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EXCHANGE: COMEX
EXCHANGE: COMEX
CONTRACT: APRIL 2026 COMEX 100 GOLD FUTURES
SETTLEMENT: 4,732.500000000 USD
INTENT DATE: 04/22/2026 DELIVERY DATE: 04/24/2026
FIRM ORG FIRM NAME ISSUED STOPPED
363 H WELLS FARGO SECURITI 120
624 H BOFA SECURITIES 611
661 C JP MORGAN SECURITIES 745 12
905 C ADM 2
TOTAL: 745 745
GOLD: NUMBER OF NOTICES FILED FOR APRIL/2026: 745 CONTRACTs NOTICES FOR 745,00OZ or 2.317TONNES
total notices so far: 22,195 contracts FOR 2,219,500 OZ OR 69.035TONNES
SILVER NOTICES: 9 NOTICE(S) FILED FOR 45,000 OZ /
total number of notices filed so far this month : 3288 CONTRACTS (NOTICES) for 16.440 million oz
SILVER//OUTLINE
INITIAL STANDING FOR JANUARY: 22.915 MILLION OZ FOLLOWED BY TODAY’S 1.185 MILLION OZ QUEUE JUMP//NEW NORMAL STANDING ADVANCES TO 49.445 MILLION OZ// TO WHICH WE ADD OUR FIRST EXCHANGE FOR RISK FOR .100 MILLION OZ//NEW STANDING ADVANCES TO 49.545 MILLION OZ!!
INTIAL STANDING FOR FEBRUARY/SILVER: 13.505 MILLION OZ FOLLOWED BY TODAY’S HUGE 0.005 MILLION OZ QUEUE JUMP / : NEW STANDING FOR SILVER AT THE COMEX ADVANCES TO 25.180 MILLION OZ. BUT WE MUST ADD OUR FIRST EXCHANGE FOR RISK OF 25 CONTRACTS FOR .125 MILLION OZ AND THEN OUR SECOND EXCHANGE FOR RISK OF .0600 MILLION OZ TO OUR THIRD HUGE 2.825 MILLION OZ EXCHANGE FOR RISK!!
INITIAL STANDING FOR MARCH: A SURPRISINGLY LOW 31.076 MILLION OZ/ FOLLOWED BY A STRONG QUEUE JUMP OF 42 CONTRACTS OR 0.210 MILLION OZ/NEW STANDING REDUCES TO 46.060 MILLION OZ
INITIAL STANDING FOR APRIL: 7.120 MILLION OZ FOLLOWED BY TODAY’S 9 CONTRACT QUEUE JUMP WHERE 45,000 ADDITIONAL OZ WILL TAKE DELIVERY OVER ON THIS SIDE OF THE POND. NEW STANDING FOR SILVER AT THE COMEX THUS ADVANCES HUGELY TO 16.450 MILLION OZ PLUS 1.0 MILLION OZ OF EXCHANGE FOR RISK//NEW TOTALS STANDING 17.450 MILLION OZ
SUMMARY OF OUR APRIL 2026 COMEX CONTRACT MONTH:
JULY: 50.925 MILLION OZ (QUITE SMALL)
AUGUST: 59.455 MILLION OZ (QUITE SMALL)
SEPT. 50.510 MILLION OZ.(QUITE SMALL)
OCT; 82.020 MILLION OZ (WILL BE STRONG THIS MONTH)/ OCC WANTS TO REIN IN THESE ISSUANCES!
NOVEMBER: 36.425 MILLION OZ
DEC: 45.765 MILLION OZ
JANUARY 2026: 134.270 MILLION OZ (WILL BE A VERY STRONG MONTH FOR EXCHANGE FOR PHYSICAL!)
FEB : 82.130 MILLION OZ
MARCH: 56.075 MILLION OZ
APRIL; 30.270 MILLION OZ
AND JULY: 46.720 MILLION OZ//
AUGUST: 4.70 MILLION OZ INITIAL STANDING PLUS TODAY;S 5,000 OZ QUEUE JUMP //NEW STANDING ADVANCES TO 10.960 MILLION OZ
SEPTEMBER: 68.040 MILLION OZ NORMAL DELIVERY(INCLUDES ALL QUEUE JUMPING AND EXCHANGE FOR PHYSICAL TRANSFERS) PLUS 3.0 MILLION OZ EX FOR RISK = 71.040 MILLION OZ. (THIS IS THE FIRST AND ONLY ISSUANCE OF EXCHANGE FOR RISK FOR SILVER SINCE MAY.)
OCTOBER: 39.565 MILLION OZ OF NORMAL DELIVERY INCLUDES ALL QUEUE JUMPING
PLUS
2.110 MILLION OZ EXCHANGE FOR RISK//TOTAL OZ STANDING IN OCT ADVAN
NOVEMBER: INITIAL STANDING AT 11.575 MILLION OZ FOLLOWED BY TODAY’S 195,000 OZ QUEUE JUMP WHICH FOLLOWS ALL OTHER QUEUE JUMPS OF 9.155 MILLION OZ//STANDING ADVANCES TO 19.670 MILLION OZ/
DECEMBER: INITIAL AMOUNT STANDING FOR DELIVERY: 49.33 MILLION OZ// FOLLOWED BY ANOTHER STRONG 835,000OZ QUEUE JUMP+ DEC. FIRST EXCHANGE FOR RISK 0F .850 MILLION OZ + LAST WEEK.S 495,000 OZ EXCHANGE FOR RISK AND THEN A 3RD ISSUANCE IF 1.00MILLION OZ THEN FINALLY DEC 249ISSUANCE OF 1.35 MILLION OZ EXCHANGE FOR RISK//NEW TOTAL EX FOR RIS IS 3.685 MILLION OZ // STANDING ADVANCES TO 68.415 MILLION OZ//
JANUARY: INITIAL STANDING 22.915 MILLION OZ FOLLOWED BY TODAY’S 1.185 MILLION OZ QUEUE JUMP//NORMAL STANDING ADVANCES TO 49.445 MILLION OZ// TO WHICH WE ADD OUR FIRST EXCHANGE FOR RISK OF 0.100 MILLLION OZ//NEW STANDING ADVANCES TO 49.545 MILLION OZ
FEB: 13.399 MILLION OZ IS OUR INITIAL STANDING FOR SILVER! TO WHICH WE ADD OUR NEXT QUEUE JUMP FOR 5,000 OZ AND THEN ADD OUR 3 EXCHANGE FOR RISK FOR 3.010 MILLION OZ STANDING ADVANCES TO 28.190 MILLION OZ!!
MARCH: INITIAL AMOUNT OF SILVER STANDING IS 31.076 MILLION OZ FOLLOWED BY A FINAL 0.210 MILLION OZ QUEUE JUMP //NEW TOTAL STANDING ADVANCES TO 46.060 MILLION OZ
APRIL 2026: INITITAL AMOUNT OF SILVER STANDING 7.120 MILLION OZ FOLLOWED BY TODAY’S 45,000 OZ QUEUE JUMP//NEW STANDING ADVANCES TO 16.450MILLION OZ PLUS 1.0 MILLION OZ EXCHANGE FOR RISK.NEW TOTALS 17.450 MILLION OZ
- MAY: SUMMARY FOR MAY TONNES WHICH STOOD FOR DELIVERY:
4. AUGUST: 60.547 TONNES OF INITIAL GOLD FIRST DAY NOTICE FOLLOWED BY THE NET MONTH’S QUEUE JUMP OF 47.2312 TONNES TO WHICH WE ADD THE FOLLOWING EXCHANGE FOR RISK ISSUANCE RECEIVED FOR THE MONTH: 5.4432 TONNES EX FOR RISK/AUG 7 , AUG 11: 2.413 TONNES EX FOR RISK AND AUG. 12 OF 2.
5.SEPT: INITIAL 8.093 TONNES OF GOLD PLUS TODAY’S QUEUE JUMP OF 0.4883 TONNES PLUS 2.2827 TONNES OF EXCHANGE FOR RISK TODAY//NEW TOTAL EX. FOR RISK/MONTH = 22.923//NEW TOTAL STANDING FOR GOLD SEPT ADVANCES TO = 48.801 TONNES!!
6.OCTOBER: 90.012 TONNES OF INITIAL GOLD STANDING WITH TODAY’S TINY 0.00311 TONNES QUEUE JUMP WHICH FOLLOWS ALL OTHER QUEUE JUMPS DURING OCT OF 76.1656 TONNES
THEN WE MUST ADD OUR 14.553 TONNES OF OUR ISSUANCE OF EXCHANGE FOR RISK/6 OCCASIONS//NEW TOTAL OF GOLD STANDING ADVANCES TO 197.5141 TONNES OF GOLD.
7.NOVEMBER BEGINS WITH 15.651 TONNES INITIALLY STANDING FOR DELIVERY FOLLOWED BY TODAY’S QUEUE JUMP OF 2.323 TONNES FOLLOWED BY ALL PREVIOUS QUEUE JUMPS IN OF OF 21.3775 TONNES TO WHICH WE ADD OUR TWO EXCHANGE FOR RISK ISSUANCE OF 4.5596 TONNES//NEW STANDING ADVANCES TO 43.9716 TONNES OF GOLD.
8. DECEMBER BEGINS WITH INITIAL STANDING OF 83.813 TONNES OF GOLD FOLLOWED BY TODAY’S 0.0TONNE QUEUE JUMP WHICH FOLLOWS ALL OTHER QUEUE JUMPS OF: 37.163 TONNES//NEW STANDING ADVANCES TO 115.390 TONNES TO WHICH WE ADD OUR 4 EXCHANGE FOR RISK FOR DECEMBER OF 6.587 TONNES/NEW STANDING ADVANCES TO 121.977 TONNES
9. JANUARY: INITITAL STANDING: 13.785 TONNES TO WHICH WE ADD OUR FIRST EXCHANGE FOR PHYSICAL TRANSFER OF 0.08709 TONNES WHICH FOLLOWS ALL OTHER QUEUE JUMPS OF 30.7117TONNES //NEW TOTAL QUEUE JUMPS 30.7117//NORMAL DELIVERY OF GOLD ADVANCES TO 36.8958 TONNES TO WHICH WE ADD OUR SIX EXCHANGE FOR RISK OF 22.315 TONNES//NEW STANDING ADVANCES TO 59.2108 TONNES.
FEB; INITIAL AMOUNT OF GOLD STANDING FOR DELIVERY: 93.567 TONNES OF GOLD TO WHICH WE ADD OUR NEXT 0.0248 TONNES 0.1555 TONNES QUEUE JUMP TO 41.2082 TONNES/ NEW NET QUEUE JUMP INCREASES TO 41.233 TONNES// AND THEN WE ADD OUR SIX EXCHANGE FOR RISK: 10,080 CONTRACTS OR 31.251 TONNES//NEW STANDING REDUCES TO 157.878 TONNES
MARCH:: INITIAL AMOUNT OF GOLD STANDING FOR DELIVERY: 8.099 TONNES TO WHICH WE ADD TODAY’S FAIR 4600 OZ QUEUE JUMP (0.2320 TONNES) AND THEN WE ADD OUR THREE EXCHANGE FOR RISK OF 22.3818 TONNES //NEW STANDING ADVANCES TO 67.6648 TONNES/
APRIL: INITIAL AMOUNT OF GOLD STANDING FOR DELIVERY: 52.600 TONNES FOLLOWED BY OUR STRONG 745 CONTRACT QUEUE JUMP FOR 74,500OZ/ (3.987 TONNES)/NEW STANDING ADVANCES TO 64.348 TONNES
MARCH:: SMALL INITIAL STANDING FOR GOLD FOR MARCH AT 8.099 TONNES TO WHICH WE ADD TODAY’S FAIR 46 CONTRACT QUEUE JUMP OF 4400 OZ OR 0.2320 TONNESAND THEN WE ADD BY OUR THREE EXCHANGE FOR RISK: 22.3818///NEW STANDING ADVANCES TO 67.6648 TONNES OF GOLD./
APRIL: INITIAL STANDING FOR GOLD; 52.600 TONNES FOLLOWED BY TODAY’S 49900OZ QUEUE JUMP(3.987 TONNES) //NEW STANDING ADVANCES TO 64.345TONNES.
STANDING FOR THE LAST 4 MONTHS JANUARY TO APRIL:
FINAL STANDING FOR GOLD, JANUARY CONTRACT AT 59.2108 TONNES OF GOLD
FEBRUARY: INITIAL STANDING FOR GOLD: 157.878 TONNES!! WHICH INCLUDES ALL QUEUE JUMPING, THREE EXCHANGE FOR PHYSICAL TRANSFERS TO LONDON AND OUR SIX ISSUANCES EXCHANGE FOR RISK!!
MARCH: INITIAL STANDING AT 8.099 TONNES TO WHICH WE ADD OUR FINAL DAY: 0.2320 TONNES QUEUE JUMP AND THEN ADD +22.3818 TONNES EXCHANGE FOR RISK//NEW STANDING ADVANCES TO 67.6648 TONNES
APRIL: INITIAL STANDING 52.600 TONNES PLUS 74,500 OZ QUEUE JUMP (2.317TONNES): NEW STANDING ADVANCES TO 69.138 TONNES
JAN. 2025: 257.919 TONNES (ISSUANCE WILL BE PRETTY GOOD THIS MONTH BUT MUCH LOWER THAN LAST MONTH)
FEB: 207.21 TONNES//EX FOR PHYSICAL ISSUANCE (WILL BE A FAIR SIZED ISSUANCE THIS MONTH)
MARCH 130.84 TONNES//QUITE SMALL THIS MONTH.
APRIL; 208.57 TONNES. STRONG THIS MONTH
MAY: 113.499 TONNES OF GOLD EFP ISSUANCE//QUITE SMALL THIS MONTH
JUNE: 97.79 TONNES OF GOLD EFP ISSUANCE/EXTREMELY SMALL
JULY : 150.877 TONNES// QUITE SMALL
AUGUST: 175.86 TONNES A LOT LARGER THIS MONTH.
SEPT. 116.13 TONNES VERY SMALL
OCT. 252.72 TONNES//CERTAINLY MUCH LARGER THIS MONTH/VERY STRONG
NOV: 124.74 TONNES
DEC: 190.04 TONNES//GOOD SIZED THIS MONTH FINAL.
TOTAL EXCHANGE FOR PHYSICAL ISSUED FOR YEAR 2025: 2,026.20 TONNES (LOWER THAN LAST YR 2,569.00 TONNES
JANUARY: 209.08 TONNES ( (WILL BE A STRONG MONTH FOR EXCHANGE FOR PHYSICAL)
FEB. 176.35 TONNES (WHICH IS A FAIR ISSUANCE)
MARCH: 214.67 TONNES//WILL BE STRONG ISSUANCE THIS MONTH
APRIL; 66.239 TONNES// WILL BE VERY SMALL THIS MONTH
HERE IS A BRIEF SYNOPSIS OF HOW THE CROOKS FLEECE UNSUSPECTING LONG
YOU WILL ALSO NOTICE THAT THE COMEX OPEN INTEREST STARTS TO RISE BUT SO IS THE OPEN INTEREST OF SPREADERS. THE OPEN INTEREST IN WILL CONTINUE TO RISE UNTIL ONE WEEK BEFORE FIRST DAY NOTICE OF AN UPCOMING ACTIVE DELIVERY MONTH (OCT), AND THAT IS WHEN THE CROOKS SELL THEIR SPREAD POSITIONS BUT NOT AT THE SAME TIME OF THE DAY. THEY WILL USE THE SELL SIDE OF THE EQUATION TO CREATE THE CASCADE (ALONG WITH THEIR COLLUSIVE FRIENDS) AND THEN COVER ON THE BUY SIDE OF THE SPREAD SITUATION AT THE END OF THE DAY. THEY DO THIS TO AVOID POSIT
WHAT IS ALARMING TO ME, ACCORDING TO OUR LONDON EXPERT ANDREW MAGUIRE IS THAT THESE EFP’S ARE BEING TRANSFERRED TO WHAT ARE CALLED SERIAL FORWARD CONTRACT OBLIGATIONS AND THESE CONTRACTS ARE LESS THAN 14 DAYS. ANYTHING GREATER THAN 14 DAYS, THESE MUST BE RECORDED AND SENT TO THE COMPTROLLER, GREAT BRITAIN TO MONITOR RISK TO THE BANKING SYSTEM. IF THIS IS INDEED TRUE, THEN THIS IS A MASSIVE CONSPIRACY TO DEFRAUD AS WE NOW WITNESS A MONSTROUS TOTAL EFP’S ISSUANCE AS IT HEADS INTO THE STRATOSPHERE.
The crooks also use the spread in the TAS account (trade at settlement). They buy the spot TAS (e.g. June) and sell the future TAS two months out (e.g. August). Then they unload the front month (i.e. unload the buy side first so the price of gold/silver falls. This occurs in the middle of the front delivery month cycle. They unload the sell side of the equation, two months down the road. The crooks violate position limits as the OCC refuse to hear our complaints.
First, here is an outline of what will be discussed tonight:
SILVER:
1.TODAY WE HAD THE OPEN INTEREST AT THE COMEX IN SILVER FELL BY A HUGE 1289 CONTRACTS TO AN OI OF 114,173
EFP ISSUANCE 640 CONTRACTS
OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:
MAY 640 CONTRACTS and 0 ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 0 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON. IF WE TAKE THE COMEX OI LOSS OF 1289 CONTRACTS AND ADD TO THE 640 E.FP. ISSUED
WE OBTAIN A STRONG SIZED LOSS OF 649 OI OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES WITH OUR GAIN OF $1.43
THUS IN OUNCES, THE LOSS ON THE TWO EXCHANGES TOTALS 3.245 MILLION PAPER OZ
OCCURRED WITH OUR GAIN IN PRICE.OF $1.43
2.ASIAN AFFAIRS APRIL 120 /2025
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1. COMEX DATA//AMOUNTS STANDING//VOLUME OF TRADING/INVENTORY MOVEMENTS
THE TOTAL COMEX GOLD OPEN INTEREST ROSE BY A SMALL 166 CONTRACTS DOWN TO AN OI OF 366,608 CONTRACTS (OI) , HAVING ADVANCED FROM OUR NEW LOW OI SET THIS MONTH AND SURPASSING THE PREVIOUS ALL TIME LOW IN OI OF 354,581 SET APRIL6/2026. PREVIOUS TO THAT THE ALL TIME LOW IN OI WAS 390,000 SET IN THE YEAR 2001 WHEN GOLD WAS TRADING $260.00. THE CME SHOULD BE PROUD OF THEMSELVES AS MANY HAVE ABANDONED THIS CROOKED ARENA!!THUS OUR NEW ALL TIME LOW OF COMEX OI HAS NOW BEEN SET AT 354,581 WITH GOLD AT AN EXTREMELY HIGH $4,700.00 WHICH MAKES ABSOLUTELY NO SENSE!!!
WE HAD ZERO T.A.S. LIQUIDATION DURING WEDNESDAY’S TRADING. IT SEEMS THAT THE SPECULATORS CONTINUED AGAIN TO GO MASSIVELY ON THE LONG SIDE WITH THE BANKERS TAKING THE SHORT SIDE, SUPPLYING THE NECESSARY PAPER, AS WELL AS COVERING THEIR SHORTFALL. THERE ARE ALSO SOME SPECULATORS WHO CONTINUALLY GO TO THE SHORT SIDE AND THEY WILL BE ANNHILATED ON CENTRAL BANK COMMAND!!
CENTRAL BANKS ALSO TENDERED THEIR NEW LONG CONTRACTS AT THE END OF THE DAY FOR PHYSICAL GOLD. YOU CAN VISUALIZE THIS WITH THE MASSIVE AMOUNT OF GOLD STANDING AT THE COMEX FOR THIS APRIL CONTRACT MONTH!!
THE FAIR SIZED LOSS ON OUR TWO EXCHANGES OCCURRED WITH OUR GAIN IN PRICE IN GOLD.
WE THUS HAD A FAIR LOSS IN OI ON BOTH OF OUR EXCHANGES, THE COMEX AND LONDON’S EXCHANGE FOR PHYSICAL EQUATING TO 1222 CONTRACTS (OR 3.80 TONNES) WITH OUR GAIN IN PRICE, AS WE WERE INFORMED OF A FAIR 1056 CONTRACT EXCHANGE FOR PHYSICAL ISSUANCE..
THEN WE WERE NOTIFIED TODAY OF A ZERO CONTRACT EXCHANGE FOR RISK ISSUANCE IN GOLD CONTRACTS FOR 0 OZ OR 0.0 TONNES OF GOLD.
DURING THE MIDDLE OF THE FEBRUARY CONTRACT MONTH, WE HAD TWO IDENTICAL MONSTER 3,000 CONTRACT ISSUED FOR THE SAME 9.33 TONNES OF GOLD, AND THESE WERE THE HIGHEST EVER IN TONNAGE EVER ISSUED BY THE COMEX. ALTOGETHER THE TOTAL ISSUANCE FOR FEB TOTALLED SIX.(31.251 TONNES).
MARCH:
THURSDAY MARCH 17 WE RECEIVED ITS INITIAL 2000 CONTRACT EXCHANGE FOR RISK ISSUANCE FOR 6.22 TONNES. LAST FRIDAY: 0 ISSUANCE OF EXCHANGE FOR RISK. BUT ON MONDAY MARCH 23 WE RECEIVED NOTICE OF OUR SECOND EXCHANGE FOR RISK ISSUANCE FOR 2,200 CONTRACTS (220,000 OZ OR 6.843 TONNES) AND NOW FRIDAY WITH A MONSTER 2996 CONTRACTS FOR 9.3138 TONNES. THESE THREE ISSUANCES WILL NOW BE ADDED TO THE REGULAR AMOUNT OF GOLD STANDING, I.E. 22.3818 TONNES TO OUR NORMAL GOLD STANDING TO GIVE US WHAT WILL STAND FOR PHYSICAL GOLD FOR MARCH!
APRIL;: 0 EXCHANGE FOR RISK FOR FAR.
A LITTLE HISTORY OF EXCHANGE FOR RISK DECEMBER THROUGH TO APRIL:
IN DECEMBER WE HAVE RECORDED 5 ISSUANCES OF EXCHANGE FOR RISK/4 FOR DEC AND THE LAST ONE ON DEC 31 FOR JANUARY. WE NOW HAVE 3 CHOICES FOR THE RECIPIENT OF THIS ISSUANCE AND IT MUST BE A CENTRAL BANK. YOU WILL RECALL THAT THE BUYER ASSUMES THE RISK OF THAT DELIVERY. (THUS TOTAL EXCHANGE FOR RISK FOR THE MONTH OF DECEMBER IS 6.56 TONNES/4 OCCASIONS.
MONTH OF JANUARY/EXCHANGE FOR RISK
IN JANUARY THEY HAVE 6 TOTAL ISSUANCE : 3.446 TONNES EARLY, THEN JAN 9 ISSUANCE OF 9,331 TONNES AND THEN JAN 16: 0.1996 TONNES JAN 26: 1.499 TONNES, JAN 27: 3.160 AND FINALLY JAN 29: 4.659 TONNES TONNES//TOTAL EXCHANGE FOR RISK JANUARY 22.315 TONNES WHICH WAS ADDED TO OUR NORMAL DELVERIES.
AND FEBRUARY:
FEB EXCHANGE FOR RISK: NOW 6 ISSUANCES: 10,080 CONTRACTS FOR 1,008,000 OZ OR 31.251 TONNES!
HERE ARE THE CHOICES FOR THE RECIPIENT OF THOSE ISSUANCES:
1 THE CENTRAL BANK OF ENGLAND. BUT THEY RECEIVED CLEARANCE THAT THEIR GOLD IS BACK SO IT IS NOT LIKELY THAT THEY WOULD LIKE TO ADD TO THEIR RESERVES.
2. THE CENTRAL BANK OF THE USA: THE FED. LOGICAL CHOICE AS THEY CLAMOUR TRYING TO REDUCE THEIR 106+ TONNES OF SHORTAGE. HOWEVER THEY SEEM NOT TO BE IN A HURRY TO COVER THEIR HUGE SHORTFALL
3. THE CENTRAL BANK OF CHINA AS THEY BATTLE WITS WITH THE USA.
TOTAL EXCHANGE FOR RISK FOR DECEMBER IS 6.56 TONNES AND THIS WAS ADDED TO OUR NORMAL DELIVERY TOTALS..
THE JANUARY ISSUANCE OF 17.656 TONNES WAS ADDED TO OUR DAILY DELIVERY TOTALS!!
FEBRUARY ISSUANCES 6 FOR; 31.251 TONNES !! AND THIS WAS ADDED TO OUR DELIVERY TOTALS FOR THIS MONTH.
MARCH: CME ANNOUNCES ITS FIRST EXCHANGE FOR RISK FOR 2000 CONTRACTS FOR 200,000 OZ OR 6.22 TONNES OF GOLD DURING THE FIRST WEEK OF MARCH, AND THEN MONDAY, MARCH 22, WE RECEIVED ITS SECOND NOTICE ISSUANCE OF 2200 CONTRACTS OR 220000 OZ (6.843 TONNES). THEN FINALLY WE RECEIVED NOTICE OF OUR THIRD EXCHANGE FOR RISK OF 2996 CONTRACTS OR 9.3188 TONNES. TOGETHER ALL 3 ISSUANCES TOTAL 22.3818 TONNES WHICH WILL BE ADDED TO OUR NORMAL DELIVERY SCHEDULE.
APRIL: 0 EXCHANGE FOR RISK SO FAR.
DETAILS ON OUR NEW APRIL COMEX CONTRACT MONTH//
IN TOTAL WE HAD A FAIR SIZED GAIN ON OUR TWO EXCHANGES OF 1222 CONTRACTS WITH OUR GAIN IN PRICE ($26.40). HOWEVER, OUR FRIENDLY PHYSICAL LONDON BOYS HAD ANOTHER FIELD DAY AGAIN THROUGHOUT THIS WEEK AS THEY WERE READY FOR THE FRBNY.S CONTINUED ORCHESTRATED ATTACKS VERY EARLY IN THE COMEX SESSIONS AS THEY TRIED TO ABSORB EVERYTHING IN SIGHT FROM THEIR DAILY ATTACKS. LONDONERS EXERCISED THEIR BOUGHT CONTRACTS FOR PHYSICAL GOLD VIA THE EXCHANGE FOR PHYSICAL ROUTE AND THANKED THE FRBNY AND OUR SHORT SPECULATORS FOR THE THOUGHTFULNESS.
LONDON ANNOUNCED EARLY IN THE YEAR (AND SCARCITY CONTINUES TO THIS DAY) THAT THEY WERE OUT OF GOLD. WRONGLY IT WAS ATTRIBUTED TO THEIR SHIPPING PHYSICAL GOLD TO COMEX FOR STORAGE DUE TO TRUMP’S INITIATION OF TARIFFS. THE TRUTH OF THE MATTER IS THAT THIS GOLD LEFT LONDON TO OTHER CENTRAL BANKS, AND COMEX BANKS HAVE BEEN PAPERING THEIR LOSSES (DERIVATIVE) WITH KILOBAR ENTRIES. BOTH COMEX AND LBMA ARE WITNESSING MASSIVE AMOUNTS OF GOLD LEAVING THEIR VAULTS.
THE LIQUIDATION OF T.A.S. CONTRACTS THROUGHOUT THE MONTHS OF JUNE THROUGH APRIL/ CONTINUES TO DISTORT OPEN INTEREST NUMBERS GREATLY ALTHOUGH THE T.A.S. ISSUANCES IN GOLD HAVE GENERALLY BEEN ON THE LOW SIDE COMPARED TO SILVER WHICH HAVE BEEN HUGE. TODAY’S NUMBER HOWEVER IS A SMALL SIZED T.A.S ISSUANCE CONTRACTS .THE CME NOTIFIES US THAT THEY HAVE ISSUED 459 T.A.S CONTRACTS. THESE ARE GENERALLY USED FOR RAID PURPOSES TO STOP GOLD’S RISE AND TO TEMPER HUGE LOSSES IN OTC DERIVATIVE BETS AND IT WAS IN FULL FORCE DURING THIS WEEK WITH MUCH FAILURE DURING LONDON LBMA/OTC OPTION EXPIRY WEEK!! (APRIL FIRST DAY NOTICE)
IT SURE LOOKS LIKE THE BIS HAS SOMEHOW LOOKED THE OTHER WAY WITH ITS GOLD SWAPS WITH THE FRBNY AS THIS ENTITY FOR THE FED REFUSES THE BIS MARCHING ORDERS TO COVER AND THAT MAY EXPLAIN THE STRONG NUMBER OF T.A.S. ISSUANCES IN DECEMBER , JANUARY AND THROUGHOUT FEBRUARY TO GO ALONG WITH OUR HUGE NUMBER OF EXCHANGE FOR RISK ISSUED DURING THESE MONTHS INCLUDING FEBRUARY’S 6 EXCHANGE FOR RISK WHICH ALSO INCLUDED TWO MONSTER 9.3312 TONNE ISSUANCE (FEB 10 AND FEB 12). TOTAL EXCHANGE FOR RISK/FEB EQUALS 31.251 TONNES!! AND MARCH’S THREE ISSUANCES FOR 22.3818 TONNES! OTHER CENTRAL BANKS ARE PAYING ATTENTION AS THEY TAKE DELIVERY OF HUGE AMOUNTS OF PHYSICAL GOLD.
FOR MARCH WE HAVE 3 EXCHANGE FOR RISK ISSUANCES SO FAR FOR 7196 CONTRACTS OR 719,600 OZ/22.3818 TONNES.. AS DELIVERIES OF GOLD THESE PAST SEVERAL MONTHS HAVE BEEN HUGE!!
APRIL: 0 SO FAR HAVE BEEN ISSUED
HERE IS A SUMMARY OF GOLD STANDING FOR DELIVERY ON OUR LAST 12 MONTHS:
- FOR APRIL AT 209 TONNES
2. AND THIS CONTINUED INTO MAY WITH FINAL STANDING AT 90.23 TONNES.
3. JUNE WHICH IS A HUGE DELIVERY MONTH , FINAL STANDING WAS RECORDED AT A STRONG 93.085 TONNES. //(TOTAL NET QUEUE JUMPING FOR THE JUNE MONTH: 31.027 TONNES.)
4. IN JULY WE HAD HUGE DELIVERY NOTICES ESPECIALLY FOR A NON ACTIVE DELIVERY MONTH WITH INITIAL STANDING AT 17.947 TONNES PLUS MANY QUEUE JUMPS + 3.75 TONNES EX FOR RISK = 41.106 TONNES OF GOLD // FINAL TOTAL TONNES STANDING JULY: 41.106 TONNES
5. FOR THE MONTH OF AUGUST:
INITIAL AMOUNT OF GOLD STANDING FOR AUGUST: 60.547 TONNES PLUS THE MONTHS HUGE QUEUE JUMPS OF 47.2312 TONNES +44.696 TONNES EX FOR RISK (7 ISSUANCES) //NEW STANDING 152.208 TONNES WHICH IS MONSTROUS!!!
6. FINAL AMOUNT OF GOLD STANDING FOR SEPT; INITIAL STANDING; 2,602 CONTRACTS OR 260,200 OZ FOR 8.093 TONNES OF GOLD FOLLOWED BY TODAY’S 0.4883 TONNES QUEUE JUMP TO GO ALONG WITH TODAY’S 1.244 TONNES OF EXCHANGE FOR RISK ISSUANCE TODAY AND // TOTAL EXCHANGE FOR RISK ISSUANCE SEPT: 22.923 TONNES//NEW TOTALS STANDING ADVANCES TO 48.801 TONNES OF GOLD!!!
7. OCTOBER:
OCTOBER: INITIAL STANDING FOR GOLD: 90.164 TONNES TO WHICH WE ADD OUR LATEST OCT 30 QUEUE JUMP OF 0.00311 TONNES WHICH FOLLOWS OCT 29 QUEUE JUMP OF .4096 WHICH FOLLOWS; OCT 28 QUEUE JUMP OF .5069 TONNES WHICH FOLLOWS OCT 27 OF 0.3048 TONNES WHICH FOLLOWS: OCT 24 OF 0.8615 TONNES, FOLLOWING OCT 23 QUEUE JUMP OF 1.695 TONNES OCT 22 JUMP OF 8.622 TONNES WHICH FOLLOWS OCT 21: 3.8600 TONNES TO OCT 20 QUEUE JUMP OF 7.695 TONNE
SUMMARY FOR OCTOBER STANDING:
NOVEMBER WHERE INITIAL AMOUNT OF GOLD STANDING IS REGISTERED AT 15.651 TONNES OF GOLD FOLLOWED BY TODAY’S QUEUE JUMP OF 2 TONNES AND FOLLOWED BY ALL OTHER NOV QUEUE JUMPS OF 21.3775 TONNES TO WHICH WE ADD OUR TWO EXCHANGE FOR RISK ISSUANCE FOR 4.5596 TONNES.
/STANDING ADVANCES TO 43.9716 TONNES OF GOLD.
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DECEMBER: INITIAL AMOUNT OF GOLD STANDING FOR DELIVERY IN THIS ACTIVE MONTH IS 83.813 TONNES FOLLOWED BY TODAY’S 0.XXXX TONNES QUEUE JUMP. THIS FOLLOWS ALL OTHER QUEUE JUMPING: 37.163 TONNES//NEW STANDING ADVANCES TO 115.390 TONNES TO WHICH WE ADD OUR FOUR EXCHANGE FOR RISK ISSUANCE OF 6.559 TONNES//NEW STANDING THUS INCREASES TO 121.977 TONNES
JANUARY: INITITAL STANDING: 13.785 TONNES TO WHICH WE ADD OUR QUEUE JUMP OF 0.000 TONNES WHICH FOLLOWS ALL OTHER QUEUE JUMPS OF 30.7117TONNES //NEW TOTAL QUEUE JUMPS 30.7117//NORMAL DELIVERY OF GOLD ADVANCES TO 36.8958 TONNES TO WHICH WE ADD OUR SIX EXCHANGE FOR RISK OF 22.315 TONNES//NEW STANDING ADVANCES TO 59.2108 TONNES.
FEBRUARY: . FEBRUARY: INITIAL STANDING: 93.566 TONNES TO WHICH WE ADD OUR NEXT QUEUE JUMP OF 0.0248 TONNES WHICH MUST BE ADDED ALL OTHER QUEUE JUMPS OF 41.2087 TONNES QUEUE JUMP//TOTAL QUEUE JUMP FOR FEB::ADVANCES TO 41.233 TONNES///STANDING ADVANCES TO 126.628 TONNES TO WHICH WE ADD OUR SIX EXCHANGE FOR RISK OF 31.251 TONNES/NEW STANDING RISES TO 157.879 TONNES
MARCH: INITIAL STANDING FOR GOLD: 8.099 TONNES TO WHICH WE ADD OUR NEXT QUEUE JUMP OF 0.2320 TONNES AND THEN WE ADD OUR THREE EXCHANGE FOR RISK OF 22.3818 TONNES////NEW STANDING FOR GOLD ADVANCES TO: 67.6648TONNES WHICH IS ABSOLUTELY HUGE FOR A NON ACTIVE DELIVERY MONTH!!
AND NOW APRIL 2026: INITIAL STANDING FOR GOLD: 52.20 TONNES FOLLOWED BY TODAY’S HUGE 775,00OZ (2.4105 TONNES) QUEUE JUMP. THUS STANDING FOR GOLD AT THE COMEX ADVANCES TO 66.821TONNES.
HERE ARE THE AMOUNTS THAT STOOD FOR DELIVERY IN THE PRECEDING 48 MONTHS 2021-2024
DEC 2021: 112.217 TONNES
NOV. 8.074 TONNES
OCT. 57.707 TONNES
SEPT: 11.9160 TONNES
AUGUST: 80.489 TONNES
JULY 7.2814 TONNES
JUNE: 72.289 TONNES
MAY 5.77 TONNES
APRIL 95.331 TONNES
MARCH 30.205 TONNES
FEB ’21. 113.424 TONNES
JAN ’21: 6.500 TONNES.
TOTAL YEAR 2021 (JAN- DEC): 601.213 TONNES
YEAR 2022: STANDING FOR GOLD/COMEX
JANUARY 2022 17.79 TONNES
FEB 2022: 59.023 TONNES
MARCH: 36.678 TONNES
APRIL: 85.340 TONNES FINAL.
MAY: 20.11 TONNES FINAL
JUNE: 74.933 TONNES FINAL
JULY 29.987 TONNES FINAL
AUGUST:104.979 TONNES//FINAL
SEPT. 38.1158 TONNES
OCT: 77.390 TONNES/ FINAL
NOV 27.110 TONNES/FINAL
Dec. 64.000 tonnes
(TOTAL YEAR 656.076 TONNES)
JAN/2023: 20.559 tonnes
FEB 2023: 47.744 tonnes
MAR: 19.0637 TONNES
APRIL: 75.676 tonnes
MAY: 19.094 TONNES + 1.244 tonnes of exchange for risk = 20.338
JUNE: 64.354 TONNES
JULY: 10.2861 TONNES
AUGUST: 38.855 TONNES(INCLUDING .6842 EXCHANGE FOR RISK)
SEPT: 15.281 TONNES FINAL
OCT. 35.869 TONNES + 1.665 EXCHANGE FOR RISK =37.0355 tonnes
NOV: 18.7122 TONNES + 16.2505 EX. FOR RISK = 34.9627 TONNES
DEC. 47.073 + 4.634 TONNES OF EXCHANGE FOR RISK = 51.707 TONNES
TOTAL 2023 YEAR : 436.546 TONNES
2024/STANDING FOR GOLD/COMEX
JAN ’24. 22.706 TONNES
FEB. ’24: 66.276 TONNES (INCLUDES 1.723 TONNES EX. FOR RISK)
MARCH: 18.8398 TONNES + 1.1695 EX FOR RISK = 20.093 TONNES
APRIL: 2024: 53.673TONNES FINAL
MAY/ 2024 8.5536 TONNES + 3.3716 TONNES EX FOR RISK/= 11.9325
JUNE; 95.578 TONNES. + 1.045 TONNES EXCHANGE FOR RISK =96.623 THIS IS THE HIGHEST RECORDED GOLD STANDING SINCE AUGUST 2022
JULY: 11.692 TONNES
AUGUST 69.602 TONNES//FINAL STANDING
SEPT. 13.164 TONNES.
OCT 39.474 TONNES + + 20.917 TONNES EXCHANGE FOR RISK =60.391 TONNES
NOV . 11.265 TONNES +4.665 TONNES EXCHANGE FOR RISK/TUESDAY + 3.11 TONNES OF EX. FOR RISK/PRIOR = 19.0425 TONNES
DEC: 80.4230 TONNES PLUS DEC MONTH EXCHANGE FOR RISK TOTAL 14.6836 TONNES EQUALS 95.1066 TONNES
total year 2024: 540.30 tonnes
COMEX GOLD TRADING BEGINNING APRIL,. CONTRACT;
THE SPECS/HFT WERE UNSUCCESSFUL IN LOWERING GOLD’S PRICE( IT ROSE BY $26.40)
WE HAD ZERO T.A.S. SPREADER LIQUIDATION // COMEX SESSION// WITH OUR GAIN IN PRICE , OUR LONG SPECULATORS REMAIN RELENTLESS POURING INTO THE COMEX STARTING TO BUILD ON ITS OI //
OTHER EASTERN CENTRAL BANKS TENDERED FOR PHYSICAL EVERY NIGHT WHICH ALSO EXPLAINS THE HUGE NUMBER OF TONNES OF GOLD THAT STOOD FOR GOLD DURING THESE PAST SEVERAL MONTHS
TUESDAY NIGHT//WEDNESDAY MORNING
THE CROOKS COULD NOT STOP OTHER CENTRAL BANK LONGS, SEIZING THE MOMENT, THEY EXERCISED AGAIN FOR PHYSICAL IN A BIG WAY TENDERING FOR PHYSICAL TUESDAY EVENING/WEDNESDAY MORNING AND THUS OUR HUGE NUMBER OF GOLD CONTRACTS STANDING FOR DELIVERY AT THE COMEX. CENTRAL BANKERS WAIT PATIENTLY FOR THE GOLD
A LITTLE REVIEW OF GOLD STANDING THESE PAST 7 MONTHS:
STANDING FOR GOLD OCT THROUGH TO APRIL:
- ANALYSIS// OCT DELIVERY MONTH GOING FROM FIRST DAY NOTICE// OCT COMEX CONTRACT TO FINALIZATION OCT 31:
OCT AT 90.164 TONNES TO BE FOLLOWED BY ALL PREVIOUS QUEUE JUMPS OF 75.696 TONNES WHICH WE ADD OUR 14.553 TONNES EX FOR RISK/6 OCCASIONS:
/ TOTAL STANDING 197.551 TONNE/OCTOBER FINAL//ABSOLUTELY A MONSTER DELIVERY FOR A NORMALLY QUIET OCT MONTH
2. AND NOW NOVEMBER:
NOVEMBER BEGINS WITH A HUGE 15.651 TONNES INITIALLY STANDING FOR DELIVERY FOLLOWED BY OUR TODAY’S QUEUE JUMP OF 2.323 TONNES WHICH FOLLOWED ALL OTHER NOVEMBER QUEUE JUMPS OF 21.3775 TONNES TO WHICH WE ADD OUR TWO ISSUANCES OF EXCHANGE FOR RISK OF 4.5596 TONNES..
NEW STANDING ADVANCES TO 43.9716 ONNES OF GOLD.
3. AND NOW DECEMBER:
3. DECEMBER: INITIAL AMOUNT OF GOLD STANDING FOR DELIVERY: 83.813 TONNES FOLLOWED BY A 0 CONTRACT QUEUE JUMP FOR NIL OZ OR 0.000 TONNES WHICH FOLLOWS OTHER DEC QUEUE JUMPS OF: 0 TONNES///STANDING ADVANCES TO 115.390 TONNES TO WHICH WE ADD OUR FOUR EXCHANGE FOR RISK ISSUANCE OF 6.559TONNES/NEW STANDING ADVANCES TO 121.977 TONNES
4. JANUARY:
9. JANUARY: INITITAL STANDING: 13.785 TONNES TO WHICH WE ADD OUR QUEUE JUMP OF 0.000 TONNES WHICH FOLLOWS ALL OTHER QUEUE JUMPS OF 30.7117TONNES //NEW TOTAL QUEUE JUMPS 30.7117//NORMAL DELIVERY OF GOLD ADVANCES TO 36.8958 TONNES TO WHICH WE ADD OUR SIX EXCHANGE FOR RISK OF 22.315 TONNES//NEW STANDING ADVANCES TO 59.2108 TONNES.
10. FEBRUARY: INITIAL STANDING: 93.566 TONNES TO WHICH WE ADD OUR LATEST QUEUE JUMP OF 0.0298 TONNES TO WHICH THIS IS ADDED TO ALL OTHER QUEUE JUMPS OF 41.2082 / NEW QUEUE JUMP ADVANCES TO: 41.233 TONNES//STANDING ADVANCES TO: 126.628 TONNES TO WHICH WE ADD OUR SIX EXCHANGE FOR RISK OF 10,080 CONTRACTS FOR 1,008,000 OZ OR 31.251 TONNES/NEW STANDING ADVANCES TO 157.879 TONNES
MARCH: INITIAL STANDING: 8.099 TONNES TO WHICH WE ADD OUR NEXT QUEUE JUMP OF 0.2320 TO WHICH WE THEN ADD OUR THREE EXCHANGE FOR RISK FOR 22.3818 TONNES// GOLD STANDING ADVANCES TO: 67.6648 TONNES/
APRIL: INITIAL STANDING: A VERY STRONG 52.600 TONNES FOLLOWED BY TODAY’S HUGE 77,500OZ QUEUE JUMP (2.4105TONNES). THUS STANDING FOR GOLD AT THE COMEX ADVANCES TO 66.821 TONNES
ALL OF THIS WAS ACCOMPLISHED DESPITE OUR LOSS IN PRICE TO THE TUNE OF $111.90
WE HAD XXX CONTRACTS REMOVED FROM THE COMEX TRADES TO OPEN INTEREST (CROOKS)//PRELIMINARY TO FINAL.
NET GAIN ON THE TWO EXCHANGES : 1222 CONTRACTS OR 122200 OZ OR 3.800 TONNES
INITIAL GOLD COMEX
APRIL DELIVERY MONTH
APRIL2332026
| Gold | Ounces |
| Withdrawals from Dealers Inventory in oz | nil |
| Withdrawals from Customer Inventory in oz | ENTRIES; 2 i) Brinks 96,453.000 oz (3000 kilobars) ii) Manfra: 11,574.360 oz (366 kilobars) total 108,027,36 oz//3366 kilobars 3.366 tonnes |
| Deposit to the Dealer Inventory in oz | 1 ENTRY i) 20,600.517. oz .6407 oz |
| Deposits to the Customer Inventory, in oz | DEPOSITS/CUSTOMER 0 it xxxxxxxxxxxxxxxxI |
| No of oz served (contracts) today | 745 CONTRACTS OR 74,500 OZ 3.430 TONNES OF GOLD |
| No of oz to be served (notices) | 33 Contracts 3300 OZ 0.1026TONNES |
| Total monthly oz gold served (contracts) so far this month | 22,195 notices 2,219,5,0 oz 69.035 TONNES |
| Total accumulative withdrawals of gold from the Dealers inventory this month | NIL oz |
| Total accumulative withdrawal of gold from the Customer inventory this month |
dealer deposits: 1
1 ENTRY
i) 20,600.517. oz
.6407 oz
DEPOSITS/CUSTOMER
0 ENTRY
xxxxxxxxxxxxxxxxxx
comex withdrawals:
ENTRIES; 2
ENTRIES; 2
i) Brinks 96,453.000 oz (3000 kilobars)
ii) Manfra: 11,574.360 oz (366 kilobars)
total 108,027,36 oz//3366 kilobars
3.366 tonnes
they are draining the comex of gold
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
ADJUSTMENTs
adjustments: / / 0
COMEX IS DRAINING GOLD
chaos inside the comex
THE FRONT MONTH OF APRIL OI STANDS AT 778 CONTRACTS HAVING A LOSS OF 358 CONTRACTS.
WE HAD 1103 CONTRACTS SERVED UPON WEDNESDAY SO WE GAINED A HUGE 745 CONTRACT QUEUE JUMP CONTRACTS. THUS 74,500OZ OF ADDITIONAL GOLD WILL STAND ON THIS SIDE OF THE BORDER AND THIS EQUATES TO 2.317TONNES.(QUEUE JUMP)
MAY GAINED 815 CONTRACTS TO AN OI OF 3526
JUNE IS A HUGE DELIVERY MONTH AND HERE THE OI FELL BY 694 CONTRACTS UP TO AN OI OF 264,791
We had 745 contracts filed for today representing 74,500oz
Today, 0 notice(s) were issued from J.P.Morgan dealer and 745 notices issued from their client or customer account. The total of all issuance by all participants equate to 745 contract(s) of which 12 notices were stopped (received) by j.P. Morgan dealer and 0 notice(s) was (were) stopped (received) by J.P.Morgan//customer account
To calculate the INITIAL total number of gold ounces standing for APRIL. /2026. contract month, we take the total number of notices filed so far for the month (22,1950) to which we add the difference between the open interest for the front month of APRIL ( 778CONTRACTS) minus the number of notices served upon today 745 x 100 oz per contract) equals 2,222,800OZ OR (69.138 Tonnes of gold)
THUS: INITIAL total number of gold ounces standing for APRIL. /2026. contract month, we take the total number of notices filed so far for the month (22,195to which we add the difference between the open interest for the front month of APRIL (745 CONTRACTS) minus the number of notices served upon today 745 x 100 oz per contract) equals 2,222,800 OZ OR (69.138Tonnes of gold)
new total of gold standing in APRIL is 69.138 TONNES//
TOTAL COMEX GOLD STANDING FOR APRIL 69.138 TONNES TONNES WHICH IS NOW HUGE FOR THIS NORMALLY VERY ACTIVE ACTIVE DELIVERY MONTH OF APRIL.
confirmed volume WEDNESDAY confirmed 109,598 poor
COMEX GOLD INVENTORIES/CLASSIFICATION
NEW PLEDGED GOLD:
241,794.285 oz NOW PLEDGED /HSBC 5.94 TONNES
204,937.290 OZ PLEDGED MANFRA 3.08 TONNES
83,657.582 PLEDGED JPMorgan no 1 1.690 tonnes
265,999.054, oz JPM No 2
1,152,376.639 oz pledged Brinks/
Manfra: 33,758.550 oz
Delaware: 193.721 oz
International Delaware:: 11,188.542 oz
total pledged gold: 1,919,862.894 oz 59.71 tonnes pledged gold lowers
total inventories in gold declining rapidly
total pledged gold: 1,919,862.894tonnes oz 59.71 tonnes
TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED GOLD 29,441,999.998 oz
TOTAL REGISTERED GOLD 15,665,991.922 487.278 onnes
TOTAL OF ALL ELIGIBLE GOLD 13,776,009.036 oz//eligible gold leaving hand over fist
REGISTERED GOLD THAT CAN BE SERVED UPON 13,746,129 oz ((REG GOLD- PLEDGED GOLD)=
427.560 Tonnes //
total inventories in gold declining rapidly
SILVER COMEX
APRIL DELIVERY MONTH
APRIL23
| Silver | Ounces |
| Withdrawals from Dealers Inventory | NIL oz |
| Withdrawals from Customer Inventory | 3 entries i) Brinks 1,069,764.800 oz ii) CNT 89,979.250 oz iiii) Loomis 300,050.280 oz total: 1,459,794.830 oz |
| Deposits to the Dealer Inventory | 0 entries xxxxxxxxxxxxxxxxxxxxxxxxxxxxxx |
| Deposits to the Customer Inventory | DEPOSIT ENTRIES/CUSTOMER ACCOUNT ii) entries i) Into CNT 600,205.240 oz ii) HSBC 502,089.965 oz total deposit: 1,102,295.203 oz |
| No of oz served today (contracts) | 9 CONTRACT(S) (45,000 OZ |
| No of oz to be served (notices) | 2Contracts (0.010 MILLION oz) |
| Total monthly oz silver served (contracts) | 3288contracts 16.440 MILLION oz |
| Total accumulative withdrawal of silver from the Dealers inventory this month | NIL oz |
| Total accumulative withdrawal of silver from the Customer inventory this month |
DEPOSITS INTO DEALER ACCOUNTS
0 entries
DEPOSIT ENTRIES/CUSTOMER ACCOUNT
ii) entries
i) Into CNT 600,205.240 oz
ii) HSBC 502,089.965 oz
total deposit: 1,102,295.203 oz
xxxxxxxxxxxxxxxxxxxxxxxxx
withdrawals: customer side/eligible
3 entries
i) Brinks 1,069,764.800 oz
ii) CNT 89,979.250 oz
iiii) Loomis 300,050.280 oz
total: 1,459,794.830 oz
the comex is being drained of silver
the comex is being drained of silver
adjustments:0
Wednesday volume: 51,041 oz
xxxxxxxxxxxxxx
TOTAL REGISTERED SILVER: 79.276 MILLION OZ//.TOTAL REG + ELIGIBLE. 316.352 Million oz
registered silver dropping in numbers
CALCULATIONS FOR THE NEW STANDING FOR SILVER FOR APRIL
silver open interest data:
FRONT MONTH OF APRIL /2026 OI: 11 OPEN INTEREST CONTRACTS FOR A LOSS OF 19 CONTRACTS. WE HAD 27 CONTRACTS SERVED ON WEDNESDAY, SO WE GAINED A SMALL 8 CONTRACTS OR 40,000 OZ UNDERWENT ANOTHER QUEUE JUMP. STANDING THUS ADVANCES TO 16.450 MILLION OZ WHICH IS HUGE FOR THIS NORMALLY SMALL NON ACTIVE DELIVERY MONTH OF APRIL.
MAY SAW A LOSS OF 4050 CONTRACTS DOWNTO 34,632 CONTRACTS.
JUNE SAW A GAIN OF 60 CONTRACTS UP TO 1269 OI CONTRACTS
TOTAL NUMBER OF NOTICES FILED FOR TODAY: 9 or 45,000 oz
CONFIRMED volume; 51,041 poor
AND NOW APRIL. DELIVERIES:
To calculate the number of silver ounces that will stand for delivery in APRIL. we take the total number of notices filed for the month so far at 32788X5,000 oz = 16.440 MILLION oz
to which we add the difference between the open interest for the front month of APRIL (11 AND the number of notices served upon today (9 )x (5000 oz)
Thus the standings for silver for the APRIL 2026 contract month: (3288 )Notices served so far) x 5000 oz + OI for the front month of APRIL (11 minus number of notices served upon today (9)x 5000 oz equals silver standing for the APRIL..contract month equating to 16.450 MILLION OZ.+ 1.0 MILLIONEXCHANGE FOR RISK WHICH MUST BE ADDED TO NORMAL DELIVERIES..NEW TOTALS 17,450 MILLION OZ
NEW STANDING: 17.450 MILLION OZ WHICH IS HUGE FOR A GENERALLY LOUSY DELIVERY MONTH OF APRIL.
We must also keep in mind that there is considerable silver standing in London coming from our longs
There are ONLY 79.276 million oz of registered silver
JPMorgan as a percentage of total silver: 142.322/316.710 million: 44.93
The record level of silver open interest is 234,787 contracts set on April 21./2017 with the price on that day at $18.42. The previous record was 224,540 contracts with the price at that time of $20.44.
BOTH GLD AND SLV ARE MASSIVE FRAUD
APRIL 23/2026/WITH GOLD DOWN 28.35 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A WITHDRAWAL OF 2.000 TONNES OF GOLD FROM THE GLD// //:/INVENTORY RESTS AT 1050.91 TONNES
APRIL 22/2026/WITH GOLD UP 26.40 TODAY/NO CHANGES IN GOLD AT THE GLD //:/INVENTORY RESTS AT 1052.91 TONNES
APRIL 21/2026/WITH GOLD DOWN 11.90TODAY/NO CHANGES IN GOLD AT THE GLD //:/INVENTORY RESTS AT 1052.91 TONNES
APRIL 17/2026/WITH GOLD UP $71.30 TODAY/HUGE CHANGES IN GOLD AT THE GLD A DEPOSIT 1.15 TONNES OF GOLD INTO THE GLD//:/INVENTORY RESTS AT 1052.91 TONNES
APRIL 16/2026/WITH GOLD DOWN $15.00 TODAY/HUGE CHANGES IN GOLD AT THE GLD A DEPOSIT 2.285 TONNES OF GOLD INTO THE GLD//:/INVENTORY RESTS AT 1051.783 TONNES
APRIL 15/2026/WITH GOLD DOWN $24.15 TODAY/HUGE CHANGES IN GOLD AT THE GLD A DEPOSIT 2.289 TONNES OF GOLD INTO THE GLD//:/INVENTORY RESTS AT 1049.478 TONNES
APRIL 14/2026/WITH GOLD UP $83.55 TODAY/HUGE CHANGES IN GOLD AT THE GLD A WITHDRAWAL OF 1.714 TONNES OF GOLD FROM THE GLD//:/INVENTORY RESTS AT 1047.192 TONNES
APRIL 13/2026/WITH GOLD DOWN $50.60 TODAY/HUGE CHANGES IN GOLD AT THE GLD A WITHDRAWAL OF 3.514 TONNES OF GOLD FROM THE GLD//:/INVENTORY RESTS AT 1048.906 TONNES
APRIL 13/2026/WITH GOLD DOWN $50.60 TODAY/HUGE CHANGES IN GOLD AT THE GLD A WITHDRAWAL OF 3.514 TONNES OF GOLD FROM THE GLD//:/INVENTORY RESTS AT 1048.906 TONNES
APRIL 10/2026/WITH GOLD DOWN $11.90 TODAY/SMALL CHANGES IN GOLD AT THE GLD A WITHDRAWAL OF 0.724 TONNES OF GOLD FROM THE GLD//:/INVENTORY RESTS AT 1052.42 TONNES
APRIL 9/2026/WITH GOLD UP $42.50 TODAY/HUGE CHANGES IN GOLD AT THE GLD A WITHDRAWAL OF 1.429 TONNES OF GOLD FROM THE GLD//:/INVENTORY RESTS AT 1052.990 TONNES
APRIL 8/2026/WITH GOLD UP $88.95 TODAY/NO CHANGES IN GOLD AT THE GLD A//:/INVENTORY RESTS AT 1054.419 TONNES
APRIL 7/2026/WITH GOLD UP $5.25 TODAY/HUGE CHANGES IN GOLD AT THE GLD A DEPOSIT OF 3.429 TONNES OF GOLD INTO THE GLD//:/INVENTORY RESTS AT 1054.419 TONNES
APRIL 6/2026/WITH GOLD UP $5.30 TODAY/NO CHANGES IN GOLD AT THE GLD:/INVENTORY RESTS AT 1050.99 TONNES
APRIL 2/2026/WITH GOLD DOWN $132.75 TODAY/HUGE CHANGES IN GOLD AT THE GLD:A DEPOSIT OF 3.714 TONNES OF GOLD INTO THE GLD/INVENTORY RESTS AT 1050.99 TONNES
APRIL 1/2026/WITH GOLD UP $134.70 TODAY/HUGE CHANGES IN GOLD AT THE GLD:A DEPOSIT OF 1.143 TONNES OF GOLD INTO THE GLD/INVENTORY RESTS AT 1047.276 TONNES
MAR 31/2026/WITH GOLD UP $119.65 TODAY/HUGE CHANGES IN GOLD AT THE GLD:A MASSIVE WITHDRAWAL OF 3.429 TONNES OF GOLD OUT OF THE GLD/INVENTORY RESTS AT 1046.133 TONNES
MAR 30/2026/WITH GOLD UP $33.45 TODAY/HUGE CHANGES IN GOLD AT THE GLD:A WITHDRAWAL OF 3.143 TONNES OF GOLD OUT OF THE GLD/INVENTORY RESTS AT 1049.562
MAR 27/2026/WITH GOLD UP $103.55 TODAY/SMALL CHANGES IN GOLD AT THE GLD:A DEPOSIT OF 0.285 TONNES OF GOLD INTO THE GLD/INVENTORY RESTS AT 1052.705
MAR 26/2026/WITH GOLD DOWN $213.05 TODAY/SMALL CHANGES IN GOLD AT THE GLD:A WITHDRAWAL OF 0.580 TONNES OF GOLD INTO THE GLD/INVENTORY RESTS AT 1052.42
MAR 25/2026/WITH GOLD UP $155.30 TODAY/SMALL CHANGES IN GOLD AT THE GLD:A DEPOSIT OF 0.300 TONNES OF GOLD INTO THE GLD/INVENTORY RESTS AT 1053.000
MAR 24/2026/WITH GOLD DOWN $7.25 TODAY/HUGE CHANGES IN GOLD AT THE GLD:A HUGE WITHDRAWAL OF 4.286 TONNES OF GOLD OUT OF THE GLD/INVENTORY RESTS AT 1052.705
MAR 23/2026/WITH GOLD DOWN $165.65 TODAY/HUGE CHANGES IN GOLD AT THE GLD:A HUGE WITHDRAWAL OF 5.149 TONNES OF GOLD OUT OF THE GLD/INVENTORY RESTS AT 1056.991
MAR 20/2026/WITH GOLD DOWN $39,55 TODAY/HUGE CHANGES IN GOLD AT THE GLD:A HUGE WITHDRAWAL OF 4.855 TONNES OF GOLD OUT OF THE GLD/INVENTORY RESTS AT 1062.135
MAR 19/2026/WITH GOLD DOWN $XXX TODAY/HUGE CHANGES IN GOLD AT THE GLD:A HUGE WITHDRAWAL OF 2.57 TONNES OF GOLD OUT OF THE GLD/INVENTORY RESTS AT 1066.99
MAR 18/2026/WITH GOLD DOWN $111.80 TODAY/HUGE CHANGES IN GOLD AT THE GLD:A HUGE WITHDRAWAL OF 1.144 TONNES OF GOLD OUT OF THE GLD// /// ///INVENTORY RESTS AT 1069.564 TONNES
MAR 17/2026/WITH GOLD UP $6.80 TODAY/HUGE CHANGES IN GOLD AT THE GLD:A HUGE WITHDRAWAL OF 0.857 TONNES OF GOLD OUT OF THE GLD// /// ///INVENTORY RESTS AT 1070.708 TONNES
MAR 16/2026/WITH GOLD DOWN $60.45 TODAY/HUGE CHANGES IN GOLD AT THE GLD:A HUGE WITHDRAWAL OF 4/327 TONNES OF GOLD OUT OF THE GLD// /// ///INVENTORY RESTS AT 1071/.565 TONNES
MAR 13/2026/WITH GOLD DOWN $61.40 TODAY/HUGE CHANGES IN GOLD AT THE GLD:A HUGE WITHDRAWAL OF 1.428 TONNES OF GOLD INTO THE GLD// /// ///INVENTORY RESTS AT 1075.852 TONNES
MAR 12/2026/WITH GOLD DOWN $49.25 TODAY/HUGE CHANGES IN GOLD AT THE GLD:A HUGE DEPOSIT OF 3.715 TONNES OF GOLD INTO THE GLD// /// ///INVENTORY RESTS AT 1077.28 TONNES
MAR 11/2026/WITH GOLD DOWN $70.55 TODAY/HUGE CHANGES IN GOLD AT THE GLD:A HUGE DEPOSIT OF 2.858 TONNES OF GOLD INTO THE GLD// /// ///INVENTORY RESTS AT 1073.565 TONNES
MAR 10/2026/WITH GOLD UP $137.75 TODAY/HUGE CHANGES IN GOLD AT THE GLD:ANOTHER MONSTER WITHDRAWAL OF 2.614 TONNES OF GOLD OUT OF THE GLD// /// ///INVENTORY RESTS AT 1070.707 TONNES
GLD INVENTORY: 1050.91 TONNES, TONIGHTS TOTAL GOLD INVENTORY
SILVER
APRIL 23WITH SILVER DOWN $2.35: SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 2.489 MILLION OZ OUT THE SLV// // :INVENTORY RESTS AT 488,773MILLION OZ
APRIL 22 WITH SILVER UP 1.43: SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 0.352 MILLION OZ OUT THE SLV// // :INVENTORY RESTS AT 491.262MILLION OZ
aPRIL 21 WITH SILVER DOWN 3.71: SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 0.352 MILLION OZ OUT THE SLV// // :INVENTORY RESTS AT 491.262 MILLION OZ
APRIL 17 WITH SILVER UP $3.09: SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 0.453 MILLION OZ OUT THE SLV// // :INVENTORY RESTS AT 490.900 MILLION OZ
APRIL 16 WITH SILVER DOWN $1.00: SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.132 MILLION OZ OUT THE SLV// // :INVENTORY RESTS AT 490.477 MILLION OZ
APRIL 15 WITH SILVER UP $0.01: SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 0.588 MILLION OZ OUT THE SLV// // :INVENTORY RESTS AT 491.579 MILLION OZ
APRIL 14 WITH SILVER UP $3.99: SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 0.633 MILLION OZ OUT THE SLV// // :INVENTORY RESTS AT 490.991 MILLION OZ
APRIL 13 WITH SILVER DOWN 0.79: SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 0.589 MILLION OZ OUT THE SLV// // :INVENTORY RESTS AT 491.624 MILLION OZ
APRIL 10 WITH SILVER DOWN 0.16: SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 0.724 MILLION OZ OUT THE SLV// // :INVENTORY RESTS AT 492.213 MILLION OZ
APRIL 9 WITH SILVER UP $0.91: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 2.173 MILLION OZ INTO THE SLV// // :INVENTORY RESTS AT 492.937 MILLION OZ
APRIL 8 WITH SILVER UP $3.50: NO CHANGES IN SILVER INVENTORY AT THE SLV // :INVENTORY RESTS AT 490.764 MILLION OZ
APRIL 7 WITH SILVER DOWN $0.89: NO CHANGES IN SILVER INVENTORY AT THE SLV // :INVENTORY RESTS AT 490.764 MILLION OZ
APRIL 6 WITH SILVER UP $0.41: TINY CHANGES IN SILVER INVENTORY AT THE SLV:A SMALL WITHDRAWAL OF 0.224 MILLION OZ OUT OF THE SLV // :INVENTORY RESTS AT 490.764 MILLION OZ
APRIL 2 WITH SILVER DOWN $3.57: TINY CHANGES IN SILVER INVENTORY AT THE SLV:A WITHDRAWAL OF 0.091 MILLION OZ OUT OF THE SLV // :INVENTORY RESTS AT 490.988 MILLION OZ
APRIL 1 WITH SILVER UP $1.38: HUGE CHANGES IN SILVER INVENTORY AT THE SLV:A MASSIVE AND WITHDRAWAL OF 0.453 MILLION OZ OUT OF THE SLV // :INVENTORY RESTS AT 491.079 MILLION OZ
MAR 31 WITH SILVER UP $4.22: HUGE CHANGES IN SILVER INVENTORY AT THE SLV:A MASSIVE AND FRAUDULENT WITHDRAWAL OF 3.893 MILLION OZ FROM THE SLV // :INVENTORY RESTS AT 491.532 MILLION OZ
MAR 30 WITH SILVER UP $0.74: NO CHANGES IN SILVER INVENTORY AT THE SLV: // :INVENTORY RESTS AT 495.425 MILLION OZ
MAR 27 WITH SILVER UP $1.91: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A HUGE WITHDRAWAL OF 3.351 MILLION OZ FROM THE SLV// :INVENTORY RESTS AT 495.425 MILLION OZ
MAR 26 WITH SILVER DOWN $4.75: NO CHANGES IN SILVER INVENTORY AT THE SLV// :INVENTORY RESTS AT 498.776 MILLION OZ
MAR 25 WITH SILVER UP $3.25: NO CHANGES IN SILVER INVENTORY AT THE SLV// :INVENTORY RESTS AT 498.776 MILLION OZ
MAR 24 WITH SILVER DOWN $0.15: HUGE CHANGES IN SILVER INVENTORY AT THE SLV// A MASSIVE AND FRAUDULENT DEPOSIT OF 10.505 MILLION OZ INTO THE SLV :INVENTORY RESTS AT 498.776 MILLION OZ
MAR 23 WITH SILVER UP $0.06: HUGE CHANGES IN SILVER INVENTORY AT THE SLV// NO CHANGE IN INVENTORY/.. ./ :INVENTORY RESTS AT 488.271 MILLION OZ
MAR 20 WITH SILVER DOWN $1.92: HUGE CHANGES IN SILVER INVENTORY AT THE SLV// A WITHDRAWAL OF 2.490 MILLION OZ FROM THE SLV/.. ./ :INVENTORY RESTS AT 488.271 MILLION OZ
MAR 19 WITH SILVER DOWN $6.22: HUGE CHANGES IN SILVER INVENTORY AT THE SLV// A WITHDRAWAL OF 2.9444 MILLION OZ FROM THE SLV/.. ./ :INVENTORY RESTS AT 490.761 MILLION OZ
MAR 18 WITH SILVER DOWN $2.36: HUGE CHANGES IN SILVER INVENTORY AT THE SLV// A DEPOSIT OF 1.087 MILLION OZ FROM THE SLV/.. ./ :INVENTORY RESTS AT 494.792 MILLION OZ.
MAR 17 WITH SILVER DOWN $0.89: HUGE CHANGES IN SILVER INVENTORY AT THE SLV// A WITHDRAWAL OF 3.351 MILLION OZ FROM THE SLV/.. ./ :INVENTORY RESTS AT 493.705 MILLION OZ.
MAR 16 WITH SILVER DOWN $0.57: HUGE CHANGES IN SILVER INVENTORY AT THE SLV// A WITHDRAWAL OF 2.536 MILLION OZ FROM THE SLV/.. ./ :INVENTORY RESTS AT 497.056 MILLION OZ.
MAR 13 WITH SILVER DOWN $3.83: NO CHANGES IN SILVER INVENTORY AT THE SLV// . ./ :INVENTORY RESTS AT 499.592
MAR 12 WITH SILVER DOWN $0.51 HUGE CHANGES IN SILVER INVENTORY AT THE SLV// ANOTHER MONSTER WITHDRAWAL OF 3.713 MILLION OZ OUT OF THE SLV. ./ :INVENTORY RESTS AT 499.592 MILLION OZ
MAR 11 WITH SILVER DOWN $3.96 HUGE CHANGES IN SILVER INVENTORY AT THE SLV// ANOTHER MONSTER WITHDRAWAL OF 1.812 MILLION OZ OUT OF THE SLV. ./ :INVENTORY RESTS AT 503.305 MILLION OZ
MAR 10 WITH SILVER UP $5. HUGE CHANGES IN SILVER INVENTORY AT THE SLV// A MONSTER WITHDRAWAL OF 1.63 MILLION OZ OUT OF THE SLV. ./ :INVENTORY RESTS AT 505.117 MILLION OZ
MAR 9 WITH SILVER DOWN $0.30 HUGE CHANGES IN SILVER INVENTORY AT THE SLV// A MONSTER WITHDRAWAL OF 1.54 MILLION OZ OUT OF THE SLV. ./ :INVENTORY RESTS AT 506.747 MILLION OZ
CLOSING INVENTORY 488.773 MILLION OZ OF SILVER
ANDREW MAGUIRE LIVE FROM THE VAULT 269
DXY firms alongside energy benchmarks, fixed income falters with crude at $103/bbl – Newsquawk US Market Open
Thursday, Apr 23, 2026 – 06:27 AM
- “Somalia closes Bab al-Mandab Strait to Israeli shipping”, IRNA reports; “The move comes as a direct response to Israel’s recognition of the breakaway region of Somaliland, Yemen Press Agency reported on Wednesday”.
- European bourses are mostly lower; US equity futures also extend lower, TSLA -2.7% post-earnings.
- USD and NOK outperform, GBP shrugs off political instability as PMIs firm, NZD underperforms.
- EZ PMIs initially helped fixed income off lows, but an inflationary UK release sparked new lows.
- Geopolitics keeps crude prices underpinned and metals softer amid a firmer USD.
- Looking ahead, highlights include Global Flash PMIs (Apr), Mexican Inflation (Apr), Canadian PPI (Mar), US Jobless Claims (Apr/18). Supply from the US. Earnings from Blackstone, Freeport-McMoran, American Airlines, Keurig Dr Pepper, Intel, Lockheed Martin, and SAP.
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EUROPEAN TRADE
IRAN
- Sources familiar with Trump admin’s moves say “the next stages have already been set”; “After the ceasefire ends, an overwhelming military strike is expected to go ahead, with even greater force than the one the US has inflicted on Iran so far”. According to the source, the ceasefire that Trump decided to extend will end within a few days. After that, an overwhelming military strike will be launched, with even greater force than the one the US has inflicted on Iran so far. That attack will continue for several days, after which the military operations against Iran will come to an end.
- Iran Parliament Deputy Speaker said the first payments from Hormuz Strait toll has been transferred to Iran’s central bank, Tasnim reported.
- Iran’s Supreme Leader Khamenei opposes extending negotiations under current conditions, according to an Iranian parliament national security member.
- “Somalia closes Bab al-Mandab Strait to Israeli shipping”, IRNA reported; “The move comes as a direct response to Israel’s recognition of the breakaway region of Somaliland, Yemen Press Agency reported on Wednesday”. “external meddling could lead to countermeasures, such as restricting access to the key maritime route of Bab al-Mandab.”.
- Israel and Lebanon talks in the US are slated for Thursday at 16:00EDT/21:00BST.
- Pakistani Interior Minister said, “We expect to make progress with Iran regarding the negotiations”, Al Hadath reported.
- Iranian opposition sources said air defences were activated in Iran last night against unmanned aerial vehicles, according to N12.
- Iranian-American academic Marani said if Iran’s infrastructure is attacked, there will be a lot of heat in the region, SNN reported; adds that people should leave Gulf countries if US President Trump carries out his threat to bomb critical infrastructure.
- Ukrainian President Zelensky said a longer Iran conflict could boost the risk for Ukraine’s missile defences, added that US anti-missile production is limited.
- Iran sends a protest letter to the UN Security Council and said US and Israel fully responsible for illegal attacks, while Iran demands serious response to attacks on infrastructure, according to ISNA.
- Lebanon PM said Israel’s targeting of journalists and obstruction of relief efforts constitute war crimes.
- US Senate votes 46-51 against limiting US President Trump’s Iran war powers, rejecting a fifth attempt to limit Trump’s Iran war powers, according to CBS.
- Five Palestinians were reportedly killed in an Israeli strike on Gaza.
- Iran seizes two ships in the Strait of Hormuz citing violations and dangerous navigation, according to SNN.
- The Trump administration is exploring ways to reset ties Eritrea along the Red Sea coast line amid US/Iran war, via WSJ.
- Lebanon is to request a one-month ceasefire extension in Washington talks, according to NNA.
- Iranian Foreign Minister Araghchi tells South Korea envoy that aggressors are responsible for all fallout from the war, according to Yonhap.
- British military divers are preparing to conduct mine-clearing operations in the case that they are needed in the Strait of Hormuz, according to POLITICO citing the UK MoD.
- US Central Command has commented on the Strait of Hormuz blockade, stating that 31 vessels have been directed to turn around from the blockade, adds no vessels are allowed to enter or exit Iranian ports.
- Saudi Arabia rejects Israeli project for Hormuz alternative, according to ISNA.
- The US military intercepts at least 3 Iranian oil tankers in Asian waters and are redirecting the tankers, according to shipping and security sources.
EQUITIES
- European bourses opened mostly lower, and price action has been fairly tentative since the cash open. In terms of individual indices, the AEX (-1%) underperforms, whilst the SMI (+1%) outperforms. The former lags, with ASML (-3%) weighing on the index; the Swiss index has been buoyed by post-earnings strength in both Nestle (+6.9%) and Roche (+2.2%). In a bit more detail, Nestle reported strong Q1 organic sales and maintained its outlook.
- European sectors hold a negative bias this morning. Telecoms takes pole position, led higher by Nokia (+10%) and Orange (+3.5%); the former reports 4% sales growth in Q1, benefiting from the recent AI boom. Food, Beverage & Tobacco takes second spot, helped by Nestle, whilst Energy completes the top three.
- US equity futures are broadly in the red, continuing the downbeat risk tone seen across Europe. In pre-market trade, Tesla (-2.6%, revenue miss & spending rise), Texas Instruments (+10%, upbeat guidance), IBM (-7.4%, u/c guidance offsets beat). Ahead, US jobless claims, PMI and a slew of earnings.
- Tesla (-2.6%): Despite an earnings beat and stronger auto margins, revenue missed expectations, and it said spending would be higher than previously guided.
- Texas Instruments (+10%): Q1 beat and better than expected guidance, driven by data-centre demand, a broad industrial recovery, rising optimism about further growth ahead.
- IBM (-7.4%): Q1 EPS 1.91 (exp. 1.81), Q1 revenue USD 15.92bln (exp. 15.65bln). Said Q1 was a strong start to the year with broad-based revenue growth across segments.
- Click for the sessions European pre-market equity newsflow
- Click for the additional news
FX
- G10 FX is showing a picture of higher oil prices, with USD and NOK outperforming.
- NZD is the worst performer today, but it remains positive for the week as markets continue to add to tightening bets: 90bps expected by year-end, 50/50 in May meeting, first fully priced in July. Aussie benefits from encouraging flash Manufacturing and Services PMI. AUD/NZD +0.2% after bouncing off support at Wednesday’s low of 1.2105. In recent trade, the Antipodean cross found resistance at 1.2150.
- This morning saw the release of EZ flash PMIs, which were broadly lower and saw a bout of pressure in EUR. The ECB will welcome the French print, which noted passthrough to prices charged for goods and services was contained. The German and EZ-wide figures put the council in a trickier place, where both noted price pressures not seen since the pandemic. Ultimately, the ECB will likely stand pat on rates until it can gauge second-round effects. As mentioned, EUR saw modest downside on the French figure, and there was no reaction to German and EZ print despite inflationary indications. EUR/USD unchanged and either side of the 1.17 mark.
- EUR/GBP is also unchanged despite continued UK political developments, where the PM’s cabinet loyalists are said to have turned on the PM, according to the Telegraph. For now, the pound is unreactive as the PM is broadly expected to remain in post-up to the May local elections. This morning saw a stronger-than-expected PMI release, and as the internals pointed to marked inflationary pressures, GBP saw upside, though it remains flat against the EUR. The cross continues to trade below the 0.87 handle, currently 0.8660, marking April lows.
FIXED INCOME
- Initial action was somewhat contained, as the morning was dominated by European earnings and the digestion of overnight/late-Wednesday geopolitical updates. On the latter, the main development was pushback against the three-to-five-day deadline from Trump to Iran.
- Following the European cash equity open, modest upside was seen on the French PMIs, where the metrics were mixed vs expectations, but more pertinently, the commentary noted that “the passthrough to prices charged for goods and services remains contained”, i.e. no significant second-round effects at this point. On the release, Bunds notched a 125.42 high and OATs to 119.30.
- Thereafter, the German metrics were lower across the board, aside from an in-line manufacturing print. A release that spurred Bunds to a 125.55 peak, though still lower by 16 ticks on the day. Concerningly, the German series pointed to “signs of widening inflationary pressures”.
- Overall, the EZ figures were lower on a services and composite level vs consensus, while the manufacturing print beat. Internally, the series showed the “biggest surge in cost pressures” since 2000 ex-COVID. Given this, Bunds fell from the aforementioned peak by around 10 ticks into the UK data, as yields picked up across the curve but particularly at the short end as the curve flattens.
- Onto the UK, where the PMI release appears to have sparked some across-the-board selling in fixed income, taking USTs back to 111-00, though above the 110-31 trough. Bunds down to 125.38, but above the 125.06 base. The UK series was firmer across the board, sending Gilts lower in a knee-jerk by 15 ticks and then further to a 87.02 low, lower by over 80 ticks on the day, on the internal commentary. Commentary that pointed to some renewed momentum in the economy, though caveated, and more pertinently to significant price rises.
- For the BoE, the data will add to calls for tightening. However, the majority of Threadneedle St. will likely, on balance, take the view that they can wait for more data before acting, particularly given the hits to business and employment confidence.
- UK DMO Remit, Revision: 2026/27 Gilt issuance of GBP 246.2bln (prelim. 252.1bln). Breakdown (GBP). T-bill: 5bln (prelim. 5bln). Short: (prelim. 97.3bln). Medium: (prelim. 57.8bln). Long: (prelim. 8bln). I/L: (prelim. 16.5bln).
- Australia sold AUD 150mln in 2035 indexed bonds, b/c 4.10, avg. yield 2.4756%.
COMMODITIES
- In geopolitics, US President Trump said Iran’s Foreign Minister Araghchi is expected to remain involved in ongoing talks with Iran, while dismissing reports of a proposed 3–5-day ceasefire as inaccurate, according to Fox News. The White House Press Secretary echoed this, noting that Trump has not set a firm deadline for an Iranian proposal and reiterating that the reported ceasefire timeline is incorrect, adding that any ceasefire timing would ultimately be determined by Trump.
- Meanwhile, Israeli media reports suggest a more urgent timeline. Sources indicated that Washington is aiming to reach concrete understandings with Iran by Sunday, rather than merely initiating negotiations. N12 reported that Trump’s deadline for Iran falls this coming Sunday. Additionally, according to Israel’s Hayom, sources familiar with the Trump administration’s plans claimed that “next stages have already been set,” and reportedly include the end of a ceasefire within days, followed by a significant military strike and several days of continued operations before concluding.
- Overnight, crude futures saw an early aggressive move higher, rising by 4% in under 10 minutes, though the upside was faded shortly afterwards, amid a lack of fresh drivers behind the move. This morning, WTI and Brent June futures remain underpinned, with the latter now north of USD 103/bbl (in a USD 101.58-106.15 range). WTI trades around USD 94/bbl in a USD 92.33-97.22/bbl range. Nat gas futures are firmer by around 4% around EUR 45/MWh.
- Spot gold and silver are softer as the rise in oil prices keeps the USD supported. Spot gold dipped under its 100 DMA (at USD 4,735.45/oz) again, and currently resides in a USD 4,692-4,754/oz range. Spot silver remains under its 100 DMA (around USD 78.86/oz; ranging between USD 75.57-78.38/oz). Both remain within Tuesday’s parameters.
- Base metals are softer across the board amid the USD strength, and inflation concerns arising from the elevated oil prices. 3M LME copper trades in a USD 13,208.20-13,486.00/t range at the time of writing.
- IEA’s Birol said expect nuclear power to get a “big boost” following Iran war, via CNBC TV.
- Slovakia said that as of 2AM CET, Druzhba flows have resumed, oil deliveries are currently proceeding in line with the agreed plan.
- Chinese Ministry of Agriculture said fertiliser supply is ample for spring farming, with domestic prices well below international levels.
- Chevron (CVX) announces the resumption of full production at wheatstone LNG following the outage in March.
TRADE/TARIFFS
- A number of EU member countries have resisted called from the French to overhaul a US trade deal, Politico reported citing people familiar with the matter.
- China’s He said MOFCOM advises Chinese firms to seek a refund of US tariffs; US tax refund measures are a positive step in correcting mistakes.
- US House Foreign Affairs Committee advanced 20 bipartisan bills to tighten US export controls on AI and semiconductor technology to China.
NOTABLE EUROPEAN HEADLINES
- Japan is reportedly pushing the EU to revise its homemade EV incentives.
- Cabinet loyalists have turned on UK PM Starmer in a growing backlash over his handling of the Mandelson scandal, with a senior Government source telling the Telegraph that the wheels have stopped turning in No. 10 and that there is a sense that it is over.
NOTABLE EUROPEAN DATA RECAP
- UK S&P Global Manufacturing PMI Flash (Apr) 53.6 vs. Exp. 49.5 (Prev. 51.0, Low. 48, High. 51.8).
- UK S&P Global Services PMI Flash (Apr) 52.0 vs. Exp. 49.9 (Prev. 50.5, Low. 49, High. 50.7).
- UK S&P Global Composite PMI Flash (Apr) 52.0 vs. Exp. 50.2 (Prev. 50.3, Low. 49, High. 50.2).
- UK Public Sector Net Borrowing Ex Banks (Mar) 12.6B vs. exp. 10.4bln (Prev. 14.3B, Low. -7.4B, High. 16B); the lowest March borrowing since 2022.
- EU S&P Global Manufacturing PMI Flash (Apr) 52.2 vs. Exp. 50.9 (Prev. 51.6, Low. 49.6, High. 51.6).
- EU S&P Global Composite PMI Flash (Apr) 48.6 (Prev. 50.7, Low. 49.5, High. 51); “If the Covid-19 pandemic is excluded, this is the biggest surge in cost pressures that we have recorded since 2000″.
- EU S&P Global Services PMI Flash (Apr) 47.4 vs. Exp. 49.9 (Prev. 50.2, Low. 49.2, High. 50.5).
- German S&P Global Composite PMI Flash (Apr) 48.3 (Prev. 51.9, Low. 50.2, High. 52); “Faced with rapidly increasing costs, firms raised average prices … at the quickest rate in over three years in April, in a sign of widening inflationary pressures”.
- German S&P Global Services PMI Flash (Apr) 46.9 vs. Exp. 50.4 (Prev. 50.9, Low. 49.5, High. 51.5).
- German S&P Global Manufacturing PMI Flash (Apr) 51.2 vs. Exp. 51.2 (Prev. 52.2, Low. 50.5, High. 52.2).
- French S&P Global Manufacturing PMI Flash (Apr) 52.8 vs. Exp. 49.5 (Prev. 50.0, Low. 48.8, High. 50).
- French S&P Global Services PMI Flash (Apr) 46.5 vs. Exp. 48.5 (Prev. 48.8, Low. 48, High. 49.5).
- French S&P Global Composite PMI Flash (Apr) 47.6 (Prev. 48.8, Low. 48, High. 49.5); “What’s most notable is that the passthrough to prices charged for goods and services remains contained”.
- French Business Confidence (Apr) 100 vs. Exp. 98 (Prev. 99, Low. 96, High. 99).
- French Business Climate Indicator (Apr) 94 (Prev. 97, Low. 96, High. 98).
CENTRAL BANKS
- ECB is likely to maintain key rates at the April 30th meeting with the deposit rate seen to be maintained at 2.0% for the 7th consecutive meeting, according to Nikkei.
- BoK and South Korea’s Finance Ministry are to strengthen harmonious policy coordination, with Finance Minister Koo and BoK’s new Governor Shin set to maintain close communication through regular market meetings.
NOTABLE US HEADLINES
- US Senate Majority Leader Thune said he does not have assurances from Speaker Johnson that the House will pass it as-is, Punchbowl reported. Thune expressed frustration with the House over the broader DHS funding bill too and wants the White House to get more engaged.
- US Senate has reportedly approved a USD 70bln funding blueprint for ICE and border patrol, according to reported.
- New Zealand’s Finance Minister said the Treasury projects inflation could reach 7.4% in 2025/26 under the worst-case scenario. Forecasts unemployment rate at 5.7% and real GDP of 0.8% if oil at USD 180/bbl. Seems highly unlikely that oil will hit USD 180/bbl. Economic recovery is delayed not derailed.
- US Treasury is launching the Investment Security Technology Initiate to convene leading experts and strengthen the safeguarding of critical investments and emerging technologies.
- US Pentagon said Navy Secretary Phelan is stepping down, effective immediately.
- US Senator Thune said a vote-a-rama could be tonight or tomorrow, according to a POLITICO reporter.
- White House Economic Advisor Hassett said inflation is very much declining at the core level and that falling inflation should help the Fed normalise rates, can imagine rate cuts alongside reducing balance sheet. President Trump wants Kevin Warsh at the Fed as soon as possible. Kevin Warsh will open up the books at the Fed to show what happened. Sure there will be talks on how to move Warsh forward.
CRYPTO
- Bitcoin is a little lower and trades around USD 78k; Ethereum dips lower and trades around USD 2.3k.
APAC TRADE
- APAC stocks were mostly negative despite the positive handover from Wall Street, with risk appetite souring amid higher oil prices and following the recent bout of mixed geopolitical headlines
- ASX 200 declined with the downside led by weakness in the consumer-related sectors and with nearly all industries subdued aside from energy, while the improvement in PMI data, which returned to expansionary territory, did little to spur a rebound.
- Nikkei 225 swung between gains and losses, in which the index retreated after hitting a fresh record high above the 60,000 level, with pressure seen amid fluctuations in oil.
- Hang Seng and Shanghai Comp were lower amid a slew of earnings updates and as the weakness seen in retailers and autos clouded over the gains in the energy majors.
NOTABLE ASIA-PAC HEADLINES
- Japan and Saudi leaders held a phone call, according to Japanese press.
NOTABLE APAC DATA RECAP
- Indian HSBC Services PMI Flash (Apr) 57.9 (Prev. 57.5).
- Indian HSBC Manufacturing PMI Flash (Apr) 55.9 (Prev. 53.9).
- Indian HSBC Composite PMI Flash (Apr) 58.30 (Prev. 57.0).
- New Zealand Credit Card Spending YoY (Mar) Y/Y 2.1% (Prev. -1.1%).
- Japanese S&P Global Services PMI Flash (Apr) 51.2 vs. Exp. 52 (Prev. 53.4).
- Japanese Stock Investment by Foreigners (Apr/18) 2380.9bln (prev. 3941.4bln).
- Japanese Foreign Bond Investment (Apr/18) -12.8bln (prev. 698.2bln).
- Australian S&P Global Manufacturing PMI Flash (Apr) 51.0 vs. Exp. 49 (Prev. 49.8).
- Australian S&P Global Services PMI Flash (Apr) 50.3 vs. Exp. 46 (Prev. 46.3).
- Australian S&P Global Composite PMI Flash (Apr) 50.1 vs. Exp. 46.3 (Prev. 46.6).
XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
THIS WILL HURT GERMANY TERRIBLY
GERMANY/RUSSIA
Russia To Stop Kazakh Oil Flows To Germany Via Druzhba Pipeline
Thursday, Apr 23, 2026 – 05:45 AM
After several weeks of the main oil artery into Europe being halted – perhaps as Ukraine awaited the outcome of the Hungary election and the greenlighting of Europe’s €90 billion loan to Kiev – Zelenskyy stated the Druzhba oil pipeline will be ready to ship Russian oil again. There is just one problem: Russia said it would halt halt Kazakh crude-oil shipments to Germany through the major Druzhba pipeline next month after reporting “technical issues.”
The move would deal a major blow to the PCK Schwedt refinery which supplies most of the fuel to Berlin, as well as jet fuel and heating oil for the city and the surrounding area. The cutoff will increase concerns over fuel availability just as war in the Middle East squeezes global energy supplies. It also adds to Germany’s fuel supply concerns as the Iran war disrupts flows from the Gulf.
While Kazakhstan has received no official communication from Moscow, it got an informal notification, Energy Minister Yerlan Akkenzhenov said Wednesday. Russian Deputy Prime Minister Alexander Novak confirmed the planned suspension, citing “current technical abilities,” according to Interfax.
Rosneft Deutschland confirmed it received information that flows will halt May 1, and said it’s assessing the potential impact on fuel supplies.
“At the same time, existing options will be utilised to ensure security of supply in Germany,” it said.
It also said that the lack of supplies from Kazakhstan – which cover about 17% of Schwedt’s needs – did not “ultimately jeopardise the security of supply of petroleum products in Germany.”
The Federal Network Agency, the country’s energy regulator, which acts as trustee of Rosneft Germany’s activities, said there might still be regional pricing effects, adding it was closely coordinating with the company.
Kazakhstan’s oil exports to Germany via Russia’s Druzhba pipeline totalled 2.146 million metric tons, or around 43,000 barrels per day, last year, an increase of 44% from 2024, and 730,000 tons in the first quarter of 2026. In the first quarter of this year, Kazakhstan almost doubled crude flows to Germany to 730,000 tons, equivalent to almost 60,000 barrels a day.
“For the month of May, our transit through the Atyrau-Samara link and further on via the Druzhba pipeline toward the Schwedt refinery is zero,” Akkenzhenov said, according to his press service. The Energy minister said Kazakhstan can ship oil via Russia’s Baltic port of Ust-Luga and the Caspian Pipeline Consortium terminal on Russia’s Black Sea coast, Interfax reported.
The Schwedt refinery, which is part-owned by Shell Plc and Eni SpA, already gets some crude via Poland’s Baltic port of Gdansk, and Polish pipeline operator PERN said Wednesday it’s ready to supply more if needed.
The halt of flows via Druzhba “does not ultimately jeopardize the security of supply for petroleum products in Germany, even if the PCK Schwedt refinery were to operate at reduced capacity,” Germany’s Economy Ministry said in a statement.
Supplies to Germany have been carried over a northern section of the pipeline, separate from the southern one that supplies Hungary and Slovakia and is about to resume operation after repairs following a Russian drone strike in January. Its southern branch, which serves Hungary and Slovakia, was shut earlier this year following damage from a Russian attack on a key pumping station. Druzhba is one of the longest oil pipeline networks ever built.
Ukrainian President Volodymyr Zelenskiy said this week that repairs have now been completed, allowing the resumption of Russian flows along that section and paving the way for a much-needed €90 billion European Union loan so Ukrainian oligarchs can continue purchasing $500 million apartments in Monte Carlo.
The giant Druzhba pipeline was built in Soviet times to connect Russia’s oil network with refineries in central Europe. Germany cut ties with Moscow following 2022’s full-scale invasion of Ukraine, but Hungary and Slovakia are still reliant on Russian barrels to feed their plants.
In 2023, PCK Raffinerie reached an agreement to receive Kazakh oil via the Druzhba link for the Schwedt facility, replacing the Russian volumes. The refinery is still majority-owned by a local unit of Russia’s Rosneft PJSC, which is under the temporary trusteeship of the German government.
END
TURKEY/EU
Outrage After Von Der Leyen Groups Turkey Into Malign Axis With Russia, China
Thursday, Apr 23, 2026 – 04:15 AM
Turkey’s government as well as some members of the European Parliament on Wednesday criticized recent remarks by European Commission President Ursula von der Leyen suggesting Europe should not fall under the influence of Russia, Turkey, or China – calling the comments misleading and divisive.
Von der Leyen on Monday had casually grouped NATO member Turkey with China and Russia as malign influences on the continent, which contradicts the fact that the EU has relied on Turkey to play a key diplomatic role in the Ukraine war, as well as to absorb war refugees from the Middle East.
She had in the remarks declared that the EU “must succeed in completing the European continent so that it is not influenced by Russia, Turkey or China.”
She then urged Europe to “think bigger and more geopolitically” when it comes to the continent getting away from cheap Russian energy and low-cast Chinese labor. She argued for greater European independence, also amid tensions with the Trump administration.
Lawmakers from the Left Group in the European Parliament, including Belgian members Rudi Kennes and Marc Botenga, took Turkey’s side and slammed the remarks as “both inaccurate and very strange,” emphasizing that Turkey is a NATO ally and maintains multifaceted relations with the European Union.
“Turkey is still officially a candidate country for EU membership,” the officials noted. “These kinds of statements serve to split the world into ‘us’ and ‘others,’ as if there were some kind of purity test, and as if there were an intention to control the rest of the continent,” Botenga said.
Botenga further warned that framing international relations as “friends versus enemies” poses significant risks for global stability. One source also underscored why Brussels was quick to try and do damage control in an EU presser:
This rapid clarification underscores Brussels’ awareness of the sensitivity. Turkey remains a vital partner on multiple fronts: migration management, Black Sea security, energy transit, and regional stability. Yet the episode reveals an underlying unease in EU circles about Turkey’s independent foreign policy, especially at a time when some voices within Ankara are openly exploring alternatives to traditional Western alignments.
There was indeed some fast backtracking on the word choice and rhetoric…
Still, the elephant in the room is that Turkey is very much an geopolitical Eurasian outlier – on the hand possessing the second largest army in NATO, and on the other often doing things contrary to NATO and EU interests, such as cozying up to Moscow on certain key issues.
END
HUNGARY/ISRAEL
Newly Elected Hungarian PM Vows To Arrest Netanyahu If He Enters Country
Thursday, Apr 23, 2026 – 02:00 AM
Hungary’s incoming Prime Minister, Peter Magyar, stated on April earlier this week that his government will arrest Israeli Prime Minister and ‘wanted war criminal’ Benjamin Netanyahu if he visits, as Budapest reconsiders the previous government’s plan to withdraw from the International Criminal Court (ICC).
“I made myself clear to the Israeli prime minister too, we are not re-entering … because my colleagues examined the matter, and we can still stop withdrawal until June 2,” Magyar said.
The prime minister-elect said his government intends to reverse Hungary’s exit from the ICC before it takes effect, after legal advisors determined the withdrawal process remains incomplete and can still be stopped once his administration takes office.
“The firm intention of the Tisza government is to halt this process and ensure that Hungary remains a member of the ICC,” he stated, adding, “If someone is a member of the ICC and a person who is wanted enters our country, then they must be taken into custody.”
The ICC issued arrest warrants for Netanyahu and his former defense minister, Yoav Gallant, in November 2024 over his role in leading Israel’s genocide against the Palestinian people in Gaza, with the warrant requiring member states to detain individuals sought by the court if they enter their territory.
Magyar’s remarks come despite having invited Netanyahu days earlier to attend a national commemoration later this year, raising questions over the apparent contradiction between the invitation and Hungary’s stated legal obligations.
“I don’t need to spell it out over the phone,” Magyar added, referring to a call last week in which he invited Netanyahu to attend an October ceremony commemorating the 70th anniversary of the Hungarian Uprising. He went on to say, “I assume that every head of state and government is familiar with these laws.”
Magyar’s position stands in direct contrast to that of his predecessor, former prime minister Viktor Orban, who refused to arrest Netanyahu during a 2025 visit and initiated Hungary’s withdrawal from the ICC while guaranteeing him immunity.
Earlier this year, Washington moved to shield Israeli officials from accountability, targeting those pursuing legal action over Gaza instead.
Washington imposed “terrorist-grade sanctions” on ICC judges and UN rapporteur Francesca Albanese, freezing assets and obstructing war crimes probes after she warned major US tech firms – including Alphabet, Amazon, Lockheed Martin, and Microsoft – that their support for Israeli military operations could amount to “gross violations of human rights” in Gaza.
UN officials warned that the sanctions are illegal and risk undermining the broader human rights system, as Washington moves to penalize those pursuing accountability while continuing to arm Israel.
END
5 ISRAEL IRAN/USA
U.S. Intercepts Iranian Tankers As Tehran Keeps Hormuz Chokepoint Shut
Thursday, Apr 23, 2026 – 08:05 AM
The Hormuz chokepoint standoff between Tehran and the US military has become the center of the nearly two-month conflict. This standoff marks the next phase following an extended ceasefire with Iran after a second round of peace talks was canceled in Pakistan earlier this week.
On Wednesday, White House Press Secretary Karoline Leavitt said President Donald Trump is allowing Iran more time to respond to US demands, but expects Tehran to present a “unified proposal.”
“So, again, the president’s offering them a little bit of flexibility because we want to see a unified proposal to the president’s very strong proposal. And he’s made his red lines very clear,” Leavitt said.
Iran has stated that it will not resume negotiations with US officials while a US naval blockade on its ports remains in place, and the US military said it intercepted two Iranian oil supertankers that tried to evade the blockade.
This comes after Iranian forces seized two ships on Wednesday.
In response to Trump’s ceasefire extension, Iran’s state TV cited the foreign ministry as saying it is monitoring developments and that the armed forces are ready for any threat.
With Hormuz effectively shut this week, roughly a fifth of global oil and LNG flows remain highly disrupted as the energy shock ripples from the Middle East to Asia, Africa, Europe, and finally the West Coast of the US.
A new Department of War assessment cited by The Washington Post said it would take US forces six months to clear the maritime chokepoint of mines deployed by Iranian naval forces.
Other overnight news includes Pentagon spokesperson Sean Parnell announcing that Secretary John C. Phelan will be stepping down.
“On behalf of the Secretary of War and Deputy Secretary of War, we are grateful to Secretary Phelan for his service to the Department and the United States Navy,” Parnell said in a statement. “We wish him well in his future endeavors.”
Latest overnight headlines (courtesy of Bloomberg):
Ceasefire Extension
- US President Donald Trump extended a ceasefire with Iran indefinitely on Tuesday evening with no deadline for its expiry
- Iran has said it will not resume negotiations while a US naval blockade on its port remains in place
- Vice President JD Vance had been prepared to fly to Islamabad for peace talks, but Tehran says it has no plans to take part in negotiations imminently
Hormuz
- Traffic through the Strait of Hormuz ground to a halt on Thursday after Iran fired on commercial ships and seized at least two vessels
- Iran’s Islamic Revolutionary Guard Corps seized the MSC Francesca and another ship identified as ‘Epaminondes’ on Wednesday
- Iran has collected its first revenue from tolls imposed on the Strait of Hormuz, according to an Iranian lawmaker
Blockade
- The US military intercepted two Iranian oil supertankers Hedy and Hero II that tried to evade its blockade earlier this week
- At least two fully laden Iranian tankers sailed past a US blockade this week, ferrying roughly 9 million barrels of oil to market
- Iranian gunboats fired on commercial ships in the Strait of Hormuz on Wednesday while two of its own oil supertankers tested the US blockade
Market Impacts
- Energy prices are rising again due to the impasse and worsening tension over the Strait of Hormuz
- Emirates is operating at 65% of capacity with about 13% of airports in its network still cut off
- Honeywell’s outlook assumes the conflict will last through the second quarter and decrease revenue by about $100 million to $150 million
- Sweden may need to restrict energy use if supplies from the Middle East remain disrupted, with the government examining potential limits on fuel use
Chart of the Day (via UBS)
Commentary on energy markets from UBS analyst Catherine Gordon:
The UBS oil & gas team continues to argue the scale of disruption is underpriced in both oil and equities: the UBS base case had de-escalation in early April and gradual resumption of flows over 2Q26, keeping Brent at $100/bbl in 2Q26 and in the low to mid-$80s in 2H26, but this path requires actual improvements in flows very soon, rather than only a ceasefire.
Absent progress toward normalizing energy flows via the Strait of Hormuz within the next week or two, UBS warns the market risks a significant spike in oil and LNG prices, with longer disruption into May breaching recent highs of ~$120/bbl for front month and ~$150/bbl for Dated Brent.
Energy‑dedicated investors continue to focus on barrels versus rhetoric: each day of stalemate implies a forfeiture of roughly 12–15mb/d of production. The market is now moving into an energy “air pocket,” which should drive a convergence between dated and forward oil prices, or between divergent price expectations in the physical and paper energy markets.
From a trading perspective, broader equities have remained resilient on “de‑escalation” headlines, but the setup still feels very fragile, with technicals having done much of the work (CTAs slowing), positioning has caught up, and index‑level valuations are pricing in relatively little disruption.
Brent crude futures are trading at $103 a barrel.
*This is the running blog of the US-Iran conflict for Thursday.
END
ISRAEL/IRAN/USA UPDATES THURSDAY AFTERNOON
Trump Orders Navy ‘Shoot & Kill’ Iranian Boats, Says ‘Doesn’t Need A Deal’ – While Iran Insists Could Build Nuke ‘If We Wanted To’
by Tyler Durden
Thursday, Apr 23, 2026 – 12:30 PM
Summary
- Iranian sources to Chinese state media says ‘breakthrough’ toward restarting US talks again could come ‘tonight or tomorrow’.
- Trump orders US Navy ‘shoot & kill’ small Iranian boats amid concern over mines in Hormuz. Says US now “doesn’t need a deal”.
- Overnight, US military intercepted two more Iranian oil supertankers that tried to evade the blockade And in Indian Ocean US conducted a maritime interdiction and right-of-visit boarding of the sanctioned stateless vessel M/T Majestic X transporting oil from Iran.
- Media sources confirm based on prior Trump post that US has extended the ceasefire indefinitely until ‘unified proposal’ can be brought forward by Tehran.
- Iran announces first Hormuz tolls paid to the country’s central bank. Also asserts US blockade breached & could build atomic bomb “if we wanted to”.
https://embed.polymarket.com/market?market=us-x-iran-permanent-peace-deal-by-june-30-2026&height=300US x Iran permanent peace deal by June 30, 2026?
Yes 56% · No 44%
View full market & trade on Polymarket
* * *
Iran Asserts US Blockade Breached; Could Build Nuke “If We Wanted To”
US CENTCOM on Thursday announced its forces have redirected 33 Iran-linked vessels in the Hormuz Strait since the start of the blockade; however, Iranian state media is citing the below public source tanker data (in a Telegram post) to proclaim that four Iranian oil tankers successfully crossed the US blockade and enter Iranian waters.
According to the latest statements out of top Iran officials, Tehran is demonstrating “strength” in the strait, and also the foreign ministry has insisted that while the country is still not seeking nuclear weapons, it possesses the capability to create a bomb if needed. Via Al Jazeera: “We are not seeking to manufacture a nuclear bomb from our stockpile of highly enriched uranium, and if we wanted to, we could.”
Meanwhile Iran’s foreign ministry has commented on the freeze on Pakistan talks, saying it has not decided to participate as of yet, but emphasized too that it is “not an option” to transfer out of the country its highly enriched uranium.
Iran Confirms First Hormuz Toll Payments to Central Bank
On Thursday Iran publicly announced for the first time that initial toll payments have been successfully transferred to the state-operated Central Bank of Iran (CBI):
The Iranian authorities have received revenue from tolls for ships crossing the Strait of Hormuz for the first time, Parliament Deputy Speaker Hamid Reza Hajibabai said.
“The first revenue received from tolls in the Strait of Hormuz has been transferred to the Central Bank’s account,” the Fars news agency quoted him as saying.
A specific monetary amount was not given – but it can go up to $2 million per tanker, officials have indicated. This week has seen reports that several Iranian tankers, with transponders off, have made it past the US Navy’s blockade – which the Pentagon has denied.
Latest From Trump: ‘Doesn’t Need a Deal’
Talks have stalled, and don’t appear to be any closer – despite some optimistic Thursday early headlines – as the two sides are as far away as ever on the nuclear issue. This is perhaps why Trump has agreed the US ‘doesn’t need a deal’ to get what it wants from Iran. The president shared a Washington Post article wherein the author argues that Iran is running out of [oil] storage, money, and time.
The below fresh Truth Social commentary also generally reflects recent reporting and the outlook of WaPo’s Marc Thiessen, of Iraq War infamy as a former longtime speechwriter for Donald Rumsfeld and President George W. Bush:
It should be noted that this is some of Marc Thiessen’s prior content and ‘reporting’. He’s the most hawkish of all the hawkish pundits, lately also appearing on Mark Levin. And…
Trump Orders Navy to Shoot & Kill
Despite a ceasefire still technically being on, President Trump has just ordered the US Navy to “shoot and kill” any small Iranian boat which poses a threat to the Strait of Hormuz, especially ones “putting mines in the waters” of the strait. This risks rapid escalation already amid tit-for-tat tanker seizures, and it means a shooting war could soon open up in the contested vital waterway.
Oil, and markets reacted immediately on the escalatory order from Washington:
Status of Stalled Pakistan Negotiations: ‘Breakthrough’ Soon?
US hours began with a somewhat optimistic headline, picked up by Reuters, which was strangely enough first issued by Chinese media. Iranian sources said preparations for Iran-US negotiations could produce a breakthrough “tonight or tomorrow,” according to Chinese state broadcaster CCTV. However, this supposed ‘breakthrough’ speaks to merely getting to the table, which last weekend the sides failed to do in what was the planned, but canceled, second round.
Meanwhile a reported Pakistani proposal calls for reopening the Strait of Hormuz in exchange for a partial lifting of sanctions on Iran.
Pakistani officials blamed the US blockade, not internal divisions in Iran, for the stalled talks, while President Trump apparently having extended the ceasefire indefinitely, citing what he described as “fractured” leadership in Tehran.
Trump has extended the ceasefire indefinitely. From a Tuesday Truth Social Post: “Based on the fact that the Government of Iran is seriously fractured, not unexpectedly so and, upon the request of Field Marshal Asim Munir, and Prime Minister Shehbaz Sharif, of Pakistan, we have been asked to hold our Attack on the Country of Iran until such time as their leaders and representatives can come up with a unified proposal.”
Another US Boarding… in Indian Ocean
US forces conducted “a maritime interdiction and right-of-visit boarding of the sanctioned stateless vessel M/T Majestic X transporting oil from Iran in the Indian Ocean” overnight, the US Department of Defense said on X.
The statement said the vessel was operating within the area of responsibility of United States Indo-Pacific Command. “We will continue global maritime enforcement to disrupt illicit networks and interdict vessels providing material support to Iran, wherever they operate,” it said. “International waters cannot be used as a shield by sanctioned actors. The Department of War will continue to deny illicit actors and their vessels freedom of maneuver in the maritime domain.”
The interdiction video put out by US Central Command:
Latest Hormuz Intercepts
The Hormuz chokepoint standoff between Tehran and the US military has become the center of the nearly two-month conflict. This standoff marks the next phase following an extended ceasefire with Iran after a second round of peace talks was canceled in Pakistan earlier this week.
On Wednesday, White House Press Secretary Karoline Leavitt said President Donald Trump is allowing Iran more time to respond to US demands, but expects Tehran to present a “unified proposal.”
“So, again, the president’s offering them a little bit of flexibility because we want to see a unified proposal to the president’s very strong proposal. And he’s made his red lines very clear,” Leavitt said.
Iran has stated that it will not resume negotiations with US officials while a US naval blockade on its ports remains in place, and the US military said it intercepted two Iranian oil supertankers that tried to evade the blockade.
This comes after Iranian forces seized two ships on Wednesday.
In response to Trump’s ceasefire extension, Iran’s state TV cited the foreign ministry as saying it is monitoring developments and that the armed forces are ready for any threat.
With Hormuz effectively shut this week, roughly a fifth of global oil and LNG flows remain highly disrupted as the energy shock ripples from the Middle East to Asia, Africa, Europe, and finally the West Coast of the US.
A new Department of War assessment cited by The Washington Post said it would take US forces six months to clear the maritime chokepoint of mines deployed by Iranian naval forces.
Other overnight news includes Pentagon spokesperson Sean Parnell announcing that Secretary John C. Phelan will be stepping down. “On behalf of the Secretary of War and Deputy Secretary of War, we are grateful to Secretary Phelan for his service to the Department and the United States Navy,” Parnell said in a statement. “We wish him well in his future endeavors.”
Latest overnight headlines (courtesy of Bloomberg):
Ceasefire Extension
- US President Donald Trump extended a ceasefire with Iran indefinitely on Tuesday evening with no deadline for its expiry
- Iran has said it will not resume negotiations while a US naval blockade on its port remains in place
- Vice President JD Vance had been prepared to fly to Islamabad for peace talks, but Tehran says it has no plans to take part in negotiations imminently
Hormuz
- Traffic through the Strait of Hormuz ground to a halt on Thursday after Iran fired on commercial ships and seized at least two vessels
- Iran’s Islamic Revolutionary Guard Corps seized the MSC Francesca and another ship identified as ‘Epaminondes’ on Wednesday
- Iran has collected its first revenue from tolls imposed on the Strait of Hormuz, according to an Iranian lawmaker
Blockade
- The US military intercepted two Iranian oil supertankers Hedy and Hero II that tried to evade its blockade earlier this week
- At least two fully laden Iranian tankers sailed past a US blockade this week, ferrying roughly 9 million barrels of oil to market
- Iranian gunboats fired on commercial ships in the Strait of Hormuz on Wednesday while two of its own oil supertankers tested the US blockade
Market Impacts
- Energy prices are rising again due to the impasse and worsening tension over the Strait of Hormuz
- Emirates is operating at 65% of capacity with about 13% of airports in its network still cut off
- Honeywell’s outlook assumes the conflict will last through the second quarter and decrease revenue by about $100 million to $150 million
- Sweden may need to restrict energy use if supplies from the Middle East remain disrupted, with the government examining potential limits on fuel use
Chart of the Day (via UBS)
Commentary on energy markets from UBS analyst Catherine Gordon:
The UBS oil & gas team continues to argue the scale of disruption is underpriced in both oil and equities: the UBS base case had de-escalation in early April and gradual resumption of flows over 2Q26, keeping Brent at $100/bbl in 2Q26 and in the low to mid-$80s in 2H26, but this path requires actual improvements in flows very soon, rather than only a ceasefire.
Absent progress toward normalizing energy flows via the Strait of Hormuz within the next week or two, UBS warns the market risks a significant spike in oil and LNG prices, with longer disruption into May breaching recent highs of ~$120/bbl for front month and ~$150/bbl for Dated Brent.
Energy‑dedicated investors continue to focus on barrels versus rhetoric: each day of stalemate implies a forfeiture of roughly 12–15mb/d of production. The market is now moving into an energy “air pocket,” which should drive a convergence between dated and forward oil prices, or between divergent price expectations in the physical and paper energy markets.
From a trading perspective, broader equities have remained resilient on “de‑escalation” headlines, but the setup still feels very fragile, with technicals having done much of the work (CTAs slowing), positioning has caught up, and index‑level valuations are pricing in relatively little disruption.
Brent crude futures are trading at $103 a barrel.
*This is the running blog of the US-Iran conflict for Thursday.
END
ISRAEL USA/IRAN UPDATES/THURSDAY AFTERNOON
Iran Sources Bat Down ‘False’ Israeli Reports That Ghalibaf Has Resigned, As Freeze On US Negotiations Endures
Thursday, Apr 23, 2026 – 02:12 PM
Summary
- Israeli media says Iran Parliament Speaker resigns from negotiating team under IRGC pressure, oil spikes. Iran rejects report as completely false.
- Trump orders US Navy ‘shoot & kill’ small Iranian boats amid concern over mines in Hormuz. Says US now “doesn’t need a deal”.
- Overnight, US military intercepted two more Iranian oil supertankers that tried to evade the blockade And in Indian Ocean US conducted a maritime interdiction and right-of-visit boarding of the sanctioned stateless vessel M/T Majestic X transporting oil from Iran.
- Media sources confirm based on prior Trump post that US has extended the ceasefire indefinitely until ‘unified proposal’ can be brought forward by Tehran.
- Iran announces first Hormuz tolls paid to the country’s central bank. Also asserts US blockade breached & could build atomic bomb “if we wanted to”.
https://embed.polymarket.com/market?market=us-x-iran-permanent-peace-deal-by-june-30-2026&height=300US x Iran permanent peace deal by June 30, 2026?
Yes 56% · No 44%
View full market & trade on Polymarket
* * *
Iran Says Just a Drill, & Denies Reports That Ghalibaf Quit
The earlier reports of ‘air defenses active over Tehran’ was the result of a drill, Iran says. And more importantly, Tehran is rejecting Israeli media reports of a big shake-up centered on Iran’s Parliament Speaker.
‘Air Defenses Active’ Over Tehran Reports: Oil Spikes to 2-Week High
Nour News says cause still unclear, and this could be another drill, or false alarm, or a mere lone drone. Israel is denying it has launched an attack. But oil immediately reacted:
Parliament Speaker Resigns after IRGC Intervention
Israel’s N12 News has issued a breaking headline claiming that Speaker of the Iranian Parliament Ghalibaf, who has appeared to run the day to day over the civilian government, has resigned from the country’s negotiating team following the intervention of the IRGC. There have been rumors and unverified murmurings that he was even arrested.
Of course, given this comes via Israel – which is a party to the conflict – it should be taken with a grain of salt until verified; however Newsquawk notes it was enough to hit stocks and cause a spike in crude…
Meanwhile, Iranian social media accounts of Iran’s two highest civilian officials have sought to push back against the current White House/MSM consensus that Washington is dealing with a fractured, divided Iranian nation when it comes to negotiations:
Iran Asserts US Blockade Breached; Could Build Nuke “If We Wanted To”
US CENTCOM on Thursday announced its forces have redirected 33 Iran-linked vessels in the Hormuz Strait since the start of the blockade; however, Iranian state media is citing the below public source tanker data (in a Telegram post) to proclaim that four Iranian oil tankers successfully crossed the US blockade and enter Iranian waters.
According to the latest statements out of top Iran officials, Tehran is demonstrating “strength” in the strait, and also the foreign ministry has insisted that while the country is still not seeking nuclear weapons, it possesses the capability to create a bomb if needed. Via Al Jazeera: “We are not seeking to manufacture a nuclear bomb from our stockpile of highly enriched uranium, and if we wanted to, we could.”
Meanwhile Iran’s foreign ministry has commented on the freeze on Pakistan talks, saying it has not decided to participate as of yet, but emphasized too that it is “not an option” to transfer out of the country its highly enriched uranium.
After The Bombing, Tehran Confronts Widespread Ruin
Wednesday, Apr 22, 2026 – 08:05 PM
After more than a month of conflict, a fragile ceasefire has allowed people in Tehran to begin assessing the scale of destruction, according to a new Bloomberg report.
The city, home to around nine million people, now bears widespread signs of damage, from shattered buildings to entire blocks reduced to rubble.
Although the truce has been extended for now, talks between the US and Iran have stalled, with major disagreements still unresolved around nuclear activity, regional control, and military influence.
The Bloomberg piece notes that the toll has been severe. At least 3,300 people have been killed across Iran, including civilians, and the physical damage is extensive. Because of restrictions on imagery and reporting, the full picture is still unclear, but satellite-based analysis suggests more than 7,600 buildings nationwide have been damaged or destroyed.
In Tehran alone, roughly 2,800 structures were hit. These include not just military or industrial sites, but also homes, businesses, and public facilities, reflecting how tightly intertwined different parts of the city are.
Experts note that even when strikes are intended to be precise, the reality in a dense urban environment is far messier. In Tehran, residential neighborhoods, commercial areas, and government facilities are often located side by side, making it difficult to isolate targets. As a result, the impact of attacks spreads beyond their intended focus, affecting civilian life in ways that are hard to contain.
The war has also deepened Iran’s existing economic and social pressures. Even before the conflict, the country was dealing with high inflation, environmental strain, and ongoing sanctions. Now, reconstruction costs are estimated at roughly $270 billion—close to the size of Iran’s entire economy—and inflation could climb above 70%.
Many businesses have shut down or are operating at reduced capacity, housing damage is widespread, and unemployment is expected to rise, increasing the risk of broader poverty.
Outside the capital, strikes have hit key industrial and energy hubs, disrupting supply chains and production. Damage to major steel plants and petrochemical facilities is already affecting other industries, from manufacturing to food packaging. These knock-on effects are likely to compound the economic strain in the months ahead.
Even if the ceasefire holds, rebuilding will take years, and the path forward remains uncertain as the country grapples with both physical destruction and deep structural challenges.
The uncertainty around what comes next is weighing heavily on residents and policymakers alike. While Iranian officials have floated ideas such as seeking reparations or leveraging control of key trade routes like the Strait of Hormuz to help fund reconstruction, any meaningful recovery will depend on political stability and the easing of international tensions.
Without that, access to capital, materials, and foreign investment will remain constrained, complicating efforts to rebuild critical infrastructure and restore economic activity.
There is also a broader question about how reconstruction will unfold. In past conflicts, rebuilding has sometimes helped drive recovery, but it can also deepen existing imbalances depending on how resources are allocated. As one expert put it, “damage does not only affect the structures that are hit, it also ripples out,” underscoring how the effects extend beyond physical destruction into the social and economic fabric of the city.
In Tehran, where housing, commerce, and public services are tightly interconnected, the challenge will be not just repairing what was lost, but restoring stability in a system already under strain.
END
ISRAEL/IRAN/USA//LATE THURSDAY AFTERNOON
Trump Says Not Anxious, ‘All The Time In The World’ To End War, As Freeze On US Negotiations Endures
Thursday, Apr 23, 2026 – 02:30 PM
Summary
- Israeli media says Iran Parliament Speaker resigns from negotiating team under IRGC pressure, oil spikes. Iran rejects report as completely false.
- Trump orders US Navy ‘shoot & kill’ small Iranian boats amid concern over mines in Hormuz. Says US now “doesn’t need a deal”. Says he has “all the time in the world, Iran does not” – to end the war.
- Overnight, US military intercepted two more Iranian oil supertankers that tried to evade the blockade And in Indian Ocean US conducted a maritime interdiction and right-of-visit boarding of the sanctioned stateless vessel M/T Majestic X transporting oil from Iran.
- Media sources confirm based on prior Trump post that US has extended the ceasefire indefinitely until ‘unified proposal’ can be brought forward by Tehran.
- Iran announces first Hormuz tolls paid to the country’s central bank. Also asserts US blockade breached & could build atomic bomb “if we wanted to”.
https://embed.polymarket.com/market?market=us-x-iran-permanent-peace-deal-by-june-30-2026&height=300US x Iran permanent peace deal by June 30, 2026?
Yes 56% · No 44%
View full market & trade on Polymarket
* * *
Trump: All the Time in the World
President Trump pushes back on claims he is anxious to end the war; says he has all the time in the world, Iran does not. However, consumer prices and at the pump could steadily rise and next fall’s Congressional midterms might beg to differ. Here’s some of what Trump said:
• Iran’s Navy is lying at the bottom of the Sea, their Air Force is demolished, their Anti Aircraft and Radar Weaponry is gone, their leaders are no longer with us, the Blockade is airtight and strong and, from there, it only gets worse — Time is not on their side!
• A Deal will only be made when it’s appropriate and good for the United States of America, our Allies and, in fact, the rest of the World.
Iran Says Just a Drill, & Denies Reports That Ghalibaf Quit
The earlier reports of ‘air defenses active over Tehran’ was the result of a drill, Iran says. And more importantly, Tehran is rejecting Israeli media reports of a big shake-up centered on Iran’s Parliament Speaker.
HEZBOLLAH/ISRAEL
Trump’s Op. Economic Fury pressure campaign on Iran expands beyond Hormuz blockade – report
Operation Economic Fury began with the blockade of Iranian ports in the Strait of Hormuz before expanding to ships providing support to the Iranian regime in international waters.
Chairman of the Joint Chiefs of Staff General Dan Caine speaks next to a map showing a blockade line on the Strait of Hormuz, during a briefing on the Iran war at the Pentagon in Washington, DC, US, April 16, 2026.(photo credit: REUTERS/Nathan Howard)ByGOLDIE KATZAPRIL 23, 2026 11:04Updated: APRIL 23, 2026 11:08
The United States has initiated a new phase of its war with Iran, intercepting and seizing ships attempting to break its blockade of Iranian ships or providing material support for the regime in a pressure campaign labeled Operation Economic Fury, as detailed in a Wall Street Journal report on Wednesday.
Operation Economic Fury began with a full blockade of Iranian ports, with the US utilizing naval forces and aircraft to enforce the measure. It was announced by Defense Secretary Pete Hegseth last week at a Pentagon press conference with Chairman of the Joint Chiefs of Staff Gen. Dan Caine.
Ships attempting to evade the blockade are contacted by US forces, and if the crew does not comply with directions, the ship is disabled and boarded, the report explained.
The US conducted such an operation on Sunday, boarding the Iranian-flagged tanker Touska. According to the WSJ, the Touska was carrying approximately two million barrels of Iranian oil from Kharg Island when it attempted to break through the blockade.
The operation shortly expanded beyond the Strait of Hormuz to ships providing support to the Iranian regime, with the US conducting a similar “maritime interdiction and boarding” of a stateless vessel tied to Iranian smuggling activity in the Indo-Pacific area.
The Pentagon announced on Tuesday that the M/T Tifani was intercepted by US INDOPACOM, which is responsible for the Indian and Pacific oceans and surrounding areas.
Economic Fury may resemble US operations against Venezuela
The WSJ stated that this expansion has the potential to resemble previous US operations targeting Venezuela-tied dark fleet vessels, during which ships in the Atlantic Ocean, Indian Ocean, and Caribbean were similarly seized.
Here’s Why Trump’s Hormuz Blockade Should Stoke ‘Strait Chaos’ For China
Sunday, Apr 19, 2026 – 01:25 PM
The currently closed Strait of Hormuz, situated between Oman and Iran, connects the Persian Gulf to the Gulf of Oman and the Arabian Sea, and has emerged as a major flashpoint in the US-Iran war. The Bab el-Mandeb Strait, off Yemen’s coast, has also remained a focal point among critical maritime chokepoints, given ongoing threats from Iran-linked Houthi rebels.
While both critical chokepoints have been in sharp focus in the news cycle and among US officials, institutional research desks, intelligence analysts, observers, the OSINT community on X, and even everyday viewers watching Fox News or CNN, there is also another set of regional and transregional straits that warrant additional monitoring given their importance to global energy flows and commercial shipping.
Shifting from the Hormuz chokepoint, the latest data from Bloomberg, citing AIS ship-tracking data, shows that tankers bound for China transiting from the Gulf area through the Strait of Malacca is yet another maritime chokepoint, especially for energy and trade flows into Asia.
The Strait of Malacca, at its narrowest point, is only 1.7 miles wide, creating a natural bottleneck. Most of the tankers transiting the tiny but very critical strait are hauling crude and LNG bound not just for China, but also for Japan, South Korea, and other countries in the region. This strait is a key link between Hormuz and China’s coastal refineries.
The list of narrow maritime chokepoints through which energy products flow on tankers should be very concerning to Beijing, given the US blockade of Hormuz and its potential to serve as a pressure campaign against China ahead of the Trump-Xi meeting.
Strait of Hormuz
This is the most important upstream chokepoint for China’s Gulf oil imports. A large share of Chinese crude from Saudi Arabia, Iraq, the UAE, Kuwait, and Qatar must exit through Hormuz first.
Strait of Malacca
This is China’s main downstream maritime bottleneck. Even after oil clears Hormuz, much of it still has to pass through Malacca on the way to East Asia. This is the classic “Malacca dilemma.”
Singapore Strait
Operationally linked to Malacca. Disruption here would compound any pressure on vessels transiting between the Indian Ocean and the South China Sea.
Lombok and Makassar Straits
These are major alternative routes if Malacca becomes constrained. Pressure here would matter because Chinese shipping would likely try to reroute through Indonesia.
Sunda Strait
Less ideal than Lombok, but still a secondary bypass route. It matters mainly in a broader interdiction or diversion scenario.
Bab el-Mandeb
This would affect Chinese crude and product flows tied to the Red Sea/Suez route, including some cargoes from North Africa or Atlantic Basin-linked trade. It is less central than Hormuz or Malacca for Gulf oil, but still important.
Our assessment here is that China’s crude import routes are highly vulnerable at Hormuz and Malacca, and the US can certainly throw a wrench in that system and disrupt those flows, as Hormuz has proven.
Zoltan Pozsar of advisory firm Ex Uno Plures explained it best: the Trump administration is “methodically building a portfolio of assets” to pressure China, centered on strategic energy supply nodes and maritime chokepoints that have historically supported Beijing’s cheap crude imports.
The obvious question is what happens if China doesn’t play ball with the US ahead of Trump’s upcoming Xi meeting. Beijing can clearly see the emerging pattern in which the Trump administration is willing to use US naval power, maritime chokepoints, and even the threat of blockade to generate leverage. That’s why the other straits noted above should serve as a warning to the Chinese leadership.
END
Hundreds of Hezbollah terrorists killed in 24 hours before Israel-Lebanon ceasefire, IDF reveals
Among the terrorists killed was Ali Reza Abbas, commander of the Hezbollah unit operating in the southern Lebanese town of Bint Jbeil.
Israeli military vehicles are seen along the Israeli border with Lebanon amid the ongoing war, April 8, 2026.(photo credit: AYAL MARGOLIN/FLASH90)ByARIELLA ROITMAN, JERUSALEM POST STAFFAPRIL 23, 2026 00:42Updated: APRIL 23, 2026 08:21
The IDF killed hundreds of Hezbollah terrorists and attacked infrastructure used by the terror group in the 24 hours before the ceasefire between Israel and Lebanon took effect, a statement on Sunday from the military revealed.
During the IDF’s strikes, more than 150 Hezbollah terrorists were killed, and about 300 infrastructure targets were attacked, including launchers, command centers, and weapons storage facilities across Lebanon.
Among those killed was Ali Reza Abbas, commander of the Hezbollah unit operating in Bint Jbeil, a town in southern Lebanon that has served as a prominent Hezbollah post and in which the IDF’s Division 98 has been in active battle recently.
Additional commanders in the terror organization were also eliminated, said the IDF.
Abbas, in addition to commanding fighting against the IDF in the area, was also involved in terror plots against military forces over the years, particularly during Operation Roaring Lion, according to the statement. He also worked to strengthen Bint Jbeil.
END
HEALTH
RFK Jr. Tells Senate Glyphosate Causes Cancer
Thursday, Apr 23, 2026 – 12:40 PM
Authored by Troy Myers via The Epoch Times,
Health and Human Services Secretary Robert F. Kennedy Jr. told senators on April 21 that glyphosate, a key ingredient in herbicides like Roundup, causes cancer and that human consumption of the chemical should be minimized.
His comments came amid growing political and legal controversy over the chemical, which is widely used in agriculture. During a Senate Budget Committee hearing, Sen. Brian Schatz (D-Hawaii) asked Kennedy whether the chemical caused cancer.
Without hesitation, Kennedy replied, “Yes.” Schatz also asked if the chemical was safe for human use.
“I mean, safe, or does it kill weeds? It kills weeds,” Kennedy said. “I would say it’s important to minimize consumption of glyphosate as much as possible.”
Schatz told Kennedy he was being “uncharacteristically diplomatic about glyphosate,” which Kennedy, a standard-bearer for the Make America Healthy Again movement, denied.
Kennedy helped secure a $289 million award from Monsanto in 2018 while representing a client who alleged Roundup caused him to develop non-Hodgkin’s lymphoma. Now, Kennedy is the leading health official for an administration that is defending Monsanto in a Supreme Court case set for oral argument just days after the health secretary’s testimony.
That case, known as Monsanto v. Durnell, similarly involves a man alleging that Monsanto’s Roundup caused him to develop non-Hodgkins lymphoma. The Justice Department didn’t argue as much on glyphosate’s alleged health hazards as it did that the lower-court verdict against Monsanto was legally flawed.
President Donald Trump addressed the issue in February, signing an executive order that said glyphosate-based herbicides were critical to the nation’s economy and national security.
“Any major restrictions in access to glyphosate-based herbicides would result in economic losses for growers and make it untenable for them to meet growing food and feed demands,” his order reads.
“Ensuring an adequate supply of elemental phosphorus and glyphosate-based herbicides is thus crucial to the national security and defense, including food-supply security, which is essential to protecting the health and safety of Americans.”
Schatz told Kennedy he had many friends in Hawaii who supported the health secretary, but they were shocked when Kennedy put out a February statement in support of Trump’s executive order on glyphosate, which would also give immunity to manufacturers if Congress were to pass it into law.
“Pesticides and herbicides are toxic by design,” Kennedy wrote in a post on X. “Unfortunately, our agricultural system depends heavily on these chemicals.”
The executive order, and Kennedy’s reaction, led to pushback among Make America Healthy Again, or MAHA, supporters, who denounced Trump’s characterization of glyphosate as critical to national security.
“I was very clear with the president about my own displeasure with the executive order,” Kennedy told Schatz. “The president felt it was necessary for national security reasons.”
The health secretary said the idea for the executive order came from the Pentagon, and the administration regards the issue as one that Trump inherited—not created.
The overwhelming majority of American agriculture relies on glyphosate-based herbicides, and “100 percent of that is coming from China,” Kennedy said.
“You have an adversary that could literally shut down the American food supply overnight,” he testified. “[Trump’s] executive order does not increase the use of glyphosate. All it says is, as long as we’re dependent on it, we’re going to make it here.”
In Kennedy’s X post, he stated that cross-agency steps are being taken to shift away from harmful agricultural practices. The health secretary reaffirmed this goal to lawmakers at the April 21 hearing.
Monsanto has denied Roundup causes cancer and has argued no cancer warning is necessary because the Environmental Protection Agency has historically considered Roundup and glyphosate safe to use.
OIL
Oil Conundrum: Record Inventory Draws And Stable Crude Prices
Thursday, Apr 23, 2026 – 12:05 AM
Something strange is taking place in oil. Crude prices have been remarkably stable over the last week, with Brent mostly trading in the high 90s on mixed prospects for the resolution of the over 7-week conflict in the Persian Gulf, despite signs to the contrary: the second round of talks between the US and Iran has been postponed indefinitely following Iran’s decision not to participate; President Trump extended a ceasefire “until such time as their proposal is submitted, and discussions are concluded, one way or the other” and the US maintains its blockade of ships departing from or heading to Iranian ports.
So while the market is rejoicing and trading at daily record highs that all is well, the oil picture remains just as bad as it was when the war started almost two months ago.
According to Goldman, the combination of 1) a lower risk premium, 2) destocking in anticipation of expected Hormuz reopening, and 3) a moderation in spot buying, helps explain why futures crude prices, physical crude prices, and refined products prices have all moderated since the ceasefire despite still low Hormuz flows and extreme draws in global visible stocks.
And yet, global visible oil inventories are likely to reach record-low levels even in an optimistic scenario where Hormuz flows start to recover by the end of April.
Global visible oil inventories have been drawing at an average pace of 6.3mb/d in April so far, while Goldman’s estimates of total global oil draws (including “invisible” refined products storage in non-OECD) show 10.9mb/d draws in April so far, the steepest monthly draws on record since 2017. This puts total estimated oil draws since the start of the war at 474mb.
As estimated oil flows through the Strait of Hormuz remain at 10% of normal or 2.0mb/d (4-day moving average) and as any recovery in flows will likely be gradual even following a complete reopening (given logistical constraints such as reversing shut ins, tanker voyage times and pipeline speed limits), declines in global oil inventories are likely to continue through May or beyond.
Extreme inventory draws also imply that rapidly tightening physical markets will continue to require much higher prices for immediate oil delivery rather than prices for delivery in a few months if market participants assume a high probability of a short-lived disruption. This backwardation is the key explanation of the perceived disconnect between nearby physical oil prices (i.e. prices for immediate delivery) and nearby futures oil pries (i.e. prices for June delivery).
The price of swapping Brent futures from “paper” to physical barrel delivery for the same delivery window (Exchange Futures for Physical, or EFP) never went above $2/bbl over the last two months. However, the premium for dated Brent for an immediate delivery vs.nearby futures (Dated to Frontline, or DFL) moderated recently from nearly $40/bbl to a still very high $10 as the lag between the delivery periods for both contracts narrowed.
The shift from restocking and panic buying in March to destocking in April likely explains the moderation of prices in physical markets, according to Goldman, with some Asia refineries – especially in China – reportedly re-offering previously purchased crude.
But destocking isn’t sustainable since stocks – as we explained in “How Long Before The World Hits Crude Oil Operational Minimum” – have a natural lower bound, after which the main rebalancing mechanism in the absence of a supply recovery is demand reduction.
And herein lies the problem: the global oil-on-water buffer is approaching its depletion as non-sanctioned oil on water is close to its all-time lows, imports of Russian oil dipped below their 2025 average, and the US waiver on imports of Iranian oil on water expired without an extension.
Meanwhile, US oil exports surged to a record high 12.7mb/d, as outbound shipments suggest even higher exports in May. But some key Texas pipelines are already running at or above their operational capacity, suggesting that further increases in US exports are limited.
END
USA
WRAP UP
US stocks traded choppy amid a flurry of geopolitical updates – Newsquawk Daily Asia-Pac Opening News
Thursday, Apr 23, 2026 – 05:25 PM
- US stocks ended lower in a choppy session. Early optimism over potential progress in US-Iran talks reversed late in the session on fresh geopolitical headlines. Sectors were mixed, with technology lagging and utilities outperforming. Technology was hit by software stocks after weak earnings from IBM and ServiceNow weighed on the sector, but losses were capped by gains in semiconductors after strong earnings from Mobileye. Meanwhile, Tesla fell after missing revenue expectations and raising capex, while Meta announced 10% layoffs and Microsoft flagged voluntary retirements.
- DXY was firmer on Thursday, largely on risk-off flows triggered by punchy geopolitical headlines, although most were at least partly refuted. That pulled moves off their extremes, but still weighed on risk sentiment, which was already under pressure.
- Looking ahead, highlights include Japanese Inflation (Mar), UK GfK Consumer Confidence (Apr), Supply from Australia.
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IRAN CONFLICT
- US President Trump said ‘don’t rush me’, regarding Iran war length, adding that the US will take out Iran’s ‘wiseguy ships’ if we see them and noted maybe Iran loaded during hiatus, and will knock them out, but we have been speaking and they want to make a deal. He goes on further to say that the US have no pressure and could make a deal with Iran, but want to make the best one. He said the Strait will open when Iran makes a deal, and if no deal, will finish it up militarily.
- US President Trump posted that “Iran’s Navy is lying at the bottom of the Sea, their Air Force is demolished, their Anti-Aircraft and Radar Weaponry is gone, their leaders are no longer with us, the Blockade is airtight and strong and, from there, it only gets worse — Time is not on their side! A Deal will only be made when it’s appropriate and good for the United States of America, our Allies and, in fact, the rest of the World.”
- US President Trump posted “I have ordered the United States Navy to shoot and kill any boat, small boats though they may be, that is putting mines in the waters of the Strait of Hormuz”. Furthermore, the President posted that Iran is having a hard time determining who their leader is and “We have total control over the Strait of Hormuz. No ship can enter or leave” without US approval until Iran makes a deal.
- US military are developing plans to target Iran’s Hormuz defences if the ceasefire fails, CNN reported.
- US military seized another Iran-linked oil tanker, AP reported.
- Iranian Media Journalist Khalili says resignation of Ghalibaf from the chairmanship of the negotiating delegation is not true. These reiterated reports by journalist Ghaderi stating that Israel Channel 12 news that Ghalibaf has resigned from negotiating team is completely false.
- Speaker of the Iranian Parliament Ghalibaf resigns from the negotiating team following the intervention of the IRGC, N12 news reported.
- Fars News reported that recent sound of defense systems in Tehran and several other cities in Iran was in response to the presence of micro-aircraft and small drones, including the “Orbitor” type, in several parts of the country. This pushes back from earlier reports by Al Araby stating that activating air defences in Tehran was a test.
- Israel said it did not launch any attack in Iran, Al Araby reported citing Ynet.
- Iranian foreign ministry spokesman said they have not yet decided to participate in a new round of negotiations with Washington and transferring highly enriched uranium is not an option, and reducing concentration is an option on the table, Al Jazeera reported.
- Iran does not consider the nuclear issue as part of the negotiations, Tasnim reported. Negotiations with US are only for the end of the war and Iran does not consider the nuclear issue as part of the negotiations. The situation is getting worse for US.
- There is no change in the ceasefire status with Iran, Al Jazeera reported citing US defense official.
- Pakistani sources told Al Arabiya that negotiations between the US and Iran are continuing despite the current stalemate. The decision to participate inside Iran has not yet been finalized.
- Pakistan officials blame US blockade, not Iran divisions, for stalled talks; Pakistani proposal to open Strait of Hormuz in exchange for partial lifting of sanctions on Iran, according to reports.
- Pakistani Interior Minister said “We expect to make progress with Iran regarding the negotiations”, Al Hadath reported.
- An Iranian diplomatic source stated on the 23rd that preparations for talks between Iran and the United States in Pakistan may see a breakthrough “tonight or tomorrow.”, according to CCTV.
- An Iranian diplomat told Novosti that a decision on the negotiations could be reached tonight or tomorrow, via Al Hadath.
- An Iranian bulk carrier carrying rice was escorted by IRGC naval vessels and safely crossed the Sea of Oman and reached Iran, despite the US Navy’s attempts to seize it, according to Fars News.
- Iran’s IRGC navy laid more mines in the Strait of Hormuz this week, according to a US official and a source cited by Axios.
- Iranian Foreign Minister Araghchi says the battlefield and diplomacy are fully coordinated fronts in the same war; Iranians are all united, more than ever before.
- Iran’s Supreme Leader Khamenei opposed extending negotiations under current conditions, according to an Iranian parliament national security member.
- There are Israeli and American officials who believe that Mojtaba Khamenei is not functioning as the Supreme Leader of Iran, does not give orders, and does not control Iran, two sources familiar with the details told i24NEWS.
- Divisions within Iran’s leadership prevented a negotiating team from traveling to Islamabad for talks with the US, Iran International reported citing sources.
- Israel on high alert in anticipation of a possible renewed war this weekend, according to Al Arabiya citing Channel 13.
- Israel Defense Minister Katz said Israel is prepared to renew the war against Iran, and the IDF is prepared for defense and attack and the targets are marked.
- “Somalia closes Bab al-Mandab Strait to Israeli shipping”, IRNA reported; “The move comes as a direct response to Israel’s recognition of the breakaway region of Somaliland, Yemen Press Agency reported on Wednesday”.
- UKMTO said it received a report of an incident 83 nautical miles southeast of Eyl, Somalia.
- Israel and Lebanon talks in the US are slated for Thursday at 16:00EDT/21:00BST.
- US President Trump will attend a meeting between the ambassadors of Lebanon and Israel at the White House, Al Arabiya reported citing sources.
- Hezbollah leader Mahmoud Qamati told Al-Araby TV the Lebanese authorities are going to the negotiations without any leverage.
- Hezbollah said it has launched rockets at Israel’s Shtula region in response to Israel violating ceasefire and targeting towns in southern Lebanon.
- Continued violations of the ceasefire in Lebanon by Israel, reports of Israeli warplane attacks in Rashaf, Southern Lebanon, via Tasnim
US TRADE
- US stocks ended lower in a choppy session. Early optimism over potential progress in US-Iran talks reversed late in the session on fresh geopolitical headlines. Sectors were mixed, with technology lagging and utilities outperforming. Technology was hit by software stocks after weak earnings from IBM and ServiceNow weighed on the sector, but losses were capped by gains in semiconductors after strong earnings from Mobileye. Meanwhile, Tesla fell after missing revenue expectations and raising capex, while Meta announced 10% layoffs and Microsoft flagged voluntary retirements.
- SPX -0.41% at 7,108, NDX -0.57% at 26,783, DJI -0.36% at 49,310, RUT -0.37% at 2,775.
- Click here for a detailed summary.
TARIFFS/TRADE
- US President Trump said car companies are coming from Canada, Mexico and Japan, all the chip companies are coming back to the US and that the US is leading China in AI. He goes on to further say that the US will have close to 50% of the chip market pretty soon.
- US Commerce Secretary Lutnick said the US negotiated a great deal with Taiwan on chips and expects USD 1tln in chip fabs.
- China’s Vice Premier He said MOFCOM advises Chinese firms to seek a refund of US tariffs and that US tax refund measures are a positive step in correcting mistakes.
- EU warns that US trade deal risks unravelling with proposed changes, according to Bloomberg citing sources.
- A number of EU member countries have resisted calls from the French to overhaul a US trade deal, Politico reported citing people familiar with the matter.
NOTABLE HEADLINES
- US President Trump said Kevin Warsh is terrific, while he repeats criticism on Fed Chair Powell and said Powell should have lowered rates.
- US White House has accused China of “industrial scale” theft of US AI tech labs’ intellectual property, FT reported citing a memo.
- Meta (META) to cut 10% of jobs in efficiency push, equivalent to 8,000 jobs, according to Bloomberg
DATA RECAP
- US S&P Global Composite PMI Flash (Apr) 52.0 (Prev. 50.3, Low. 50.2, High. 51.2); “The overall inflation picture is now the most worrying for almost four years.”
- US S&P Global Manufacturing PMI Flash (Apr) 54.0 vs. Exp. 52.5 (Prev. 52.3, Low. 50, High. 54).
- US S&P Global Services PMI Flash (Apr) 51.3 vs. Exp. 50.1 (Prev. 49.8, Low. 49.3, High. 53).
- US Initial Jobless Claims (Apr/18) 214k vs. Exp. 212k (Prev. 207k, Low. 205k, High. 220k).
- US Continuing Jobless Claims (Apr/11) 1821k vs. Exp. 1820k (Prev. 1818k, Low. 1800k, High. 1899k).
- Canadian PPI MoM (Mar) M/M 2.4% vs. Exp. 1.8% (Prev. 0.4%, Low. 0.4%, High. 2.0%).
FX
- DXY was firmer on Thursday, largely on risk-off flows triggered by punchy geopolitical headlines, although most were at least partly refuted. That pulled moves off their extremes, but still weighed on risk sentiment, which was already under pressure.
- EUR was weighed on by the broadly weaker EZ flash PMIs. Despite the weak data, commentary by S&P following the French prints, highlighted that the passthrough to prices charged for goods and services remains contained. On the other hand, the German and Euro-wide figures may leave the ECB in a trickier position, with both pointing to price pressures not seen since the pandemic.
- GBP was lifted following its stronger-than-expected flash PMI prints. However, as the session continued, the earlier gains were pared completely due to the firmer dollar.
- JPY saw some initial strength in the aftermath of comments by Finance Minister Katayama stating that Japan has a “free hand” in conducting intervention and that US and Japanese deputies are in close contact on FX. USD/JPY reached a trough of 159.30 before reversing due to the geopolitical updates.
- SNB Vice Chairman said SNB has a greater willingness to intervene in the FX market, Reuters reported.
FIXED INCOME
- T-notes continue to be driven by price action in energy prices, with ZNM26 briefly slipping back below the 111 handle. The selloff coincided with the reports that Israel is on high alert in anticipation of a possible renewed war this weekend, forming a trough at 110-26+ before bouncing higher as journalists reject the resignation of Iranian Parliament Speaker Ghalibaf.
- US sells USD 26bln of 5-year TIPS; tail 0.2bps
- UK DMO Remit, Revision: 2026/27 Gilt issuance of GBP 246.2bln (prelim. 252.1bln).
COMMODITIES
- Oil prices are firmer, with Brent June extending above USD 100/bbl while WTI June regains the USD 95/bbl handle. Geopolitics remain the main driver. Prices jumped on reports that Israel is on high alert for a possible renewed war this weekend, further exacerbated by (later denied) reports that Ghalibaf resigned from the negotiating team. Additional headlines include potential US-Iran talks breakthrough “tonight or tomorrow” (CCTV), and reports of sirens in Tehran, though the cause remains unclear.
- US President Trump set to extend US ship waiver to ease oil and gas deliveries, according to Bloomberg citing sources familiar with Trump’s plans on the Jones Act waiver.
- The EU Council confirmed that the introduction of a ban on Russian oil supply by European companies has been postponed, Tass reported. The Council is also introducing a quota on ammonia imports.
- Mexican President Sheinbaum said Mexico will sell 1mln bbls of crude oil to Japan.
- ESPO Blend spot premiums for June delivery ease in China amid weak refining margins, according to Reuters sources.
- US EIA Natural Gas Stocks Change (Apr/17) 103Bcf.
GEOPOLITICAL
RUSSIA-UKRAINE
- Ukrainian President Zelensky said he seeks the first EU loan tranche by early June.
ASIA-PAC
NOTABLE HEADLINES
- Japanese Finance Minister Katayama said Japan has a “free hand” in conducting interventions and that deputies in US and Japan are in close touch on forex. On the economy, she said Japan is not fearing risks of stagflation so much for the time being.
EU/UK
NOTABLE HEADLINES
- French President Macron said they are planning militarily and strategically with the UK to reopen the Strait of Hormuz
- German navy commander confirmed readiness to participate in a mine-clearing mission in the Strait of Hormuz.
DATA RECAP
- EU S&P Global Composite PMI Flash (Apr) 48.6 (Prev. 50.7, Low. 49.5, High. 51); “If the Covid-19 pandemic is excluded, this is the biggest surge in cost pressures that we have recorded since 2000″.
- EU S&P Global Manufacturing PMI Flash (Apr) 52.2 vs. Exp. 50.9 (Prev. 51.6, Low. 49.6, High. 51.6).
- EU S&P Global Services PMI Flash (Apr) 47.4 vs. Exp. 49.9 (Prev. 50.2, Low. 49.2, High. 50.5).
- German S&P Global Composite PMI Flash (Apr) 48.3 (Prev. 51.9, Low. 50.2, High. 52); “Faced with rapidly increasing costs, firms raised average prices … at the quickest rate in over three years in April, in a sign of widening inflationary pressures”.
- German S&P Global Services PMI Flash (Apr) 46.9 vs. Exp. 50.4 (Prev. 50.9, Low. 49.5, High. 51.5).
- German S&P Global Manufacturing PMI Flash (Apr) 51.2 vs. Exp. 51.2 (Prev. 52.2, Low. 50.5, High. 52.2).
- French S&P Global Composite PMI Flash (Apr) 47.6 (Prev. 48.8, Low. 48, High. 49.5); “What’s most notable is that the passthrough to prices charged for goods and services remains contained”.
- French S&P Global Manufacturing PMI Flash (Apr) 52.8 vs. Exp. 49.5 (Prev. 50.0, Low. 48.8, High. 50).
- French S&P Global Services PMI Flash (Apr) 46.5 vs. Exp. 48.5 (Prev. 48.8, Low. 48, High. 49.5).
- UK S&P Global Composite PMI Flash (Apr) 52.0 vs. Exp. 50.2 (Prev. 50.3, Low. 49, High. 50.2).
- UK S&P Global Services PMI Flash (Apr) 52.0 vs. Exp. 49.9 (Prev. 50.5, Low. 49, High. 50.7).
- UK S&P Global Manufacturing PMI Flash (Apr) 53.6 vs. Exp. 49.5 (Prev. 51.0, Low. 48, High. 51.8).
- UK PSNB Ex Banks (Mar) 12.6B vs. exp. 10.4bln (Prev. 14.3B, Low. -7.4B, High. 16B); the lowest March borrowing since 2022.
- UK Gfk Consumer Confidence (Apr) -25 vs. Exp. -25 (Prev. -21, Low. -30, High. -23).
- END
USA
ADP
“Mo Hire, No Fire” Economy Emerges As ADP Surges With Jobless Claims Flat
Thursday, Apr 23, 2026 – 08:34 AM
Following the surge in ADP’s weekly job additions index earlier in the week…
Today we see that the number of Americans filing for jobless benefits last week was just 214k – hovering back near record lows…
Continuing jobless claims inched back above 1.8 million Americans last week but remains near two year lows…
So are we morphing from “no hire, no fire” to a “mo more, no fire” economy?
USA ECONOMIC REPORTS
39 Going On 40 (Trillion)
Thursday, Apr 23, 2026 – 02:40 PM
Authored by Robert Aro via The Mises Institute,
A little over two weeks ago, on April 7th, the U.S. national debt crossed $39 trillion. Since then, another $150 billion has already been added to the ledger. While major news outlets missed the milestone, every trillion is worthy of mention.
House Budget Chairman Jodey Arrington (R-Texas) put the figure in perspective:
America is now $39,000,000,000,000 in debt—yes, $39 trillion. It took roughly 200 years to accumulate the first $1 trillion. Now we add that in a matter of months… Compounding the problem, we now spend more than $1 trillion a year just on interest to service our debt—more than the entire defense budget.
Almost three years ago, I wrote about the U.S. debt crossing the $32 trillion and $33 trillion marks. If there’s one economic projection to stand by, it’s this: within the next several months, the $40 trillion debt level will be breached.
Looking back at the last 200 years, or even the last three, it becomes clear that debt growth is not linear; the curve is moving up exponentially.
While the future is always uncertain, the trajectory is unmistakable.
One reason stands above the rest: the interest on the debt itself.
For context, net interest outlays were equivalent to 22.1% of total revenues through Q1 of FY 2026. Even if the national debt were frozen at $39 trillion today, the interest payments alone would be staggering. With the 10-year Treasury yield hovering between 4% and 4.5% at the time of writing, and annual interest surpassing $1 trillion, solvency should be a real concern.
Naturally, one might argue that with a Federal Reserve, solvency is not a concern. However, that’s the crux of the matter. America technically won’t become insolvent thanks to the Fed’s ability to create money (literally) out of thin air, and so, the final outcome is certain. Expanding debt and the accompanying expansion of the money supply are features of the system. History shows that monetary inflation, currency debasement, and the eventual crack-up boom are the recurring final outcomes.
Couple the interest problem with global conflict and the endless crisis response cycle of political outlays, and it’s fair to say that Congress has as much appetite for cutting spending as they do for ending the Federal Reserve
39 going on $40 trillion is an achievement only in the sense that many once thought we’d never see numbers this large. Over forty years ago, during the Reagan administration, the debt tripled from $1 trillion to $3 trillion, and life went on. Applying that same logic today and accounting for exponential growth, we are talking about $40 trillion becoming $120 trillion in our lifetime.
The idea of $50 trillion, $60 trillion, or even $80 trillion seems absurd, but history gives us no reason to assume a ceiling exists.
I still wouldn’t bet against America; the U.S. dollar persists largely because liberty and freedom still mean something in the USA, and the greenback remains the cleanest shirt in the dirty pile. But that doesn’t change the fact that life could be better for almost everyone. That is everyone except those who continue to steer society down a path Austrians have warned about for generations.
The debt clock keeps ticking. The numbers keep rising. And while life will go on, we must ask: what kind of life will it be? And for whom?
END
CLOSING NUMBERS:
DOW JONES DOWN 179.71 PTS OR 0.30%
NASDAQ 100 DOWN 154.65 PTS OR 0.57%
VOLATILITY INDEX: 19.42 PTS UP 0.50 PTS OR 2.64%
GLD 431.04 OR DOWN 4.22 OR 0.97%
SLV/INDEX 68.38 DOWN 1.99 OR 2.83%
TSE CLOSING DOWN 61.28 PTS OR .18%
USA OTHER ECONOMIC REPORTS
Yet Another Dead NASA Scientist: Nuclear Propulsion Expert Was Found Charred Inside Crashed Tesla
Thursday, Apr 23, 2026 – 02:00 PM
Authored by Steve Watson via Modernity.news,
The case of yet another top NASA nuclear engineer turning up dead in a fiery crash has hit the headlines, adding to the dark and mysterious pattern of experts tied to advanced propulsion and space secrets apparently being targeted.
Joshua LeBlanc, 29, a team lead on NASA’s most cutting-edge nuclear thermal propulsion projects, was found charred beyond recognition inside his burned Tesla after vanishing from his Huntsville, Alabama home. His family immediately feared abduction. He left his phone and wallet behind—an act they called completely uncharacteristic.
Tesla Sentry Mode data later showed the vehicle sat motionless at Huntsville International Airport for four hours the morning of July 22, 2025. The car was discovered that afternoon after colliding with a guardrail, slamming into trees, and erupting in flames. Authorities confirmed his identity days later through forensic examination.
LeBlanc had worked at NASA for over five years, first as team lead for the Space Nuclear Propulsion (SNP) Instrumentation and Control Maturation project, then leading NASA’s Demonstration Rocket for Agile Cislunar Operation (DRACO)—a nuclear thermal propulsion engine designed to slash travel times to Mars and beyond.
His family told local outlets the trip west was never part of his plans for the day, and he had been in regular contact right up until he vanished. “They feared he had been abducted,” reports confirmed.
This case fits squarely into the disturbing wave of deaths and disappearances among scientists working on nuclear, propulsion, and space technologies—now totaling at least thirteen cases since 2022. LeBlanc’s death comes as President Trump has repeatedly signaled his intent to rip open the government’s UFO files.
END
KING NEWS
| The King Report April 23, 2026 – Issue 7727 | Independent View of the News |
| White House: Trump Extended Iran Ceasefire For 3-5 Days – Fox NYP: Trump tells The Post news of fresh peace talks ‘possible’ as soon as Friday — as Iran scrambles to come up with ‘unified’ plan https://nypost.com/2026/04/22/us-news/trump-tells-the-post-second-round-of-talks-possible-as-soon-as-friday-as-iran-scrambles-to-come-up-with-unified-plan/ Iran has not yet decided to hold discussions on Friday – Tasnim Iran fires on 2 ships in Strait of Hormuz after Trump extends ceasefire https://www.foxnews.com/live-news/iran-us-war-blockade-hormuz-april-22?lid=lgf69gv5fx0i Everything rallied on Wednesday morning: stocks, bonds, commodities, including precious metals and even the dollar. This is an extremely rare occurrence. The DJTA hit a high of 24,825.70 (+92.56) at 9:36 ET; it plunged to 21,823.99 (-8.8%) at 15:57 ET. Avis crashed as much as 39.66%. ESMs opened moderately higher on Tuesday night and proceeded zigzag higher until they hit a daily high of 7166.25 (+66.25) at 10:20 ET. They then oscillated frantically in a down channel until ESMs hit 7146.50 at 12:30 ET. ESMs then went inert until this appeared: Trump: Very good news! I have just been informed that the eight women protestors who were going to be executed tonight in Iran will no longer be killed. Four will be released immediately, and four will be sentenced to one month in prison. I very much appreciate that Iran, and its leaders, respected my request, as President of the United States, and terminated the planned execution… (Traders perceived this as a sign Iran is ready to settle.) Trump has set a new deadline for Iran to present a unified proposal by Saturday, April 25 – N12 ESMs then spiked to 7162.75 at 13:10 ET. ESMs retreated modestly and traded in a 9-handle range until they broke higher after 15:17 ET. But the move only breached the range boundary by 5 handles, to 7164.00 at 15:26 ET. ESMs then traded in a 4-handle range until the late manipulation began at 15:48 ET. ESMs hit 7173.00 at 15:59 ET. Iran President Masoud Pezeshkian @drpezeshkian: The Islamic Republic of Iran has welcomed dialogue and agreement and continues to do so. Breach of commitments, blockade and threats are main obstacles to genuine negotiations. World sees your endless hypocritical rhetoric and contradiction between claims and actions. 13:47 PM April 22, 2026 White House Press Sec. Leavitt: 3 To 5 Day Ceasefire Timeline Is Not True 15:25 ET Trump Administration Nearing Rescue Deal for Spirit Airlines – WSJ 10:26 ET. US Could Own Up to 90% of Spirit in $500 Million Rescue Plan – BBG 12:55 ET Positive aspects of previous session The S&P 500 Index and Nasdaq hit all-time highs as Fangs soared on pattern buying for coming results. Semiconductor stocks rallied for the 16th straight session (Yet ‘they’ see no bubble) The DJIA rallied 340.65 points. Negative aspects of previous session The DTJA plunged after an opening rally on an Avis crash. USMs reversed from +14/32 at 8:28 ET to -7/32 at 16:03 ET Commodities rallied sharply, notably oil and gasoline. Ambiguous aspects of previous session Will Trump TACO on the deadline again? First Hour/Last Hour NYSE Action [S&P 500 Index]: 1st Hour: Up; Last Hour: Up Pivot Point for S&P 500 Index [above/below indicates daily trend to day traders]: 7126.48 Previous session (S&P 500 Index) High/Low: 7138.64; 7102.91 Trump: How can the Democrats not like how the U.S. Supreme Court votes. The Democrat Justices stick together like glue, NEVER failing to wander from the warped and perverse policies, ideas, and cases put before them. They ALWAYS vote as a group, or BLOCK, even that new, Low IQ person, that somehow found her way to the bench (Sleepy Joe!). The Republican Justices don’t stick together, they give the Democrats win after win, like a 159 Billion Dollar pile of cash on a completely ridiculous Tariff decision, and nasty, one sided questions on the country destroying subject of Birthright Citizenship, something which virtually NO OTHER COUNTRY IN THE WORLD IS STUPID ENOUGH TO ALLOW. It was meant for the babies of slaves, not for the babies of Chinese Billionaires. No, certain “Republican” Justices have just gone weak, stupid, and bad, completely violating what they “supposedly” stood for. Handing over 159 Billion Dollars in Tariff refunds to people who have been Ripping Off our Country for years, is unexplainable. One little sentence would have stopped this record setting payment from having to be made. It is a travesty! Their Tariff decision was an unnecessary and expensive slap in the face to the U.S.A., and a giant victory for its opponents. If they rule against our Country on Birthright Citizenship, which they probably will, it will be even worse, if that’s possible. It will cost America massive amounts of money but, more importantly, it will cost America its DIGNITY! No, the Radical Left Democrats don’t need to “Pack the Court,” it’s already Packed! Trump: A RIGGED ELECTION TOOK PLACE LAST NIGHT IN THE GREAT COMMONWEALTH OF VIRGINIA! All day long Republicans were winning, the Spirit was unbelievable, until the very end when, of course, there was a massive “Mail In Ballot Drop!” Where have I heard that before — And the Democrats eked out another Crooked Victory! Six to five goes to ten to one, and yet the Presidential Election in November was very close to a 50-50 split. In addition to everything else, the language on the Referendum was purposefully unintelligible and deceptive. As everyone knows, I am an extraordinarily brilliant person, and even I had no idea what the hell they were talking about in the Referendum, and neither do they! Let’s see if the Courts will fix this travesty of “Justice.” 60 Dead People (Out of 200) Included on IL Jury Panel: Reports (How many of the 60 voted?) An Illinois jury panel of 200 possible jurors for an April trial included 60 people confirmed to be dead, according to reports. The discovery in rural Whiteside County prompted attorney James Mertes to file a motion arguing the jury panel for the upcoming trial of his client, Michael Cover, did not fairly represent the community and should be discharged, Shaw Local reported… https://patch.com/illinois/across-il/60-dead-people-included-il-jury-panel-reports Tesla soared as much as 5% after the close on EPS of .41 (.34 exp) & sales of $22.387B ($22.713B exp). Tesla rescinded its rally and turned negative after it said 2026 Capex would be $25B, $20B expected. IBM reported 1.91 EPS (1.81 exp) and revenue of $15.92B ($15.67B exp) but sank 8.4% because the company maintained its 2026 financial guidance. This ignited fear of flat AI software sales. @WSJ: Pete Hegseth has fired John Phelan as Navy secretary after months of simmering tension Today – Traders remain over-the-moon bullish, especially on Fangs and related trading sardines. The pattern buying for Fangs should continue until Apple reports on April 30. Equities for the most part are now ignoring negative Iran news. ‘They’ believe an Iran-US deal is nigh. ESMs are -63.50; NGMs are -225.50; USMs are -19/32; and gas & oil are up smartly at 20:16 ET on reports that Iran fired on commercial ships in the Strait of Hormuz. Expected Earnings: CMCSA .72, DOW -.30, LMT 6.87, PHM 1.81, AXP 4.03, UNP 2.86, INTC 0.01 Expected Economic Data: Mar Chicago Fed National Activity Index -0.13; Initial Jobless Claims 210k, Continuing Claims 1.816m; Apr S&P Global US Mfg. PMI 52.5, Services 50.5, Composite 50.6; KC Fed Mfg. Activity 10 S&P Index 50-day MA: 6781; 100-day MA: 6836; 150-day MA: 6796; 200-day MA: 6697 DJIA 50-day MA: 47,920;100-day MA: 48,298; 150-day MA: 47,763; 200-day MA: 47,036 (Green is positive slope; Red is negative slope) S&P 500 Index (7137.89 close) – BBG trading model Trender and MACD for key time frames Monthly: Trender and MACD are positive – a close below 6035.78 triggers a sell signal Weekly: Trender and MACD are negative – a close above 7137.44 triggers a buy signal Daily: Trender and MACD are positive – a close below 6977.01 triggers a sell signal Hourly: Trender and MACD are positive – a close below 7097.64 triggers a sell signal @MrAndyNgo: The SPLC is accused by the DOJ of paying millions to neo-Nazis, KKK members & far-right extremists to organize, and then using that as evidence that people needed to donate to the SPLC to fight right-wing hate. If the FBI worked with the SPLC to stage false flags, what does this imply about January 6? @jimmyfailla: The Southern Poverty Law Center is DENYING allegations that they staged hate crimes and is referring all questions to their spokesperson, Jussie Smollet. NYP’s @karol: A reminder than in 2022 SPLC (and the ADL) worked with PayPal to decide which “extreme” groups to remove from PayPal’s service…all the while funding actually extreme groups. “Racism is not dead, but it is on life support – kept alive by politicians, race hustlers and people who get a sense of superiority by denouncing others as racists.” — Thomas Sowell @TheBabylonBee: Democrats Devastated to Learn America Less Racist Than They Thought https://buff.ly/puEaBEc Remember, ex-FBI Chief, the fob Chris Wray, proclaimed that white supremacists were the biggest threat to the USA. @JMichaelWaller: Time to explore the linkages between the FBI and SPLC. FBI relied on SPLC heavily for “intelligence” and “analysis” on domestic groups. Did FBI also use SPLC as agents-provocateurs to create or magnify threats to justify extreme measures (and more money)? Ex-federal prosecutor @shipwreckedcrew: Note that the FBI isn’t a 501(c)(3) that operates as a charity on a tax exempt basis. If a “charity” spends donor money for non-charitable purposes, it puts the tax-deductibility of those donations in question. How do SLPC donors feel about that? Do you think that information, if disclosed, might have influenced the decisions of donors. There are “Fraud” aspects here that go beyond the idea that “exposing racists is a worthwhile mission, however that happens.” Maybe. But it is not a “charitable” mission. Being a “charity” includes disclosure and reporting requirements. I think we’ve not yet heard the end of the Gov’t case. @MHowellTweets: I suspect that the next turn in this is that the public learns about what the DOJ/FBI did with relation to the SPLC, using them as a cats paw for their efforts to evade accountability and outsource things to generate activity within the bureaucracy. Pope Leo XIV: 53% View Catholic Leader Favorably (Far below previous popes) https://www.rasmussenreports.com/public_content/politics/trump_administration_second_term/pope_leo_xiv_53_view_catholic_leader_favorably In our most recent poll – conducted Feb. 3-9, 2025, shortly before Francis’ recent hospitalization – 78% of U.S. Catholics expressed a positive view of him… Pope Benedict XVI. Benedict’s favorability ratings ranged between 67% and 83% during his pontificate. Upward of 90% of U.S. Catholics expressed favorable views of Benedict’s predecessor, St. John Paul II, on the three occasions we asked about him between 1987 and 1996… https://www.pewresearch.org/short-reads/2025/02/25/pope-francis-and-public-opinion-key-findings-from-our-surveys/ | |
USA SWAMP STORIES
Judge Blocks Trump Admin’s Move To Halt Wind, Solar Approvals
Thursday, Apr 23, 2026 – 06:30 AM
Authored by Steve Watson via Modernity.news,
Landlords in London and the south-east of the UK are openly advertising flats and rooms exclusively for Muslim tenants – a practice that directly breaches the Equality Act 2010. The listings, spotted on Facebook, Gumtree and Telegram, use phrases such as “only for Muslims”, “for two Muslim boys or two Muslim girls” and “Muslims preferred”.
One company, Roshan Properties, posted dozens of listings stating “prefer Muslim boy”, “one double room is available for Muslims” and “suitable for Punjabi boy”. Other ads appeal specifically to Punjabi and Gujarati speakers or people from Kerala and Haryana, while some job vacancies on the same platforms are restricted to men only. Gumtree listings include requests for “Hindus only” tenants, and at least one post specified: “The house should be alcohol and smoke free.”
All of these advertisements appear to break the law. Landlords and letting agents are not allowed to specify a preference for a particular religion or race when letting a property. The Equality Act prohibits discrimination based on religion or belief, race and other protected characteristics. Landlords who breach it can be taken to civil court by a prospective tenant.
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The practice is widespread. Properties are being advertised across boroughs including Ilford, Newham, Barking, Dagenham, East Ham, Redbridge, Walthamstow, Upton Park, Harrow and Newbury Park on Facebook pages such as “Renting room in London for Muslims” and “Muslim rents”.
Facebook removed at least one offending page after being alerted by the Telegraph investigation. One listing even appeared on an official estate agency website with the “Muslims preferred” reference quietly removed.
There is a narrow partial exception only if the landlord is renting out a room in their own home and sharing facilities such as a kitchen or bathroom with the tenant. Otherwise, these ads are completely illegal.
Imagine if landlords were advertising “White English only” properties.
The outrage would be instantaneous. Headlines screaming “racism”, “far-right”, “hate” would dominate every broadcast. Equality bodies would swarm in. MPs would demand inquiries. Yet here we have explicit religious and ethnic preferences being posted openly, and the response is… crickets from the usual guardians of tolerance. This is two-tier Britain laid bare.
This development does not happen in a vacuum. It arrives at the exact moment the UK government is obsessed with stamping out “anti-Muslim hostility” while turning a blind eye to parallel societies forming in plain sight.
Just weeks ago we highlighted that ALL members of the government’s own “anti-Muslim hostility” advisory group have troubling links to Islamist organisations. The state is effectively letting the fox write the rules for the henhouse.
In March the government urged schools to snitch on children and staff for any perceived “anti-Muslim hostility” in an Orwellian crackdown that treats questioning Islam as thoughtcrime.
Meanwhile, an explosive study out of Germany found that almost one in two Muslims under 40 holds Islamist attitudes – a fact the authorities would rather ignore while they police “Islamophobia” with ever greater zeal.
The pattern is unmistakable. Mass immigration without assimilation has created no-go cultural enclaves where open religious discrimination is normalised, yet the state’s enforcement arm only swings one way: against native Britons who dare to notice or complain. Landlords feel emboldened enough to post “Muslim only” ads because they know the real risk is not prosecution – it’s being labelled “Islamophobic” for enforcing colour-blind rules.
This is not tolerance. It is the slow surrender of equal rights under the law. Britain’s elites have imported a parallel legal and cultural system and are now bending the native one to accommodate it. The Equality Act, once sold as protection for everyone, is revealed as a one-way street.
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I WILL DO A SMALL COMMENTARY TOMORROW
AND THEN BACK TO MY NORMAL STUFF ON MONDAY
SEE YOU TOMORROW
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