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Commodities Market Report: Energy Price Surge and Stable US Inflation

Global commodities markets witnessed a notable divergence at the end of the week on August 14, 2026, with the energy sector leading the scene, spearheaded by RBOB gasoline, which achieved exceptional gains of 9.55%, followed by both Brent and WTI crude oil with increases of nearly 2%. These gains come despite data released by the US Energy Information Administration (EIA), which showed a massive and unexpected increase in oil inventories of 17.42 million barrels, far exceeding expectations that had pointed to a drawdown in inventories. It appears that markets are focusing more on major geopolitical shifts, particularly with Russia's share of Indian oil imports reaching a record level exceeding 50%, which is redrawing the map of global energy flows away from traditional routes. On the macroeconomic front, US inflation data presented a mixed picture; while the annual Consumer Price Index (CPI) stabilized at 3.4%, in line with expectations, labor market data was disappointing, recording a contraction in non-farm payrolls (-23k jobs) and an increase in jobless claims to 209k. This weakness in the labor market, coupled with a slowdown in the Producer Price Index (PPI), which recorded zero on a monthly basis, may limit the strength of the US Dollar, providing indirect support for commodities. Conversely, industrial and precious metals such as platinum and palladium suffered sharp declines exceeding 4% for palladium, while volatility continued in agricultural commodities with gains for sugar and wheat against a decline for coffee, reflecting a state of portfolio repositioning.