Written Commentary
India’s Import Plan Lifts Sugar
August 20, 2026
CRUDE OIL
October Crude Oil extended its rally early Thursday as the market continued to accept the likelihood that no solution to the loss of Persian Gulf supply was coming very soon. Iran and the US have been stepping up their rhetoric, and any negotiation for reopening the Strait of Hormuz have been put aside. Crude oil prices have avoided the highs from earlier this year because Gulf producers have been moving what they can via alternate routes, the US and Europe have been releasing strategic stocks, and demand has softened in response to high prices. But with US SPR stocks the lowest in 43 years, the ability to for them to provide a buffer is diminishing.
PRODUCTS
So far, October RBOB has come up short of taking out its contract at 3.0417.
NATURAL GAS
October Natural Gas was lower early Thursday after making an attempt at the August high at 2.887 on Wednesday but coming up short. The latest 6-10 and 8-14 day forecasts are warmer than yesterday, with the normal/below normal tendencies in the northeastern quadrant shrinking in the 6-10-day and disappearing altogether in the 8-14-day. Above normal temperature dominate, which should help support some cooling demand, though that is offset by record US production
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