South Korea August industrial production YoY -2.2% (expected +4.0%); prior reading revised from 3.6% to 4.0%.

API U.S. refined product inventories, week to Sept. 25: -286,000 barrels; est +16,000; prior -2,164,000.

Energy: 1. Texas declares a diesel price emergency. 2. JPMorgan Chase: Middle East crude oil flows have recovered to 98% of pre-war levels. 3. OPEC representative: OPEC+ may maintain its November production quotas. 4. Argentina's state-owned oil company, Petronas, is expected to reach 1 million barrels per day for the first time. 5. Spain and two other countries call on the EU to set renewable energy targets for 2040. 6. The US plans to release 40 million barrels from its strategic petroleum reserves to alleviate fuel price pressure. 7. Supply disruptions push up spot oil prices; Saudi Arabia may raise its November Asian crude oil prices. 8. Oklahoma Governor Stitt seeks a 120-day suspension of taxes on dyed diesel. 9. Sources: The White House urges the EU to use its emergency diesel reserves to lower global diesel prices. 10. According to CBS: Iraq begins importing gasoline through Syrian ports to bypass the closed Strait of Hormuz. 11. British media: Trump holds crisis consultations with advisors regarding the diesel export ban; the US government has informed foreign allies of potential supply disruptions. 12. Sources: The Trump administration plans to announce a $54 billion Alaskan liquefied natural gas project, funded by the US-South Korea Strategic Investment Agreement. 13. International Energy Agency Executive Director Birol: Releasing oil reserves again is not an immediate priority. Further releases of strategic reserves will be discussed with member state governments if necessary. 14. Spanish Energy Minister: Hopes the EU will consider measures to levy taxes on windfall profits from high energy prices. Hopes for a permanent tax on the oil and gas industry to raise climate funds. 15. EU Energy Commissioner Jorgensen: No plans to levy a windfall profits tax across the EU. Possible oil releases have been discussed with Birol; further consultations with member states and the International Energy Agency are needed on these issues. 16. Goldman Sachs: Estimates Persian Gulf oil exports have recovered to 2025 average levels. Saudi exports have risen above the 2025 average, leading the export recovery; meanwhile, Iran did not export any crude oil by sea in September. Agriculture/Mining: 1. The China Meteorological Administration monitors a super El Niño event expected around November. 2. China Iron and Steel Association: my country exported 10.155 million tons of steel in August, a year-on-year increase of 6.8%. 3. The Bank of Korea will resume physical gold purchases in December, the first time in 13 years. 4. According to the Belarusian National News Agency: Belarusian President Lukashenko may propose US participation in nitrogen fertilizer projects. 5. EU Trade Commissioner Šefčovič: Cooperating with the US and other allies to ensure supply chain security and prevent the weaponization of key minerals. Middle East Situation: 1. Oman plans to expand its oil storage capacity outside the Strait of Hormuz. 2. The British Navy stated that a ship was hit by projectiles in the Strait of Hormuz on September 28. 3. Iranian Parliament Speaker Ghalibaf: If Iran cannot sell oil, no country in the region should sell oil; if Iran does not have security guarantees, then the region's infrastructure will also be insecure.