On the corporate front, Deutsche Telekom (-4.1%) lagged after reports of merger plans with T-Mobile US. Bernstein Research analysts flagged substantial regulatory hurdles and cautioned that T-Mobile shareholders are unlikely to back the deal without a sizable valuation premium.

By contrast, Siemens Energy climbed 6.1%, buoyed by robust first-quarter results from peer ABB. Technology group Infineon added 2.6%. Energy names were also in demand, with RWE up 3.2% and E.ON advancing 1.1%.

The capesize index, covering 150,000-ton cargoes such as iron ore and coal, rose 1.3% to 4,356 points, its strongest reading in more than four months. The supramax index also strengthened, gaining 2.8% to 1,484 points.

In contrast, the panamax index, which typically reflects vessels carrying 60,000 to 70,000 tons of coal or grain, declined for a second straight session, edging down 0.1% to 1,971 points.

In contrast, fuel inventories tightened more than anticipated. Gasoline stocks fell by 4.6 million barrels to 228.4 million, compared with consensus estimates for a 1.5 million barrel decrease. Distillate inventories, which include diesel and heating oil, declined by 3.4 million barrels to 108.1 million, exceeding expectations for a 2.5 million barrel draw. Net US crude imports increased by 1.21 million barrels per day over the week.

On a week-over-week basis, the “actual” figure reflects this most recent 0.5% drop in utilization, while the “previous” figure captures the sharper 2.4% decrease seen in the prior comparison period. The moderation in the decline suggests that, while refiners are still trimming activity, the most aggressive pullback may be behind them for now.

Traders and analysts monitoring U.S. product supply and seasonal demand will be watching subsequent EIA releases closely to see whether utilization stabilizes, resumes growth, or returns to steeper cuts in the coming weeks.

While inventories are still shrinking, the smaller decline suggests that the imbalance between supply and demand may be narrowing. A reduced drawdown can indicate slightly softer demand, improved supply flows, or a combination of both—factors that traders and refiners will be watching closely as they assess near-term pricing and hedging strategies in the heating oil market.

The shift from a deeper draw of 0.463 million barrels to 0.328 million barrels does not yet signal a buildup in stocks, but it may hint at a gradual stabilization. Market participants will likely look to upcoming weekly reports for confirmation of whether this trend continues or reverses as seasonal patterns and broader energy market dynamics evolve.

The decrease in gasoline production may signal a shift in refinery utilization or evolving demand dynamics within the U.S. fuel market. While the scale of the change is limited in absolute terms, the move from 0.392M to 0.315M suggests a measurable slowdown that market participants and energy analysts are likely to watch closely for potential implications on inventories and domestic fuel prices.

With the latest data now in hand, investors and policymakers will be monitoring upcoming releases to see whether this decline in gasoline output marks the beginning of a trend or a short-term adjustment in U.S. refinery operations.

The deeper drawdown in distillate stocks suggests continued firm demand from the industrial, transportation, and commercial sectors, or tighter supply conditions in the distillate market. While the data do not provide price information, sustained inventory declines of this magnitude can contribute to upward pressure on refined product prices and influence expectations for fuel costs in the coming weeks.

While the increase is relatively small, the move from negative to positive territory indicates that refineries have slightly stepped up production compared with the prior period. For energy markets and transport-intensive sectors, this uptick in distillate supply may help ease some pressure on inventories and support more stable price dynamics if the trend continues in upcoming data releases.

The move from a sizeable draw to a net build suggests a moderation in the tightness that had been apparent in prior weeks at Cushing, a critical delivery point for U.S. crude benchmarks. While the magnitude of the increase is smaller than the earlier decline, the directional change may influence short-term market sentiment, as traders reassess expectations for regional supply balances and refinery demand in the United States.

The move from a negative to a positive reading suggests a renewed uptick in foreign crude inflows to the United States. While the data alone does not reveal the underlying drivers, the turnaround highlights a change in import dynamics compared with the prior period’s contraction. Market participants and analysts will now be watching upcoming reports to see whether this rebound in crude imports signals a short-term adjustment or the start of a more sustained trend in U.S. crude sourcing.

The data, reported by the U.S. Energy Information Administration on 22 April 2026, indicate that while refinery throughput is still edging lower, the pace of decline has eased. The “Actual” figure reflects the change in refinery runs from the current week to the prior week, whereas the “Previous” figure tracked the change from that earlier week to the one before it, underscoring an incremental moderation in the weekly contraction of crude processing volumes.

While the moderation from the prior sharp decline suggests some easing in the immediate pressure on supplies, the continued negative print indicates that consumption remains strong or supply is not keeping pace. For energy markets and investors, the sustained drawdown in gasoline stocks may support fuel price firmness heading into the coming weeks, with attention likely to focus on whether refiners ramp up output or demand shows signs of cooling.

The transition from a modest decline in stocks to a clear build suggests a change in the short-term balance between supply and demand in the U.S. oil market. While the prior decrease hinted at tightening conditions, the latest increase indicates that supply has outpaced consumption or exports over the most recent reporting period.

Market participants and energy analysts will be watching subsequent data releases closely to see whether this inventory build is the start of a new trend or a temporary adjustment following earlier declines. The updated figures will likely feed into ongoing assessments of U.S. production dynamics and their potential influence on broader oil price movements.

Oil prices initially rose following gunfire attacks on container ships in the Strait of Hormuz, but the rally later lost momentum. The pullback in crude eased worries about stagflation and additional interest rate hikes, relieving some pressure on financials. Government bond yields declined, helping to temper concerns over soft credit demand, and shares of BMO and Royal Bank of Canada both inched higher.

Energy producers registered more modest advances as the oil rally cooled, with Canadian Natural Resources and Suncor posting slight gains. Gold prices strengthened on news of the ceasefire extension, providing support to the mining sector: Agnico Eagle Mines and Barrick Gold each rose more than 1%, while Wheaton Precious Metals gained over 2%.

After the close, Waste Connections (up 0.1% in the session) is scheduled to report quarterly results. On the trade front, Canada’s chief negotiator to the United States cautioned that it is unlikely all remaining issues under the North American trade agreement will be resolved by July.

The deeper negative reading underscores growing pessimism among consumers, which can weigh on household spending and, in turn, broader economic momentum across the currency bloc. The fresh data, updated on 22 April 2026, suggest Euro Zone policymakers and businesses may face a more cautious consumer environment as the year progresses.

Rising bond yields weighed on banks, reinforcing concerns about weaker credit demand. Shares of Itaú, Bradesco, and Banco do Brasil each declined around 1%. Utilities also retreated, with Sabesp down nearly 1% and Axia off 0.4%. Vale slipped close to 1% despite higher iron ore prices, as rival BHP wrapped up talks with China Mineral Resources Group. In contrast, Petrobras advanced 1.5%, supported by stronger crude prices.

President Trump extended the existing ceasefire with Iran indefinitely, retreating from earlier threats of an imminent escalation that could have worsened the global energy crunch. Nonetheless, uncertainty persisted after Iran struck and seized commercial vessels.

Large-cap companies with significant exposure to artificial intelligence outperformed as a renewed risk-on tone supported more speculative sectors. Amazon, Oracle, and Microsoft each rose more than 1%. Strength in datacenter demand also underpinned GE Vernova’s guidance, sending its shares up 7%.

Elsewhere, AT&T traded higher after beating both revenue and earnings expectations, while Boeing gained 3% following a report of slower cash burn. Tesla edged up ahead of its earnings release after the closing bell.

Banks also advanced, outperforming most other sectors as Turkish investors continued to favor bank stocks as a hedge against high inflation and ongoing currency depreciation. The Central Bank of the Republic of Türkiye (TCMB) kept its policy rate unchanged, consolidating its recent hawkish shift in response to this year’s surge in energy prices. However, the suspension of reverse-repo auctions has continued to push overnight rates higher across the financial system, limiting further upside for equities.

Additional upward pressure came from alcoholic beverages and tobacco (3.7%, unchanged from February); clothing and footwear (1% vs. 0.9%); miscellaneous goods and services (3.5% vs. 3.8%); restaurants and hotels (2% vs. 2.1%); and education (2.1%, unchanged).

On a monthly basis, consumer prices jumped 1.2% in March, the steepest increase since April 2023, accelerating from a 0.5% rise in February. The monthly gain was mainly driven by higher prices for transportation (3%) and for food and non-alcoholic beverages (1.9%).

In the first week of March alone, the central bank sold more than USD 8 billion in foreign exchange to support the lira. In addition, the TCMB suspended reverse repo auctions, prompting banks to raise the lira overnight reference rate to 40% amid tighter liquidity conditions. This deliberate restriction of cash supply has further tightened financial conditions and helped stabilize the currency.

Oil prices climbed following reports of gunfire attacks on container ships in the Strait of Hormuz. The advance in equities was more measured than in recent sessions, easing fears of broad-based stagflation and further interest rate hikes and relieving pressure on financial stocks. Canadian bond yields declined, further tempering concerns over weak credit demand.

Energy producers are poised to post smaller gains as the oil rally cools, while gold prices rose on news of the ceasefire extension, lending support to mining stocks. Elsewhere, Waste Connections is scheduled to report earnings after the closing bell.

On the trade front, Canada’s chief negotiator to the US said it was unlikely that all outstanding issues under the North American trade pact would be resolved by the July 1 review deadline.

Risk appetite improved, lifting heavyweight companies with significant AI exposure in premarket trading. Amazon, Oracle, and Microsoft each gained more than 1%, while robust datacenter demand supported GE Vernova, which rose 7% after issuing strong guidance. AT&T also traded higher after topping revenue and earnings expectations. Tesla edged up ahead of its earnings release after the closing bell.

US President Trump announced an indefinite extension of the ceasefire with Iran shortly before its scheduled expiration, aiming to allow more time for peace negotiations. He also indicated that no new military strikes were planned, though the blockade of the Strait of Hormuz would remain in place. At the same time, uncertainty continued to cloud the outlook for formal talks, and reports emerged that Iran had fired on ships in the Strait of Hormuz.

In parallel, Federal Reserve nominee Kevin Warsh pledged to preserve the central bank’s independence from the White House while pushing for broad reforms, a stance perceived as more hawkish than markets had anticipated. The Federal Reserve is set to decide on monetary policy next week, with no change expected in the federal funds rate.