Written Commentary
Inflation Held Steady in February
March 11, 2026
NATURAL GAS
May Natural Gas was higher early Wednesday but inside Tuesday’s range. The US market is insulated from the global market to the extent that 1) it is self-sufficient and 2) exports are near the limits determined limited by the number of LNG facilities already built. There is a new one expected to come online in the coming weeks. The 6-10 day forecast has below normal temperatures across the eastern half of the US and above normal temps in the western half, with just a narrow band of near normal in between. This could produce some higher than normal heating and colling demand over the next week or so. The 8-14 day has the above normal trend expanding eastward to cover about ¾ of the nation.
CRUDE OIL
May Crude Oil was higher overnight but inside Monday and Tuesday’s ranges and well off the high at $113.41 from Monday. Traders may be betting that President Trump will end the war soon, based on his comments from earlier in the week, but until the Strait of Hormuz opens up, global supply will be restricted, and the longer it goes on, the bigger the chance of reapproaching Monday’s high. Iran is reportedly mining the Strait. US Central Command said on Tuesday that the US military had “eliminated” 16 Iranian mine-laying vessels in the area. Reuters reports that the US Navy has refused near-daily requests from the shipping industry for military escorts through the Strait, saying the risk of attacks is too high for now.
PRODUCTS
Product prices pushed higher early Wednesday, taking out Tuesday’s highs and approaching Monday’s closes. One story making the rounds is an estimate that large loss of diesel supply from the closing of the Strait of Hormuz. However, as in crude oil, the extremely wide ranges established on Monday leave a lot of room for consolidation.
Interested in more futures markets? Explore our Market Dashboards here.
Risk Warning: Investments in Equities, Contracts for Difference (CFDs) in any instrument, Futures, Options, Derivatives and Foreign Exchange can fluctuate in value. Investors should therefore be aware that they may not realise the initial amount invested and may incur additional liabilities. These investments may be subject to above average financial risk of loss. Investors should consider their financial circumstances, investment experience and if it is appropriate to invest. If necessary, seek independent financial advice.
ADM Investor Services International Limited, registered in England No. 2547805, is authorised and regulated by the Financial Conduct Authority [FRN 148474] and is a member of the London Stock Exchange. Registered office: 3rd Floor, The Minster Building, 21 Mincing Lane, London EC3R 7AG.
A subsidiary of Archer Daniels Midland Company.
© 2021 ADM Investor Services International Limited.
Futures and options trading involve significant risk of loss and may not be suitable for everyone. Therefore, carefully consider whether such trading is suitable for you in light of your financial condition. The information and comments contained herein is provided by ADMIS and in no way should be construed to be information provided by ADM. The author of this report did not have a financial interest in any of the contracts discussed in this report at the time the report was prepared. The information provided is designed to assist in your analysis and evaluation of the futures and options markets. However, any decisions you may make to buy, sell or hold a futures or options position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to ADMIS. Copyright ADM Investor Services, Inc.
Latest News & Market Commentary
ADM & Industry News
Natural Gas Steady as Temps Shift
March 11, 2026
Ivory Coast Cocoa Mid-Crop Tops 400,000 Tons
March 11, 2026
