Gas Prices Top $4 a Gallon -- Commodities Roundup -2-

0932 ET - U.S. natural gas futures are picking up from the previous day's losses with LNG feedgas demand maintaining support, offset in part by strong production. "The likelihood of lower supply into the spring shoulder season may cushion the extent of bearish pressure," Eli Rubin of EBW Analytics says in a note. "Seasonally, production often slides amid the transition from winter into spring, particularly in the Northeast as in-basin heating demand wanes rapidly." Nymex natural gas is up 2.8% at $2.969/mmBtu. ([e-mail])

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Canadian Crude Oil Exports Rise to Record High -- Market Talk

0908 ET - Canadian exports of crude oil hit a record high to start the year, as the country's primary energy production increased to the highest on records dating to 2020. Primary energy output rose 3.5% in January to 2.2 million gigajoules, Statistics Canada data shows. Canadian production of marketable natural gas climbed 6.3% on-year, notching a third consecutive record high as domestic consumption and exports grew. Natural gas exports jumped 11% to a new record. Crude oil output was up 1.4% on-year but was below December's record high. Still, crude exports climbed 5.8% to a record 21.8 million cubic meters, driven by shipments other than the U.S. ([e-mail]; @RobbMStewart)

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Oil Mixed As Market Weighs Possible Early End to Conflict

0858 ET - Oil futures are flitting between small gains and losses in early U.S. trade as the market weighs the implications of a WSJ report that President Trump would be willing to wind up military operations against Iran even before the Strait of Hormuz is reopened. In a Truth Social post, Trump also rails against the U.K. and others for not helping the U.S. against Iran, and tells them "Go get your own oil!" WTI is off 0.1% at $102.78 a barrel and most-active Brent is up 0.1% at $107.46. ([e-mail])

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Palm Oil Ends Higher on Crude, Soybean Oil Strength -- Market Talk

1019 GMT - Crude palm oil ended the day higher, reversing earlier losses on strength in crude and soybean oil prices, according to David Ng, a trader at Kuala Lumpur-based Iceberg X. Recent strong export performance also lifted market sentiment today, Ng says. He sees prices for palm oil supported at above 4,700 ringgit a ton and resistance at 4,850 ringgit a ton. The Bursa Malaysia Derivatives contract for June delivery rose 1.2% to 4,829 ringgit a ton.([e-mail])

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European Gas Prices Fall as Traders Weigh Potential U.S. Early Exit from Iran War -- Market Talk

0841 GMT - European natural-gas prices fall in early trading after The Wall Street Journal reported that President Trump told aides he is willing to end the campaign against Iran even if the Strait of Hormuz remains largely closed. The benchmark Dutch TTF front-month contract is down 2.9% at 53.42 euros a megawatt-hour. "TTF prices are not really reflecting the reality on the ground, of actual long-lasting supply disruptions even beyond a Strait of Hormuz opening," says Florence Schmit, energy strategist at Rabobank. "The movement today is in line with yet another Trump message about a potential end to this conflict and as always markets are trading this war as a glass half full." Rabobank forecasts prices to average around 60 euros a megawatt hour in the second quarter. ([e-mail])

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London's Miners Gain as Metal Prices Rise -- Market Talk

0821 GMT - London's miners rise in morning trade as metal prices tick upward. Copper miner Antofagasta leads the FTSE 100 as its largest gainer, rising 3.2%. Meanwhile, precious metal miners Fresnillo, Hochschild Mining and Endeavour Mining are all up around 2.45%. Commodity giant Glencore rises 1.5% while diversified miners Anglo American and Rio Tinto are up 1.3% and 2.3%, respectively. The gains come as gold rises 0.8% to $4594.80 a troy ounce while silver rises 3.8% to $73.25 an ounce. Meanwhile, aluminum prices are on track for a monthly gain of more than 10% as attacks on smelters in the Gulf threaten supply disruptions. Three-month aluminum prices on the London Metal Exchange rise 2.5% to $3,487.50 a metric ton. ([e-mail])

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Oil Ticks Higher After Trump Tells Aides He's Willing to End War Without Reopening Hormuz

0703 GMT - Oil prices rise as traders weigh the possibility of an early U.S. exit from the Iran war. In early European trading, Brent crude for May delivery rises 0.6% to $113.51 a barrel, while WTI is up 0.1% to $103 a barrel. The Wall Street Journal reported that President Trump told aides he's willing to end the U.S. military campaign against Iran even if the Strait of Hormuz remains largely closed. "Any de-escalation is unlikely to quickly restore flows through the Strait of Hormuz, keeping the market tight and limiting downside in crude," IG analysts say. Meanwhile, "an Iranian-linked attack on a tanker in Dubai and Houthi missile strikes highlight growing threats to key shipping routes including Hormuz and Bab el-Mandeb." On Monday, Trump said that the U.S. would destroy Iranian energy sites if a deal isn't reached shortly. ([e-mail])

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Aluminum on Track for 10% Monthly Gain on Supply Disruptions -- Market Talk

0730 GMT - Aluminum prices are on track for a monthly gain of more than 10% as attacks on key Gulf smelters threaten further supply disruptions. In early trading, three-month aluminum prices on the London Metal Exchange rise 0.9% to $3,474.50 a metric ton. Iranian strikes over the weekend targeted facilities belonging to Aluminium Bahrain and Emirates Global Aluminium, as the sector already grapples with supply chain disruptions in the Strait of Hormuz. "The [strait] closure has been forcing consumers to dip into inventories, which are now largely eroded," ANZ analysts said. "This has left the market with little buffer to cushion any supply shocks." ([e-mail])

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Iron Ore Falls in Rangebound Trade -- Market Talk

0232 GMT - Iron ore falls in Asian trading, with the most-traded iron-ore contract on the Dalian Commodity Exchange down 0.5% at 810.5 yuan a ton. Prices are rangebound at elevated levels, Nanhua Futures analysts say in a research note. Global demand for iron ore faces significant uncertainties currently as geopolitical tensions have driven up oil prices, heightening inflation risks and stalling the manufacturing recovery, Nanhua says. If tensions decelerate, lower oil prices may support demand recovery, it adds. ([e-mail])

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(END) Dow Jones Newswires

03-31-26 1113ET