Money managers in the WTI crude futures and options markets maintained their net long positions in the week ended Aug. 18, according to the Commodity Futures Trading Commission's latest Commitments of Traders report released Friday.
The data showed that money managers reported 195,631 long positions, up 3,126 from Aug. 11, while short positions were up 2,805 to 91,596.
Producers, merchants, processors, and users held 686,166 long positions and 355,579 short positions.
Tata Steel (BOM:500470, NSE:TATASTEEL) completed the acquisition of a 23% stake in TM International Logistics for 3.35 billion rupees, according to a Thursday filing.The company acquired 4.1 million shares from IQ Martrade Holding and Management, following approval from the Competition Commission of India.Following the transaction, Tata Steel holds a 74% stake in TM International Logistics, while NYK Holding Europe retains 26%.TM International Logistics has consequently become a subsidiary of Tata Steel.
Crude futures settled higher in after-hours trading on Thursday as President Trump's threat to crush the Iranian economy further clouded the prospect of a deal to end the Middle East conflict.Front-month West Texas Intermediate crude futures advanced by 2.7% to $88.15 per barrel, while Brent futures gained 1.8% to $93.22/bbl.Gelber & Associates said that with the US and Iran showing little progress toward an agreement, restricted shipping and elevated insurance costs are keeping a sizable geopolitical premium.The US Treasury Department on Thursday sanctioned three individuals over links to Iran's Islamic Revolutionary Guard Corps-Qods Force and Hezbollah, as part of a broader sanctions package.The US Treasury's Office of Foreign Assets Control alleged that the network used couriers traveling on commercial airline flights between Lebanon, Turkiye, the UAE, and Iran to move up to hundreds of millions of dollars between jurisdictions.The blacklisting comes after Trump warned Wednesday of potential "economic warfare" against Iran in a Truth Social post, while Treasury Secretary Scott Bessent reportedly said that he plans to detail the new sanctions Monday.Soojin Kim, research analyst at MUFG, said that the move marks a continued shift from military action toward economic pressure, aimed at forcing Iran back into negotiations over the war, its nuclear program and the Hormuz.The US president said any country whose financial institutions, businesses, airports, or government entities offer Iran a "lifeline" will face what he described as tremendous economic consequences of their own.He said oil smuggling, currency swap lines, cash transfers, exchange houses, ship registries and front companies were channels he wants shut down immediately, emphasizing that Iran will never be permitted to acquire a nuclear weapon.However, Iran pushed back against Trump's claim that the country is on the brink of economic collapse, with Iranian Foreign Minister Abbas Araqchi calling the US President's comments an attempt to divert American public opinion from domestic problems, including record debt and rising interest rates.Trump's Economic D-Day announcement comes after the UAE said Wednesday it was halting all trade and financial transactions with Iran after the Gulf state accused Tehran of firing ballistic missiles at its territory, ramping up regional tensions.RBC Capital Markets strategists said that crude prices have been whipsawed by both sentiment around the Iran conflict and the reality on the water, but paper markets have best reflected the sentiment of those actively trading the market rather than overall market sentiment.Meanwhile, Yemen's Houthis said on Thursday that they carried out two drone attacks on Saudi Arabia, targeting a sensitive target at Najran airport and an Aramco facility in Najran.
US power prices varied widely across major markets at 4 p.m. ET, with PJM posting the highest price at $91.48 per megawatt-hour and an intraday peak of $543.30/MWh, according to data from GridStatus.io.Electric Reliability Council of Texas' real-time LMP stood at $28.13/MWh at 4 p.m. ET. Net load was 48.33 GW, with natural gas making up the largest share of generation at 38.5%.California Independent System Operator's real-time LMP came in at $37.09/MWh at 4 p.m. ET. Net load totaled 8.56 GW, while solar led the generation mix at 55.3%. The session's intraday peak reached $100.02/MWh at 6:50 a.m. ET.Southwest Power Pool's real-time LMP reached $37.65/MWh at 4 p.m. ET. Net load stood at 48.08 GW, with natural gas accounting for the largest share of generation at 44.6%.PJM's real-time LMP was $91.48/MWh at 4 p.m. ET. Net load totaled 116.95 GW, with gas accounting for the largest share of the generation mix at 47.1%. Prices surged to an intraday high of $543.30/MWh at 8 a.m. ET.Midcontinent Independent System Operator's real-time LMP came to $33.91/MWh at 4 p.m. ET. Net load was 82.83 GW, with natural gas contributing the largest share at 33.7%.New York Independent System Operator's real-time LMP stood at $59.65/MWh at 4 p.m. ET. Net load reached 21.92 GW, while dual-fuel sources accounted for the largest share of generation at 32.7%. Prices climbed to $107.42/MWh at 2:35 p.m. ET.ISO New England's real-time LMP climbed to $125.10/MWh at 4 p.m. ET. Net load totaled 18.1 GW, with natural gas leading the generation mix at 61.1%. An intraday high of $304.37/MWh was recorded at 1:05 p.m. ET.Independent Electricity System Operator's real-time LMP was $35.99/MWh at 4 p.m. ET. Net load was 18.02 GW at 3:55 p.m. ET, when nuclear supplied the largest share of generation at 42%.The National Weather Service's Climate Prediction Center forecasts above-normal temperatures across much of the West and South from Aug. 28-Sept. 3, with near-normal temperatures in parts of the West and near-normal to below-normal readings across the Northeast.