Commodities desk · Evening edition · Monday, November 9, 2026
Crude fell to a Brent near 93 as stocks rallied, so fuel costs eased even with Hormuz shipping attacks still pushing freight costs higher.
Lean hogs fell 2.86% on November 6, 4.8 times its typical daily move. Over the window, Sugar +10.75% led.
Drawn from the numbers stored with this edition; the same picture is on its share card.
The morning edition's card drew the same chart from its own numbers, written Nov 9, 2026, 9:35 AM EST. Show it.
Brent crude rose 0.03% on November 6. Over the window, Gasoline -11.44% trailed.
The picture on the morning edition's share card, drawn from the numbers stored with that edition, written Nov 9, 2026, 9:35 AM EST. The evening edition above replaced it as this day's latest edition.
Energy still sets the tone, and the close confirms oil's retreat rather than a bounce. Brent finished near 93 and WTI near 87, both down for the week, while gasoline and diesel followed crude lower. Natural gas went the other way and ended higher on the day. Nothing in the headlines supplied explains why crude fell despite the Iran blockade coverage, so the cause stays open. Equities rallied broadly around it, and the fell by about a fifth.
Metals finished firmer as the dollar eased. Silver gained more than gold, and platinum and palladium both rose, though silver remains well below where it stood a month ago. On the water, Deutsche Welle describes attacks in the Strait of Hormuz that put crews at risk and push up energy shipping costs. Hormuz tanker transits were recorded at just one a day on 2026-11-01. Back home, the Rhine at Kaub stands at 12 cm, and the Mississippi at St. Louis reads 12.7 feet. Grains and softs slipped, with cocoa the weakest.
The people in today's headlines are the crews exposed to those Hormuz attacks, and Deutsche Welle ties their risk to higher shipping costs. Beyond that, no supplied headline names farmers, miners or drivers. For anyone holding real assets, the split matters: cheaper fuel eases cost pressure while metals recover on a softer dollar. Tomorrow's October consumer price report is expected to show a 0.3% headline rise, and it is the next test for that picture.
- Brent fell 5.66% to 92.76 and WTI 4.32% to 86.91, ending the day well below last week's levels.
- Natural gas rose 7.10% to 3.21, with storage 0.7% above its seasonal norm as of 2026-10-30.
- Gasoline fell 4.42% and diesel 2.88%, with distillate stocks down 3.5% on the week and refineries running at 94.5%.
- Gold rose 1.82% to 4,149.10 as the dollar fell about 0.6%.
- Silver rose 2.69% to 53.34, outpacing gold but still down about 12% on the month.
- Copper gained 2.18% to 6.37, though it is still down 4.35% on the month, so the growth read stays soft.
- Wheat fell 0.63% to 587.50, down about 12% on the month, with winter wheat rated 44% good to excellent, level with normal.
- Cocoa fell 2.92% to 5,113, the weakest soft, and coffee slipped 1.82% to 266.70.
- Lean hogs jumped 4.58% to 55.98 and live cattle rose 1.06%, the only gainers among the livestock and grain screens.
- Brent sits about 5.85 above WTI, narrower than the 7.49 gap at Friday's close.
- Diesel at 4.21 stays far above gasoline at 2.65, and both fell alongside crude.
- Silver's 2.69% gain beat gold's 1.82%, so the gold to silver ratio edged lower.
- Energy fell while metals rose, so real-asset exposure is not one trade and the risks differ by commodity.
- Cheaper crude eases fuel-cost pressure on inflation, yet Hormuz shipping attacks mean oil risk can reverse.
- Metals gained on a softer dollar, which could turn if tomorrow's inflation data pushes yields up.
The VIX fell to 20.10 as stocks rebounded, retracing much of its jump on 2026-11-05.
The numbers behind it
Top to bottom: Upstream driver, Commodity, Where it goes
- Upstream driver
- Common driver
- Physical flow
- Divergence
Every move here is measured between two stored daily closes, so the reading belongs to a session rather than to a time of day. This block is cut at the 2026-11-09 session. Anything named as a driver comes from a stored series and never from a headline.
- Broad Commodities (DBC)30.98USD-1.78%
- Gasoline (RBOB)2.651USD/gal-4.53%
- WTI Crude Oil and Gasoline (RBOB)DivergenceCrude against gasoline: -4.38% against -4.53% today, and the spread between them sits 1.6 standard deviations from its own average over the last 60 stored sessions.
- US gasoline product supplied+5.4%US gasoline product supplied is 8,808 MBBL/D for the week ending 2026-10-30, +5.4% against 8,358 in the prior published week.2026-10-30
- US refinery utilisation+1.7ppUS refinery utilisation is 94.5% as of 2026-10-30, +1.7pp against 92.8% in the prior published week.2026-10-30
- Dieselfrom WTI Crude Oil
- Fertilizerfrom Natural Gas
- Live Cattle216.200cents/lb+1.00%
- Lean Hogs55.875cents/lb+4.39%
- Live Cattle and Lean HogsDivergenceCattle against hogs: +1.00% against +4.39% today, and the spread between them sits 2.4 standard deviations from its own average over the last 60 stored sessions.
- LIVESTOCK RALLYNothing unusual upstream
- Meat processingfrom Live Cattle
Across the complex
- Hogs fell sharply while the USDA pork cutout rose in the latest report, so futures and wholesale pork value moved apart. The feed guard refused the cattle against hogs spread after its one-session jump.
- Gold and silver both fell on a firmer dollar index, and their spread sits 2.0 standard deviations from its 60 session average, while copper's gap with gold closed back into range.
- Crude, gasoline and diesel all showed spreads 1.6 to 1.7 standard deviations from their 60 session averages, a refining margin shift rather than a supply story.
Go deeper
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The desk voices are written by AI, not by human reporters. Every figure is taken from the listed market, sensor and headline data, and an automated check flags any figure or quoted source that is not.