Commodities & Forex
Follow the latest commodities and forex news, including updates on oil, gold, metals, agricultural products, major currency pairs and central bank drivers. edgeX News brings together market updates that help traders monitor price movements, macro forces and global supply-demand trends.
2026 Week 30 Commodities Market Watch: Oil Spike, Metals Gains, Gas Weakness, and Inflation Risk
Week 30 of 2026 brought commodities back into the inflation debate as crude oil reacted sharply to Middle East conflict and Red Sea shipping risks. Brent briefly rose above $100 before falling to $96.78 on July 24, while oil still posted a strong weekly gain. The move pressured broader markets by reviving concerns over energy-driven inflation, yields and consumer fuel costs. Other commodities sent mixed signals: gold rose modestly, silver outperformed, and natural gas declined. EIA data showed U.S. petroleum inventories increased, but below-average stock levels kept supply-risk concerns in focus.
Hong Ui-rak takes office as KOGAS chief, pledges AI-driven transformation
Former two-term lawmaker Hong Ui-rak has become the 19th president and chief executive of Korea Gas Corp. (KOGAS), starting a three-year term through July 2029. He was appointed after an extraordinary shareholders’ meeting on July 23, following recommendation by the Minister of Trade, Industry and Resources and approval by President Lee Jae Myung. At his inauguration in Daegu, Hong said he would focus on improving KOGAS’ value and financial health, strengthening its role as a bridge energy supplier, and building an AI-driven energy platform. He said the company will support South Korea’s energy security while adapting to decarbonization and technological change.
Rotterdam Q2 Bunker Sales Fall 26.7% Year Over Year as Biofuel Volumes Hit Highest Since Q1 2024
The Port of Rotterdam reported 1.75 million mt of combined conventional bunker and biofuel sales in Q2 2026, down 26.7% year on year but up 4% from Q1. Conventional fuel volumes mostly fell, led by a sharp drop in VLSFO, while biofuel blend sales rose to their highest level since Q1 2024 as the Netherlands’ RED III rules took effect in January. LNG and bio-methanol sales also increased, and Rotterdam recorded its first bio-ethanol bunker deliveries. Rising bunker prices accompanied the shift in fuel mix.
ENGINE: East of Suez Fuel Availability Outlook
Bunker fuel availability across East of Suez markets was mixed on 29 July 2026, with Singapore and Fujairah seeing tighter prompt supply while some South Korean ports improved. In Singapore, VLSFO and HSFO lead times lengthened as inventories stayed below pre-conflict levels and Strait of Hormuz disruptions continued to affect flows, though LSMGO improved. Elsewhere, supply varied by port across China, Taiwan, Japan and Southeast Asia, while weather was expected to disrupt operations in parts of South Asia and New Zealand. Regional conflict, refinery output, barge constraints and maintenance work were key factors shaping availability and delivery windows.
Fuel Switch Snapshot: Pooling Party Cools for B100 and LBM
OceanScore’s FuelEU pooling price index declined to €131.75/mtCO2e ($150/mtCO2e), extending a month-long slide that has reduced the compliance value of low-emission marine fuels on eligible EU routes. ENGINE-assessed pooling values for B100 and liquefied biomethane (LBM) also fell sharply on EU-EU voyages, with most of the drop occurring in the past week. The weaker benchmark has cut B100 and LBM pooling value estimates, while changing their competitiveness against conventional fuels in Rotterdam and Singapore. In Rotterdam, B100 has turned more expensive than VLSFO, and LBM’s discount to VLSFO, LSMGO and LNG has narrowed.
ABS Grants Approval in Principle for U.S.-Built LNG Bunkering ATB to Samsung Heavy Industries and Conrad Shipyard
ABS has granted Samsung Heavy Industries and Conrad Shipyard approval in principle for the basic design of a 12,000-cubic-meter LNG bunkering articulated tug-barge intended for construction in the United States. The approval followed a memorandum of understanding between the two shipyards and ABS design reviews against class and statutory requirements. The project is one of the first linked to the Korea-U.S. Shipbuilding Partnership Center in Washington, D.C., and highlights growing cooperation on LNG bunkering infrastructure, which could support expansion of U.S. marine fuel capacity.
Denison starts building Canada’s first ISR uranium mine
Denison Mines has moved Phoenix in northern Saskatchewan into full construction after finishing site preparation and starting the first perimeter freeze wall, with first production targeted for mid-2028. The $700 million project is planned as the Athabasca Basin’s first commercial in-situ recovery uranium mine and could eventually produce about 9 million pounds of uranium oxide a year. Denison says the mine could become a new Western uranium supply source as global nuclear demand grows, while also serving as a key test of in-situ recovery in the basin. The company’s Toronto shares fell 4.9% on the news.
US backs Madagascar rare earths project with up to $4.84 million
The US International Development Finance Corporation has committed up to $4.84 million to Harena Rare Earths’ Ampasindava ionic clay project in Madagascar as part of Washington’s effort to diversify rare earth supply away from China. The project, which has a total estimated investment of about $150 million, is targeting annual output of roughly 4,000 metric tons of rare earth oxides by mid-2028, including about 1,700 metric tons of magnet materials. Harena is still in permitting, environmental and social studies, and pilot-plant work, while the funding also signaled US strategic support and lifted the company’s London-listed shares.
Haywood cuts gold forecasts but still sees miners as attractive
Haywood Securities cut its near-term gold and silver price forecasts after a weak second quarter, but said the pullback has created an attractive entry point for precious-metals equities ahead of earnings season. The brokerage lowered its 2026 gold forecast to US$4,345 an ounce and its 2027 estimate to US$4,000, while also trimming its silver, platinum and palladium assumptions. It remained constructive on gold miners, citing supportive long-term structural factors, and highlighted several names including Equinox Gold, First Mining Gold, Thesis Gold & Silver and Troilus Mining. Haywood also expects generally strong second-quarter results from producers despite lower realized prices.
Tether’s $3.3 Billion Gold Token XAU₮ Receives Shariah Certification
Tether said its gold-backed digital asset XAU₮ has received Sharia-compliance certification from Amanah Advisors, led by Mufti Faraz Adam. The company said the approval supports XAU₮’s alignment with Islamic financial principles and may broaden access for Islamic banks, institutions, and investors seeking compliant digital gold exposure. Each token represents one troy ounce of physical gold stored in Switzerland and backed by allocated bullion. Tether said the certification could help expand adoption across Islamic finance markets and support broader tokenization of real-world assets.