World News Wire

ExxonMobil Trades at 20.5x Earnings, Highest Among Peers, Despite Fourth-Ranked Margin

Trefis Team noted on Sept. 9 that ExxonMobil (XOM) carries a 20.5x earnings multiple, above ConocoPhillips' 17.7x, yet its operating margin ranks fourth among six peers and revenue growth also ranks fourth. The premium is not for margin or growth but for integration: in Q2 2026, a Middle East conflict took roughly 10% of upstream production offline, but downstream refining and chemical margins surged, yielding $14.5 billion in profit. Management expects robust refining margins to persist, but the biggest risk is the shortage ending.

Silver futures open 1.2% lower as market awaits US CPI data

Silver December futures opened at $64.14 per ounce on Friday, September 11, 2026, down 1.2% from Thursday's close. Prices recovered to $64.35 as of 7:11 a.m. ET. Analysts expect the upcoming Consumer Price Index (CPI) report could lead the Fed to raise rates next week; the CME FedWatch tool shows the probability of a rate hike rose to 69.4% from 62.4% the previous day.

Goldman Sachs: CPI in line but misses recent inflation pressures, Fed keeps rate hike option

Goldman Sachs economist Alexandra Wilson-Elizondo said the CPI released on September 11 was broadly in line with expectations, but the survey period predated the latest energy price surge and the spread of commodity gains to metals and agriculture, failing to fully capture recent inflation pressures. She noted little evidence inflation is returning to target in the near term, leaving the Fed with a rate hike option but not forced to act, and advised markets to focus on Walsh's communication, energy prices, and labor data instead.

Commerzbank raises year-end European gas price forecast to €75/MWh

Commerzbank now expects the European benchmark TTF gas price to reach €75 per megawatt-hour by end-2026, sharply up from its previous forecast of €50/MWh. The current TTF price is around €81/MWh. Analyst Norman Liebke said a physical supply shortage in Europe is unlikely, but competition for LNG is expected to remain intense, especially after Qatar sharply cut production and exports, with most remaining cargoes going to Asian countries like India and shipments to Europe effectively halted.

Iran War Drives Energy Prices Higher, US Inflation Stays Elevated in August, May Push Fed to Hike Next Week

According to AXIOS, US consumer prices remained high in August as the Iran war triggered an energy shock that further fueled inflation. International oil prices hover around $100 per barrel, up from about $80 in mid-August, and the average US diesel price hit a record $6 per gallon. The report said underlying inflation shows resilience across the broader economy, and the data may strengthen the case for the Fed to raise interest rates next week.

Oil dips $0.50 after Houthi rebels announce large-scale military operation against Saudi Arabia

Zelensky: Ukrainian military struck Russian oil facilities in Volgograd

US Core CPI Exceeds Expectations in August, Markets Bet on First Fed Rate Hike in Three Years

The US Bureau of Labor Statistics reported that core CPI, excluding food and energy, rose 0.3% month-over-month and 2.4% year-over-year in August, both above expectations. Headline CPI, driven by higher energy prices, increased 0.4% month-over-month and 3.4% year-over-year. The report indicated little progress in inflation moving toward the Fed's target, with persistent pressures from the Iran war, tariffs, and data center construction. Markets have increased bets on a rate hike at the September 15-16 meeting, pushing US Treasury yields higher.

Brent crude tops $100, US diesel hits record high

Brent crude, the global benchmark, settled at $101.21 per barrel on Sept. 9, the first time above $100 since July, up 3.4% on the day and 66% year-to-date. The U.S. national average diesel price hit an all-time high of $5.924 per gallon on the same day, up 66.6% for the year. The surge is driven by escalating military conflicts in the Middle East, including U.S. strikes on Iran's Kharg Island oil port and Iranian missile attacks on U.S. forces in Jordan.

IEA: Middle East delays oil supply recovery, global supply gap to be larger than expected this year

The International Energy Agency (IEA) said in its September monthly report that the lack of progress in ending the Iran war has delayed the normalization of Middle East oil flows to 2027, driving fuel prices higher. The IEA raised its forecast for this year's global oil supply-demand gap and cut its 2026 Russian oil output forecast by 125,000 bpd to 8.7 million bpd.

W&T Offshore Swings to Q2 Profit of $12.6M, Short Sellers Still Hold 17.9% of Float

The small offshore driller reported net income of $12.6 million for the second quarter of 2026 on August 5, reversing a $22.5 million loss in Q1. Free cash flow rose 50% sequentially to $31.4 million. Short interest remains elevated at 17.9% of the float, reflecting persistent bearish sentiment.

Iranian President Pezeshkian arrives in New Delhi for BRICS summit, set to meet Modi on conflict and Strait of Hormuz

China Mining Congress Issues Initiative to Embed Financial Resources into Mineral Exploration

On September 11, at the 28th China International Mining Conference in Tianjin, the Ministry of Natural Resources released the "Initiative on Financial Support for a New Round of Mineral Exploration Breakthrough Strategy," calling on the industry to deeply integrate financial resources into all stages of mineral exploration to achieve tangible results.

Ukraine says it struck a large Rosneft refinery in the Volga region

Die Welt: US signs oil deal with Venezuela's Maduro regime, opposition slams lack of transparency

The deal reportedly grants the US a 35% stake in Venezuela's second-largest oil company, a 100-year extraction license, and first-refusal rights on 20% of its oil. Exiled opposition leader Machado distanced herself from Washington for the first time.

China's 2025/26 Edible Vegetable Oil Export Estimate Raised Sharply to 1.3 Million Tons

China's Ministry of Agriculture and Rural Affairs raised its estimate for 2025/26 edible vegetable oil exports by 1.04 million tons to 1.3 million tons, citing high global crude oil prices boosting biodiesel demand and extreme weather lifting international vegetable oil prices, leading to higher-than-expected soybean oil exports. The 2026/27 export forecast was also raised by 500,000 tons to 760,000 tons.

Belarusian President Lukashenko: Belarus is selling potash to the United States

U.S. diesel price tops $6 per gallon for first time, a record high

The average U.S. diesel price has surpassed $6 per gallon for the first time, according to GasBuddy, marking a record high. CNBC reports that the wars in Ukraine and Iran are rippling through the economy via higher energy costs.

Sasol Stock Surges Nearly 10% After Bank of America Upgrade

Shares of South Africa-based chemical company Sasol (NYSE: SSL) closed nearly 10% higher on Wednesday after Bank of America Securities analyst Sashank Lanka upgraded the stock from neutral to buy. Lanka raised his price target on the company's South Africa-listed shares to 270 rand ($18.86) from 200 rand ($12.49). He cited oil segment opportunities that could more than double Sasol's free cash flow to 33 billion rand ($2.1 billion) in the current fiscal year, potentially allowing the company to reinstate its dividend. Sasol suspended its dividend in late August due to net debt exceeding its threshold.

Gold futures open at lowest in over a month as CPI data looms and rate hike bets rise

Gold December futures opened at $4,359.40 per troy ounce on Friday, down 1.1% from Thursday's close, the lowest since August 6. The price later edged up to $4,387.10. Ahead of the August CPI report, market expectations for a Fed rate hike next week rose to 69.4% from 62.2% yesterday, which could cap near-term gold gains.

Modi and Putin hold trade and defense talks in New Delhi

Sibanye Stillwater Posts Record Profit, CEO Warns US Mine May Close If Costs Don't Fall

Sibanye Stillwater (NYSE: SBSW) reported first-half results on September 1: revenue surged 64% to R90 billion ($5.5 billion) and net profit reached R18.8 billion, reversing a R3.9 billion loss a year earlier. CEO Richard Stewart warned that if mechanization at the Stillwater mine in the US fails to push all-in sustaining costs down toward $1,000 per ounce, management may eventually have to end the operation. The mine's current AISC is $1,347 per ounce, and workers have resisted incentive changes tied to the mechanization plan, with union agreements still under negotiation.

Enbridge to Buy Tallgrass Crude Pipeline Business for $2.55 Billion

Canadian pipeline company Enbridge has agreed to acquire Tallgrass Energy's crude transportation business for $2.55 billion in cash, gaining major pipeline and storage assets connecting U.S. Rockies production with the Cushing, Oklahoma, oil hub. The deal includes a 75% interest in the Pony Express Pipeline (capacity ~460,000 bpd) and a 51% interest in the Powder River Gateway system (capacity ~240,000 bpd), plus about 8.4 million barrels of crude storage. The transaction is expected to close later in 2026, subject to regulatory approvals.

Brent crude tops $100, US 10-year yield nears 5% as Iran tensions escalate

Hopes for a quick resolution to the US-Iran conflict have faded, pushing Brent crude oil above $100 per barrel for the first time since July, closing up 6% at nearly $108 on Thursday. Surging energy prices have lifted inflation expectations, driving the US 10-year Treasury yield above 4.9%, approaching 5%. Markets await today's US CPI data and next week's Fed meeting, with pricing implying a greater than 65% probability of a 25-basis-point rate hike.

Study: Germany Has Cheapest Diesel in Europe When Taxes Are Excluded

A study by the German mineral oil industry shows that, excluding taxes and duties, diesel in Germany is the cheapest in Europe. Economic journalist Daniel Zwick notes the high government share in fuel prices, calling it "politically intentional."

WTI and Brent Crude Break $100 as Middle East Fighting Escalates

Rystad Energy reports daily crude outflows from the Persian Gulf fell to below 2 million barrels, down from 8-9 million in late August. Kpler says no very large crude carriers have exited the Strait of Hormuz since September 2.

Perma-Pipe Q2 Sales Up 24% YoY, Backlog at $142.3M

Perma-Pipe International Holdings reported a 24% year-over-year sales increase in its fiscal second quarter ended July 31, 2026, driven by higher volumes in the MENA and North America regions. The company's backlog stood at $142.3 million, with a project pipeline exceeding $900 million. Management expects the new Ohio and Qatar facilities to reach full production capacity by early 2027, providing significant operating leverage as fixed costs are absorbed.

Global equity funds see $15.5bn outflow as oil surge stokes inflation fears

Global equity funds recorded net outflows of $15.52 billion in the week to Sept 9, the largest since March 18, driven by $32.27 billion in net selling of U.S. equity funds, according to LSEG Lipper data cited by Reuters. European and Asian funds attracted $11.16 billion and $3.03 billion, respectively. Brent crude hit a four-month high of $109.97 a barrel on Friday after breaching $100 on Wednesday, fueling concerns that persistent inflation could prompt major central banks to raise rates.

Houthi militia seizes Perim Island, gains control over key Bab al-Mandab shipping strait

Wall Street futures rebound, oil slides as markets await inflation data

U.S. stock index futures rose and oil prices fell on Friday as investors awaited the consumer price index (CPI) report for clues on interest rates. Oracle jumped nearly 7% premarket after quarterly results beat estimates, reassuring shareholders that its AI investments are paying off. The 10-year Treasury yield remained elevated at 4.94%.

Soybeans Fade Lower on Wednesday Despite USDA Export Sales to China

Soybean futures fell 3 to 7 1/4 cents per bushel on Wednesday, with the cmdtyView national average cash price down 6 1/4 cents at $12.51. The USDA reported private export sales of 340,000 MT of soybeans to China for 2026/27 and 100,000 MT to unknown destinations, but the market still closed lower.

GameStop's record quarter overshadowed by $75 million unrealized Bitcoin loss

GameStop reported its highest-ever second-quarter operating income of $160.2 million for the 13 weeks ended Aug. 1. However, the same filing showed a $75 million unrealized loss on digital assets and related receivables, reversing a $28.6 million gain a year earlier. The loss is non-cash; the company did not buy or sell digital assets during the quarter. Its roughly 4,709 BTC holdings were valued at $294.1 million at quarter-end, down from $528.6 million at the end of the prior fiscal year.

Canadian Oil Pushes Deeper Into U.S. Gulf Coast Market

Enbridge's Houston Oil Terminal (EHOT), which started operations in July, gives Canadian heavy crude direct access to U.S. Gulf Coast refineries and export docks. The region has the world's largest concentration of heavy, sour crude processing capacity, and refiners there are seeking non-Middle Eastern heavy barrels as Mexican output declines, Venezuelan supply remains uncertain and the Iran war complicates shipments. Enbridge plans to expand EHOT's storage capacity from 2.5 million to 15 million barrels.

Yemen's Houthis seize strategic island at Bab al-Mandab Strait, threatening global shipping

China's Finance Ministry to Boost Insurance Coverage for Major Crops, Reduce County-Level Premium Burdens

China's Ministry of Finance on September 11 released a plan to accelerate high-quality development of agricultural insurance, aiming to enhance risk protection for staple crops, cotton, oilseeds, sugar crops and rubber. It will gradually lower the share of county-level premium subsidies in major grain-producing counties and expand the insured area for full-cost and planting income insurance for rice, wheat, corn and soybeans.

China's Finance Ministry to Dynamically Adjust Insurance Coverage for Hog, Dairy Farming

China's Ministry of Finance on Sept 11 released a plan to accelerate high-quality development of agricultural insurance, proposing to dynamically adjust insurance coverage levels for breeding sows, fattening pigs and dairy cows, encourage differentiated risk protection based on farming methods, and strengthen livestock count monitoring.