling ample supply and pressuring WTI crude prices.
HEATOIL · Supply · Neutral G7 agreed to release 100 million barrels of diesel and crude from emergency reserves, a supply signal for refined products like heating oil, but the article does not specifically discuss heating oil.
Hua Seng Heng says gold will stay volatile on Fed and bond yields, recommends Gold Futures as a tool
Warawut Benjaputharak, Managing Director of Hua Seng Heng Gold Futures Co., Ltd., disclosed that short-term gold price direction remains volatile due to two main factors: a slowing labor market, which eases pressure on the Fed to raise rates and is a positive for gold, and long-term bond yields that remain at high levels, along with concerns over inflation and the U.S. fiscal position, which continue to cap any price recovery. Global gold faced heavy volatility after the United States reported that September non-farm payrolls rose by only 29,000, below market expectations, while the unemployment rate edged up from 4.1% to 4.2%. As a result, gold prices initially rebounded but were unable to hold above 4,200 dollars, before falling back to around 4,130 to 4,150 dollars per ounce. Investors should therefore keep a close watch on the bond market, especially the 10-year bond yield, real yields, and the dollar, alongside inflation data, the labor market, and energy prices. In a highly risky market environment, using tools such as Gold Futures and Mini Gold Online Futures to speculate along the trend and to hedge risk is highly beneficial.
GOLD · Monetary · Neutral Gold seen volatile on Fed rate pressure easing from weak payrolls versus high long-term bond yields and inflation/fiscal concerns; Gold Futures recommended as a hedging/speculation tool.
UK services PMI falls to 52.1 in September as fuel costs intensify pressure
The revised September reading of the UK services sector Purchasing Managers' Index compiled by S&P Global came in at 52.1, down from 52.5 in August. Cost pressures intensified as fuel prices soared amid the conflict in the Middle East, pushing the index of companies' selling prices to its highest level since May. The index of input costs rose to its highest level since June, driven by higher fuel prices as well as rising wages. In the survey, more than a third reported an increase in average cost burdens, and the rise in the selling price index could heighten the Bank of England's inflation concerns. Employment fell for a 24th consecutive month, the longest stretch since records began in 1997. The composite PMI including manufacturing fell to 52.0 from 52.5 in August, its lowest level since June, but remained above the 50.0 mark that separates expansion from contraction.
Japan Confirms No New Plan to Release Oil Reserves After G7 Agrees to Release 100 Million Barrels of Emergency Oil
Minoru Kihara, Japan's Chief Cabinet Secretary, confirmed that Japan currently has no plan to release additional crude oil from its national reserves, as it has already released supply into the market previously, even though the G7 countries reached an agreement on Friday, October 2, to release a total of 100 million barrels of diesel and crude oil from emergency reserves. Kihara said at a press conference that Japan has been releasing oil from its reserves for some time and has no plan to release more at this stage. Japan stated in March that it would release approximately 80 million barrels of oil from its reserves as part of the joint agreement, and it had already carried out a second round of crude oil releases from its national reserves in May. The announcement of the G7 agreement, of which Japan is a member, came after U.S. President Donald Trump pressured the European Union to tap its emergency diesel reserves. The G7 also pledged to avoid using energy export restriction measures. However, it remains unclear how much of this new release will come from the remaining portion of the 400 million barrel framework that the 32 member nations of the International Energy Agency, or IEA, had previously agreed in March to release, in order to mitigate the impact of energy supply disruptions caused by the war between the U.S. and Israel on one side and Iran on the other. Fatih Birol, Executive Director of the IEA, revealed last week that member nations had already released about two-thirds of the 400 million barrel agreement.
Galliford Try Wins Place on £3 Billion West Midlands Framework
Galliford Try Holdings PLC has landed a spot on the latest £3 billion Constructing West Midlands Framework, selected for the major works lot covering projects over £10 million. Connecting Excellence Group Plc has completed its first acquisition, buying James Gray Recruitment, and has grown its Bitcoin holding to over 81 coins, worth around £5.25 million. Bradda Head Lithium Ltd has intersected visible spodumene mineralisation in all three of its first Whistlejacket holes in Arizona, with lab assays now the next key test. Tower Resources PLC has secured a one-year extension to its exploration licence at Thali in Cameroon and is now working towards a drilling campaign targeted for Q2 2027. Premier African Minerals Ltd has raised around £1.2 million to restart operations at its Zulu Lithium project in Zimbabwe, with the plan now focused on processing ore already sitting on the stockpile.
GFRD.LSE · Demand · Positive Won a place on the £3 billion Constructing West Midlands Framework for major works over £10 million.
PREM.LSE · Capital · Positive Raised around £1.2 million to restart operations at its Zulu Lithium project.
TRP.LSE · Regulation · Positive Secured a one-year extension to its Thali exploration licence in Cameroon, enabling a drilling campaign.
Connecting Excellence Group Plc · Capital · Positive Completed its first acquisition, buying James Gray Recruitment, and grew its Bitcoin holding to over 81 coins.
BHL.LSE · Technology · Positive Intersected visible spodumene mineralisation in all three first Whistlejacket holes, a positive exploration result pending assays.
Ithaca Energy to buy Suncor's Canadian offshore assets for $860 million
Ithaca Energy has agreed to buy Suncor Energy's offshore Canadian assets for $860 million in cash, its first acquisition outside the UK, sending shares in the North Sea oil producer up 3%. Suncor could receive a further $250 million depending on average Brent crude prices over a 27-month period starting July 1, 2026, with any additional payment funded from Ithaca's free cash flow. The deal, expected to close in the first half of 2027, gives Ithaca a 48% operated stake in Terra Nova, a 40% non-operated stake in White Rose Existing Lands and a 38.6% stake in White Rose Growth Lands, including the West White Rose development. Ithaca said the assets add 103 million barrels of oil equivalent of proven and probable reserves at an acquisition cost of about $8 per barrel of oil equivalent, and should contribute average production of about 30,000 barrels of oil equivalent per day between 2027 and 2031, rising to 35,000-40,000 barrels per day in 2029 as West White Rose ramps up. The assets generated about $235 million of adjusted EBITDAX in the 12 months to June 30, 2026, and Ithaca plans to fund the upfront payment with cash, its existing borrowing facility and secured financing in Canada, while assuming all decommissioning obligations; the transaction needs approval under Canada's Competition Act and carries a $50 million break fee in certain circumstances.
ITH.LSE · Capital · Positive Ithaca Energy's first acquisition outside the UK adds 103 million boe of reserves and ~30,000 boe/d production for $860 million
SU · Capital · Positive Suncor agrees to sell its Canadian offshore assets to Ithaca for $860 million cash plus up to $250 million contingent on Brent prices
Bundesbank President Says Surging Government Debt Bolsters Case for Central Banks to Buy More Gold
Joachim Nagel, President of Germany's central bank, said that soaring government debt around the world is giving central banks more reason to diversify their international reserves into gold, amid concerns over credit risk and geopolitical uncertainty. Speaking at a conference in Sorrento, Italy, he said that while rising government bond yields make debt instruments comparatively more attractive, higher debt levels also fuel concerns about the credit quality of these assets. Germany holds the world's second-largest gold reserves, but its holdings have barely changed over the past several years, in contrast to many central banks that have sharply accelerated their gold purchases, with the war in Ukraine serving as a key turning point after the United States imposed financial sanctions on Russia. Meanwhile, a survey of 74 central banks by the World Gold Council, published in June, found that 45% plan to buy more gold over the next 12 months, the highest share since the survey began in 2018, and only one central bank said it planned to reduce its gold holdings.
GOLD · Demand · Positive Central banks cite surging government debt as reason to diversify reserves into gold, with 45% of surveyed central banks planning to buy more gold.
Brokers Keep Positive View on Agri-Food Stocks as Rubber Hits 13-Year High, Favor TFG and GFPT
Brokers remain positive on agricultural and food stocks, with natural rubber prices up 2.8% from the previous week to a 13-year high on tight supply after heavy rain and flooding in growing areas. Sugar prices rose 1.4% on concerns over a super El Nino phenomenon, with the US Department of Agriculture expecting Thai sugar output in the 2026/27 production year to fall by about 15-17%. Domestic broiler prices held steady at 45.50 baht per kilogram, above the cost of about 37.50 baht per kilogram, and marked their highest level in more than three years since June 2023. Thai pork prices fell 5.7% from the previous week to 66.50 baht per kilogram on heavy rain and slowing purchasing power ahead of the vegetarian festival. Krungsri Securities maintains a positive view on the agricultural and food sector, picking TFG as its top long-term stock with a target price of 14.20 baht, an expected dividend yield of about 8% and quarterly dividend payments, while also highlighting TVO, STA and NER as stocks that benefit from the super El Nino theme. Pi Securities gives the meat sector a market-weight rating and picks GFPT as its top stock, with Thai chicken exports in September worth a total of about 401 million US dollars, up 6% from a year earlier.
GFPT.BK · Demand · Positive Pi Securities picks GFPT as top meat stock, with Thai chicken exports in September up 6% year-on-year to about $401 million.
TFG.BK · Capital · Positive Krungsri Securities maintains a positive view and picks TFG as its top long-term stock with a 14.20 baht target price and about 8% dividend yield.
NER.BK · Supply · Positive Natural rubber prices hit a 13-year high on tight supply after heavy rain and flooding, and NER is highlighted as a beneficiary of the super El Nino theme.
STA.BK · Supply · Positive Natural rubber prices hit a 13-year high on tight supply after heavy rain and flooding, and STA is highlighted as a beneficiary of the super El Nino theme.
TVO.BK · Supply · Positive TVO is highlighted as a stock benefiting from the super El Nino theme amid tight agricultural supply conditions.
US Sends Reinforcements to Middle East Amid Fears of War, Oil Prices Surge
The United States has sent additional troops to the Middle East amid concerns that war could break out. Meanwhile, Iran's oil minister has resigned under pressure from the United States after Iran's oil exports were halted. OPEC+ kept its November oil production target unchanged, even though actual output is 5 million barrels per day below pre-war levels. Global oil prices have soared, with Brent crude surpassing 103 dollars, after the Houthis attacked Saudi Aramco.
BRENT · Supply · Positive Brent tops $103 as Houthi attack on Saudi Aramco and OPEC+ unchanged targets squeeze global oil supply.
WTI · Supply · Positive OPEC+ holds November output target while actual output runs 5 mb/d below pre-war levels, tightening crude supply and lifting WTI.
Saudi Aramco · Geopolitics · Positive Houthi attack on Saudi Aramco facilities amid Middle East war fears threatens its oil infrastructure and lifts prices.
