Commodities News
Commodity market news including oil prices, gold, silver, natural gas, and agricultural futures. Track supply, demand, and geopolitical price drivers.
Aramco Achieves 70% Domestic Procurement, Aims for 75% by 2030
Saudi Aramco has reached a 70% local content level in its procurement through the iktva program and is now targeting 75% by 2030. The initiative has added over $280 billion to the national GDP.
Albemarle Idles Australian Lithium Plant Amid Price Pressure
Albemarle shares dropped sharply after idling its Kemerton lithium processing unit in Australia. China's battery-grade lithium carbonate prices rose slightly, but spot trading remained sluggish.
IEA Trims Oil Demand Outlook, Sending Prices Lower
Crude oil prices dropped sharply Thursday following a reduced demand forecast from the International Energy Agency and a large build in U.S. stockpiles.
Oil Prices Retreat as IEA Trims Demand Outlook, Inventories Swell
Brent crude prices declined sharply following a reduced demand-growth projection from the IEA and a larger-than-expected build in U.S. crude inventories. Traders are now watching OPEC+ policy moves.
Silver Plunges 9% Ahead of Key Inflation Data
Silver prices dropped sharply on Thursday, with spot metal falling 9.4% as markets positioned for upcoming U.S. inflation data that could influence Federal Reserve policy.
Exxon Mobil Shares Decline on Ex-Dividend Date Amid Weaker Oil Price Outlook
Exxon Mobil stock fell 0.8% to $154.31 as it traded ex-dividend for a $1.03 quarterly payout, while Brent crude dropped 0.6% following an IEA demand forecast cut and larger-than-expected U.S. inventory build.
NovaGold Shares Retreat After Sharp Rally as Donlin Feasibility Study Progresses
NovaGold Resources shares declined 1.4% in premarket trading following a 12.7% surge, with investor attention fixed on the Donlin Gold feasibility study and recent capital raises.
Glencore Gains on Potential $9B Congo Stake Sale to U.S.-Led Group
Glencore shares advanced as a U.S.-backed consortium discusses acquiring a 40% stake in its Congo copper and cobalt assets, valued around $9 billion. Investors await full-year results next week.
Oil Prices Surge Toward $70 Amid Iran Tensions, Overshadowing Large U.S. Inventory Build
Brent crude futures rallied nearly 2% to $70.02 a barrel as geopolitical risks from U.S.-Iran tensions outweighed a significant 8.5 million barrel increase in U.S. crude stocks. Traders await key reports from the IEA and OPEC+ discussions.
Distillate Drawdown Fuels Heating Oil Rally Amid Crude Inventory Surge
Heating oil futures surged 2.6% as EIA data revealed a sharp 2.7 million barrel decline in distillate stocks, tightening diesel supplies despite a large crude inventory build.
Gold Retreats from Session Highs as Strong Jobs Data Tempers Rate Cut Expectations
Gold prices pared earlier gains Wednesday after a robust U.S. employment report reduced the likelihood of an imminent Federal Reserve interest rate cut. Silver posted a stronger rebound, climbing over 3%.