Treasury Department Sanctions More Firms Over Iranian Oil

Dow Jones Newswires

By Anthony Harrup

The U.S. Treasury Department said it is sanctioning close to two dozen firms involved in the Iranian oil trade, including front companies and others that take measures to camouflage sanctioned Iranian oil.

Iran's Armed Forces General Staff and its main commercial affiliate, Sepehr Energy, "continue to establish front companies and rely on buyers and facilitators to enable their sanctioned oil trade," Treasury said Tuesday in a release. "Many of the entities involved in Sepehr Energy's oil shipments are part of an elaborate system of oil smuggling and money laundering, directly controlled by or acting on behalf of Sepehr Energy."

The stepped-up sanctions against Iranian oil, part of the Trump administration's "maximum pressure" campaign against Tehran, come as the U.S. and Iran are engaged in talks on Iran's nuclear program.

U.S. officials described as positive the latest round of talks held in Oman at the weekend and said continued talks are planned.

On Tuesday, during a tour of the Middle East, Trump issued an ultimatum to Iran to accept an agreement to curb its nuclear program or face "massive maximum pressure."

The Treasury Department said it has taken 19 actions, sanctioning 253 individuals, entities and vessels as part of the campaign since Trump took office.

Trump's comments contributed to gains in benchmark oil prices, with West Texas Intermediate crude rising 2.8% to $63.67 a barrel and Brent up 2.6% at $66.63.

"The ball is now in the Iranians' court, and the regime would have to make a strong pivot away from belligerence to strike a deal," Robert Yawger, executive director and commodity specialist at Mizuho Securities USA, said in a report. "The alternative would be a sanctions regime so strict that it would drive around 1.5 million barrels a day of Iranian oil exports from the market."

Write to Anthony Harrup at anthony.harrup@wsj.com

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US Crude Oil Inventories Unexpectedly Rise

Trading Economics

US crude oil inventories surged by 4.29 million barrels in the week ending May 9, 2025, reversing the prior week's 4.49 million-barrel draw, data from the American Petroleum Institute showed.

The unexpected build — the largest in six weeks — surprised markets, which had anticipated a 2.4 million-barrel decline.

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Nymex Platinum, Palladium Warehouse Stocks - May 13

Dow Jones Newswires

Source: CME Group 
 
For previous business day 
PREV TOTAL subject to revisions. Source: CME Group 
 
                      Prev                         Net               Total 
Platinum             Total  Received Withdrawn  Change Adjustment    Today 
ASAHI DEPOSITORY LLC 
Registered               0         0        0       0         0          0 
Eligible                 0         0        0       0         0          0 
Total                    0         0        0       0         0          0 
 
BRINK'S, INC. 
Registered          98,943         0        0       0         0     98,943 
Eligible            23,397         0        0       0         0     23,397 
Total              122,339         0        0       0         0    122,339 
 
CNT DEPOSITORY, INC. 
Registered           1,246         0        0       0         0      1,246 
Eligible                 0         0        0       0         0          0 
Total                1,246         0        0       0         0      1,246 
 
DELAWARE DEPOSITORY 
Registered           4,228         0        0       0       493      4,721 
Eligible            20,302         0        0       0      -493     19,809 
Total               24,531         0        0       0         0     24,531 
 
HSBC BANK, USA 
Registered           1,295         0        0       0         0      1,295 
Eligible            34,318         0        0       0         0     34,318 
Total               35,613         0        0       0         0     35,613 
 
INTERNATIONAL DEPOSITORY SERVICES OF DELAWARE 
Registered           3,394         0        0       0         0      3,394 
Eligible                 0         0        0       0         0          0 
Total                3,394         0        0       0         0      3,394 
 
JP MORGAN CHASE BANK NA 
Registered          91,223         0        0       0         0     91,223 
Eligible            44,774         0        0       0         0     44,774 
Total              135,997         0        0       0         0    135,997 
 
LOOMIS INTERNATIONAL (US) LLC 
Registered          73,170         0        0       0         0     73,170 
Eligible            32,801         0        0       0         0     32,801 
Total              105,971         0        0       0         0    105,971 
 
MALCA-AMIT USA, LLC 
Registered             395         0        0       0         0        395 
Eligible                 0         0        0       0         0          0 
Total                  395         0        0       0         0        395 
 
MANFRA, TORDELLA & BROOKES, INC. 
Registered           5,501         0        0       0         0      5,501 
Eligible            11,398         0        0       0         0     11,398 
Total               16,900         0        0       0         0     16,900 
 
STONEX PRECIOUS METALS LLC 
Registered           3,675         0        0       0         0      3,675 
Eligible                 0         0        0       0         0          0 
Total                3,675         0        0       0         0      3,675 
 
COMBINED TOTALS 
Registered         283,070         0        0       0       493    283,564 
Eligible           166,990         0        0       0      -493    166,497 
Total              450,061         0        0       0         0    450,061 
 
                      Prev                         Net               Total 
Palladium            Total  Received Withdrawn  Change Adjustment    Today 
ASAHI DEPOSITORY LLC 
Registered               0         0        0       0         0          0 
Eligible                 0         0        0       0         0          0 
Total                    0         0        0       0         0          0 
 
BRINK'S, INC. 
Registered           6,057         0        0       0         0      6,057 
Eligible            15,930         0        0       0         0     15,930 
Total               21,987         0        0       0         0     21,987 
 
CNT DEPOSITORY, INC. 
Registered              97         0        0       0         0         97 
Eligible                 0         0        0       0         0          0 
Total                   97         0        0       0         0         97 
 
DELAWARE DEPOSITORY 
Registered             987         0        0       0         0        987 
Eligible             3,208         0        0       0         0      3,208 
Total                4,195         0        0       0         0      4,195 
 
HSBC BANK, USA 
Registered             586         0        0       0         0        586 
Eligible             2,623         0        0       0         0      2,623 
Total                3,209         0        0       0         0      3,209 
 
INTERNATIONAL DEPOSITORY SERVICES OF DELAWARE 
Registered               0         0        0       0         0          0 
Eligible                 0         0        0       0         0          0 
Total                    0         0        0       0         0          0 
 
JP MORGAN CHASE BANK NA 
Registered          12,746         0        0       0         0     12,746 
Eligible               728         0        0       0         0        728 
Total               13,474         0        0       0         0     13,474 
 
LOOMIS INTERNATIONAL (US) LLC 
Registered          10,011         0        0       0         0     10,011 
Eligible               301         0        0       0         0        301 
Total               10,312         0        0       0         0     10,312 
 
MALCA-AMIT USA, LLC 
Registered               0         0        0       0         0          0 
Eligible                 0         0        0       0         0          0 
Total                    0         0        0       0         0          0 
 
MANFRA, TORDELLA & BROOKES, INC. 
Registered           2,116         0        0       0         0      2,116 
Eligible               630         0        0       0         0        630 
Total                2,746         0        0       0         0      2,746 
 
STONEX PRECIOUS METALS LLC 
Registered               0         0        0       0         0          0 
Eligible                 0         0        0       0         0          0 
Total                    0         0        0       0         0          0 
 
COMBINED TOTALS 
Registered          32,599         0        0       0         0     32,599 
Eligible            23,421         0        0       0         0     23,421 
Total               56,020         0        0       0         0     56,020 
 
Write to Rodney Christian at csstat@dowjones.com

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Hogs Climb as Market Applauds U.S.-China Progress — Market Talk

Dow Jones Newswires

Lean hog futures on the CME close up 1.3% to 99.6 cents a pound, with analysts and traders optimistic that progress in thawing the U.S.-China trade relationship will mean more demand for U.S. pork by China — even if China has been moving away from U.S. pork in favor of other meats. "It is good news to see the tariff change between the U.S. and China," says ADM Investor Services in a note. Analysts and traders have also noted that China is the chief buyer of offal cuts for pork and beef — offal being the edible internal organs of the animal, which isn't popular among most export buyers. Live cattle close down 0.3% to $2.16225 a pound. (kirk.maltais@wsj.com)

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U.S. Natural Gas Futures Settle Flat — Market Talk

Dow Jones Newswires

U.S. natural gas futures are virtually unchanged along with the near-term demand outlook as cooler weather forecasts for the Northeast and Midwest offset heat seen for Texas and the Southwest. Prices have been held back by large inventory injections, which are expected to continue for several weeks. "But for now, we are still not anticipating a surplus of more than 100 Bcf even when looking out into early June," Ritterbusch says in a note. "Such a small supply overhang will be sensitizing the market to the first shift in the short-term temperature views toward a warmer than normal early summer period." Nymex natural gas settles flat at $3.647/mmBtu. (anthony.harrup@wsj.com)

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ICE Review: Canola Climbs on U.S. Biofuel Optimism

Dow Jones Newswires

WINNIPEG, Manitoba--The ICE Futures canola market climbed to fresh contract highs on Tuesday, underpinned by optimism over proposed changes to biofuel policies in the United States.

The amendments to U.S. biofuel policies proposed by the House Ways and Means Committee would see the 45Z biofuel tax credit extended through 2031, while limiting feedstocks to those sourced from the U.S., Canada and Mexico. Canola-based fuels - currently deemed as too carbon-intensive for the credit - could also qualify once again. Soyoil climbed higher on the news, which contributed to the strength in canola.

Tight supplies and the need to ration demand contributed to the gains. The technical charts also remain pointed higher, with the break above C$720 per tonne in the July contract bringing in additional buying interest.

There were 64,575 contracts traded on Monday, which compares with Monday when 67,856 contracts changed hands.

Spreading accounted for 30,512 of the contracts traded.

Settlement prices in Canadian dollars per metric tonne.

 
           Price      Change 
Jul       729.30    up 18.70 
Nov       689.80    up 13.00 
Jan       696.20    up 12.20 
Mar       702.30    up 11.80

Spread trade prices are in Canadian dollars and the volume represents the number of spreads:

 
Months    Prices                            Volume 
Jul/Nov   40.00 over to 25.60 over          11,336 
Jul/Jan   33.60 over to 19.60 over             207 
Jul/Mar   27.00 over to 12.50 over               6 
Jul/May   21.60 over                             1 
Nov/Jan   6.30 under to 7.70 under           2,361 
Nov/Mar   12.50 under to 13.70 under            11 
Nov/Jul   21.90 under to 22.00 under             3 
Jan/Mar   6.00 under to 7.00 under           1,071 
Mar/May   5.30 under to 6.00 under             143 
Mar/Jul   9.50 under to 10.00 under              4 
May/Jul   4.10 under to 4.70 under              61 
Jul/Nov   37.80 over to 35.00 over              52

Source: Commodity News Service Canada, news@marketsfarm.com

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Sector Update: Energy

MT Newswires

Energy stocks advanced late Tuesday afternoon with the NYSE Energy Sector Index and the Energy Select Sector SPDR Fund (XLE) each rising 2%.

The Philadelphia Oil Service Sector Index climbed 1.7%, and the Dow Jones US Utilities Index added 0.3%.

West Texas Intermediate crude oil rose 2.9% to $63.74 a barrel, and global benchmark Brent advanced 2.6% to $66.65 a barrel. Henry Hub natural gas futures eased 0.1% to $3.64 per 1 million BTU.

In corporate news, Consolidated Water shares jumped past 6% after it said Tuesday its Kalaeloa Desalco unit received key approval from the Honolulu Board of Water Supply for its $204 million project to build and maintain a desalination plant in Hawaii.

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