Commodities (Crude Oil & Copper) & Macro Outlook

According to TotalEnergies CEO, the company understood that the latest EU sanctions agreement may allow it to sell Russian liquefied natural gas to non-EU countries next year. The CEO said the company awaits reviewing the final text of the agreement.

According to Huawen Futures, high-sulfur fuel oil prices surged over 3% on July 23 as geopolitical risks extended to the Mandeb Strait. Yemen's Houthi forces warned vessels to avoid Saudi ports, prompting four oil tankers to alter course in the Red Sea on Wednesday, with two rerouting toward the

According to TotalEnergies CEO, the company's Suriname project is expected to come online in the first half of 2028, with current progress at 40% completion.

According to TotalEnergies CEO, the company's Uganda oil project is expected to start production this autumn, with production reaching its peak in mid-2027.

TotalEnergies CEO announced that Namibia's Energy Ministry has officially approved Galp's entry into the Venus project. The deal is expected to close tonight or tomorrow, according to the executive.

According to Guru Club, on July 23, Brent crude oil futures surged 5% to $98.92 per barrel, hitting their highest level since early June. WTI crude oil futures also rose over 4% to $90.68 per barrel.

WTI crude oil gained 4.5% intraday on July 23, trading at $90.78 per barrel.

Repsol's CEO stated that refining profits in 2026 will exceed $20 per barrel even if the Hormuz crisis is resolved tomorrow.

According to Jin10, Turkey's central bank held its benchmark interest rate unchanged on July 23, marking the fourth consecutive decision to maintain policy unchanged. The decision came amid escalating Middle East tensions that have pushed Brent crude oil above $98 per barrel, fueling inflation

According to TotalEnergies CEO, rising European natural gas prices have led the company to anticipate stronger-than-expected earnings in Q3. The executive noted that the uptick in gas prices creates conditions for the company to deliver better-than-forecast results in the third

According to trade sources, Qatar Energy has extended force majeure terms on LNG supply to some Asian buyers through mid-October and has chartered vessels to match the extended period.

Repsol CEO expects the Spanish energy company's daily production to reach 650,000 to 700,000 barrels of oil equivalent (BOE) by year-end, according to the executive's statement.

According to S&P Global Energy, war risk insurance premiums for tankers in the Strait of Hormuz surged from 1%-3% to 7.5%-10% on July 23 as repeated attacks discourage insurers from providing coverage. Only 10 vessels transited the strait on Tuesday, compared to over 130 daily before the Middle

The National Futures Association permanently barred Hardee Brothers LLC and its principal, Sidney Curtis Hardee, after alleging the New York commodity pool operator misled regulators about accepting outside investors, misappropriated nearly $110,000 of customer funds, and used pool assets for

The National Futures Association permanently barred Hardee Brothers LLC and its principal, Sidney Curtis Hardee, in January 2026 after alleging the commodity pool operator misled regulators about accepting outside investors and misappropriated nearly $110,000 of customer funds. The investigation

Market sources reported that South Korean energy company S-OIL canceled a diesel tender for approximately 300,000 barrels this week.

According to Jin10's analysis, President Trump's public statements about the Iran conflict from March through July have been contradicted by on-ground realities. Trump declared Iran's military "completely destroyed" and claimed the war would end within four to six weeks; however, the conflict has

According to traders citing discussions on July 23, at least two Asian crude buyers are negotiating with Saudi Aramco to reroute oil shipments away from the Red Sea following Houthi attacks on tankers. Refineries are exploring alternatives to using the Strait of Mandab, including acquiring crude fro

According to Guru Club, on July 23, Iran-backed Houthi forces claimed to have attacked two Saudi Arabian oil tankers in the Red Sea, escalating Middle East tensions and threatening regional supply disruptions. Brent crude futures approached the $100 per barrel mark amid the incident. The assault