Commodities & Energy news from the last 24 hours, AI-curated by PiQ Markets

Global oil markets are experiencing unprecedented volatility and declining liquidity as investors retreat amid geopolitical uncertainty and shifting messages surrounding the Iran conflict. U.S. gasoline inventories have fallen to their lowest seasonal level in a decade, threatening tight supplies and higher pump prices as the summer driving season begins. U.S. oil drilling activity, however, has expanded for six consecutive weeks, driven by a surge in crude futures. Tanker traffic through the Strait of Hormuz has plummeted by 90-95%, complicating global energy flow tracking. The U.S. Department of Energy has authorized the release of 172 million barrels from the Strategic Petroleum Reserve to counter rising prices and supply disruptions.

Texas is grappling with an escalating New World screwworm outbreak, confirmed in at least eight cattle cases since early June, with one additional case in New Mexico. Governor Greg Abbott has expanded a disaster declaration as the parasitic fly larvae, which feed on living tissue, threaten the state's multi-billion dollar cattle industry and potentially national beef prices. The U.S. Department of Agriculture (USDA) is resuming sterile-fly production to combat the spread, while ranchers are using drones for intensified inspections. The outbreak has also led to a U.S. border closure, benefiting Mexican beef producers but causing hardship for Texas feedlots.

Global airlines face significant financial headwinds from escalating jet fuel costs, projected to cost the industry $100 billion. The ongoing conflict in Iran is a primary driver of these price hikes, which are also straining African airlines and leading Air New Zealand to anticipate high costs through FY27. These pressures may trigger airline failures and consolidation, with budget carriers like Spirit Airlines being particularly vulnerable. In a separate development, Southwest Airlines is targeting 2027 for the service entry of its Boeing 737 MAX 7 and is exploring a broader transformation including airport lounges and premium seating.

Irish farms are implementing diverse strategies to enhance productivity and sustainability. Ger and Enda Armstrong's farm in Co. Galway received an award for its focus on breeding and grassland management, achieving a high Economic Breeding Index (EBI) of €161 and a premium milk price. Meanwhile, discussions continue on optimizing weed control in forage maize to prevent yield losses of up to 30%. The benefits of sulphur application in fertilizers are also highlighted, potentially reducing nitrogen leaching by 22kg N/ha and increasing grass yield. Additionally, the Advantage Beef Programme is providing guidance on transitioning calves from indoor housing to pasture, a crucial step for calf-to-beef systems.

Gold prices saw an increase on June 12, 2026, influenced by easing inflation and optimism for geopolitical stability, including a potential US-Iran peace deal. In contrast, silver prices experienced a decline on June 5, 2026, following the release of a jobs report. Meanwhile, fuel prices in India remained steady on June 13, offering consumers a respite from recent hikes despite global oil market volatility and geopolitical concerns.

Antarctica is experiencing unprecedented environmental changes, with its west coast now missing sea ice equivalent to the size of France. The Bellingshausen Sea, typically ice-covered by June, is nearly ice-free, a development scientists attribute to potential global heating. Concurrently, the continent recorded record-breaking winter temperatures, with one station experiencing a 15.4C reading, about 20C above average, during a three-week period of above-zero daily highs. These anomalies raise significant concerns for marine life, global sea levels, and the acceleration of climate change impacts on glaciers and ecosystems.

El Niño conditions have officially developed over the equatorial Pacific, raising concerns for India's upcoming monsoon season. The India Meteorological Department (IMD) indicates El Niño may strengthen during the monsoon, potentially leading to weaker rainfall. Historically, El Niño events have correlated with drought years in India, impacting crop yields, food prices, and the rural economy, particularly during the crucial kharif crop sowing period.

Delhi-NCR is experiencing relief from heatwave conditions as rain, thunderstorms, and gusty winds arrive, prompting the India Meteorological Department (IMD) to issue a red alert. The alert warns of severe weather, including intense thunderstorms and winds reaching up to 80 kmph. Meanwhile, the southwest monsoon has reached Odisha, covering its northern parts and bringing favorable conditions for further advancement across the state in the coming days. Thunderstorms, lightning, and gusty winds are anticipated in Odisha as well.

India is set to host the Global Wind Day 2026 conference, signaling a commitment to expanding its wind energy sector. This initiative aligns with broader efforts to boost renewable energy, as highlighted by a partnership between Meta and CleanMax to develop 837MW of wind and solar projects. Indian industry leaders are advocating for streamlined governance, including a single nodal agency and state-level resource missions, to accelerate growth in bio-energy and Sustainable Aviation Fuel (SAF) exports and achieve global leadership in these areas.

India's edible oil imports climbed 6.7% in May to 13.39 lakh tonnes, primarily due to increased crude soyabean oil shipments. This rise was also supported by government tariff adjustments on palm oil. Concurrently, domestic Liquefied Petroleum Gas (LPG) prices have risen by Rs 29 per 14.2-kg cylinder, reaching Rs 942 in Delhi. This marks the second price increase since the US-Iran conflict began, with estimated supply costs now ranging between Rs 1,600-1,700.

Argentina's petrochemical industry is experiencing a new investment cycle driven by abundant feedstock from the Vaca Muerta formation. The nation aims to enhance the value of its resources to foster sector expansion. Meanwhile, OPEC has revised its 2026 oil demand growth forecast downward to 970,000 barrels per day, a reduction from its earlier projection of 1.17 million b/d, as detailed in its latest Monthly Oil Market Report.

Ireland has paid out approximately €2.6 million in compensation for avian influenza since 2023. These payments are made to animal owners whose livestock are culled due to the disease, under the Animal Health and Welfare Act 2013. Separately, recent figures show that young bull supplies for beef kill remain steady compared to the previous year, although supplies of other cattle types have declined. Young bulls represent a minor segment of the overall beef kill.

The 126th U.S. Open golf championship is set to take place from June 18-21 at Shinnecock Hills Golf Club. Scottie Scheffler is the current betting favorite with odds of +550, followed by Rory McIlroy at +1000. A total of 156 players will compete in the tournament, which will also feature comprehensive broadcast coverage.

AM Green and VO Chidambaranar Port Authority (VOCPA) are partnering to establish a green ammonia production and marine bunkering hub in Tuticorin, India. The initial phase targets a capacity of 200,000 metric tonnes of green ammonia by the 2029-30 period. This collaboration aims to leverage VOCPA's port infrastructure to support the growing demand for green ammonia, with provisions for future expansion of the facility.

Indian corporations are significantly increasing their investment in electric trucks, driven by volatile diesel prices, escalating logistics costs, and a growing commitment to sustainability. This shift is particularly noticeable in sectors such as cement, steel, and e-commerce, where companies are actively seeking to electrify their fleets. Truck manufacturers are experiencing a notable rise in corporate interest and orders for electric vehicles as businesses aim to reduce operational expenses and environmental impact.

Australia has the potential to shift its export market from fossil fuels to renewable energy products, according to Cop president Chris Bowen. He stated that as global net-zero commitments reduce demand for fossil fuels, Australia's abundant renewable energy resources can be leveraged to help other countries decarbonize. This pivot would position Australia as a key player in the global transition to clean energy.

Chinese shipbuilders have secured over 30 billion yuan, equivalent to $4.4 billion, in new-energy vessel orders during the Posidonia maritime exhibition. State-owned China State Shipbuilding Corporation (CSSC) received orders for around 20 ships, encompassing very large crude carriers (VLCCs), oil tankers, and feeder container ships. Notably, some of these transactions involved payments denominated in yuan, reflecting a growing trend in international trade.

Rosneft CEO Igor Sechin stated that U.S. energy companies benefit from a closure of the Strait of Hormuz, suggesting Washington seeks to reshape global energy markets. He warned that prolonged tensions would undermine long-term oil demand and predicted prices could fall to $80-$85 if the Strait opens.

India has banned bulk consumers from buying petrol or diesel at retail fuel stations and set a daily limit of 200 liters for diesel purchases per customer. These actions are intended to stop the diversion of fuel meant for bulk buyers and to alleviate localized shortages. The measures stem from a significant price difference between retail and bulk diesel prices, which has incentivized bulk purchasers to use retail outlets.

Metro Vancouver is implementing Stage 3 water restrictions starting Monday, prompted by an out-of-control wildfire in the Cariboo region of British Columbia. This escalation is a response to the severe drought conditions exacerbated by forecasts of a hotter-than-normal summer for the province. The move underscores the growing impact of climate change and biodiversity loss on the region's water resources and overall environmental stability.