Theme updated this morning
Oil & energy
Crude, gas and the energy complex — supply, OPEC, and the price of power.
77 mornings covered oil & energy this year
Sunday, October 11, 2026
Brent rose 4.5% in two sessions, most of it on Thursday
The oil & energy read — Crude rose sharply as fewer tankers left the Gulf.
Read the briefThursday, October 8, 2026
Fewer tankers than normal left the Gulf for a third day with data
The oil & energy read — Fewer tankers left the Gulf; the oil price stayed flat.
Read the briefTuesday, October 6, 2026
On Monday the Bovespa rose 7.7% to a record and the real gained 4.4% against the dollar, its biggest one-day rise in eight years
The oil & energy read — Saudi Arabia cut prices to Asian buyers.
Read the briefMonday, October 5, 2026
On Friday, two days before the vote, the Bovespa rose 2.6% and Brazilian shares in New York outran the S&P 500 by about 2 points, while the real…
The oil & energy read — OPEC left output unchanged on Sunday.
Read the briefSunday, October 4, 2026
Friday's settlement had diesel down 3.0% and December Brent little changed after the G7 agreed to release emergency stocks
The oil & energy read — Diesel fell on the release; crude barely moved.
Read the briefSaturday, October 3, 2026
The US added 29,000 jobs in September against about 90,000 expected, and unemployment rose to 4.2%
The oil & energy read — G7 stock release pushed diesel and US crude lower.
Read the briefFriday, October 2, 2026
Brent rose more than 4% on Thursday, and Europe paid for it in its currency and its banks
The oil & energy read — Crude up more than 4%; diesel slipped on stock-release talk.
Read the briefThursday, October 1, 2026
US inflation came in below forecast on Wednesday, and long-term rates rose anyway: the thirty-year Treasury closed the quarter at its highest…
The oil & energy read — Rebounded, though Gulf exports are back near pre-war levels.
Read the briefWednesday, September 30, 2026
Crude fell about 3.5% on Tuesday, and the US thirty-year still closed at another high last seen in 2002
The oil & energy read — Fell about 3% as mediators kept talking.
Read the briefTuesday, September 29, 2026
On the day Washington spurned Iran's offer and Brent rose, gold fell 3.5% — its worst day since June — and silver 4.8%
Gold had its worst day since June on a day the war got worse, the long bond reached a 24-year high, and the only safe place was the Treasury bill.
Read the briefMonday, September 28, 2026
Over nine sessions to Friday's close the five largest listed private-credit managers fell between 5.2% and 10.6% while the S&P 500 rose 1.6%
The oil & energy read — Gulf tanker traffic stayed low as talks were promised again.
Read the briefSunday, September 27, 2026
Brent fell 2.14% on Friday on Iran's offer to reopen Hormuz within a week, and the thirty-year Treasury still closed at 5.50%
The oil & energy read — The oil drop rested on an offer that was then refused.
Read the briefSaturday, September 26, 2026
Iran offered a plan to reopen Hormuz within a week and Brent fell 2.14%
The oil & energy read — The thirty-year yield rose while oil fell.
Read the briefFriday, September 25, 2026
The 30-year Treasury yield rose 6 basis points to 5.46%, its highest since 2004, and led the 5-year for the first time this week
The oil & energy read — Crude rose, but diesel fell after a ban was ruled out.
Read the briefThursday, September 24, 2026
The 5-year Treasury yield rose 16 basis points to 5.00% and the 10-year 15 to 5.12%
The oil & energy read — Oil rose, but diesel fell after a ban was ruled out.
Read the briefWednesday, September 23, 2026
Brent settled at $99.25 (-1.09%), its first finish under $100 since 8 September
The oil & energy read — Crude is down; diesel has barely moved.
Read the briefTuesday, September 22, 2026
Brent settled at $100.34 (-3.40%), down 7.73% across four sessions; the Nasdaq closed 27,122 (+2.26%) and bitcoin $86,586 (+6.70%)
The oil & energy read — Cheaper barrel, fewer sailings — the two disagree.
Read the briefSunday, September 20, 2026
Three central banks moved inside five sessions: the Federal Reserve to 4.00% on 16 September, the Bank of England holding at 3.75% on the 17th,…
The oil & energy read — Fewer ships through Hormuz, and a softer price
Read the briefFriday, September 18, 2026
A day after the Federal Reserve's first increase since 2023, the S&P 500 rose 1.14% to 7,637.76 and the Nasdaq 1.69%
The oil & energy read — Third fall, on ships not yet counted
Read the briefThursday, September 17, 2026
The Federal Reserve raised its policy range to 3.75–4.00% on 2026-09-16, its first increase since 2023, and signalled one more before year-end
The oil & energy read — The premium came out on a pipeline repair
Read the briefWednesday, September 16, 2026
Houthi strikes on Saudi Arabia carried Brent to $108.75 and WTI to $105.83 on the settled session of 2026-09-15, the barrel's fifth straight…
The oil & energy read — Priced for a shortage the ship count has not shown
Read the briefTuesday, September 15, 2026
On Monday the ten-year Treasury yield traded above 5% for the first time since 2023, then settled at 4.96%, lower on the day
The oil & energy read — A truce for refineries, new trouble in the Red Sea
Read the briefMonday, September 14, 2026
Over the weekend the heads of Anthropic, OpenAI and xAI asked their own industry to slow the pace of its most advanced models, OpenAI shelved a…
The oil & energy read — Diesel is the pinch point, not crude
Read the briefSunday, September 13, 2026
The August consumer price index landed exactly on forecast at the headline — 0.4% on the month and 3.4% on the year — and the annual core rate…
The oil & energy read — Gulf tanker traffic returned to normal on Saturday
Read the briefSaturday, September 12, 2026
Crude settled above a hundred dollars for a second session — WTI $100.05 and Brent $104.61, carrying the barrel +9.37% across the five settled…
The oil & energy read — A rate rise arrived on top of an energy bill
Read the briefFriday, September 11, 2026
Crude ran better than six per cent in a single session to $102.48 and Brent settled at $107.63, carrying the barrel +12.60% across six settled…
The oil & energy read — Oil above a hundred; the barrels are still sailing
Read the briefThursday, September 10, 2026
Brent settled $101.21 on 2026-09-09 — its first close above one hundred dollars since 2026-07-23 and its highest since 2026-05-22 — +1.83% on the…
The oil & energy read — Brent +5.83% in five sessions, past one hundred
Read the briefWednesday, September 9, 2026
Brent settled $99.39 on 2026-09-08, +2.24% on the session and +5.01% across the five settled sessions from 2026-09-01, after strikes on Saudi…
The oil & energy read — Brent +5.01% in five sessions, no panic anywhere
Read the briefTuesday, September 8, 2026
August payrolls beat consensus by 106,000 on Friday and the dollar did not move against the yen for two sessions — 156.195, then 156.205
The oil & energy read — Brent +7.4%; Japan's bill rose far less
Read the briefMonday, September 7, 2026
The United States struck Iranian oil tankers after Friday's close
The oil & energy read — Producers left October supply alone into a nine per cent week
Read the briefSunday, September 6, 2026
Markets closed on Friday having made up their mind about the week
The oil & energy read — The price moved before any cargo stopped moving
Read the briefThursday, September 3, 2026
Crude held what it took
The oil & energy read — Price held its gains without any physical shortage behind it
Read the briefWednesday, September 2, 2026
The settled session of Tuesday 2026-09-01 priced a war and refused to hedge it
The oil & energy read — Oil up +8.13% in two days; ships still sailing
Read the briefTuesday, September 1, 2026
The settled session of Monday 2026-08-31 was an energy scare that the metals refused to join: WTI +2.78% to $85.76 and Brent +2.71% to $90.49…
The oil & energy read — Price rose; the shipping count rose too
Read the briefFriday, August 28, 2026
The Nasdaq closed +1.57% at 26,541.35 — its largest one-day gain since 2026-08-04 — after Nvidia posted a blowout quarter and guided to roughly…
The oil & energy read — 6% below its August high
Read the briefThursday, August 27, 2026
Brent fell 0.84% to $87.84 — a third straight lower close and 6.94% below where it settled on 2026-08-21, its lowest close in 9 sessions — as Iran…
The oil & energy read — Third day lower; borrowing costs rose anyway
Read the briefWednesday, August 26, 2026
Brent fell 3.89% to $88.58 and WTI 3.12% to $82.36 on the session Washington declared the Strait of Hormuz cleared of mines — Brent's largest…
The oil & energy read — Cheaper oil on a headline the shipping data contradicts.
Read the briefTuesday, August 25, 2026
Monday settled split
The oil & energy read — Cheaper oil, but no market agreed it was peace.
Read the briefMonday, August 24, 2026
Friday reversed the week without redeeming it
The oil & energy read — More ships crossing is not more oil leaving.
Read the briefFriday, August 21, 2026
Washington said its buybacks would get bigger and the long bond got sold anyway: the 30-year settled at 5.24% and the 10-year at 4.70%, both…
The oil & energy read — The refining margin, not the barrel, reaches households
Read the briefThursday, August 20, 2026
The 30-year fell to 5.20% and the dollar fell with it — EUR/USD +0.86%, USD/JPY -0.80%
The oil & energy read — Already repriced on 17 August; headlines no longer move it
Read the briefWednesday, August 19, 2026
Equities fell a third straight session and the selling was concentrated where the discount rate bites hardest: the Nasdaq -1.33%, the S&P 500…
The oil & energy read — Rose, while the inland barrel fell
Read the briefMonday, August 17, 2026
No cash session has printed since Friday
The oil & energy read — Access sets this price now, not fear
Read the briefSaturday, August 15, 2026
Friday gave the week to oil and took it back from everything else
The oil & energy read — Access, not fear, is what sets this price now
Read the briefFriday, August 14, 2026
Thursday settled firm and settled narrow
The oil & energy read — The lane, not the war, is the open question now
Read the briefThursday, August 13, 2026
July inflation landed exactly where it was supposed to: consumer prices up 0.1% on the month, the annual rate 3.4%, core 0.2% and 2.5% — every…
The oil & energy read — Flat through a diplomatic collapse it should have noticed
Read the briefWednesday, August 12, 2026
Crude took the week: WTI settled $83.20, +1.30% on the day and +6.4% from Friday's close, with Brent at $88.91 — a third straight gain, and more…
The oil & energy read — Rising on the deal fading, not on fresh fighting
Read the briefTuesday, August 11, 2026
Monday was the first full session since Friday and it moved one thing violently: WTI settled $82.13, +5.05% on the day, Brent $87.72, +4.99%,…
The oil & energy read — Rose while peace odds rose — that combination needs explaining.
Read the briefMonday, August 10, 2026
Friday's settled close still stands as the last full session: the S&P 500 at a record 7,757.64, its best week since April, with the 30-year at…
The oil & energy read — Oil stayed calm while the reopening odds fell.
Read the briefSunday, August 9, 2026
The week ended with the S&P 500 at a record 7,757.64 and the VIX at 14.90, its lowest of the year, on the heaviest week for options volume on record
The oil & energy read — Rose while oil fell. That is not a war trade.
Read the briefSaturday, August 8, 2026
A soft July payroll drained the September hike out of the market: the dollar closed at its lowest since May and short Treasuries capped their best…
The oil & energy read — The scarcity sits in refining, not in crude
Read the briefFriday, August 7, 2026
Gold closed at $4,396.20, up 2.25% on the day and its strongest week since January, with silver up 3.02% to $63.47
Friday 2026-08-07 - the Fed talked about hiking and gold had its best week since January
Read the briefThursday, August 6, 2026
Iran confirmed it is finalising an accord with Oman over the Strait of Hormuz and the President said a deal could come within days - after weeks…
Thursday 2026-08-06 - a Hormuz deal moved into final drafting and the metals had their best day of the week anyway
Read the briefTuesday, August 4, 2026
Crude had its worst two sessions of the war: WTI fell 5.5% on Tuesday to $75.92, taking the two-day fall to 12.5%, after the President called off…
The oil & energy read — Down more than 12% in two sessions on a called-off strike.
Read the briefThursday, July 30, 2026
THE BOND MARKET CALLED THE FED'S BLUFF
Thursday 2026-07-30 - a divided Fed held and the bond market pushed borrowing costs to a 19-year high while the dollar cracked and gold hit a record: a credibility discount, not a hawkish repricing; and the AI-capex reckoning split Microsoft from Meta
Read the briefThursday, July 23, 2026
THE OIL SHOCK WON'T QUIT, AND BIG TECH'S AI BILL CAME DUE
The oil & energy read — A Red Sea tanker attack took Brent to $96.
Read the briefWednesday, July 22, 2026
THE RE-SPIKE - OIL TO $94, GOLD TO A RECORD, THE WAR ENTRENCHES
The oil & energy read — Brent jumped to $94; Goldman eyes $120.
Read the briefTuesday, July 21, 2026
AN UNEASY BOUNCE ON A DIPLOMATIC FLICKER
The oil & energy read — It grinds on; China won't spend reserves to cushion oil.
Read the briefMonday, July 20, 2026
THE WAR WENT KINETIC - OIL'S BIGGEST JUMP IN SIX YEARS
The oil & energy read — Brent hit $90 - the biggest jump in six years.
Read the briefSaturday, July 18, 2026
THE WEEK THE AI TRADE CRACKED - AND THE OIL SHOCK CAME BACK
The oil & energy read — Brent hit $88 as the war struck a Gulf state.
Read the briefThursday, July 16, 2026
TACO TUESDAY - THE TOLL'S GONE, THE WAR ISN'T
Thursday 2026-07-16 - Trump walks back the 20% Hormuz toll and, with a benign CPI and upbeat bank earnings, stocks bid and the war premium unwinds - but a fourth night of strikes keeps the Strait shut and oil near $80: the headline tax is gone, the supply shock isn't
Read the briefWednesday, July 15, 2026
THE CAPPED RELIEF. June CPI came in benign - headline -0.4% m/m (the first outright drop since the 2020 pandemic), annual 3.5% from 4.2% - which…
The oil & energy read — Trump's 20% Hormuz toll kept crude near $80.
Read the briefMonday, July 13, 2026
The verdict week opens RISK-OFF: the US and Iran are fighting for control of the Strait of Hormuz, so oil SPIKED ~4% (WTI ~$74, Brent ~$79) and…
The oil & energy read — Crude spiked ~4% and stock futures slipped into the open.
Read the briefSaturday, July 11, 2026
A week of narrative whiplash ended at S&P highs - but read what the index hides
The oil & energy read — The IEA sees demand falling - a demand shock, not just supply.
Read the briefFriday, July 10, 2026
The oil shock is round-tripping
The oil & energy read — Iran signalled a deal; oil eased off its conflict peak.
Read the briefThursday, July 9, 2026
Yesterday's shock is now a trend
The oil & energy read — An oil shock and hawkish Fed minutes pin the ceiling.
Read the briefWednesday, July 8, 2026
The regime flipped: Trump declared the US-Iran ceasefire OVER and the US resumed 'powerful strikes' after Hormuz tanker attacks (threat 'severe')
The oil & energy read — The US-Iran ceasefire ended; oil spiked on a Hormuz threat.
Read the briefTuesday, July 7, 2026
A soft US jobs report last week dialed back Fed rate-HIKE bets - and the tone tilted dovish into Tuesday
Tuesday 2026-07-07 - a soft jobs print eases the rate ceiling; watch the undercurrent beneath an AI-led tape
Read the briefMonday, July 6, 2026
Monday's reopen answered the weekend - and it wasn't holiday liquidity: the hard-asset bid HELD
The oil & energy read — A sudden oil glut is easing the last risk premium.
Read the briefWednesday, July 1, 2026
Trump vowed to 'annihilate' Iran - and the safe-haven bid went into GOLD ($4,036, +1.6%; COT net-long a record-scale 115,395), NOT oil (WTI -2%)
The oil & energy read — Gold outpaced crude on the day's risk bid.
Read the briefSaturday, June 27, 2026
One session, two major sell-offs: the AI trade rolled back over (Oracle's worst week since the 2001 dot-com bust, on AI-FINANCING fears) and the…
Saturday 2026-06-27 - Friday 26 Jun wrap (session pending in our market feed)
Read the briefFriday, June 26, 2026
The market looked straight through a hot PCE - headline 4.1% (a 3-year high), core 3.4% above forecast - rallying the front end (2Y -8bps) and the…
Friday 2026-06-26 - markets as of the 25 June session
Read the briefThursday, June 25, 2026
The disinflation trade arrived - oil -4.5%, gold -3%, the two-year -8bps as the front end pivots from higher-for-longer to pricing relief
Thursday 2026-06-25 - markets as of the 24 June session; PCE due today
Read the briefWednesday, June 24, 2026
Two binary tests resolved in 24 hours and both broke the bull case: the AI trade cracked (semis -8%, Micron -13%) and the Iran deal became real…
Wednesday 2026-06-24 - markets as of the 23 June session
Read the briefMonday, June 22, 2026
The market keeps pricing the US-Iran conflict as resolved, and it keeps fraying - today's tape reads 'deal under strain, once again.' Prediction…
Monday 2026-06-22 - week ahead; markets as of the 18 June session
Read the briefFriday, June 19, 2026
Emerging markets surged +3.3% and the S&P 500 advanced as credit spreads tightened, but the US–Iran sanctions standoff and Japan's intervention…
Cyclicals and emerging markets outperform while US–Iran asset-freeze dispute keeps energy risk premia elevated.
Read the briefWednesday, June 17, 2026
Reports of an imminent U.S.-Iran signing ceremony sent Brent crude down 4.7% today, the session's dominant price signal and the clearest evidence…
Preliminary diplomatic agreement strips Middle East risk premium, reshaping commodity and credit markets today.
Read the brief