📊 THE BOARD: Brent ▲ $101.20 (5 Oct) | WTI ▼ $89.73 (5 Oct) | TTF ▲ EUR74.58/MWh | EU gas storage 71.5% (29 Sep) vs 90% target | EUA ▼ EUR83.59 (5 Oct) | LME copper ▼ $14,253.50/t (1 Oct) | Cu cash-3M backwardation $106/t (25 Sep) | CBOT wheat ▲ ~$6.9/bu | PJM backstop auction DELAYED
Not captured this week: JKM, EU PPA composite, German day-ahead (no reliable current print found).
The Trading Narrative #11: Six Things Commodity Desks Need to Know This Week
Sharp narratives on markets, tech and living well. Week ending 6 October 2026.
Hello,
Hormuz flows are back near pre-war levels and Brent still will not leave $100. Europe is 18 points short of its gas target with winter five weeks out. PJM's emergency capacity auction just got shot down by FERC. And on the technology side, the argument about where AI agents belong in a trading stack is finally getting specific. Six things below, then the regulatory rail and three signals.
