Thurs., Aug. 27, 2026
[4:10 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 $2.98…diesel $3.75
Thurs., Aug. 27…regular $4.09…diesel $5.61
Yippee! Diesel fell a penny. It’s still just 20 cents shy of the all-time set back on June 19, 2022, following Russia’s invasion of Ukraine.
Crude oil futures rose this afternoon, hitting $84 on WTI, $90 Brent. Gasoline futures hit $3.39.
Markets are trying to weigh supposedly improving supply prospects out of the Persian Gulf, and alternative shipping lanes, though I noted the other day that the head of TotalEnergies, one of the larger companies in the world, said this week that while crude oil is getting through in sizable proportions, refined product is not.
Iran’s military said it had reached a revenue-sharing agreement with Oman over the Strait of Hormuz, raising hopes that shipping disruptions could ease, but then Tehran stressed that the arrangement does not guarantee an immediate reopening of the Strait, keeping uncertainty elevated. In addition, the U.S. said it is not going back to the original memorandum of understanding.
Meanwhile, concerns are growing over potential further escalation of the Russia-Ukraine war. Continued Ukrainian strikes on Russian refineries and ports are severely disrupting the country’s energy infrastructure and limiting its ability to export crude and refined products, a la diesel, which not to beat a dead horse, but Moscow has said it will not export diesel at least until January because it is needed domestically.
Russia and Ukraine are going to be hitting each other harder and harder, especially as Ukraine’s own missile capabilities improve.
At the same time, President Trump this afternoon told reporters he does not believe President Putin will attack NATO members, as tensions rise in Europe over Moscow targeting countries that supply weapons and money to Ukraine.
Trump said he had “good talks” with Putin, adding that “he’s not going to be attacking a NATO territory.” [Par for the course from Trump, who is incapable of saying anything bad about Vlad the Impaler.]
But this follows a rare trip by CIA Director John Ratcliffe to Russia for meetings on Tuesday, the Wall Street Journal reporting that the trip’s purpose was to warn the Kremlin not to attack NATO.
Moscow has been expanding its campaign of so-called hybrid attacks, including cyber threats and armed drones, against Ukraine’s allies. Estonia recently accused Russia of being behind a fire at a drone maker’s facility.
Trump also renamed Lake Ontario “Lake America” today, signing an executive order that updated the lake’s name for the U.S. geographic naming service.
The president signed the order as he was sitting at the Resolute Desk, with a large sign behind him propped on a stand with a map of the Great Lakes. Over Lake Ontario, in big red letters, the map read “Lake America.”
He told reporters that Canada is “the worst” to deal with on trade. “They feel entitled and we can’t have that,” he said.
Previously having renamed the Gulf of Mexico as the “Gulf of America,” Trump suggested his push to rename bodies of water may not be finished.
“So, if you think about it, we have a gulf and we have a lake. Now, all we need is an ocean,” he said. “So maybe we’ll have to change the name of the Atlantic and or the Pacific. Maybe we’ll change them.”
He’s 80 years old. This is a clown show.
Stocks rose today, helped by Nvidia’s strong earnings report (and the likes of Salesforce and CrowdStrike as well), released after the close yesterday, the shares rising 9%.
But it’s now all eyes on Fed Chair Warsh and his Jackson Hole speech tomorrow.
—
Dow Jones +104…+0.2% [53568]
S&P 500 +55…+0.7% [7730]
Nasdaq +411…+1.6% [26541]
Oil (WTI) $83.70…Brent $89.75
Gold $4605
Silver $69.40
Bitcoin $79,915 [4:00 PM ET…highest since May…]
U.S. 2-yr. 4.23%
U.S. 10-yr. 4.67%
Japanese 10-yr. 2.87%
Check out my ‘Week in Review,’ posted Fridays at 4:30 PM ET.
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Brian Trumbore
