Iran Dark Fleet Vessels Slip Through Blockade -- Commodities Roundup

MARKET MOVEMENTS:

--Brent crude oil is up 0.4% at $95.89 a barrel.

--European benchmark gas is up 4.4% to 42.09 euros a megawatt-hour.

--Copper futures rise 0.6% to $13,316 a metric ton.

--Gold futures are down 0.7% to $4,792.60 a troy ounce.

TOP STORY:

Iran Dark Fleet Vessels Slip Through Blockade

More than two dozen Iran-linked ships carrying oil and gas have evaded the U.S. blockade of the Strait of Hormuz, according to Lloyd's List Intelligence and brokers arranging such cargoes.

Since the blockade went into effect on April 13, at least 26 laden ships have sailed in and out of Iranian ports. U.S. Central Command said it had turned back 23 such ships.

OTHER STORIES:

D.C. Utility Ignored Warnings Before Potomac Sewage Spill, DOJ Lawsuit Alleges

The Justice Department sued Washington, D.C.'s water utility on Monday over a massive sewage spill that sparked a political fight between federal and state authorities, and which President Trump called "a massive Ecological Disaster."

In January, a 72-inch diameter pipe ruptured, spewing 243 million gallons of raw sewage into the Potomac River in one of the worst wastewater spills in U.S. history.

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Higher Gasoline Prices Lifted March Retail Sales

Sales at U.S. retailers jumped in March, driven by a sharp rise in gasoline prices amid the war in Iran that left Americans paying more to fill up.

Total retail sales rose by 1.7% last month, following a 0.7% increase in February. It was the fastest one-month rise in retail sales in more than three years. Analysts polled by The Wall Street Journal were expecting a 1.5% increase. The figures are adjusted for seasonal patterns but not for rising prices.

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Halliburton 1Q Net Up, Revenue Steady

Halliburton's first-quarter earnings rose sharply, reflecting charges from a year earlier, as demand for the oilfield outfitter's services remained steady despite a spike in crude prices late in the quarter and upheaval in major energy producing nations.

The Houston oil-services giant posted earnings of $461 million, or 55 cents a share, up from $204 million, or 24 cents a share, a year earlier. The year-earlier quarter included $356 million in impairment and other one-off charges.

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Rio Tinto 1Q Iron Ore, Copper Production Rises

Rio Tinto said it produced more iron ore, copper and aluminum in the first quarter of the year, while reassuring investors of limited impacts to date from the conflict in the Middle East.

The world's second-biggest miner by market value reported a 13% year over year increase in production from its lucrative Pilbara iron-ore operations and a 9% rise in copper production. Aluminum output was 1% higher than a year earlier.

MARKET TALKS:

U.S. Natural Gas Futures Continue Rangebound -- Market Talk

0945 ET - U.S. natural gas futures continue trading in a tight range typical of the low-demand spring shoulder season. "The mild end to the winter helped replenish gas stocks and the mild weather has continued into April to weigh on gas prices," Clifton White and Francisco Blanch of Bank of America Global Research say in a note. They lower their Henry Hub price estimate for the remainder of the year by 20 cents to $3.40/mmBtu. While the market has trouble balancing during peak cold events, there is "typically plenty of spare midstream capacity available during the summer months that reduces risk of spiking gas prices even during peak heat," they add. Nymex natural gas is down 0.3% at $2.681/mmBtu.([e-mail])

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U.S. Planting Pace on Par With Last Year -- Market Talk

0932 ET - In its latest Crop Progress report, the USDA said planting of corn is on pace with last year's record-sized crop, with 11% of the crop planted as of April 19. Soybeans are actually ahead of last year's pace, with 12% of the crop planted--up from 7% at this time last year. "The trend of planting soybeans as early as possible continues to be evident across the country," says Michael Cordonnier of Soybean & Corn Advisor in a note, adding that planting in the eastern Corn Belt states is slow as excessive rainfall keeps farmers out of their fields. CBOT corn is up 0.1%, while soybeans rise 0.5% and wheat falls 0.5%. ([e-mail])

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Grain Futures Mixed as Iran Tensions Ratchet Up -- Market Talk

0910 ET - CBOT grains are mixed premarket. U.S. forces boarded an oil tanker in the Indo-Pacific region that was previously sanctioned for working with Iran, the first such move outside the Middle East in connection with the war. The continued hostilities with Iran mean that the supply of fertilizer that would be destined for global importers remains strained--a potential issue for crop yields of corn and soybeans being planted this month and next. Corn falls 0.1%, while soybeans rise 0.4% and wheat falls 0.5%. ([e-mail])

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Oil Futures Edge Lower With Focus on U.S.-Iran Talks

0858 ET - Crude futures are lower in rangebound trade as the market waits to see what happens with U.S.-Iran talks expected this week in Pakistan. Markets are reflecting "mounting hopes of a peace deal," Peter Cardillo of Spartan Capital says in a note. "We think it is likely to retest last week's lows, as talks between the U.S. and Iran are expected to continue even if this round of negotiations does not produce a final deal." WTI for May delivery is off 03% at $89.35 a barrel ahead of today's expiration. Brent is down 0.2% at $95.25.([e-mail])

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Iran War Mustn't Derail EU's Green Transition, Campaigners Say -- Market Talk

1115 GMT - The energy shock dealt by the Iran War shouldn't sway European Union policymakers from further reducing fossil-fuel demand and boosting use of renewable energies, pressure group Beyond Fossil Fuels says. Bloc leaders will this week stress the need to protect Europeans from future energy shocks by accelerating the transition to clean, homegrown energy, according to a draft document seen by The Wall Street Journal. That position demonstrates the continued progress made by Brussels, but potential state-aid proposals could have the opposite effect, boosting subsidies for polluting gas plants as the bloc looks to alleviate the Middle East conflict's heavy impact on industry, BFF says. "New subsidies for gas plants would self-sabotage Europe's energy security," BFF's Juliet Phillips says. "Instead of doubling down on fossil fuels, countries should invest in clean technologies that can shield Europe from price shocks for good."([e-mail]; @joshualeokirby)

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Palm Oil Rises, Supported by Rival Oils Amid Iran War -- Market Talk

1034 GMT - Palm oil ended higher. Prices were supported by gains in rival oils as ongoing uncertainty surrounding the prospects for talks to end the Iran conflict keeps energy markets firm, Kenanga Futures analysts say in a note. However, upsides may be capped by expectations of rising domestic production during the peak output season. Kenanga Futures sees support for prices at 4,465 ringgit a ton and resistance at 4,580 ringgit a ton. The Bursa Malaysia Derivatives contract for June delivery closed 63 ringgit higher at 4,561 ringgit a ton. ([e-mail])

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Oil Market Stabilizing Despite Volatility in Middle East -- Market Talk

0751 GMT - Oil markets are stabilizing despite sharp geopolitical volatility around the Strait of Hormuz, says Julius Baer head of economics and next generation research Norbert Rucker. Over the weekend, conflicting signals about the strait's status drove price swings, but broader energy prices have eased from late March and early April peaks. Brent crude briefly fell below $100 from over $140, while European jet fuel prices dropped about 20%, reflecting improving real supply conditions instead of just sentiment, he says. Markets appear more pragmatic than headlines suggest. Oil flows through Hormuz have continued at meaningful levels, supported by alternative routes. The supply deficit is closer to 5% than 10%, easing immediate pressure, Rucker adds. ([e-mail]; @ivy_jiahuihuang)

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Gold Falls as Investors Weigh U.S.-Iran Peace Talks Prospects, Inflation Concerns -- Market Talk

0733 GMT - Gold futures slip but remain above $4,800 a troy ounce as investors weigh expectations that the U.S. and Iran will meet again this week. "Plans for fresh talks in Pakistan offered some optimism ahead of a looming cease-fire deadline," Soojin Kim from MUFG says. "However, the war continues to disrupt global energy supplies, reinforcing inflationary pressures and expectations that central banks will keep interest rates elevated, a negative for nonyielding gold." New York gold futures fall 0.6% to $4,800.50 a troy ounce. Silver is down 1.3% to $79.01 an ounce, while platinum slips 0.4% to $2,078.70 an ounce. ([e-mail])

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Large Chip Companies Unlikely to See Immediate Helium Shortage -- Market Talk

0721 GMT - Large semiconductor manufacturers are unlikely to see immediate shortage in helium supply because of the conflict in the Middle East, Moody's analysts say in a research note. A combination of inventory buffers, recycling, contractual prioritization and expanded storage capacity will limit any immediate disruption, they say. Global helium supply exceeded demand in 2025, leading large industrial gas companies to invest in storage infrastructure to absorb surplus production, they note. Meanwhile, "should helium suppliers be forced to ration, semiconductor producers are likely to receive priority allocation," they note. Semiconductor companies are relatively insensitive to high helium costs as it makes up less than 1% of their cost of materials, they add. ([e-mail])

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Oil Falls on Expectations of U.S.-Iran Talks as Deadline Looms -- Market Talk

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04-21-26 1052ET