{"id":74436,"date":"2026-11-10T05:08:12","date_gmt":"2026-11-10T09:08:12","guid":{"rendered":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/energy-markets-retreat-as-brent-and-us-gasoline-hit-multi-month-lows-softbank-refutes-musks-default-claims\/74436\/"},"modified":"2026-11-10T05:08:12","modified_gmt":"2026-11-10T09:08:12","slug":"energy-markets-retreat-as-brent-and-us-gasoline-hit-multi-month-lows-softbank-refutes-musks-default-claims","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/energy-markets-retreat-as-brent-and-us-gasoline-hit-multi-month-lows-softbank-refutes-musks-default-claims\/74436\/","title":{"rendered":"Energy Markets Retreat as Brent and US Gasoline Hit Multi-Month Lows; SoftBank Refutes Musk\u2019s Default Claims"},"content":{"rendered":"<h2>Key Takeaways<\/h2>\n<ul>\n<li><strong>Brent <a href=\"https:\/\/stockmarketwatch.com\/energy\/crude-oil\" data-internallinksmanager029f6b8e52c=\"12\" title=\"Crude oil\">crude oil<\/a> fell below $90 per barrel<\/strong> for the first time since August, driven by easing Middle East tensions and a <strong>22% retreat<\/strong> from October highs.<\/li>\n<li><strong>US gasoline prices dropped below $4 per gallon<\/strong>, marking a seasonal and geopolitical shift that brings relief to consumers following the US midterm elections.<\/li>\n<li><strong>SoftBank Group (<a href=\"\/stock\/SFTBY\">SFTBY<\/a>) CFO Yoshimitsu Goto<\/strong> issued a firm denial regarding Elon Musk&#39;s claims of turbine order defaults, confirming no plans to scale back the <strong>$500 billion Ohio AI project<\/strong>.<\/li>\n<li><strong>Sweden\u2019s Riksbank<\/strong> released minutes from its November 3rd meeting, where it raised the policy rate to <strong>2%<\/strong> while signaling a &quot;cautious&quot; approach to further normalization.<\/li>\n<\/ul>\n<h2>Energy Benchmarks Hit Multi-Month Lows<\/h2>\n<p>Global energy markets saw a significant cooling on Tuesday as <strong>Brent crude futures<\/strong> dipped below the <strong>$90 per barrel<\/strong> threshold for the first time since August. The international benchmark has now retreated approximately <strong>22%<\/strong> from its recent peak of <strong>$118<\/strong> reached on October 30. This decline is largely attributed to a &quot;conciliatory tone&quot; from the US administration regarding Iran and a reduction in the immediate risk of supply disruptions in the <strong>Strait of Hormuz<\/strong>.<\/p>\n<p>Domestic fuel costs followed suit, with the <strong>US national average for gasoline<\/strong> falling to <strong>$3.96 per gallon<\/strong>. This marks the first time prices have been under $4 since July. Analysts from <strong>GasBuddy<\/strong> and <strong>AAA<\/strong> note that while seasonal demand drops and refinery ramp-ups are typical for November, the recent decline was accelerated by market optimism following the US midterm elections. Despite the drop, experts warn that this will likely remain the most expensive Thanksgiving on record for travelers.<\/p>\n<h2>SoftBank Refutes Musk\u2019s Allegations<\/h2>\n<p>SoftBank Group (<a href=\"\/stock\/SFTBY\">SFTBY<\/a>) Chief Financial Officer <strong>Yoshimitsu Goto<\/strong> addressed social media volatility today, explicitly denying claims made by Elon Musk on X (formerly Twitter). Musk had alleged that the Japanese conglomerate was &quot;defaulting on their turbine orders,&quot; a claim that briefly sent SoftBank&#39;s credit default swaps to a four-year high. Goto clarified that it is <strong>&quot;absolutely untrue&quot;<\/strong> that the company is in default and reiterated SoftBank&#39;s commitment to its massive infrastructure buildout.<\/p>\n<p>Furthermore, Goto confirmed there have been <strong>no discussions<\/strong> regarding reducing the size of the company&#39;s flagship <strong>Ohio AI data center project<\/strong>. The project, led by subsidiary <strong>SB Energy<\/strong>, is planned as a <strong>10-gigawatt<\/strong> campus requiring an estimated <strong>$33 billion<\/strong> in natural gas-fired power equipment. Major suppliers like GE Vernova (<a href=\"\/stock\/GEV\">GEV<\/a>) remain central to the project&#39;s backlog, which SoftBank insists is fully funded and proceeding as scheduled.<\/p>\n<h2>Riksbank Signals Cautious Normalization<\/h2>\n<p>In Europe, the <strong>Sveriges Riksbank<\/strong> released the minutes from its November 3rd monetary policy meeting, providing insight into its decision to raise the policy rate by <strong>25 basis points to 2%<\/strong>. Deputy Governor <strong>Per Jansson<\/strong> characterized the current path as a &quot;relatively cautious policy normalization.&quot; The board noted that while underlying inflation (excluding energy) stood at <strong>1.6%<\/strong>, persistent cost pressures necessitated a move toward a more neutral rate.<\/p>\n<p>The minutes revealed a consensus that the Swedish economy is gradually improving, though the board remains vigilant against &quot;setbacks&quot; that could reignite inflation. The Riksbank&#39;s updated interest rate path suggests the possibility of further hikes before the end of the year, depending on core inflation momentum and the stability of the Swedish krona.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Key Takeaways Brent crude oil fell below $90 per barrel for the first time since August, driven by easing Middle 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