Tidbits, Fuel & Ethanol, Soybean Comment, Crop Progress, ENSO, Export Inspections 5/5/26
- Wright team
- 51 minutes ago
- 4 min read
Tidbits
The U.S. and Iran launched new attacks yesterday as they fought for control of the Strait of Hormuz. Several merchant ships in the Persian Gulf reported explosions or fires. The U.S. said it had destroyed six small Iranian military boats. Iran attacked and set ablaze a large U.S. military base and oil port in the United Arab Emirates. Crude oil futures were up $4.48 yesterday.
U.S. and China tensions took a turn for the worse over the weekend as Bloomberg reported that China ordered companies and countries to ignore U.S. sanctions and get crude oil delivered. The U.S. had promised early last week stiff sanctions on any country attempting to buy Iranian crude oil.
U.S. diesel prices surge since February is among the highest across the world, as J.P. Morgan reports, exceeding rise in China, Europe, Brazil, Japan, etc, despite the USA being the largest crude oil producer. Europe has softened the price with their reserves so far. You may note Russia and India at the end of the list having almost the same price.
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