Thursday, May 21, 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
Thurs., May 21…reg. $4.56…diesel $5.65
Crude oil futures rose around 3% to $102 on West Texas Intermediate, as mixed signals from the U.S. and Iran continue to fuel doubts that a near-term deal can be reached or that the Strait of Hormuz could be fully reopened.
In the latest development, Reuters reported that Iran’s Supreme Leader has issued a directive that the country’s near-weapons-grade uranium should not be sent abroad, hardening Tehran’s position on one of the key U.S. demands in peace talks.
At the same time, Iran announced the creation of a “Persian Gulf Strait Authority,” stating that a “controlled maritime zone” would be enforced in the Strait of Hormuz, i.e., you need to pay a toll, baby, which is outrageous and just can’t be allowed.
But Bloomberg reported this afternoon, having interviewed Iran’s ambassador to France, that Iran is negotiating with Oman to jointly control the Strait and set up a permanent toll system.
President Trump categorically rejected such talk, telling reporters at the White House: “We want it open, we want it free, we don’t want tolls. It’s an international waterway. They are not charging tolls right now.” [There are lots of reports Iran has been selectively charging tolls.]
Meanwhile, we have big ongoing drawdowns in U.S. inventories of crude, including a nearly 10 million barrel withdrawal from the Strategic Petroleum Reserve (SPR) last week, marking the largest release on record.
Goldman Sachs said global stockpiles of crude oil and products are being drawn down at a record pace this month, as the world’s supply buffer shrinks rapidly.
But around 1:15 PM ET today, WTI suddenly fell over $2 to $98, and then $96, on really nothing. There is no Iran deal, sports fans.
On a different matter, after the close yesterday, SpaceX filed its S-1 registration statement necessary for its looming IPO, and the company isn’t lacking for ambition: “Our mission is to build the systems and technologies necessary to make life multiplanetary, to understand the true nature of the universe, and to extend the light of consciousness to the stars.”
But some were sort of raising their eyebrows not at the large losses SpaceX reported on for the first time, that’s largely expected given the huge capital expenditures, but also the revenue, $18.7 billion in 2025. I think a lot of folks were looking for a bigger number, and growth of more than 33% that the company reported.
On the other hand, it’s a bet on Elon Musk, who is the primary shareholder, by a lot. And I go back to the mission statement. Thank God we have people like this with such vision.
Lastly, Freddie Mac’s 30-year fixed-rate mortgage, released Thursday’s, came in at 6.51% today, up 15 basis points on the week.
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Dow Jones +276…+0.6% [50285…record!]
S&P 500 +12…+0.2% [7445]
Nasdaq +22…+0.1% [26293]
Oil (WTI) $97.45.…Brent $104.10
Gold $4540
Silver $76.85
Bitcoin $77,622 [4:00 PM ET]
U.S. 2-yr. 4.06%
U.S. 10-yr. 4.55%
Japanese 10-yr. 2.75%
Check out my Week in Review, posted Fridays at about 4:30 PM ET.
Sydney Sweeney and I will be back in this space Tuesday. We’re taking Monday off.
Have a safe Memorial Day holiday. Remember those who gave up their lives to preserve our freedom.
Brian Trumbore
*Please support StocksandNews…there are huge costs behind it. Click on the GoFundMe link or send a check to PO Box 990, New Providence, NJ 07974.
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