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2026-09-19 Saturday

2026-09-22

07:25:28

[US Grain Barge Freight Rates Rise, Harvest Season Demand Supports Near-Month Prices] ⑴ US barge industry data shows that for the week ending September 13, freight rates on major routes such as the St. Louis 12-foot and Illinois River were quoted at $850 to $900 (based on benchmark tariffs). ⑵ Prices rose to $900 to $950 in the week ending September 20, and further to $950 to $1000 in the week ending September 27, showing a stepped upward trend for near-month freight rates. ⑶ Prices remained high at $950 to $1000 in the first half of October, then fell back to $800 to $850 in the second half, and further decreased to $675 to $725 in November. ⑷ Prices fell to $625 to $675 in December, and continued to decline in a stepped manner from January to March and April to July of the following year, reaching a low of $500 to $550. (5) The Memphis-Cairo segment followed a similar trend, rising to 975-1025 in late September before declining month by month, reaching a low of 400-450 from April to July of the following year. (6) The Ohio River Jeffersonville-Cincinnati segment quoted 925-975 in late September, then declined month by month, falling to 500-550 from April to July of the following year. (7) Upstream routes such as St. Paul to Savage, McGregor, and Davenport also showed a pattern of near-term strength and far-term weakness. (8) In some months, such as December, no quotes were recorded for the St. Paul to Savage route, indicating weak forward trading. (9) From a market sentiment perspective, the concentrated release of grain shipping demand during the autumn harvest season is the main factor driving up near-month freight rates. (10) With the slowdown in the pace of new crop market entry and changes in river transport conditions, forward quotes are gradually returning to the normal range. (11) Going forward, attention should be paid to the impact of harvest progress, export loading pace, and water levels on barge turnover efficiency. 12 Overall, near-month freight rates are supported by seasonal demand, while long-term rates reflect expectations of ample supply and declining demand.

07:23:47

[Argentine Oil Pipeline Project Arrives at a Time of High Oil Prices] ⑴ For years, the bottleneck in Huacamuelta has been not underground but on the surface; crude oil production exists, but there is a lack of sufficient pipelines for transportation. ⑵ Companies had to transport exported crude oil from Neuquén to Buenos Aires by truck, costing nearly $10 per barrel, while pipeline transportation costs only about $1.50. ⑶ This limitation is now a thing of the past. Techint Engineering & Construction announced the completion of the final conventional weld on the Duplica North Pipeline, a 207-kilometer-long pipeline that will enhance the export capacity of the northern Neuquén Basin. The main operator, Oldelval, plans to partially commence operations by the end of the year. ⑷ Four producers have funded 80% of the project, including Pluspetrol, Chevron, Tecpetrol, and a Neuquén provincial company, with Oldelval covering the remaining 20%. The pipeline aims to alleviate production pressure in the northern blocks that are now undergoing large-scale development. (5) This project is not isolated. Argentina's July production hit a record high of 916,200 barrels per day, while domestic consumption was approximately 590,000 barrels per day, with the remainder exported. This means that each new pipeline will shorten the time it takes for crude oil to enter the international market. (6) The timing is favorable. The Middle East conflict has kept oil prices above $100 per barrel for nearly 10 days, increasing export revenue per barrel. The government expects an energy trade surplus of over $11 billion this year. (7) The Duplica Northern Pipeline, with an investment of $380 million, connects the Puesto Hernandez pumping station in Neuquén with the Allen station in Rio Negro. (8) The pipeline has a diameter of 26 inches. The first phase will transport 50,000 barrels per day by the end of the year, increasing to 220,000 barrels per day by the first quarter of 2027. (9) This milestone marks the completion of the most arduous construction phase. The team completed approximately 9,840 conventional line welds and 7,410 twin-pipe welds, including over 150 special crossings. At its peak, 850 people were working simultaneously. (10) System expansion continues. Oldelval has already put into operation the Duplica line, parallel to the existing pipeline, with an investment of $1.4 billion, increasing its transport capacity from 225,000 barrels per day to 540,000 barrels per day. (11) Another major project is the Wacamuelta South Pipeline Project, an investment of $3 billion, 437 kilometers long, connecting Allen and Punta Colorado ports, capable of accommodating very large crude carriers (VLCCs). It is scheduled to begin production in November, with the first exports expected in late January or early February next year. By the second half of 2027, its daily transport capacity will reach 550,000 barrels, and is expected to expand to 700,000 barrels per day. (12) The industry predicts that by 2030, Wacamuelta's daily production will reach 1.5 million barrels, of which approximately 1 million barrels will be exported. Based on an average price of $60 per barrel, this would generate at least $21.6 billion in annual revenue.

06:54:57

[Midterm Elections Approaching: Morgan Stanley Assesses Congressional Landscape and Market Variables] ⑴ With the Federal Reserve's September meeting concluded, strategists are turning their attention to the November US midterm elections. ⑵ Morgan Stanley's Gerald G. Graham noted in a report that Republicans currently hold 220 seats in the House of Representatives, while Democrats hold 215, their narrowest majority since 1930. ⑶ This means that Democrats only need to gain 3 seats to seize control, while Republicans cannot afford to lose more than 2. ⑷ In polls asking voters which party they would currently vote for, the Democratic lead has widened to 8.1 percentage points, and the president's approval rating hovers around 40%. ⑸ The consumer confidence index is 47.8, well below the historical average of 85 for election years, and regular gasoline prices have risen 29.5% since August 2025. ⑹ 47% of registered voters said the cost of living is the most important factor influencing their vote, up from 39% in January. (7) Considering the aforementioned concerns, the concentration of undecided districts in Republican-controlled seats, and the historical average loss of 30 seats in the House of Representatives by the incumbent president's party, Glaser believes the Republicans face a difficult election. (8) However, the institution's baseline scenario forecast indicates that although the risk of the Republicans losing control of the House is substantial, they should be able to retain control of the Senate. (9) The Democrats need a net gain of 4 seats to obtain an absolute majority in the Senate. As of September 16, the forecast market indicated an 86% to 88% probability of the Democrats controlling the House and only a 54% to 59% probability in the Senate. (10) Historically, the long-term performance of equity markets differs between a divided Congress and a unified Congress, but past statistics do not constitute guidance for future trends. (11) Overall, the election landscape and expectations of policy divergence will be important variables for market sentiment in the coming months.

06:54:08

[Focus: French bonds under pressure, yen fluctuates wildly, US manufacturing unexpectedly weakens] ⑴ Trump says he will ban some major news outlets from entering the White House. ⑵ US manufacturing output unexpectedly fell 0.3% month-on-month in August, compared to an estimated 0.3% increase; rising oil prices and interest rates may have outweighed some of the support from AI construction. ⑶ Federal Reserve Vice Chairman for Supervision Bowman says a vote will be held in the coming weeks on the final version of stress test reforms for large banks. ⑷ Kansas City Fed President Schmid expressed support for a rate hike this week, believing that inflation is trending above the 2% target and is not solely driven by energy costs. ⑸ ECB President Lagarde says interest rates will not move in tandem with energy prices, cooling expectations of aggressive rate hikes. ⑹ Eurozone finance ministers are concerned but not anxious about rising bond yields, emphasizing the need to adhere to the approved fiscal path. ⑺ The yield on French 10-year bonds rose 13 basis points to 4.573%, and the Franco-German interest rate spread reached a full percentage point for the first time since July 2012. (8) Nikkei reported that a currency inquiry by Japanese authorities pushed the yen sharply higher, with the dollar/yen exchange rate briefly touching a two-week high of 158.05. (9) Putin's special envoy is reportedly planning to meet with the leadership of Germany's Alternative for Germany (AfD) party to discuss resuming gas supplies to Germany, possibly as early as March. (10) Saudi Aramco has informed at least two European refining clients that they will not receive crude oil next month due to an attack on a key pipeline. (11) US stocks traded quietly on Friday, with the S&P 500 rising 0.17% and the Nasdaq rising 0.40%, led by the technology sector; oil prices fell, with Brent crude settling at $104.87 per barrel.

06:47:05

[US Treasury Yields Rise Across the Board, 2-Year Yield Hits Highest Level Since July 2024] ⑴ US Treasury yields rose on Friday, with the 2-year yield climbing to its highest level since July 2024. ⑵ This followed the Federal Reserve's first rate hike in three years this week, and investors are assessing the subsequent path of interest rates. ⑶ As inflation concerns intensify, the market is closely watching the prospects for a new round of global interest rate hikes. ⑷ The Bank of Japan raised its interest rate to its highest level in 31 years on Friday, with the governor stating that it has entered a new phase of preventing inflation from exceeding its target. ⑸ The Federal Reserve raised rates on Wednesday and hinted at further tightening in the coming months, with the chairman making hawkish comments. ⑹ Some strategists say that the 2-year yield will fluctuate in tandem with rate hike expectations, and the market is currently more inclined to price in more rate hikes than rule them out. ⑺ Futures data shows that traders expect a greater than 55% probability of another rate hike at the Fed's next meeting in October, up from 53% on Thursday evening. (8) The spread between 2-year and 10-year yields was last at approximately 25.5 basis points, having touched 23.8 basis points intraday, the flattest since June 25. (9) The short end rose faster than the long end, partly due to rising expectations of interest rate hikes, while the Fed's intention to control inflation limited the rise in the long end. (10) Some believe that, for long-term bonds, this meeting somewhat calmed market anxieties. (11) Friday's data showed that US manufacturing output unexpectedly declined in August after seven consecutive months of growth, but yields mostly maintained their gains. (12) The surge in oil prices related to the US-Israel conflict over Iran was one source of inflation concerns, although oil prices retreated somewhat after China urged Iran to restrain Houthi attacks on Saudi oil facilities. (13) The benchmark 10-year yield was last at 5%, up 5.3 basis points, after touching a new high since 2007 at 5.041% on Tuesday. 14. The 2-year yield rose 5.3 basis points to 4.743%, after previously reaching 4.7475%; the 30-year yield rose 3.6 basis points to 5.332%.

06:40:22

US NYMEX Palladium Inventory Change - Daily (100 ounces) - September 17

Previous : 0 Forecast : -

Published Value 0

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06:40:19

US NYMEX Platinum Inventory Changes - Daily (100 ounces) - September 17

Previous : -27.70 Forecast : -

Published Value 0

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06:40:16

US NYMEX Palladium Inventories - Daily Update (100 ounces) - September 17

Previous : 2502.47 Forecast : -

Published Value 2502.47

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06:40:12

US NYMEX Platinum Inventory - Daily Update (100 ounces) - September 17

Previous : 3874.27 Forecast : -

Published Value 3874.27

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06:40:09

US COMEX Silver Inventory Change - Daily (100 ounces) - September 17

Previous : -17052.29 Forecast : -

Published Value -14479.12

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06:40:05

US COMEX Silver Inventories - Daily Update (100 ounces) - September 17

Previous : 3315312.48 Forecast : -

Published Value 3300833.36

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06:40:01

US COMEX Gold Inventory Change - Daily (100 ounces) - September 17

Previous : 0 Forecast : -

Published Value -0.32

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06:39:56

US COMEX Gold Inventories - Daily Update (100 ounces) - September 17

Previous : 273838.18 Forecast : -

Published Value 273837.86

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06:38:22

US SPDR Gold Holdings Changes - Daily (tons) - September 18

Previous : 0.85 Forecast : -

Published Value 4.28

Previous

06:38:18

US SPDR Gold Holdings - Daily Update (tons) - September 18

Previous : 1052.84 Forecast : -

Published Value 1057.12

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06:37:53

US iShares Gold Holdings Changes - Daily (tons) - September 18

Previous : 0.47 Forecast : -

Published Value -0.18

Previous

06:37:44

US iShares Gold Holdings - Daily Update (tons) - September 18

Previous : 464.67 Forecast : -

Published Value 464.49

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06:37:32

US iShares Silver Holdings Changes - Daily (tons) - September 18

Previous : 0 Forecast : -

Published Value 0

Previous

06:37:23

US iShares Silver Holdings - Daily Update (tons) - September 18

Previous : 15226.98 Forecast : -

Published Value 15226.98

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Real-Time Popular Commodities

Instrument Current Price Change

XAU

4363.43

19.91

(0.46%)

XAG

66.357

0.353

(0.53%)

CONC

92.06

-0.31

(-0.34%)

OILC

100.03

-3.16

(-3.07%)

USD

100.410

0.000

(0.00%)

EURUSD

1.1464

0.0002

(0.01%)

GBPUSD

1.3370

0.0004

(0.03%)

USDCNH

6.6928

0.0003

(0.00%)