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Top distillate trader departs Gunvor, sources say
Three sources confirmed on Friday that Zak Banks, a distillate trader from Houston, is leaving global commodity trading company Gunvor. His departure is not clear. Gunvor refused to comment while Banks was unable to be reached. According to the financial results published in April, the Swiss-based commodity traders?recorded a 85% decline in net profit by 2025. This equated to $104 millions. Gunvor employees staged an employee buyout last year to replace the former CEO and cofounder Torbjorn Tornqvist by Americas head Gary Pedersen. Pedersen stated that the company made $1.63 billion, the equivalent of the gross profit for 2025, in the first three months of '2026. This was after what he termed a pickup in "constructive volatile" late last yea. Gunvor, one of the largest oil trading companies in the world, buys and sells the equivalent 3% of the world's oil supply every day. Reporting by Arathy Andreasekhar and Georgina McCartney in Houston. Liz Hampton in Denver. Chizu Nomiyama, Mark Potter and Chizu Nomiyama edited the story.
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Gold firms make weekly gains on US-Iran deals
Gold rose on Friday and is expected to gain a weekly gain, as optimism about a possible end to the Iran Conflict eased concerns over inflation and high interest rates. Spot gold rose 0.5% to $4,709.89 an ounce at 1551 GMT. It has gained 2.1% in the last week. U.S. Gold Futures increased 0.2% to $4.719.60. Due to its non-yielding properties, gold, which is typically seen as a safe haven in times of global turmoil, will be under pressure? when interest rates rise. "Gold is now trading more like a risky asset than a safe-haven. Gold's rebound is linked to the prospect of a de-escalation with Iran. David Meger is director of metals trading at High Ridge Futures. He said that with 'energy prices falling, we are seeing the prospects of Fed rate reductions increasing down the road. U.S. forces and?Iranian troops clashed in the Gulf, and the United Arab Emirates were again attacked. However, U.S. president Donald Trump claimed that a ceasefire held. The U.S. Dollar index and oil prices are both set to decline by a week's end. Gold priced in dollars becomes cheaper for holders of other currencies, and lower energy prices reduce inflation concerns. According to the CME FedWatch, the market now sees only a 14% probability of an increase in U.S. interest rates this year. This is down from 22% on the previous day. Stephen Miran, Fed Governor, said that he hopes Jerome Powell stays on as governor for a limited time. Kevin Warsh will succeed Powell in the Fed leadership role, pending a Senate vote. The data showed that U.S. unemployment increased more than anticipated?in April. Gold extended gains briefly after the data. The gold demand in India this week was muted, as the price recovery? prompted buyers to delay purchases. Meanwhile, premiums for China remained stable on the safe-haven?demand. Spot silver increased 2.1%, to $80.09 per ounce. Platinum gained 0.6%, to $2.034.80. Both are on track for gains this week. Palladium was down 3% on the week, falling 0.3% to $1476.04. Reporting by Ashitha shivaprasad, Bengaluru Editing Rod Nickel
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Neoenergia, a subsidiary of Iberdrola, will invest $10 billion to improve power distribution in Brazil
Neoenergia, a 'Brazilian division of Spain's Iberdrola plans to invest a total of 50 billion reais (about $10 billion) into its five power distribution companies by 2030, as it seeks to expand the sector. CEO Eduardo Capelastegui confirmed this. The new investment plan is backed by a 82% increase in the investment plan compared to the previous five-year period. It also includes the renewal of four distributor concessions for another thirty years. Capelastegui said that the focus would be on "expanding grids infrastructure", connecting more customers, and modernizing networks in order to increase resilience during more frequent extreme weather events. He said that distribution networks were critical for Brazil's energy transformation, as they enabled electrification, integration of renewable power, and growth in such areas as data centers, green hydrogen, and other technologies. Neoenergia may pursue acquisitions, if assets are available, said he, adding that Iberdrola views Brazil as its main emerging market. Iberdrola and Italy's Enel were involved in a dispute in 2018 regarding the purchase of a distributor, Eletropaulo. Now Enel Sao Paulo is facing legal proceedings that may lead to the loss of their?concession. This has fueled speculation that Enel will eventually divest this asset. Once about 20 distribution concessions have been renewed, it is expected that other divestment deals will be available this year. $1 = 4.8928 Reais (Reporting and writing by Leticia Ficuchima, Editing by Emelia Matarise).
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Wall Street cheers US job growth and chipmaker earnings by ignoring the high price of oil
Investors sent U.S. stock prices higher on Friday as new data showed strong job growth in the U.S., even though oil prices continued to rise due to ongoing fighting near Strait of Hormuz. The Dow Jones Industrial Average grew by 0.21%. The S&P 500 added 0.5% and the Nasdaq Composite rose 0.8%. Microchip Technology, which had forecasted first-quarter revenues above expectations, rose 1.4%. Qualcomm jumped about 4% while Nvidia grew 2%. The oil prices retreated from their early gains, after a new round of fighting in the Strait of Hormuz raised concerns about the ceasefire agreement between Iran and the United States. Benchmark Brent crude futures last moved a little higher to $100.24 per barrel. U.S. employment increased in April more than anticipated, while the unemployment rate remained at 4,3%. This indicates that labor markets are resilient and reinforces expectations that the Federal Reserve will leave interest rates unchanged. Ellen Zentner is the Chief Economic Strategist at Morgan Stanley Wealth Management. She said, "More strong jobs data leaves Fed where it has been for some time - watching and awaiting, focused on its?inflation mandate." Rate cuts are not on the horizon in the near future, but the lack of inflationary concerns in the report today should quieten some of the talk about a possible hike. MIDDLE-EAST CLASHES The U.S., Iran and UAE exchanged fire on the Gulf. This was a test of a ceasefire that had been in place for a month. Investors are left uncertain as both sides downplayed the situation. The market is taking advantage of every opportunity to put a quick stop to the war, said Jan von Gerich, Nordea's chief analyst. "But it appears unlikely that there will be an agreement. I think that there will be more disruptions along the Strait of Hormuz for a long time, and they won't be resolved anytime soon. European stocks fell. The STOXX 600 index for the entire continent was down 0.5%. Asian equities fell from recent highs, but remained on course for a strong week, supported by the revenue and spending plans of U.S. AI Hyperscalers that have boosted chipmakers in the region. MSCI's broadest Asian share index outside Japan dropped 0.8%. However, South Korea's KOSPI rose 0.1% and its weekly gain reached more than 135% - the largest since '2008 - thanks to rallies at Samsung and SK Hynix. This week, Taiwan's benchmark index rose 7% and Japan's Nikkei gained 5.4%. A DOLLAR INCH LOWER Sources familiar with the situation said that the dollar was edging lower, and headed for a second consecutive weekly decline. The yen, however, remained the focus of attention after Japan intervened in the currency markets to stop its slide in early May. The dollar last fell 0.26%, to 156.5 yen. It was heading for a second consecutive weekly decline against Japan's currency. The dollar's gains above 155 yen have been difficult to maintain after suspected interventions totaling nearly $70 billion in the last week. The euro was last trading at $1.178 while the Chinese yuan, Asia's best-performing currency, is hovering around 6.8 per dollar. This is close to its highest since 2023. The British pound and UK government bonds rose on Friday, after British Prime Minister Keir starmer announced that he would not be resigning despite the devastating losses suffered by his Labour Party during local elections. TARIFFS The U.S. Trade Court ruled that President Donald Trump’s?latest 10% global temporary duties are unjustified by a '1970s trade act. Analysts expect an appeal to be filed quickly and that the overall impact on U.S. levy will be minimal. Treasury yields rose in tandem with crude oil prices on Thursday, as traders fretted about inflation. However, they did not change much on Friday. The benchmark 10-year yield was 4.354% and down 4 basis points. Bitcoin is heading towards its sixth consecutive weekly gain at $79660. (Reporting from Lawrence Delevingne, Samuel Indyk and Tom Westbrook respectively in Boston, London and Singapore. Elaine Hardcastle and Mark Potter edited the story. Topra Chopra was also involved in editing.
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Rubio: US Church ties can withstand Trump criticizing Pope Leo
Marco Rubio, Secretary of State on Friday, said that the United States could have a productive relationship with the Catholic Church despite tensions over President Donald Trump's repeated criticisms of Pope Leo. Rubio visited the Vatican Thursday and told reporters that the meeting had been "very positive" before departing Rome. Rubio, when asked about Trump's criticism of Leo for his comments about the Iran War and other issues, said that Trump acts to the benefit of the U.S. Rubio said that Trump acts in the best interest?of the U.S. and "will always speak clearly about how he feels about the?U.S. Rubio stated, "I believe we can do that and continue to have a productive and fruitful relationship with the Church because it also plays an important part in the world." Rubio stated that the U.S. was prepared to give more humanitarian assistance to Cuba which is facing an energy crisis as the U.S. has blocked most oil shipments into the country. Washington issued sanctions on Thursday against a Cuban mining joint venture and a military-controlled conglomerate to pressure the communist leaders of the island to undertake reforms. Rubio stated that the U.S. had provided $6 million to Cubans in humanitarian aid through the "Church" and offered $100 million to 'the government of Cuba, but it refused to do so. (Reporting and editing by Alis Williams, Barbara Lewis and Barbara Lewis; Susan Heavey, Daphne Psaledakis and Simon Lewis).
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Satellite images show a possible oil spill near Iran's Kharg Island Export Hub
Satellite images this week showed a suspected oil spill covering dozens square kilometers of sea near Iran's main oil hub, Kharg Island. Images from Copernicus Sentinel-1 and Sentinel-2 satellites on May 6-8 showed a grey-and-white slick covering the waters west of the island's 8-kilometre (five-mile) length. Leon Moreland of the Conflict and Environment Observatory said that "the slick appeared visually consistent with oil." He estimated that it covered an area of about 45 square kilometers. Louis Goddard of 'consultancy Data Desk', which focuses primarily on commodities and climate, also agreed that it was likely an oil slick. He said the images were the largest since the start of the U.S./Israel war against Iran, 70 days ago. Requests for comment about the images were not immediately responded to by the U.S. Military and Iran's Mission to the United Nations at Geneva. Moreland said that the cause and origin of the spill are unknown at this time, adding that images taken on May 8 did not show any evidence of active spills. Kharg Island is the hub of 90% of Iran's crude oil exports. Most of it is headed for China. The U.S.?Navy is blocking Iran's ports to?stop Tehran's oil tankers from entering or exiting. Meanwhile, U.S. forces and Iranian forces are fighting in the Gulf. The war in the Gulf has also 'trapped hundreds of ships and caused the biggest disruption of crude oil supply worldwide, along with affecting global supplies of oil and gas products.
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Gold gains on US-Iran agreement, jobs data and gold prices
Gold extended gains on Friday following a stronger-than-expected ?jobs report, with prices ?also heading for a weekly ?rise ?as optimism over a potential end to the Iran conflict helped ease concerns about inflation and elevated interest rates. As of 1322 GMT, spot gold was up 0.8%, at $4,723.28 an ounce. Bullion is up 2.4% this week. U.S. Gold Futures increased 0.5% to $4733.00. Data showed that U.S. Employment increased more than anticipated in April, while the unemployment rate held steady at 4.3%. This indicates a resilient labor market. "Traditionally, we would think that a stronger-than-expected jobs number ?would strengthen the dollar and apply some pressure to gold. We did not see this happen today, said David Meger of High Ridge Futures, the director of metals. Gold is trading more like a risky asset than a safe haven at this time. Gold's rebound is linked to the prospect of de-escalation with Iran. With energy prices falling, we are seeing the likelihood for Fed rate reductions increase in the future. Due to its non-yielding characteristics, gold, which is typically seen as a haven in times of global turmoil, is under pressure due to rising interest rates. According to CME FedWatch, the market is now expecting a rate increase of 14% this year. This is down from 22% the previous day. U.S. forces and Iranian forces clashed and renewed attacks on the United Arab Emirates in the Gulf. President Donald Trump, however, said that a ceasefire still held despite this flare-up. Gold demand in India this week was muted as price recovery caused?potential purchasers to postpone their purchases. Meanwhile, premiums on China remained stable due to the safe-haven demand. Silver spot rose by 3.1%, to $80.88 per ounce. Platinum gained 0.2%, to $2,026.80. Both are headed for weekly gains. Palladium fell 0.3% to $1,476.18, but was down almost 3% on the week. Ashitha Shivprasad reports from Bengaluru.
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Russell: Exports of refined fuels from Asia to the US plummet after the closure of Hormuz
The impact of the 'crisis' on the physical fuel markets has worsened. While crude oil futures prices have fluctuated in line with headlines regarding the conflict between the United States, and Iran. Brent contracts fell 7.8% to close at $101.27 per barrel on Wednesday, despite the fact that a sustained and full reopening of the 'Strait of Hormuz is still a long time away. The United States and Israel's February 28th attack on Iran has led to a reduction in the volume of refined products shipped throughout Asia. The Strait of Hormuz is the main energy-consuming region in the world and the destination of about 80% of the pre-war cargoes. In April, the combined export volume of these three fuel types was about 3 million barrels a day (bpd), below the average in the three months before the start the conflict. According to commodity analysts Kpler, jet fuel is the part of the barrel that has been most affected. Asia's fuel exports fell to 596,000 BPD in April from 1.54 Million BPD in the three-month period prior to the beginning of the war. The Kpler data for April was the lowest since 2017. It shows that flow levels are about one-third lower than pre-conflict. Most of Asia's jet fuel exports are destined for other Asian countries who import it, while smaller quantities go to Africa, Europe, and North America. India's jet fuel exports fell to 48,600 barrels per day (bpd) in April, from 141,000 bpd before the war, and China's to 135,000 from 308,000 bpd. According to Kpler, the United Arab Emirates shipped zero jet fuel during the month of April, compared to an average of 106,000 barrels per day (bpd) in the three months preceding the war. Singapore assessment prices reflect the shortage of jet fuel cargoes. The price of oil ended at $158.91 per barrel on Wednesday. This is up 70% over the $93.45 it closed on the 27th February, the day before Israel and the U.S. launched their aerial attack against Iran. SUPPLY SQUEEZE The price of gasoil, the building block for diesel, ended at $141.30 per barrel on Wednesday. This is up by 55% compared to the level before the war. Kpler reports that Asia's transport fuel exports dropped to a 9-year low in April of 2,22 million bpd, down from a 3.54 million average in the three month period before the start the the?Iran War. Exports from Japan fell to 32,600 BPD in April, from 148,600 BPD before the conflict. South Korea's exports dropped from 507,000 to?451,000 BPD, India's to 371,000 from 494,000, and China's to 22,000 from 126 300. The same is true for gasoline. Asia's exports fell to 1,59 million bpd from an average of 2,28 million bpd during the three months before the Iran War. South Korea's shipments fell to 181,300 bpd (from pre-war levels) while China's decreased to 47,000 from 116,000. Data shows how quickly refiners in Asia have struggled to secure enough crude to keep refineries running. As commercial and strategic stocks are depleted, the longer the Strait of Hormuz is closed to most vessels the greater the likelihood that crude shortages will be in Asia. You like this column? Check out Open Interest, your new essential source of global financial commentary. ROI provides data-driven, thought-provoking analysis on everything from soybeans to swap rates. The markets are changing faster than ever. ROI can help you keep up. Follow ROI on LinkedIn, X. These are the views of the columnist, an author for.
Investors digest US job growth and chipmaker earnings, as well as elevated oil prices.
On Friday, global equities were mixed as new U.S. job data showed growth in the U.S. market. However, consumer sentiment was down and oil prices continued to rise due to ongoing fighting near Strait of Hormuz. European stocks fell, but the S&P 500 gained 0.8% and the Nasdaq Composite jumped 1.4%. The Dow Jones Industrial Average remained largely unchanged. Chipmakers, such as Qualcomm, recovered. Qualcomm was up around 10% while Nvidia rose 2.3%.
The price of oil rose again on the Friday following renewed fighting in the Strait of Hormuz, which raised doubts about the ceasefire agreement between Iran and the United States. Benchmark Brent crude futures rose last by 1.3%, to about $101 per barrel. U.S. employment rose more than expected in the month of April, while the unemployment rate remained at 4.3%. This indicates that the labor market is resilient and reinforces expectations that Federal Reserve will leave interest rates unchanged.
Ellen Zentner is the Chief Economic Strategist at Morgan Stanley Wealth Management. She said, "More strong jobs data leaves the Fed where they've been for quite some time - waiting and watching, focused on its inflation mandate." Rate cuts are not on the horizon in the near future, but the lack of inflationary concerns in the report today should calm some of the talk about a possible hike.
A survey released on Friday showed that U.S. consumer sentiment fell to a new low in May due to higher gasoline prices, which impacted household finances and purchasing ability.
MIDDLE-EAST CLASHES The U.S., Iran and the UAE exchanged fire on the Gulf. This was a test of a ceasefire that had been in place for a month. Investors were left uncertain as both sides downplayed the situation.
Jan von Gerich is the chief analyst of Nordea.
But it's unlikely that there will be an agreement. "I still believe there will be disruptions along the Strait of Hormuz for a long time, and that it won't get resolved anytime soon." European stocks fell. The STOXX 600 index was down by 0.77%.
Asian equities fell from recent highs, but remained on course for a strong week, boosted by the revenue and spending plans of U.S. AI Hyperscalers that have boosted chipmakers in the region.
MSCI's broadest Asian share index outside Japan dropped 0.8%. However, South Korea's 'KOSPI' rose 0.1%. This brought its weekly gain up to 13.5% – its highest since 2008.
This week, Taiwan's benchmark index rose 7% and Japan's Nikkei gained 5.4%.
A DOLLAR INCH LOWER Sources familiar with the matter said that Japan intervened on currency markets to stop yen's slide in early May. The dollar fell 0.17% last week to 156.64yen and was heading for a second consecutive weekly decline against Japan's currency. The dollar's gains above 155 yen have been difficult to maintain after suspected interventions totaling?nearly?70 billion dollars since last Thursday. The euro was last trading at $1.177 while the Chinese yuan, Asia's most successful currency since war broke out, is hovering around 6.8 to 1 dollar. This is close to its highest level since 2023. The pound, and UK government bonds rose on Friday as British Prime Minister Keir starmer announced he would not step down despite the bruising defeats suffered by his Labour Party during local elections.
A U.S. Trade Court ruled that President Donald Trump's 10% temporary global duty is unjustified by a 1970s trade act. Analysts expect an appeal to be filed quickly and that the overall impact of U.S. levies will be minimal. Treasury yields fell slightly on Friday. The benchmark 10-year rate was 4.364%. This is a 3 basis point decrease. Bitcoin was edging towards its sixth consecutive weekly gain at $79 679. (Reporting from Lawrence Delevingne, Samuel Indyk and Tom Westbrook respectively in Boston, London and Singapore. Elaine Hardcastle and Mark Potter edited by Toby Chopra, Nick Zieminski, Toby Chopra, and Nick Zieminski.
(source: Reuters)