Oil Drops 16%, Saudi Premium Hits $19.50, Russia Wheat at 88.7M Tons, & US Gas Output at 109 Bcfd

The Commodities Trade Institute Podcast · Apr 8, 2026 · 7m

A fragile ceasefire between the United States and Iran triggers a sharp 16% drop in oil prices, but physical markets remain under severe strain. Saudi Arabia raises crude premiums to record highs, while Asian refiners scramble for supply. In agriculture, India maintains sugar exports despite tightening production, and Russia’s wheat outlook improves to nearly 89 million tons. Meanwhile, copper demand strengthens in Japan, U.S. natural gas output climbs toward record levels, and global LNG flows expand. Across commodities, volatility persists as markets adjust to disrupted supply chains and…