G-7 Agrees to Release 100 Million Barrels of Diesel and Crude — Commodities Roundup

MARKET MOVEMENTS:

--Brent crude oil is down 0.9% to $101.43 a barrel.

--European benchmark gas is up 1.9% at 76.17 euros a megawatt-hour.

--Copper futures are down 0.2% at $14,259 a metric ton.

--Gold futures are down 1% at $4,158.90 a troy ounce.

TOP STORY:

G-7 Agrees to Release 100 Million Barrels of Diesel and Crude

PARIS-The Group of Seven major economies agreed to release 100 million barrels of crude oil and fuel from their emergency stocks within four months and not to restrict oil exports, French President Emmanuel Macron said on Friday, in an effort to bring down the soaring price of diesel and other fuels.

On his Truth Social platform, President Trump said that European nations agreed "to release a massive amount of their heavily stocked Diesel Oil. The process will begin immediately." The statement from Macron said the reserve release would aim to bring down oil product prices, particularly diesel.

OTHER STORIES:

Oracle to Absorb $300 Million in Rising Energy Costs Tied to Nuclear Plant in Wisconsin

Oracle says it is subscribing to a portion of an existing nuclear plant's electricity generation, a move it expects to save Wisconsin utility customers about $300 million in fuel costs.

The company said Friday the move is part of its broader investment in Wisconsin through its data center development in Port Washington. The company said it plans to fully fund the data center's energy costs to protect ratepayers' electricity bills and boost grid reliability.

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Oil Prices Fall as Middle East Crude Exports Recover But Shipping Risks Remain

Oil prices fell Friday, giving back part of Thursday's gains as traders weighed recovering Middle East crude exports against renewed shipping risks and a larger U.S. military buildup in the region.

December Brent crude futures fell 2.5% to $99.79 a barrel, while December West Texas Intermediate futures dropped 3.3% to $87.85 a barrel. Brent had jumped 4.4% Thursday to settle at $102.31 as Middle East supply risks remained in focus. The oil market is increasingly pricing in a risk premium from the lack of a clear diplomatic off-ramp, Priyanka Sachdeva at Phillip Nova said in a note. Markets are increasingly accounting for the possibility that supply chains remain vulnerable for longer, she said.

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EU Fully Rejects Any Potential U.S. Ban on Diesel Exports, Spokesperson Says

The European Union "fully rejects" any possible U.S. ban on diesel exports, European Commission spokesperson Anna-Kaisa Itkonen said Friday.

"A ban would not be beneficial to anyone," Itkonen said during a press briefing. "It would undermine our trust in the United States as a reliable partner."

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Why Have Diesel Prices Soared, and What Can Be Done to Bring Them Down?

The global market for diesel, the fuel that powers much of the economy, has never been under so much pressure. Wars in the Middle East and Ukraine have created a perfect storm, blocking shipments from regions that normally supply almost a third of the world's diesel exports.

The crunch has sent prices surging in the U.S. and around the world, squeezing businesses, farmers and households. That has prompted the Trump administration to consider restrictions or an outright ban on exports to curb prices.

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Norway's Oil Fund Commits Further $1.35 Billion to Renewable Energy Infrastructure

Norges Bank Investment Management, the arm of Norway's central bank that manages the country's $2.3 trillion sovereign-wealth fund, agreed to invest 1.2 billion euros ($1.35 billion) in a new fund that will invest in renewable energy infrastructure.

NBIM said Friday that it has committed the investment to Copenhagen Infrastructure Partners' sixth flagship renewable energy fund, CI VI.

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Glencore Gets Approval for Agua Rica Project in Argentina

Glencore said it received approval for the Agua Rica project in Argentina ahead of restarting operations at the Alumbrera processing plant.

The miner and commodity trader said Friday it expects first production at Alumbrera to start in the first half of next year, a year ahead of original guidance.

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Freeport-McMoRan Hits 3Q Copper Targets, Gold Sale Deferrals Raise Cash Costs Higher

Freeport-McMoRan said third-quarter copper production was in line with targets, but unit cash costs rose above expectations due to timing-related gold sale deferrals in Indonesia.

The miner on Friday said that consolidated copper production for the third quarter came in at about 830 million pounds, in line with its forecasts. The company said that stronger performance in its international operations offset slightly lower production in the U.S.

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Glencore Raises Guidance for Key Metric; Expects ASX Trading to Start Oct 14

Glencore raised its long-term guidance for a key metric, which is also expected to be much higher this year, due to a rise in readily marketable inventories.

The miner and commodity trader, which expects to start trading on the Australian Securities Exchange Oct. 14, said Friday that it expects to report marketing adjusted earnings before interest and taxes over $5 billion this year compared with previous guidance of around $4.9 billion. Marketing adjusted EBIT in 2025 was $2.9 billion.

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Global Food Prices Rise as Cereal and Sugar Costs Surge, UN Says -- Update

World food prices rose in September, as transportation disruptions and weather concerns limited supplies and lifted prices for several crop-based commodities, the United Nations' Food and Agriculture Organization said.

The FAO's food price index--which tracks a basket of widely traded food commodities--averaged 136 points last month, up 1.5% from its August level and 5.8% higher than a year prior, driven by cereal and sugar prices.

MARKET TALKS:

European Gasoil Futures Slide 7% As G-7 Agrees to Crude, Diesel Stock Release -- Market Talk

1455 GMT - European gasoil futures, a benchmark for diesel prices in the region, drop more than 7% in afternoon trading after G-7 countries agreed to release 100 million barrels of crude oil and diesel from their emergency stocks. "We will implement our commitments with a coordinated release through the IEA of 100 million barrels to begin immediately over four months, including a frontloaded substantial diesel release within the first 20 days by G-7 members and partners," they said in a statement. In afternoon trading, gasoil futures are down 7.3% to $1,342.25 a metric ton. (giulia.petroni@wsj.com)

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Grain Markets Digest Outlooks for October WASDE -- Market Talk

1100 ET - Next week's monthly WASDE report from the USDA may show higher yields for U.S. soybeans, says StoneX in its latest crop estimates. The firm says that it projects soybean yields at 54.1 bushels an acre, with production at 4.65 billion bushels. Both of these estimates would be above last month's USDA projections, and record-highs for U.S. soybeans. StoneX also adjusted its corn yield forecast to 182.1 bpa, down from the firm's previous forecast of 182.9 bpa but well above the 178.5 bpa the USDA projected last month. StoneX projects corn production at 16.12 billion bushels, which would be the second-largest crop in U.S. history. CBOT corn falls 0.5%, soybeans drop 0.2%, and wheat is up 0.4%. (kirk.maltais@wsj.com)

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Cattle Futures Follow Cutout Prices Lower -- Market Talk

1047 ET - Live cattle futures on the CME are down 0.6% in morning trade, fueled by dropping wholesale prices. Beef cutouts reported by the USDA, particularly Choice cutouts, are sliding -- with it falling $6 per hundredweight in the USDA's last report to $376.79 per cwt. "As packers work to make up for last week's lighter slaughter pace, increased production appears to be pressuring beef values," says StoneX in a note. Lean hog futures are up 0.9% early. (kirk.maltais@wsj.com)

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Oil Drops With Focus on Potential U.S. Diesel Export Ban -- Market Talk

1019 GMT - Oil prices extend losses, with front-month Brent crude futures falling back below $100 a barrel after media reports of talks on potential diesel stock releases. In afternoon European trading, the global oil benchmark is down 2.6% to $99.62 a barrel, while WTI drops 3.9% to $89.28 a barrel. European gasoil futures--a benchmark for diesel prices in the region--fall 5% to $1,377.50 a metric ton. The prospect of a U.S. diesel export ban is hanging over the market, with investors watching closely for any EU response. While a ban could replenish U.S. diesel stocks and lower domestic prices in the short term, it could also reduce incentives to process crude, tightening U.S. gasoline supply and pushing pump prices higher, analysts say. (giulia.petroni@wsj.com)

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Palm Ends Lower Amid Concerns Over Malaysia's Rising Inventories -- Market Talk

1009 GMT - Palm oil ended lower, dragged by concerns about Malaysia's rising palm inventories and weak September exports, says David Ng, a trader at Kuala Lumpur-based Iceberg X. Soybean oil's weakness overnight on the Chicago Board of Trade also weighed on palm oil prices. The market will closely watch coming Malaysian Palm Oil Board supply-demand data, movements in soybean oil and crude oil, as well as signs of improvement in export demand next week, Ng adds. The Bursa Malaysia Derivatives contract for December delivery fell 21 ringgit to 4,533 ringgit a ton. (sherry.qin@wsj.com)

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Glencore Could Beat Its New Marketing Unit Forecast -- Market Talk

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October 02, 2026 12:11 ET (16:11 GMT)

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