Commodity

The G7 has agreed to release a combined 100M barrels of emergency crude and diesel reserves over the next four months to ease the global energy price shock triggered by the Russia-Ukraine conflict. After the announcement, international oil prices fell back below $100 a barrel. The move is a rare coordinated market intervention by major consuming countries aimed at boosting short-term supply and tempering prices.

Agnico Eagle shares fell nearly 9% last week, dropping from $286.70 to $262. The company’s all-in sustaining costs were $1,459 per ounce, while the average realized gold price reached $4,483 per ounce. It posted record quarterly free cash flow of $1.3 billion and ended the quarter with $3.5 billion in cash and no debt, while keeping its cost guidance unchanged.

G7 countries agreed to coordinate the release of 100 million barrels of diesel and crude oil through the International Energy Agency, with the drawdown starting immediately and running for four months. A substantial share of diesel will be released in the first 20 days. The move is aimed at easing global supply concerns and curbing fuel prices. The IEA’s 32 member countries agreed last March to unlock 400 million barrels of oil from reserves, the largest release on record.

Henry Hub natural gas in Louisiana averaged $2.93 per million British thermal units from June through August, about 6% less than last year. Over the same period, U.S. solar power generation jumped 22% year on year, while July nationwide electricity sales set a record at 415.2 billion kilowatthours. Despite heat-driven demand, gas prices spent most of the time below $3 per million Btu, according to U.S. energy data.

The Group of Seven has agreed, under the International Energy Agency’s coordination, to release up to 100 million barrels of oil and diesel over four months. The plan includes a frontloaded and substantial diesel release within the first 20 days. The move aims to cool surging fuel prices and avert a possible U.S. ban on diesel exports.

The Group of Seven agreed to release 100 million barrels of crude oil and refined products from emergency reserves over the next four months, and pledged not to restrict oil exports, aiming to cool a surge in diesel and other fuel prices. Brent crude fell 0.9% to $101.43 a barrel following the announcement.

Seven months after the US-Israel war with Iran effectively shut the Strait of Hormuz, Middle East oil exports have climbed back to more than 90% of prewar levels. In the final week of September, average daily flows reached 92% of the prewar baseline, according to maritime intelligence firm Kpler. Roughly 40% of September exports bypassed the strait via overland pipelines, while ship-to-ship “shuttle” transfers helped maintain throughput.

High gold prices are pushing middle-class Indian buyers to shift to silver during the festive season, lifting silver’s revenue share for jewellers to 25-30% from 10% two years ago. The industry expects Diwali-season silver purchases to rise 17-18% year on year, while August import value jumped 127% to over $1 billion. Some investors are also betting that silver prices could double from around Rs 2.3 lakh per kg.

G7 leaders have held an emergency meeting on diesel supplies after US President Donald Trump threatened to ban US diesel exports. UK diesel prices have hit a record £2 a litre, with prices in Scotland and England among areas above the £2 mark. Since the war in Iran began, red diesel used in agriculture has risen 70% to 80% while forecourt diesel is up about 40%. Some farms have spent £50,000 on new storage tanks amid fears supplies could tighten.

France proposed at a meeting of senior EU energy officials that countries release 100 million barrels of strategic reserves, split evenly between crude oil and diesel. The move comes after the United States urged Europe to release 120 million barrels over three months to curb diesel prices, warning that failure to act could trigger export restrictions. The proposal marks a significant concession by Paris in response to Washington’s demands.