Tuesday, April 14, 2026…4:10 PM ET
[4:00 PM ET closing prices for stocks; 3:50ish for commodities and bonds.]
Tale of the Tape at the gas pump, nationwide averages, courtesy of AAA.
Fri., Feb. 27…regular gas $2.98…diesel $3.75
Tues., Apr. 14…reg. $4.11…diesel $5.65
The price of regular nationwide is down a nickel from the highs, diesel down just 3 cents.
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U.S. stocks rose on Tuesday while oil prices fell hard, 7% on West Texas Intermediate as of 3:00 PM ET, as President Trump signaled he’s open to further talks with Iran, stoking optimism for a long-term truce.
It helped this morning that the March producer prices report showed prices rising more slowly than expected…0.5% on headline, 4.0% year-over-year, while on core, ex-food and energy, the numbers were 0.1% and 3.8%…all four numbers far less than forecast, albeit still high,
Despite the decline in crude, the International Energy Agency maintains it could get worse.
IEA executive director Fatih Birol suggested that current prices do not reflect the severity of what is going on in the Middle East.
“April may well be even worse than March, because during the month of March, we have already received cargoes which were loaded well before the crisis started… and during the month of April, nothing is being loaded,” he says.
“The longer the disruption is, the more severe the problem becomes.”
Last month, all 32 members of the IEA agreed to release 400 million barrels of their oil stocks to ease supply constraints and Birol signaled that the agency would be prepared to act again.
“400m barrels is only 20% of our resource,” he says. “We have still 80% in our pocket. We are assessing the decision. If and when we decide it is the time, we are ready to act and act immediately.”
Separately, the IEA warned the conflict could erase global oil demand growth this year, marking the first annual decline since the pandemic, even as prices remain high. The war has damaged energy infrastructure and severely restricted traffic through the Strait, with an OPEC+ report showing output fell by 7.9 million barrels per day in March.
China slammed the blockade on Tuesday, calling it “dangerous and irresponsible,” and calling for an immediate and full ceasefire with the reopening of the Strait.
Foreign ministry spokesman Guo Jiakun told reporters at a daily briefing in Beijing that the U.S. action would only “inflame tensions, escalate the situation and undermine an already fragile ceasefire,” and that would further jeopardize the safety of navigation in the Strait.
“We urge all parties to abide by the ceasefire arrangement, focus on the broader direction of dialogue and negotiations, take concrete actions to de-escalate the regional situation and restore normal navigation in the Strait at an early date,” Guo said.
He added that the situation in the region was “at a critical stage” and said China would continue to work with the international community to promote peace talks and to strive for peace and stability in the Middle East.
It is really difficult getting the truth on just how many ships are going through the Strait, the U.S. military claiming it has prevented all ships from transiting, while energy firm Kpler says nine have gotten through each of the last two days…which is far less than the 130 or so that had been an average daily total.
On the good news side, Saudi Arabia said it has restored the full pumping capacity of its East-West pipeline to 7 million barrels a day, rehabilitating a vital link for oil exports via the Red Sea.
An Iranian strike hours after the ceasefire was declared, damaged one of 11 pumping stations along the 746-mile conduit, reducing throughput, though now it’s back to normal.
But it’s also about the safety of the Bab el-Mandeb strait, which is threatened by the Houthis, should they decide to do their supporter Iran’s bidding.
On a different topic, Secretary of State Marco Rubio is hosting Israeli and Lebanese officials in Washington today to solidify a ceasefire in Iran.
These are the first talks between Israel and Lebanon since 1993.
Last weekend’s talks between the United States and Iran in Islamabad, Pakistan, were the first such exchanges since 1979!
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For new readers, I am a New York Mets baseball fan, and my team could not be more pathetic, falling to the Dodgers in Los Angeles Monday night, their sixth straight loss and third time in the last four games they’ve been shut out!
Manager Carlos Mendoza has very little time to save his job, especially given last season’s collapse.
It’s enough to drive Mets fans to drink heavily. #CoorsLight
[Reminder…the 2025 Mets started out the season an MLB-best 45-24, and then went 38-55 the rest of the way, missing the playoffs. This year’s 7-10 start is a carryover, despite a major roster makeover.]
Dow Jones +317…+0.7% [48535]
S&P 500 +81…+1.2% [6967]…6978 is the all-time closing high….
Nasdaq +455…+2.0% [23639]
Oil (WTI) $91.90.…Brent $95.25
Gold $4860
Silver $79.50
Bitcoin $74,255 [4:00 PM ET]
U.S. 2-yr. 3.74%
U.S. 10-yr. 4.25%
Japanese 10-yr. 2.40%
Back Wed.
Brian Trumbore
