Exxon Blasts Proxy Advisers for Conflict of -2-

0923 GMT - Oil prices slip in volatile trade, with Brent crude falling 0.2% to $104.76 a barrel and WTI futures down 0.1% to $98.11 a barrel. Both benchmarks were up more than 1% earlier in the session. "The oil market remains overly sensitive to Iran-related headlines, with participants continuing to pin considerable hope on reports that talks between the U.S. and Iran are progressing," analysts at ING say. "We've been in this situation multiple times before, which ultimately led to disappointment." While a peace deal and reopening of Hormuz could initially trigger a surge in supply from tankers already loaded and awaiting departure, a full normalization would likely take months due to disrupted logistics, rerouted shipping flows and depleted inventories, market watchers say. ([e-mail])

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Oil Could Trade Meaningfully Lower Later This Year -- Market Talk

0835 GMT - Oil is likely to trade meaningfully lower later this year, as the current crisis should follow the historical pattern of a short-lived but intense price shock, Norbert Rücker of Julius Baer says. Traffic through the Hormuz Strait is picking up again, adds the head of economics and next-generation research. Over the past two weeks, several very large crude carriers, alongside smaller vessels and liquefied-natural-gas tankers, have exited the Gulf and are continuing their journey toward Asia, he notes. Although traffic remains at a fraction of preconflict levels, these flows marginally alleviate the supply shock, he adds. The world economy is also proving resilient, helped by the fact that the trade resumption has eased the logistics and refining markups, as well as fuel prices, except in the U.S. ([e-mail]; @ivy_jiahuihuang)

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Oil Market Appears to Be Rebalancing Despite Mideast Conflict -- Market Talk

0807 GMT - The oil market appears to be rebalancing, with prices relatively contained despite the disruption stemming from the Middle East conflict, say HSBC Global Investment Research analysts in a note. This stems from a sharp pullback in Chinese buying, a surge in U.S. exports and an unusually rapid draw on inventories and strategic stocks, they say. These factors have eased immediate availability concerns, they add. Chinese crude imports could further decline in May, which could free up supplies and cap prices, they add. However, they also flag that U.S. inventories are quickly declining, and could reach the bottom of their five-year range by late June or July. Front-month WTI crude-oil futures rise 0.8% to $99.02 a barrel; front-month Brent adds 0.6% to $105.67 a barrel.([e-mail])

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Gold Falls as Fed Minutes Show Policymakers Open to Rate Hikes -- Market Talk

0749 GMT - Gold prices fall after minutes from the Federal Reserve revealed that the majority of officials would be open to possible interest-rate increases if the Iran war continued to fuel inflation. Futures in New York are down 0.4% to $4,517.20 a troy ounce. "Gold has traded within a relatively narrow range in recent weeks and remains down around 14% since the war began in late February," analysts at MUFG say. Still, further losses were limited by renewed optimism over a potential U.S.-Iran deal after President Trump said the two sides were in the final stages of negotiations. Market watchers said gold would likely need to see a significant easing in oil-driven inflation pressures or fresh evidence that slowing growth risks are beginning to outweigh inflation concerns to regain upward momentum. ([e-mail])

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Shell to Benefit From Higher Commodity Prices -- Market Talk

0742 GMT - Shell will get an earnings boost from stronger commodity prices through 2028, which means EPS expectations will move higher, Baader's Frederic Lorec writes. This will partially offset softer downstream margins and elevated cash capital expenditure of $20.9 billion, he says. Baader increases its 2026 EPS expectation by 28% to $4.28, and its 2027 view by 22% to $4.51. Baader expects adjusted net profit holding around $20 billion through 2027, before easing to $18.6 billion in 2028 as Brent prices move lower to around $75 a barrel. Lorec increases Shell's target price to 4,269 pence from 3,852 pence. Shares trade flat at 3,225.50 pence. ([e-mail])

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Oil Rebounds After Wednesday's Slide as Trump Signals Progress in Iran Talks -- Market Talk

0736 GMT - Oil prices rebound after settling more than 5.5% lower in the previous session, as traders closely watch developments in U.S.-Iran negotiations. In early European trading, Brent is up 1.4% to $106.49 a barrel, while WTI futures are up 1.5% to $99.80 a barrel. President Trump said the U.S. was in the final stages of negotiations with Tehran, but also that Tehran might get "another big hit" if a deal wasn't reached. Meanwhile, the latest EIA data pointed to a tightening U.S. market on the back of stronger oil exports. "Markets continue to swing on conflicting headlines," says Soojin Kim from MUFG. "Declining U.S. crude inventories and continued uncertainty over Iran's response to the latest US proposal are keeping oil markets volatile." ([e-mail])

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Iron Ore Declines; Valuations Look Stretched -- Market Talk

0313 GMT - Iron ore is lower in early Asian trading. The supply and demand of iron ore look balanced for now, Nanhua Futures analysts say in a note. However, the upside is limited as valuations are relatively high, they add. Market sentiment for commodities remains soft overall, weighed by limited prospects of policy easing in China in the near term, they note. The most-traded iron-ore contract on the Dalian Commodity Exchange is down 0.2% at 796.5 yuan a ton. ([e-mail])

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Palm Oil Falls After Drops in Soybean Oil Prices -- Market Talk

0243 GMT - Palm oil falls in Asian trading, weighed by lower soybean oil prices overnight on the Chicago Board of Trade, PhillipCapital says in a note. Weaker export data is also dragging palm oil prices, it says. Malaysia's palm oil exports for May 1-20 are estimated to have fallen 20.5% from the same period last month, according to cargo surveyor AmSpec Agri Malaysia. PhillipCapital sees support at 4,350 ringgit a ton and resistance at 4,680 ringgit a ton. The Bursa Malaysia Derivatives contract for August delivery is down 36 ringgit at 4,547 ringgit a ton. ([e-mail])

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(END) Dow Jones Newswires

05-21-26 1203ET