Brent Extends Gains

WTI crude oil futures extended gains toward $67 per barrel on Wednesday, supported by a weaker US dollar and reduced global oversupply forecasts.

The US joined other agencies in lowering projections, with the IEA cutting its 2025 surplus forecast and halving its next year’s glut projection due to potential declines in Iranian and Venezuelan flows.

The EIA's monthly report also projected a decline in global oil inventories in Q2 2025.

However, prices remained relatively near multi-year lows, pressured by erratic US trade shifts that prolonged risk-asset declines, along with concerns that a tariff-induced economic slowdown could curb oil demand.

Additional headwinds came from the looming OPEC+ output hike and expectations of increased Russian exports following Ukraine’s acceptance of a US-brokered 30-day truce.

Meanwhile, API data showed US crude stocks rose by 4.2 million barrels last week, exceeding the expected 2.1 million-barrel build.

Coal increased to a 4-week high of 104.90 USD/T. Over the past 4 weeks, Coal lost 0.14%, and in the last 12 months, it decreased 21.35%.

Source: CME Group 
 
For previous business day 
PREV TOTAL subject to revisions. Source: CME Group 
 
                      Prev                         Net               Total 
Platinum             Total  Received Withdrawn  Change Adjustment    Today 
ASAHI DEPOSITORY LLC 
Registered               0         0        0       0         0          0 
Eligible                 0         0        0       0         0          0 
Total                    0         0        0       0         0          0 
 
BRINK'S, INC. 
Registered         140,004         0        0       0         0    140,004 
Eligible            75,753         0        0       0         0     75,753 
Total              215,757         0        0       0         0    215,757 
 
CNT DEPOSITORY, INC. 
Registered           1,246         0        0       0         0      1,246 
Eligible                 0         0        0       0         0          0 
Total                1,246         0        0       0         0      1,246 
 
DELAWARE DEPOSITORY 
Registered           4,373         0        0       0         0      4,373 
Eligible            20,946         0        0       0         0     20,946 
Total               25,319         0        0       0         0     25,319 
 
HSBC BANK, USA 
Registered           1,442         0        0       0         0      1,442 
Eligible             1,904         0        0       0         0      1,904 
Total                3,347         0        0       0         0      3,347 
 
INTERNATIONAL DEPOSITORY SERVICES OF DELAWARE 
Registered           3,845         0        0       0         0      3,845 
Eligible                 0         0        0       0         0          0 
Total                3,845         0        0       0         0      3,845 
 
JP MORGAN CHASE BANK NA 
Registered          76,222         0        0       0         0     76,222 
Eligible            83,552         0        0       0         0     83,552 
Total              159,773         0        0       0         0    159,773 
 
LOOMIS INTERNATIONAL (US) LLC 
Registered         108,197         0        0       0         0    108,197 
Eligible            26,579         0        0       0         0     26,579 
Total              134,776         0        0       0         0    134,776 
 
MALCA-AMIT USA, LLC 
Registered             592         0        0       0         0        592 
Eligible                 0         0        0       0         0          0 
Total                  592         0        0       0         0        592 
 
MANFRA, TORDELLA & BROOKES, INC. 
Registered           5,845         0        0       0         0      5,845 
Eligible             1,212         0        0       0         0      1,212 
Total                7,057         0        0       0         0      7,057 
 
COMBINED TOTALS 
Registered         341,767         0        0       0         0    341,767 
Eligible           209,946         0        0       0         0    209,946 
Total              551,712         0        0       0         0    551,712 
 
                      Prev                         Net               Total 
Palladium            Total  Received Withdrawn  Change Adjustment    Today 
ASAHI DEPOSITORY LLC 
Registered               0         0        0       0         0          0 
Eligible                 0         0        0       0         0          0 
Total                    0         0        0       0         0          0 
 
BRINK'S, INC. 
Registered          21,829         0        0       0         0     21,829 
Eligible            13,549         0        0       0         0     13,549 
Total               35,378         0        0       0         0     35,378 
 
CNT DEPOSITORY, INC. 
Registered              97         0        0       0         0         97 
Eligible                 0         0        0       0         0          0 
Total                   97         0        0       0         0         97 
 
DELAWARE DEPOSITORY 
Registered             786         0        0       0         0        786 
Eligible             3,208       298        0     298         0      3,506 
Total                3,994       298        0     298         0      4,292 
 
HSBC BANK, USA 
Registered             586         0        0       0         0        586 
Eligible             2,623         0        0       0         0      2,623 
Total                3,209         0        0       0         0      3,209 
 
INTERNATIONAL DEPOSITORY SERVICES OF DELAWARE 
Registered               0         0        0       0         0          0 
Eligible                 0         0        0       0         0          0 
Total                    0         0        0       0         0          0 
 
JP MORGAN CHASE BANK NA 
Registered          12,746         0        0       0         0     12,746 
Eligible               728         0        0       0         0        728 
Total               13,474         0        0       0         0     13,474 
 
LOOMIS INTERNATIONAL (US) LLC 
Registered          16,998         0        0       0         0     16,998 
Eligible               301         0        0       0         0        301 
Total               17,299         0        0       0         0     17,299 
 
MALCA-AMIT USA, LLC 
Registered               0         0        0       0         0          0 
Eligible                 0         0        0       0         0          0 
Total                    0         0        0       0         0          0 
 
MANFRA, TORDELLA & BROOKES, INC. 
Registered           2,116         0        0       0         0      2,116 
Eligible               630         0        0       0         0        630 
Total                2,746         0        0       0         0      2,746 
 
COMBINED TOTALS 
Registered          55,158         0        0       0         0     55,158 
Eligible            21,039       298        0     298         0     21,337 
Total               76,197       298        0     298         0     76,495 
 
Write to Linda Rice at csstat@dowjones.com 

Energy stocks fell Tuesday afternoon with the NYSE Energy Sector Index down 0.3% and the Energy Select Sector SPDR Fund (XLE) shedding 0.6%.

The Philadelphia Oil Service Sector index dropped 0.5%, and the Dow Jones US Utilities index slipped 0.8%.

West Texas Intermediate crude oil rose 0.6% to $66.45 a barrel, global benchmark Brent advanced 0.7% to $69.78 a barrel. Henry Hub natural gas futures fell 1.7% to $4.42 per 1 million BTU.

In sector news, Ontario Premier Doug Ford said his province agreed to suspend the 25% surcharge on electricity exports to Michigan, New York and Minnesota. Ford said he will meet with US Commerce Secretary Howard Lutnick on Thursday in Washington.

In corporate news, GE Vernova's power conversion and storage business signed a memorandum of understanding with PyroGenesis to start discussions toward a multiyear collaboration. GE Vernova shares rose 6.1%.

TXNM Energy shares jumped 8.1%. The company is considering a sale after getting takeover interest from a potential buyer, Bloomberg reported Monday.

HighPeak Energy shares fell 5.5%, a day after the company reported Q4 net income and operating revenue that trailed estimates by analysts.

Archrock agreed to buy Natural Gas Compression Systems and NGCSE for $357 million in cash and stock. Archrock shares rose 6.4%.

WINNIPEG, Manitoba--The ICE Futures canola market continued its descent on Tuesday following the implementation of Chinese tariffs.

On Friday, China imposed 100 per cent levies on Canadian canola oil and meal in retaliation to Canadian surcharges on Chinese-made electric vehicles, steel and aluminum last year.

One analyst called the current downturn in canola prices a "panic" with similar movement unseen in other vegetable oils.

Meanwhile, Chicago soyoil, European rapeseed and Malaysian palm oil were lower. Crude oil made gains due to a weaker United States dollar, but was still pressured by tariff concerns and planned output hikes by OPEC+.

At mid-afternoon, the Canadian dollar was down one-quarter of a United States cent compared to Monday's close.

There were 84,708 contracts traded on Tuesday, which compares with Monday when 102,899 contracts changed hands. Spreading accounted for 41,672 of the contracts traded. Settlement prices are in Canadian dollars per metric tonne.

 
           Price      Change 
May       590.10    dn 14.10 
Jul       603.30    dn 14.50 
Nov       612.00     dn 8.60 
Jan       620.90     dn 8.20 

Spread trade prices are in Canadian dollars and the volume represents the number of spreads:

 
Months    Prices                            Volume 
May/Jul   11.60 under to 13.80 under        10,361 
May/Nov   14.60 under to 23.80 under           800 
May/Jan   25.70 under to 32.70 under            16 
Jul/Nov   2.60 under to 11.10 under          8,533 
Jul/Jan   16.00 under to 19.70 under             4 
Jul/Mar   21.80 under to 22.70 under             2 
Nov/Jan   8.00 under to 9.40 under             880 
Nov/Mar   12.90 under to 13.80 under            58 
Nov/May   15.40 under                            5 
Jan/Mar   3.90 under to 5.00 under             119 
Mar/May   2.40 under to 3.10 under              50 
May/Jul   1.10 under                             5 
Jul/Nov   14.70 over to 13.50 over               3 
 

Source: Commodity News Service Canada, news@marketsfarm.com

Front Month Nymex Crude for April delivery gained 22 cents per barrel, or 0.33% to $66.25 today

• Up three of the past four sessions
• Today's settlement value is the second lowest this year
• Off 23.77% from its 52-week high of $86.91 hit Friday, April 5, 2024
• Up 0.76% from its 52-week low of $65.75 hit Tuesday, Sept. 10, 2024
• Down 14.58% from 52 weeks ago
• Off 17.23% from its 2025 settlement high of $80.04 hit Wednesday, Jan. 15, 2025
• Up 0.33% from its 2025 settlement low of $66.03 hit Monday, March 10, 2025
• Off 54.40% from its record high of $145.29 hit Thursday, July 3, 2008
• Month-to-date it is down 5.03%
• Year-to-date it is down $5.47 or 7.63%

All prices are calculated based on the settlement price of the current front month contract.

Source: Dow Jones Market Data