Written Commentary
ADM Reports Second Quarter 2026 Results
August 4, 2026
CRUDE OIL
November Crude Oil was lower early Wednesday after reaching a new contract high on Tuesday. Reports that Saudi Arabia was offering additional crude cargoes via ship-to-ship transfer off Oman’s Sohar port, which is on the Indian Ocean side of the Strait of Hormuz, eased some of the panic over the strike on the east-west pipeline that has stopped Saudi crude flows to ports on the Red Sea. On Tuesday, industry sources told Reuters that loadings at Saudi Arabia’s Red Sea export hub of Yanbu had been suspended. Separate ship tracking data from Kpler showed four very large crude carriers capable of carrying a combined 8 million barrels loading at Ras Tanura, a Saudi Port on the Persian Gulf, on Wednesday. Despite very dire predictions, some oil is apparently making it out of the region. This is not to diminish the ascendancy of the Houthis, Iran’s resilience, or the precarious positions Saudi Arabia and other Gulf producers find themselves in and the ongoing threats to supply.
PRODUCTS
RBOB prices were lower early Wednesday, while ULSD was holding Tuesday’s gains for the most part. The ULSD (diesel) market has been attracting more attention recently with record prices coming at a time of peak demand for harvest. The Russian government has reported extended its restrictions on diesel exports until the end of October.
NATURAL GAS
November Natural Gas was higher early Wednesday and back near the upper end of a seven-week trading range. Warmer than normal temperatures provide a bit of support as it extends the cooling season, but as that trend continues, it could also delay the startup of the heating season, which has a more immediate impact on natural gas consumption than cooling demand. The 6-10 and 8-14 day forecasts show above normal temperatures across almost the entire lower 48 states.
Interested in more futures markets? Explore our Market Dashboards here.
Risk Warning: Investments in Equities, Contracts for Difference (CFDs) in any instrument, Futures, Options, Derivatives and Foreign Exchange can fluctuate in value. Investors should therefore be aware that they may not realise the initial amount invested and may incur additional liabilities. These investments may be subject to above average financial risk of loss. Investors should consider their financial circumstances, investment experience and if it is appropriate to invest. If necessary, seek independent financial advice.
ADM Investor Services International Limited, registered in England No. 02547805, is authorised and regulated by the Financial Conduct Authority [FRN 148474] and is a member of the London Stock Exchange. Registered office: 3rd Floor, The Minster Building, 21 Mincing Lane, London EC3R 7AG.
A subsidiary of Archer Daniels Midland Company.
© 2026 ADM Investor Services International Limited.
Futures and options trading involve significant risk of loss and may not be suitable for everyone. Therefore, carefully consider whether such trading is suitable for you in light of your financial condition. The information and comments contained herein is provided by ADMIS and in no way should be construed to be information provided by ADM. The author of this report did not have a financial interest in any of the contracts discussed in this report at the time the report was prepared. The information provided is designed to assist in your analysis and evaluation of the futures and options markets. However, any decisions you may make to buy, sell or hold a futures or options position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to ADMIS. Copyright ADM Investor Services, Inc.
