Repsol Regains Control of Venezuela Oil Fields, Aims to Boost Production -- Commodities Roundup

MARKET MOVEMENTS:

--Brent crude oil is up 3.3% at $98.11 a barrel.

--European benchmark gas is up 3% to 42.64 euros a megawatt-hour.

--Copper futures fall 0.4% to $13,219 a metric ton.

--Gold futures are down 0.1% to $4,818 a troy ounce.

TOP STORY:

Repsol Regains Control of Venezuela Oil Fields, Aims to Boost Production

Spain's Repsol said it would regain control of its operations in Venezuela, paving the way for an output increase in the oil-rich country.

Repsol said Thursday that it signed an agreement with the Venezuelan government and state-owned oil company PDVSA to retake operational control of the Petroquiriquire oil field and take steps toward increasing production.

President Trump and officials in his administration have urged Venezuela's interim government and companies to rebuild the country's oil-and-gas industry and restore production since a U.S. incursion into Caracas in January led to the capture of former President Nicolas Maduro.

OTHER STORIES:

Fire Damages Part of Viva Energy's Geelong Refinery

SYDNEY-A major fire engulfed part of Viva Energy's oil refinery in Geelong, heightening concerns around the supply of oil products in Australia at a time when availability has been stretched by the conflict in the Middle East.

Fire Rescue Victoria said it responded to an incident at the MOGAS Unit of the refinery at around 11:15 p.m. local time on Wednesday following reports of explosions and flames. The fire burned for more than 12 hours before it was extinguished around midday on Thursday.

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San Diego Now Has So Much Water That It's Selling It

SAN DIEGO-With the Colorado River in crisis, Arizona and Nevada are turning to an unconventional lifeline: the ocean water off California's golden beaches.

Both desert states are pursuing a deal with the San Diego County Water Authority to tap millions of gallons of fresh water produced by a Carlsbad ocean-desalination plant--the largest in North America--to help offset their reliance on the collapsing Colorado River.

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TotalEnergies Eyes Boost From Oil-Price Surge, Despite Hit to Production

TotalEnergies said it expects a boost to its financial results from higher oil and gas prices as the energy industry continues to weigh the impact of the war in the Middle East.

The French energy major said Thursday that it expects first-quarter production of oil and gas to be at the same level as the previous quarter, when it reported output of 2.545 million barrels of oil equivalent a day.

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Europe Has Around Six Weeks of Jet Fuel Left as Iran War Strains Supply, IEA's Birol Says

Europe has only roughly six weeks of jet-fuel supply left and could soon face flight cancellations as the war in Iran strains global markets, said Fatih Birol, executive director of the International Energy Agency.

"I can tell you soon we will hear the news that some of the flights from city A to city B might be canceled as a result of lack of jet fuel" if the Strait of Hormuz isn't fully reopened, he said in an interview with the Associated Press on Thursday.

MARKET TALKS:

U.S. Natural Gas Futures Gain Ahead of Storage Data -- Market Talk

1017 ET - U.S. natural gas futures are higher in rangebound trade, with weather too warm to drive heating use and not yet hot enough for major cooling needs. Immediate focus is on the EIA's weekly storage report, due at 10:30 a.m. ET, which is expected to show an increase in the inventory surplus. Gas in underground storage likely increased by 51 Bcf to 1,962 Bcf, according to a Wall Street Journal survey of analysts. That would be a third consecutive weekly build, extending the surplus to 100 Bcf from 87 Bcf the previous week. Nymex natural gas is up 1.1% at $2.638/mmBtu. ([e-mail])

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Oil Gains Further as U.S. Says Blockade Applies to Iranian Ships Beyond Middle East -- Market Talk

1413 GMT - Oil prices extend gains after the U.S. said it will pursue Iran-linked ships beyond the Middle East and continue the blockade as long as necessary. Both sides have agreed in principle to meet as regional mediators push for a second round of talks, though a date hasn't been set yet. "[The] U.S. is cranking up pressure on Iran by cutting off its oil export revenues," analysts at DNB say. Meanwhile, "there's still no guarantee the ceasefire will be extended." Brent crude rises 2.7% to $97.52 a barrel, while WTI is up 1.9% to $93.02 a barrel. ([e-mail])

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Gold Expected to Have Another Strong Year as Uncertainty Remains -- Market Talk

0630 ET - 06:30 ET - Strong safe-haven demand should keep the price of gold elevated through this year, with the precious metal likely to average around $4,990 an ounce after topping an average $3,435 in 2025, Canada's export credit agency forecasts. Export Development Canada in its spring outlook argues gold will peak in 2026, then as uncertainty eases and high prices curb demand it will gradually decline in 2027 to average $4,689 an ounce. EDC says that over time, jewelry demand is expected to regain its traditional role as the primary source of gold demand, while investment-driven volatility moderates. ([e-mail]; @RobbMStewart)

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CBOT Grains Tentative as Traders Question Effect of Rainfall -- Market Talk

1002 ET - Corn and soybean futures are slightly lower as wet weather hits much of the U.S. Corn Belt. "This current week will be viewed in 2 different pathways," says Jason Snow of Futures International in a note. One is that rainfall is preventing farmers from doing major fieldwork, while the other is that the rains are giving soil moisture a boost, giving farmers primed soil for the beginning stages of crop growth. "I am in the camp that the US farmer welcomes these rains and that, in the long term view and from history, that rains in April create a more bearish bent to grains than they do bullish," says Snow. Corn and soybeans slip 0.1%. ([e-mail])

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European Cocoa Grind Data Shows No Recovery in Demand -- Market Talk

1400 GMT - Cocoa demand in Europe declined but prices are little moved as the numbers presented no major shocks, Rabobank analyst Oran van Dort says. "Market sentiment was pessimistic, with disappointing fourth-quarter data for 2025 still fresh in people's minds." European cocoa demand fell 7.8% on year in the first quarter, according to data from the European Cocoa Association. Just shy of 326,000 metric tons of cocoa was processed in Europe during the three months, down from close to 354,000 in the same period of 2025. Cocoa trades down 1.1% at $3,524 a metric ton in New York. North American first-quarter grind data is set for release at 4 p.m. Eastern time. ([e-mail])

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Palm Oil Prices Edge Lower on Output Concerns -- Market Talk

1031 GMT - Palm oil prices ended slightly lower on concerns about rising output in the coming weeks, says David Ng, a trader at Kuala Lumpur-based Iceberg X. However, high crude oil prices will continue to support sentiment for the edible oil in the near term, he adds. Stronger crude oil could increase palm oil's appeal as a biofuel alternative, supporting its price. Ng expects palm oil prices to find support at 4,450 ringgit a ton and face resistance at 4,550 ringgit a ton. The Bursa Malaysia Derivatives contract for June delivery closed 2 ringgit lower at 4,495 ringgit a ton. ([e-mail]; @ivy_jiahuihuang)

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Oil Prices Possibly Past Peak Despite Continuing Middle East Tensions

0931 GMT - Oil prices are possibly past their peak despite continuing Middle East tensions, according to Julius Baer's Norbert Rucker in commentary. Demand for crude oil still exceeds supply, and trade around Hormuz has to normalize eventually to avoid a bigger shock, the head of economics and next generation research says. However, the worst might be over. "The current crisis seems most comparable to the 1990 Gulf War, which at the time caused a short-lived price shock. Taking this as a reference, oil prices are possibly past their peak," he says. Front-month WTI crude oil futures are 1.1% higher at $92.33 a barrel; front-month Brent crude futures are 1.5% higher at $96.36 a barrel. ([e-mail])

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Physical Oil Squeeze Deepens on Persistent Hormuz Disruptions

0726 GMT - The physical oil market is tightening by the day as flows through the Strait of Hormuz remain heavily disrupted, ING analysts say. Even after factoring in pipeline diversions and a limited number of tankers transiting the route, an estimated 13 million barrels a day of supply has been disrupted, with the risk of further losses due to the U.S. blockade, according to the firm. This growing constraint is creating a clear split between physical and paper markets. Dated Brent, which reflects actual cargoes, is trading at a steep premium near $117 per barrel, while front-month Brent futures remain around $95, the analysts say. ([e-mail])

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Oil Little Changed, With Focus on U.S.-Iran Diplomatic Efforts

0721 GMT - Oil prices are holding broadly steady as regional mediators in the Middle East work to secure a second round of talks between the U.S. and Iran. In early European trading, Brent crude rises 0.7% to $95.64 a barrel, while WTI is up 0.8% to $92.07 a barrel. Despite tentative progress, major hurdles persist-including the reopening of the Strait of Hormuz and concerns over Iran's nuclear program-keeping markets highly sensitive to geopolitical developments. Meanwhile, U.S. crude oil inventories fell for the first time in eight weeks as exports picked up, with buyers turning to alternative suppliers due to severe disruptions in the Persian Gulf. ([e-mail])

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Gold Holds Above $4,800 on Iran Talks Optimism, Softer Oil -- Market Talk

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04-16-26 1045ET