Commodities (Crude Oil & Copper) & Macro Outlook

According to Jin10, UN Secretary-General Antonio Guterres called for an immediate halt to military operations in the Gulf region and a full restoration of international navigation rights in the Strait of Hormuz and the Bab el-Mandeb Strait, urging resolution through diplomatic channels. Guterres

According to Serbian national television, Serbia received another sanctions exemption from the U.S. regarding NIS, a Russian-owned oil company. The exemption marks a repeated grant of relief from American sanctions targeting the petroleum

According to the Intercontinental Exchange (ICE), for the week ending July 28, Brent crude oil speculators reduced net long positions by 6,948 contracts to 185,083 contracts. Diesel speculators increased net long positions by 2,654 contracts to 87,194 contracts.

The U.S. crude oil rig count rose to 451 for the week ending July 31, up from 450 in the prior week.

The United States maintained 127 natural gas drilling rigs for the week ending July 31, unchanged from the prior week, according to industry data.

U.S. total oil and gas rigs reached 588 in the week ended July 31, up from 587 in the prior week.

The U.S. oil rig count for the week ending July 31 is scheduled for release shortly, according to the weekly Baker Hughes report.

In its second-quarter earnings call, Chevron outlined plans to expand data center power partnerships beyond its existing agreement with Microsoft in West Texas, while refocusing its Permian Basin operations on cost reduction and cash flow generation rather than production growth, according to

According to Chevron CEO Mike Wirth, the company sees no clear signs of demand destruction despite rising energy prices from the U.S. and Israeli military action against Iran. "In my view, there are no obvious signs indicating a large-scale decline in demand," Wirth said during a Friday call with an

According to Pemex, Mexico's state-owned petroleum company paid 248 billion pesos to suppliers and contractors during the first half of 2026.

CBOT wheat futures fell 3.0% intraday to 693.5 cents per bushel on July 31, as Ukraine considers diversifying export routes following Russian attacks on Black Sea port infrastructure that disrupted grain flows in the region. The U.S. Department of Agriculture forecasts declining wheat and corn

According to the U.S. Central Command on August 1, Iran's claim that it has closed the Strait of Hormuz is false. The waterway remains open to commercial shipping, and Iran does not control the strait. Over the past four months, thousands of vessels have transited through this international

India announced on July 31 that its anti-dumping tariff policy will be extended through February 10, 2027.

Vale Base Metals CEO Shaun Usmar stated the company's copper production is expected to exceed its 2035 target of doubling output to 700,000 tons. During an investor call, Usmar declined to commit to achieving the target ahead of schedule. Vale CEO Gustavo Pimenta indicated the company may provide d

According to Chevron CEO Mike Wirth at the company's earnings call, Chevron has been loading crude oil at the CPC terminal on Russia's Black Sea coast this week. Wirth stated the company is working closely with governments in the region, the U.S., and Kazakhstan to ensure pipeline operations

On July 31, ICE UK natural gas futures surged 1.24% to 144.24 pence per therm, posting a 35.98% monthly gain for July. TTF Dutch natural gas futures fell 0.34% to 58.801 euros per megawatt-hour, with a 35.05% monthly increase for the same

According to political analyst Nate Silver, on July 31, President Trump's approval rating fell to a new low of 40.6% during his second term, with disapproval at 57.5%, driven by an unpopular Iran war that has now lasted nearly six months and surging gasoline prices. U.S. average gas prices

According to MarineTraffic, on July 30, vessel transits through the Strait of Hormuz dropped to 5 from 22 the previous day, a 77% decline. All five vessels transited via Iran's shipping lane. Kpler noted on social media that persistent maritime security risks and war insurance costs have emerged

According to the U.S. Energy Information Administration (EIA), distillate fuel supplies in May reached their lowest level since June 2020, marking a significant decline in domestic inventory levels.

From 2026-07-31 14:00 to 15:00 UTC, BTC saw a rapid short-term drop. Within 15 minutes, the return % was -0.91%, with a price range of 62,457.9–63,312.2 USDT and an amplitude of 1.35%. Market risk appetite fell noticeably, and trading sentiment turned cautious. The main driver behind this move was the sharp escalation of geopolitical risk. The Iranian Revolutionary Guard carried out a ballistic missile attack targeting U.S. military objectives in Kuwait. The U.S. then launched retaliatory airstr