Berkshire Hathaway to Buy Occidental's Petrochemical Unit for $9.7 Billion — Commodities Roundup

MARKET MOVEMENTS:

--Brent crude oil is down 0.4% at $65.09 a barrel

--European benchmark gas is flat at 31.35 euros a megawatt-hour

--Gold futures are flat at $3,898.50 a troy ounce

--LME three-month copper futures are up 1% at $10,465 a metric ton

TOP STORY:

Berkshire Hathaway to Buy Occidental's Petrochemical Unit for $9.7 Billion

Warren Buffett's Berkshire Hathaway said it will buy Occidental Petroleum's petrochemical business for $9.7 billion in cash.

The move confirms an earlier report from The Wall Street Journal about the deal, which is Berkshire's largest since 2022.

"This transaction strengthens our financial position and catalyzes a significant resource opportunity we've been building in our oil and gas business for the last decade," Occidental Chief Executive Vicki Hollub said Thursday.

OTHER STORIES:

France Detains Russian 'Shadow Fleet' Tanker Suspected in Drone Attack

PARIS-French authorities detained crew members of a tanker carrying Russian crude oil and are investigating whether it played a role in last week's drone incursions in Denmark.

French soldiers boarded the tanker, which is under Western sanctions, as it was en route to India from Russia's Baltic Sea port of Primorsk. The vessel was traveling south through the Bay of Biscay when it turned east and headed toward Saint-Nazaire, home to Europe's largest shipyard, according to the ship-tracking service Kpler. Authorities took the tanker's captain and second-in-command into custody.

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BP's New Chairman Calls for Urgency in Push to Simplify the Business

BP's new chairman backed the company's strategic direction but said the business must act with urgency, and signaled further asset sales as it attempts to shore up its balance sheet while boosting valuations for shareholders.

In a message to staff on Wednesday, Albert Manifold said the oil major needs to carefully look at its portfolio and suggested further assets would be sold to simplify what he described as an overly complex business.

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Taiwan Set to Start Third LNG Terminal by End of October

TAIPEI--Taiwan is expected to start operations on its third liquefied natural gas-receiving terminal by the end of October, part of the island's efforts to transition to more renewable energy.

A spokeswoman for Taiwan's state-owned CPC Corp. said Thursday that the company is still in the process of obtaining permits--including for workplace safety--for its Guantang LNG Terminal. Once secured, operations can officially begin, she added.

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Wallbridge Mining Sells Minerals Claims to Agnico Eagle for C$8M Plus Royalty

Wallbridge Mining sold mineral claims to Agnico Eagle Mines for 8 million Canadian dollars ($5.7 million) cash, offering immediate liquidity as it focuses on developing its flagship Fenelon gold project in Quebec's Abitibi region.

The mineral claims make up Detour East property, and were subject of an existing earn-in agreement between Wallbridge and Agnico Eagle.

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Thyssenkrupp Ends Talks With EP Group for Steel Europe, Clearing Path for Rival Suitor

Thyssenkrupp ended talks with EP Group on a possible 50-50 joint venture for Steel Europe, clearing the way for rival suitor Jindal Steel International.

The German industrial conglomerate on Thursday said that Czech industrial tycoon Daniel Kretinsky's EP Group has withdrawn from further talks. Thyssenkrupp added that it would acquire the 20% of Steel Europe sold to EP Group for the purchase price it paid.

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Tesla Shares Gain on Higher 3Q Deliveries

Shares of Tesla advanced after global vehicle deliveries in the third quarter rose 7.4% from a year ago, marking a reversal from steep declines that have mired the electric-vehicle maker this year.

The stock ticked 2.8% higher, to $471.93, ahead of Thursday's opening bell. Through Wednesday's close, shares are up 21% so far this year.

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Petronas Gas to Streamline Businesses via Internal Reorganization

KUALA LUMPUR--Petronas Gas will restructure its operations to focus on its core businesses, and be more flexible in how it manages capital.

The unit of state-owned energy firm Petronas said it will transfer its gas transportation, gas processing and utilities businesses into wholly-owned subsidiaries.

MARKET TALKS:

Occidental CEO Says Sale of Petrochemical Unit Will Unlock Stock -- Market Talk

0927 ET - Occidental Petroleum is selling its petrochemical business to Berkshire Hathaway for $9.7 billion, a move CEO Vicki Hollub says will resolve an outstanding issue weighing on the company's market value. "Our shareholders are very happy with our portfolio, and happy with our performance," she says in an interview on CNBC. "The problem has been getting our debt down faster." Occidental's acquisitions of Anadarko Petroleum and CrownRock in 2019 and 2024, respectively, saddled the company with debt. Occidental plans to use $6.5 billion in proceeds from the Berkshire deal to pay down debt, achieving its target level of principal debt below $15 billion. This move will "unlock our stock, and allow shareholders to feel more comfortable--hopefully--to add to their positions and others to come in," Hollub says. Occidental rises 1% premarket. (connor.hart@wsj.com)

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Soybeans Inch Lower as Bessent Promises 'Substantial Support' -- Market Talk

0922 ET - CBOT soybean futures are slightly lower premarket, this after jumping late in yesterday's session. In an appearance on CNBC, Treasury Secretary Scott Bessent told interviewers that "you should expect some news on Tuesday on substantial support for the farmers." President Trump posted on Truth Social yesterday that he was working to support farmers struggling with China's absence from buying U.S. soybean exports, and also said that he would be meeting with Chinese President Xi on trade within the next four weeks, and would talk about agriculture in that meeting. CBOT soybeans are down 0.1%, corn is flat, and wheat rises 0.5%. (kirk.maltais@wsj.com)

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Copper Rises on Supply Concerns in Chile, Indonesia -- Market Talk

0837 GMT - Copper prices rise in early trading, driven by mounting supply concerns due to disruptions in Chile and Indonesia. Futures on the London Metal Exchange trade 1.2% higher to $10,491.50 a metric ton, after hitting $10,520.50 earlier in the session. Chile's copper production plunged by 9.9% on year in August--the steepest decline since 2023, according to ANZ analysts--following a deadly accident at Codelco's El Teniente mine in July. That adds to concerns of tightening global supply after operations at Indonesia's Grasberg mine were halted last month due to a fatal mudslide accident. Meanwhile, aluminum futures on the LME rise 0.4% to $2,704.50 a ton. (giulia.petroni@wsj.com)

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U.K. Miners Rise on Global Copper Supply Concerns -- Market Talk

0814 GMT - Shares in London-listed miners rose on the back of a boost to copper prices driven by supply-concerns stemming from an accident at Indonesia's Grasberg mine. According to ANZ Research analysts, the mudslide at the project--one of the world's largest--has taken 3% of global mine supply offline. Freeport-McMoRan, the mine's operator, reduced its sales guidance by 35% for 2026, with early estimates pointing at the mine not returning to full capacity until early 2027. Copper on the London Metal Exchange is trading around $10,409 a metric ton. Rio Tinto shares are up 1.4%, Anglo American rises 1.1%, and Antofagasta is up 1%. (anthony.orunagoriainoff@dowjones.com)

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Oil Edges Higher Amid Geopolitical Concerns, Oversupply Prospects

0805 GMT - Oil prices edge higher in early trading as investors weigh growing geopolitical risks and prospects of a looming market surplus. Brent crude and WTI rise 0.2% to $65.51 and $61.92 a barrel, respectively, following three straight sessions of declines. The Trump administration will provide Ukraine with intelligence for long-range missile strikes against energy targets-including refineries, pipelines and power stations-deep inside Russian territory. Meanwhile, markets await OPEC+'s Sunday meeting, with producers expected to agree on another output hike for November despite concerns over a looming glut. The latest EIA data showed crude inventories rose for the first time in three weeks and gasoline stocks jumped the most since June, signaling weaker demand. (giulia.petroni@wsj.com)

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Gold Hovers Near Record on Rate-Cut Bets, U.S. Government Shutdown -- Market Talk

0746 GMT - Gold prices inch lower but remain near record highs, supported by expectations that the Federal Reserve will cut rates further this year and broader political uncertainty after the shutdown of the U.S. federal government. Futures fall 0.2% to $3,888.70 a troy ounce in early trading, but are up more than 3% on week. "With an estimated 750,000 federal employees expected to be furloughed during this time, labor figures are likely to deteriorate further, which could intensify expectations for two 25-basis-point rate cuts from the Fed in October and December," Daria Efanova from Sucden Financial says. Investors also fear the shutdown could delay the release of key economic data, including the closely watched nonfarm payrolls report due Friday. (giulia.petroni@wsj.com)

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Upside Risks to Goldman Sachs' 2026 Gold-Price Forecasts Have Intensified Further -- Market Talk

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October 02, 2025 10:27 ET (14:27 GMT)

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