Market Overview - The market experienced a significant selloff on Friday due to tariff commentary, impacting the S&P 500 and NASDAQ, but showed signs of recovery over the weekend as optimism returned [2][3] - Key technical levels were breached, with the S&P 500 breaking its 20-day moving average and E-Mini S&P futures hitting the 50-day moving average [2] Government Shutdown Impact - The ongoing government shutdown is in its 13th day, with the market currently discounting its effects, although concerns about labor market impacts and federal worker payments are rising [8][9] - The CPI report is expected to be released on October 24th, which is crucial for social security adjustments, but there is uncertainty regarding the jobs data and its implications for Federal Reserve policy [12][14] Oil Market Dynamics - Oil prices dipped below $60 per barrel for the first time since May, influenced by US-China tensions and geopolitical issues, indicating potential economic slowing [13][14] - Despite rising gasoline demand, concerns persist regarding China's reduced oil imports and OPEC's potential quota increases, which could further pressure prices [15][16] - A bounce back in oil prices is anticipated, but the current volume and price action suggest a cautious outlook, with potential supply shocks if favorable monetary policies are enacted [18][19]

Core Viewpoint - SM Energy Company experienced a significant decline in share price, attributed to falling crude oil prices and broader economic concerns [1][3]. Group 1: Share Price Movement - The share price of SM Energy Company fell by 12.57% between October 3 and October 10, 2025, making it one of the worst-performing energy stocks during that week [1]. - The decline in share price is linked to a sharp drop in global crude oil prices, with WTI crude falling below $60, a level not seen since May [3]. Group 2: Market Context - The drop in oil prices is occurring amid renewed trade tensions between China and the United States, raising concerns about a potential economic slowdown [3]. - Mizuho has lowered its price target for SM Energy from $39 to $38, while maintaining an 'Outperform' rating on the company's shares [4]. Group 3: Strategic Developments - SM Energy is reportedly considering a merger with Civitas Resources, which would be part of a consolidation trend in the American shale industry [5]. - The potential merger could result in a combined enterprise value of at least $14 billion, positioning it as one of the largest oil and gas deals of the year [5].

The corn market was under pressure in sympathy with the beans and other some outside pressure on Friday. Contracts closed down 4 to 5 ¼ cents, with December 6 cents lower this week. The CmdtyView national average Cash Corn price was down a nickel at $3.71 3/4. The average close for December futures so far this month has been $4.19. The whole month average price is used to determine the harvest price for crop insurance. More News from Barchart Spillover pressure was noted from sharp losses in soybean fut ...

November WTI crude oil (CLX25) on Friday closed down -2.61 (-4.24%), and November RBOB gasoline (RBX25) closed down -0.0622 (-3.30%). Crude oil and gasoline prices sold off sharply on Friday, with crude falling to a 5-month nearest-futures low and gasoline sinking to a 4.5-year low.  Crude prices plunged on Friday after stocks sold off on renewed trade tensions with China when President Trump threatened a “massive increase” of tariffs on Chinese goods, citing recent “hostile” export controls on rare-earth ...

Core Insights - The Hecht Commodity Report is recognized as a comprehensive source for commodities analysis, covering over 29 different commodities and providing various market calls and trading recommendations [1][2]. Group 1: Energy Commodities - Traditional energy commodities include crude oil, natural gas, coal, and biofuels, while nuclear energy has faced challenges due to historical accidents like Chernobyl and Fukushima [2]. - Despite past issues, nuclear energy is expected to make a comeback by 2025, indicating a potential shift in energy strategies [2]. Group 2: Market Analysis - The report offers bullish, bearish, and neutral calls, along with actionable trading ideas for both traders and investors, highlighting its utility in navigating the commodities market [1][2].

The corn market is falling in sympathy with the beans and facing some outside pressure on Friday, with contracts down 3 to 4 ½ cents at midday. The CmdtyView national average Cash Corn price is down 4 1/2 cents at $3.71 1/4. Spillover pressure from sharp losses on beans from a president Trump post this morning is weighing on the market. Outside pressure from $2.55 losses in crude oil is also weighing on the market. More News from Barchart Harvest should continue to roll over the next week with very litt ...

Croatia is ready to acquire Serbia’s Russian-owned oil company NIS, which was hit by U.S. sanctions on Tuesday, Economy Minister Ante Šušnjar announced. The move, he said, would protect Croatia’s state-owned oil pipeline operator Jadranski naftovod (JANAF), whose business depends heavily on supplying crude to NIS. The sanctions, delayed for nine months, officially took effect this week, cutting off NIS from key Western partners. JANAF confirmed that it has U.S. authorization to continue deliveries until O ...

Group 1: Gold and Dollarization - Central banks now hold 27% of their reserves in gold, surpassing US Treasury holdings, indicating a strong trend of dollarization that has been ongoing for over five years [2][4] - The debasement trade has gained momentum, particularly during the government shutdown, with ETFs seeing inflows of 110 tons recently [2][3] - Investors are diversifying their portfolios away from tight credit spreads in fixed income and stretched equity markets, leading to increased interest in metals including gold, copper, silver, and platinum [3][5] Group 2: Copper and Industrial Metals - Copper has seen a nearly 25% increase year-to-date, driven by long-term underinvestment and unexpected demand surges from AI data centers and defense-related needs [7][8] - Major copper mines are facing supply issues, resulting in a loss of approximately 500,000 tons, contributing to a market deficit and potential for further price increases [8][9] - The term "copper is the new oil" reflects its strategic importance in global electrification efforts, highlighting the critical role of copper in future energy transitions [8] Group 3: Crude Oil Market Dynamics - Crude oil has been under pressure due to an anticipated supply glut, yet this has not affected physical market prices, which remain stable [10][11] - The current backwardation in crude oil prices and high refining margins suggest that the market is not responding to the expected supply wave, as consumers are likely to utilize the oil rather than store it [11][12] - Despite concerns about a large influx of supply, crude oil prices remain around $65 to $66 per barrel, indicating resilience in the market [12][13]

Key Takeaways ExxonMobil signs preliminary deals to explore and develop Iraq's massive Majnoon oil field.The deal with Basra Oil Company and SOMO aims to expand production and enhance Iraq's exports.SOMO and ExxonMobil are discussing additional storage in Singapore to strengthen access to markets in Asia.Exxon Mobil Corporation (XOM) has signed preliminary agreements for the exploration and development of the Majnoon oil field in Iraq. This marks the energy firm’s re-entry into Iraq after two years since it ...

ExxonMobil has reached a non-binding agreement with the Iraqi Government to assist in the development of the Majnoon oilfield and enhance oil exports. Bloomberg previously reported that the US-based oil and gas company is looking to re-enter Iraq two years after leaving. According to a Reuters report, Iraqi Prime Minister Mohammed Shia al-Sudani announced a non-binding agreement with Exxon but did not provide details. It follows Iraq's recent deals with other oil companies including Chevron, bp and Tota ...