# Refining Constraints Put Energy at Center of Q3 Commodity Gains By Enna Lee Canonical URL: https://www.tokenpost.com/news/investing/32193 Published: 2026-10-15T02:34:09.000Z Updated: 2026-10-15T02:34:09.000Z Section: Investing > Brent futures climbed from $72 a barrel on July 1 to $109 on Sept. 15, while U.S. refinery utilization averaged 95%. 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. Prices averaged about $104 a barrel during the final two weeks of the quarter. U.S. refineries averaged 95% utilization in Q3. Compared with a year earlier, gasoline crack spreads rose to more than twice their previous level; distillate and jet-fuel spreads climbed to nearly three times theirs. Distillate inventories for the week ending Sept. 25 were 13% below their five-year average. Europe also saw [diesel prices climb amid tighter supplies and disrupted shipments](). ## Links in this article - [diesel prices climb amid tighter supplies and disrupted shipments](https://www.tokenpost.com/news/investing/31212)