Tues., Nov. 3, 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
Tues., Nov. 3…regular $4.14…diesel $6.28
The price at the pump for regular keeps inching down, but diesel is just 24 cents from its record high.
Crude oil has been on quite a bit of a thrill ride, with the futures price rising and falling at $2 to $3 at a time depending on the news flow.
Yesterday, oil fell hard on optimism that diplomacy might work between the U.S. and Iran this time amid renewed negotiations, Qatar acting as mediator.
But this was so damn stupid. Iran has been consistent…it wants the U.S. naval blockade lifted, sanctions eased, and frozen assets released before reopening the Strait. Then Iran said it would open negotiations on the nuclear program.
Washington has been demanding concessions on the nuclear program before it would move on to the other steps. Nothing has changed.
But after falling Monday, crude was rebounding nicely this morning, partly on reports of a U.S. attack on Iran’s Qeshm Island overnight, this island part of Iran’s offensive network in the Strait of Hormuz, while Iran’s Foreign Ministry spokesperson Esmail Baghaei stated that “the ball is in the U.S. court” regarding a potential agreement to end the conflict.
Yesterday, around the time I was going to post, President Trump posted on Truth Social:
“Oil Prices are DROPPING LIKE A ROCK, down almost $10 a Barrel, A RECORD, because people feel that there will not be a War with Iran. Iran wants a settlement, as soon as possible. It could happen!”
Well, after rallying this morning, crude fell again, it seems on Iranian President Pezeshkian’s statement that Supreme Leader Mojtaba Khamenei had authorized discussions on issues previously considered non-negotiable.
Believe me, there is nothing new…but the actual good news, as noted yesterday, is that oil is flowing, while U.S. Energy Secretary Chris Wright indicated additional refined products (heating oil/diesel, jet fuel, for starters) would be supplied from the Persian Gulf and India.
—
Meanwhile, at least 31 people were killed when Russian forces bombed a school being used as an aid distribution point in a village near the front line in Ukraine’s southeastern region of Zaporizhzhia on Monday, a regional official said.
Mykhailo Semikin said during a live broadcast on national TV that five people were also injured and almost 50 people were still missing after the attack in the village of Komyshuvakha.
Two members of a rescue crew and four police officers were among those killed, emergency services said, after Russia launched a double-tap strike in the wake of the initial attack.
The first strike is bad enough…and then to strike again when the rescue workers arrive is classic SOP, for this butcher in the Kremlin.
From President Trump? Nothing, of course. Why he’s “good friends” with Vladimir.
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On to the election results tonight. Here’s hoping disruptions are minimal and that President Trump behaves.
Dow Jones -197…-0.4% [51786]
S&P 500 +27…+0.4% [7568]
Nasdaq +207…+0.8% [25372]
Oil (WTI) $96.55…Brent $104.25
Gold $3920
Silver $49.65
Bitcoin: $77,788 [4:00 PM ET]
U.S. 2-yr. 4.62%
U.S. 10-yr. 4.95%
Japanese 10-yr. 2.76%
Back Wed.
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Brian Trumbore
