Live · Freight

Diverted tonnage added nine days to the Gulf–Asia clean route

Rerouting absorbed spare tanker capacity and changed the synthetic time-charter series.

1. Freight rates led product cracks for a second weekTankers · 30m
2. Ballast legs lengthened in the Atlantic basinShipping · 2h
3. Insurance premia widened on two corridorsRisk · 4h

“Physical and paper measures separated in the current sample.”

Supply & trade flows

Export licences broadened for processed minerals as buyers rewrote term contracts

The licensing change widened the qualified exporter set and moved negotiations toward multi-year offtake. Refiners in two importing regions reopened tenders in the synthetic record.

Commodities Desk · Updated 11m ago

• Iron ore shipments recovered after weather disruption
• Copper grades raised unit costs at two mines
• Platinum-group output disclosures moved lower

Flows, in brief

1. Nickel processing rules changed the export mixIndonesia · 35m
2. LNG cargoes rerouted toward the Atlantic basinQatar · 1h
3. Rail capacity constrained grain loadingsCanada · 2h
4. Refining ramp changed regional product flowsNigeria · 5h
5. Wheat tender cleared below the referenceEgypt · 7h
6. Seaborne crude discounts narrowedRussia · 11h

Curve structure

• Brent M1–M6+1.90
• WTI M1–M6+1.24
• Copper cash–3M−18.5
• TTF Q1–Q2+2.10
• Soybeans Nov–Mar−14½
• Iron ore M1–M3+0.85

Inventories

Days of cover sat below the synthetic five-year band in three complexes

The curve and inventory fixtures remain internally consistent.