Commodities Wrap 25 September: Gasoline Leads the Energy Board Lower as Platinum Rallies

By The Edge Research Team

The fuels complex sold off from the top of the board on Friday. RBOB gasoline fell 4.84 percent to 3.3919 dollars a gallon at our 18:49 GMT post settlement capture, natural gas gave back 4.03 percent to 3.164 dollars a million Btu the day after its 8.17 percent jump, and the crude pair fell for a second session, Brent 2.20 percent lower at 104.25 dollars a barrel and WTI down 2.48 percent at 92.26 on the November contract, both measured against Thursday’s written settlements, in the pullback the network has tied to the week’s diplomacy over the Strait of Hormuz. The metals went the other way: platinum rallied 2.12 percent to 1,803.10 dollars an ounce, silver added 1.28 percent and gold 0.61, and the network’s own reporting carried the barrel’s supply story turning, with Saudi Arabia exporting 6 million barrels a day this month, the highest since the war began, per Kpler as carried, and Iran’s seven day reopening offer on the table.

The barrel’s discount deepens as the supply tape turns

Two supply stories ran under the crude fall. The first is the one this morning’s record carries, Iran’s foreign minister offering to reopen the Strait of Hormuz within seven days if his conditions are met, per state media as carried by the network, the offer that has framed the week’s pullback from Thursday’s highs. The second reached the wire in the afternoon: Saudi Arabia’s crude exports have surged to 6 million barrels a day in September, the highest level since the war began about seven months ago and back to the kingdom’s 2025 monthly average, up nearly 80 percent from August’s 3.4 million, per Kpler data as carried by the network, even with the East West pipeline closed this month on drone attack damage; exports have been redirected back through the strait along a shipping lane the United States military has carved out off Oman’s coast, and the article’s own price frame has Brent jumping to nearly 110 dollars when the pipeline shut and pulling back “as investor confidence grows that the outage has been less disruptive than originally feared”. Traffic tells the same story from the water: oil exports through Hormuz reached a 13.2 million barrel a day seven day average on Wednesday against around 17 million before the war, per Kpler as carried, industry sources told Reuters the pipeline restarted at low volumes earlier this week and is now ramping up, Saudi Arabia has not publicly confirmed the restart, and Aramco’s chief executive told Nikkei, as the network carried it, that temporary interruptions last “usually for days, not weeks or months … on every occasion”, while declining a specific update on the line. Against that tape Brent traded 2.20 percent below Thursday’s written settlement at our capture with WTI 2.48 percent lower, ULSD heating oil eased 1.66 percent, and the pump side of the complex fell hardest, gasoline futures 4.84 percent lower, with natural gas 4.03 percent lower at 3.164 dollars a million Btu a day after the 8.17 percent jump our record carries without an attributed driver.

Platinum leads a metals bid while the volatility index sinks

The metals table inverted the energy one. Platinum rose 2.12 percent to 1,803.10 dollars an ounce, the board’s strongest row, on the January 2027 contract that took the front month at the October expiry, measured against January’s own Thursday settlement as the feed carries it, silver added 1.28 percent to 64.82 and gold 0.61 percent to 4,324.20, all measured against Thursday’s settlements, while copper eased 0.21 percent and palladium 0.28, and we record the split without assigning a driver, none carried in the entries we read. Agriculture leaned quietly both ways, coffee 1.00 percent higher against cotton’s 0.85 percent fall, and the financial rows carried the week’s clearest unwind: the Cboe Volatility Index sank 4.59 percent to 14.95 with the United States cash session open at our capture, the yen firmed 1.06 percent to 157.14 per dollar, the dollar index eased 0.32 percent, and bitcoin slipped 0.64 percent on the feed’s daily basis. The weekly frame on the barrel stands as Thursday’s entry wrote it, WTI down 5.67 percent for the week at that writing and “on pace to hit its first negative week in the last four”, a gap today’s session widened on the screen, with the written settlements to be read at tonight’s United States wrap.

Energy

Levels captured after the settlement window at 18:49 GMT on Friday 25 September 2026, ranked by change, measured against Thursday’s settlements as carried in the price feed; post settlement snapshots, not the official settlements. The Brent and WTI previous values match the written settlements cited in our 24 September wraps exactly. Contract months as displayed at capture; the WTI row is the November 2026 contract, as disclosed in our 22 September wrap, so its change is measured against November’s own Thursday settlement as the feed carries it.

Metals

Levels captured after the settlement window at 18:49 GMT on Friday 25 September 2026, ranked by change, measured against Thursday’s settlements as carried in the price feed; post settlement snapshots, not the official settlements. Contract months as displayed at capture; the platinum row is the January 2027 contract, which took the front month at the October expiry, so its change is measured against January’s own Thursday settlement as the feed carries it, and its level is not comparable to the October contract row in our 24 September wrap.

Agriculture

Levels captured after the settlement window at 18:49 GMT on Friday 25 September 2026, ranked by change, measured against Thursday’s settlements as carried in the price feed; post settlement snapshots, not the official settlements. Contract months as displayed at capture; the corn and wheat closes and previous settlements were confirmed against the exchange’s own delayed board in session. Soybeans (Nov’26, 1,320.00 cents a bushel, up 0.19 percent) and cocoa (Dec’26, 5,603.00 dollars a metric ton, up 0.23 percent) are omitted as the board’s smallest absolute movers.

Rates, currencies, volatility and crypto

Intraday quotes from the same 18:49 GMT capture on Friday 25 September 2026, ranked by change, measured against Thursday’s reference levels as carried in the price feed; snapshot levels of continuously traded instruments, not settlements, captured with the United States cash session open, so the VIX row is an intraday level rather than a closing print. Ether (2,693.53 dollars, down 0.04 percent) is omitted as the board’s smallest absolute mover.

Why it matters: gasoline and natural gas fell four to five percent while the crude pair lost another two or so against written settlements, in the same week the network’s reporting carries Saudi exports back at 6 million barrels a day and the strait’s traffic rebuilding. That is a board repricing supply it can see against a reopening it has only been offered, on our reading. The metals bid is the counterweight the board printed rather than explained: platinum, silver and gold higher on the day the volatility index sank 4.59 percent, with no driver carried in the entries we read, and we record the split plainly. Across everything we published today, the day’s best index is the Topix at 1.31 percent higher and the worst the Hang Seng at 1.01 percent lower, on our count.

Outlook: our United States wrap follows tonight with the full New York session and the written settlements read, carrying this board’s rows on tonight’s basis, and the week’s frame stands as Thursday’s entry wrote it, WTI on pace for its first negative week in the last four. The Gulf’s boards open the new trading week Sunday with Riyadh’s first full week back, Seoul returns Monday 28 September and Taipei Tuesday 29, and for this board the near test is whether the strait’s seven day offer survives the weekend’s headlines with the barrel already below Thursday’s settlements.

Sources: CME Group, CNBC, Reuters, The Edge.

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