Refining Constraints Put Energy at Center of Q3 Commodity Gains

Energy led broad commodity gains in the third quarter of 2026 as refining constraints and conflicts lifted refined-product prices, while two benchmarks ended September up roughly 32% year to date. Energy was the quarter’s main commodity driver, and the UBS Constant Maturity Commodity Index (CMCITR) and Bloomberg Commodity Index (BCOM) each ended September roughly 32% higher year to date. The figures cover gains since the start of 2026, not returns for Q3 alone. Brent front-month futures began the quarter at $72 a barrel on July 1, rose above $100 on July 23 and reached $109 on Sept. 15.

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