Wed., Oct. 21, 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
Wed., Oct. 21…regular $4.26…diesel $6.31
Crude oil was nearly $100 early today but it reversed gains to trade around $97, as relatively strong flows through the Strait of Hormuz offset concerns over escalating attacks on shipping and energy infrastructure across the Middle East.
Iran’s Revolutionary Guards said naval mines had halted three tankers attempting to use routes Tehran considered unauthorized, while the UK Maritime Trade Operations agency reported a vessel had been struck near Oman.
Despite the security risks, Secretary of State Marco Rubio said shipments through the chokepoint were approaching prewar levels.
On the inventory data front, the weekly numbers from the Energy Information Administration (EIA) showed U.S. crude inventories fell by 3.061 million barrels in the week ended October 16, when the market was expecting a modest draw of 0.8 million. Gasoline stocks declined by 2.952 million barrels, above estimates for a 0.4 million barrel decrease. Distillate stockpiles, which include diesel and heating oil, increased by 1.675 million barrels, vs. expectations for a 1.2 million barrel draw.
Seafarers, by the way, are being offered bonuses to make the dangerous crossings through the Persian Gulf. Crew members have been lured by payouts two or three times their typical monthly salary to work on ships operating in the Gulf. One China-based ship-staffing company offered as much as $25,000 for a round-trip, which normally takes a week or two, the Wall Street Journal reported.
Many of the vessels are making short shuttle runs through the danger zone. American air cover provides some protection through a corridor along the Omani coast. Tankers load inside the Gulf and transport it via Hormuz, often with their tracking signals switched off. They then stop near Oman and transfer their cargoes to ships bound for markets before heading back into the Gulf, where they face the most risk of being hit.
Separately, Yemen’s Houthis claimed attacks on Saudi Aramco facilities, as well as some airports, though I saw domestic flights returned at Riyadh’s King Khalid International Airport.
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Russian President Vladimir Putin agreed Wednesday to resume trilateral negotiations with Washington and Kyiv on ending the war in Ukraine, a Kremlin official said.
Putin has agreed “in principle” to resume the talks after Nov. 10, Vlad’s foreign affairs adviser Yuri Ushakov told reporters following a meeting in St. Petersburg between Putin and U.S. envoy Steve Witkoff.
The trilateral talks will focus on “building a security system for Russia and Ukraine after the conflict ends,” Ushakov said.
Witkoff’s talks with Putin came as Trump pushes Kyiv to make a deal that stops the fighting.
Witkoff’s visit came a day after he met with President Zelensky and some European leaders in Oslo, Norway.
There was zero suggestion of any imminent breakthrough, as Putin will just stress his grievances and demand the entire Donbas, including land he hasn’t taken in over four years of fighting.
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Stocks finished up today, as earnings thus far have generally been strong. Bonds were little changed.
After the close we have earnings from Meta and Tesla. SpaceX reported after the close Tuesday and its shares rose 7% today as Elon Musk talked about a merger between Tesla and SpaceX, which everyone expects.
Meanwhile, France’s debt crisis deepened, the 10-year yield climbing over 5.00% (5.01%) for the first time since 2002.
Dow Jones +360…+0.7% [52856]
S&P 500 +44…+0.6% [7757]
Nasdaq +278…+1.1% [26702]
Oil (WTI) $97.50…Brent $109.40
Gold $4130
Silver $57.90
Bitcoin: $84,433 [4:00 PM ET]
U.S. 2-yr. 4.80%
U.S. 10-yr. 5.12%
Japanese 10-yr. 2.87%
Back Thurs.
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Brian Trumbore
