Tanker freight kept falling even as crude bounced. The site tables carry tanker freight at 535.92 dollars, down 8.08 percent on the day and 35.82 percent on the week, while dry bulk freight rose 1.69 percent to 13.57 dollars, up 9.42 percent on the week. The split captures the morning’s two speeds: tanker capacity is being repriced for peace while bulk demand, led by grains and coal, stays firm.
The US Energy Information Administration raised its Brent price forecasts in its November Short-Term Energy Outlook, to an average of 97 dollars a barrel in 2026 and 86 dollars in 2027, from 96 dollars and 84 dollars a month earlier, its fourth consecutive monthly increase on one Turkish wire rendering of the release. The annual averages sit well above spot: the same outlook, covered in full yesterday, sees Brent averaging 104 dollars in November and 99 dollars in December before falling to 86 dollars in 2027 as Middle East supply rises.
The European Union signed up to the Global Geothermal Pledge at COP31 on November 10, per the European Commission’s energy directorate, adding Brussels to a collective commitment on geothermal deployment. The pledge is a policy signal rather than a capacity contract, and no EU funding figure accompanied the release.
Egypt’s wheat output reached 11 million tonnes, the agriculture minister told the Senate, as reported on November 10. The figure is single sourced to the minister’s statement and has not been corroborated against a CAPMAS or USDA attaché estimate in this run, so it is carried here as a reported claim, not a confirmed harvest total.
The USDA’s National Institute of Food and Agriculture announced two research awards on November 10: 10.4 million dollars to support food safety and food defense, and 4 million dollars to support conventional plant breeding for cultivar development. Both are primary USDA releases and are noted for the agricultural research record rather than for any market impact.