<div id="readability-page-1"><div> MARKET MOVEMENTS: --Brent crude oil is down 3.9% to $106.91 a barrel. --European benchmark gas is down 4.4% to 49.55 euros a megawatt-hour. --Copper futures are up 1.3% to $13,596 a metric ton. --Gold futures are up 0.2% to $4,518.30 a troy ounce. <pre></pre> TOP STORY: Flurry of Suspicious Oil Trades Worth $800 Million Triggers Regulatory Probe A trader couldn't hope for better timing. Moments before President Trump postponed strikes on Tehran's energy infrastructure in a morning social-media post on March 23, a spasm of trades hit the market during off-hours. More than $800 million worth of U.S. and international oil futures changed hands in a matter of minutes, according to LSEG data. The traders on the right side of those well-timed bets profited when U.S. oil prices fell as much as 13% in the wake of Trump's change of heart. At least five firms posted gains of $5 million or more on crude futures they bought and sold that day, as measured by average prices adjusted for volume, according to trading records viewed by The Wall Street Journal. <pre></pre> OTHER STORIES: Keyera Teaming With CN, AltaGas to Strengthen Export Capacity From Canada's West Coast Keyera will build a rail hub in Alberta's industrial heartland to transport propane and butane to export facilities on Canada's west coast in an effort to diversify its market reach and tap growing global demand. The energy company is partnering with Canadian National Railway and energy-infrastructure company AltaGas on the project, which will combine its Alberta corridor export terminal with CN's rail network and AltaGas's export platform. -- NexGen Energy Appoints Ryan Podrasky as CFO NexGen Energy has appointed Ryan Podrasky as chief financial officer, effective next week. Podrasky succeeds Benjamin Salter who is stepping down from the role, the company said Wednesday. Salter will continue to support the company in an advisory capacity to ensure a seamless transition. <pre></pre> MARKET TALKS: CBOT Grains Mostly Fall as Farmers Get Supportive Weather -- Market Talk 1018 ET - Corn and soybean futures on the CBOT are down in early trading, with some timely weather looking to offset any crop difficulties that drought and storm damage may have brought. Rainfall is being seen in the south and delta regions of the U.S., while the eastern Midwest is dry and the U.S. Plains have better chances for more rain, says Joe Davis of Futures International. Davis warns of heat and dryness still being an issue in the southern portion of the Plains, but states further inland than Texas are managing to hold firm. Corn falls 1%, while soybeans lose 0.6%. Wheat is up 0.2%. (kirk.maltais@wsj.com) -- Cattle Backs Down From Record High Territory -- Market Talk 1017 ET - Live cattle futures on the CME were close to setting a record-high Tuesday, but are in retreat today with the most-active contract down 0.4% to $2.536 a pound. Helping propel cattle yesterday was the reopening of China for U.S. beef exporters, but domestically there are signs of flagging demand. &#34;Cash bids have been very quiet to nonexistent to start the week unlike last week,&#34; says Ross Baldwin of AgMarket.net in a note. But Baldwin also says this quiet could quickly change in the second half of the week. Lean hog futures are down 0.3%. (kirk.maltais@wsj.com) -- Soybeans Turn Profitable, Corn Remains Underwater -- Market Talk 0945 ET - The cost and ROI for farmers in Illinois planting corn and soybeans has improved, says professors with the University of Illinois and Ohio State University agricultural departments. In a prospective crop budget covering different regions of the state, farmers remain in the red for their corn acres. But they now are in positive territory for their soybean acres, which may be a factor that drives more farmers to buck their rotations and plant more soybeans in lieu of corn. While average prices for corn and soybeans have improved, input costs have gone higher as well. But for the average farmer around the state, the cost to fertilize a corn crop is more than three times what it costs for soybeans. CBOT grain futures are mixed in early trade. (kirk.maltais@wsj.com) -- U.S. Natural Gas Futures Ease Following Rally -- Market Talk 0919 ET - U.S. natural gas futures pull back from five straight sessions of gains as the heat wave across the eastern U.S. is set to ease and near-term weather forecasts shed some demand. National demand is seen easing Thursday-Saturday as a cool shot over the Midwest spreads across the Great Lakes and into the East, NatGasWeather.com says in a note. Still, &#34;much of the long-range weather data maintains a relatively hot June U.S. pattern,&#34; the forecaster adds. Nymex natural gas is down 1.8% at $3.057/mmBtu.(anthony.harrup@wsj.com) -- EU Faces Skills Gap in Raw Materials, Startups Commissioner Says -- Market Talk 1343 GMT - The EU faces a significant skills gap in the raw-materials sector, Ekaterina Zaharieva, the bloc's commissioner for startups, research and innovation, says at a summit. &#34;Public and private investment, together with programs like Horizon Europe, are helping accelerate innovation across the raw materials value chain, but innovation alone is not enough,&#34; she says, referring to the bloc's funding program for research and innovation. &#34;Europe must become better and faster at scaling ideas into industrial success,&#34; she says. (edith.hancock@wsj.com) -- Oil Futures Lose Ground in Early U.S. Trading -- Market Talk 0910 ET - Crude futures lose ground with the market holding out hope for an end to the U.S.-Iran conflict, while reports of some tanker transit through the Strait of Hormuz and the UK's easing of restrictions on Russian diesel and jet fuel offer some relief. Oil prices will likely continue to zig-zag as the continued blockage of the strait contains downward corrections, while &#34;creative methods&#34; for skirting the strait to get oil out limits upside, Ritterbusch &amp; Associates says in a note. &#34;But our stance remains bullish as we still see a big gap between the U.S. and Iran regarding the nuclear issue.&#34; WTI is down 2.3% at $101.80 a barrel as the July contract moves to the front of the curve. Brent is down 2.4% at $108.58.(anthony.harrup@wsj.com) -- Palm Oil Ends Largely Flat Amid Weaker Sentiment, Profit-Taking -- Market Talk 1021 GMT - Palm oil futures ended little changed, with the Bursa Malaysia Derivatives contract for August delivery falling 2 ringgit to close at 4,583 ringgit a metric ton. Rival oils traded weaker overnight as slow progress in resolving the U.S.-Iran conflict weighed on sentiment, say Kenanga Futures analysts in a note. Profit taking after a recent rally and concerns that India may raise import duties likely also pulled down prices, they say, although a weaker Malaysian ringgit could cushion the fall. They peg the support and resistance levels for the August contract at 4,500 ringgit and 4,625 ringgit, respectively. (megan.cheah@wsj.com) -- Oil Slides 2% as U.S. Pressures Iran While Some Russian Restrictions Are Loosened -- Market Talk 0917 GMT - Oil prices extend losses, falling more than 2% in midmorning European trade as the Trump administration continues to pressure Tehran to agree to U.S. demands to end the conflict. Brent crude is down 2.1% to $108.93 a barrel, while WTI futures fall 2% to $102.05 a barrel. Meanwhile, the U.K. government watered down sanctions on Russia, allowing imports of diesel and jet fuel refined abroad from Russian oil to enter the country as the near-closure of the Strait of Hormuz continues to squeeze supply. Earlier this week, the U.S. extended a sanctions waiver allowing countries to purchase Russian oil currently stranded at sea. (giulia.petroni@wsj.com) -- Ryanair Positioned to Outpace Peers Despite Fuel-Cost Headwinds -- Market Talk 0819 GMT - Ryanair's robust balance sheet and strict cost discipline give it a powerful advantage over peers, Deutsche Bank analysts say in a note. The budget airline will likely exit the current turbulent period in a much stronger competitive position than rivals despite higher-for-longer jet-fuel prices meaning a more subdued outlook for net profit per passenger, the bank says. The stock price has fallen 20% since the Middle East conflict started and is now trading at a discount compared to its usual historical average. The shares look cheap at this price, DB says, keeping a buy rating on the stock. The German bank cuts the target price to 27 euros from 31.50 euros, saying that the share offers potential growth of around 20%. Shares are up 1.4% at 22.67 euros. (anthony.orunagoriainoff@dowjones.com) -- Oil Falls as Traders Weigh Trump's Latest Remarks on Iran -- Market Talk 0746 GMT - Oil prices fall 1% after President Trump said the Iran war was going to end &#34;very quickly&#34; in his latest remarks. In early European trading, Brent crude was down 1% to $110.15 a barrel, while WTI futures slipped 1.1% to $103.30 a barrel. Trump said Tuesday that he called off a planned attack against Iran but that the U.S. might have to give Tehran &#34;another big hit&#34; if a deal wasn't reached. Meanwhile, the U.S. seized an Iran-linked oil tanker in the Indian Ocean. Analysts at MUFG say falling U.S. crude inventories and persistent geopolitical uncertainty continue to support prices above $100 a barrel. However, rising global bond yields and concerns about weaker economic growth are limiting further upside momentum. (giulia.petroni@wsj.com) -- Gold Extends Losses on Rate Fears -- Market Talk (MORE TO FOLLOW) Dow Jones Newswires May 20, 2026 10:55 ET (14:55 GMT)Copyright (c) 2026 Dow Jones &amp; Company, Inc.</div></div>

A surge of suspicious oil trades worth $800 million has prompted a regulatory investigation. This occurred just before President Trump's announcement to postpone strikes on Tehran's energy infrastructure, leading to significant profits for some traders as U.S. oil prices fell. Meanwhile, Keyera is partnering with CN and AltaGas to enhance export capacity from Canada's west coast, and NexGen Energy has appointed Ryan Podrasky as CFO.

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Flurry of Suspicious Oil Trades Worth $800 Million Triggers Regulatory Probe — Commodities Roundup