Yara to Buy Texas Ammonia Plant For $1.3 Billion -2-

0749 GMT - Gold prices tick higher after Fed Chair Kevin Warsh delivered a less-hawkish-than-expected message and as the market turns its focus to U.S. jobs data. Bullion rebounded Wednesday as Warsh's remarks eased concerns over immediate tightening. "Gold could find near-term support if expectations for additional rate hikes continue to soften, although persistent inflation and a resilient U.S. economy are likely to limit upside potential," analysts at MUFG say. In early trading, New York gold futures are up 0.1% to $4,088.10 a troy ounce. Traders now await the release of U.S. nonfarm payrolls data due later on Thursday. (giulia.petroni@wsj.com)

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Repsol to Benefit From Higher Refining Margins Into Next Year -- Market Talk

0742 GMT - Spanish energy major Repsol should continue to benefit from tight oil products markets and elevated refining margins into next year, RBC Capital Markets analyst Biraj Borkhataria writes. Second-quarter margins will likely be around $22 a barrel, he says. The company's intention to keep its distribution framework of returning 30% to 40% of operating cash flow to shareholders is an encouraging sign, he adds. Shares rise 0.5% to 22.21 euros. (adam.whittaker@wsj.com)

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Comex Gold Futures Likely Supported at $4,000 an Ounce, Chart Shows -- Market Talk

0720 GMT - Comex gold futures have likely found support at $4,000 an ounce, RHB Retail Research's Joseph Chai says in a research report. Latest positive price action on the daily chart suggests immediate support has formed at this level, the analyst says. Given the precious metal seems to be undergoing consolidation, it could move sideways along this level, Chai says. However, both 20- and 50-day simple moving averages are trending steadily lower, which could put downward pressure on the commodity, the analyst says. On the upside, initial resistance is pegged at $4,400 an ounce, Chai adds. Spot gold is 0.9% higher at $4,068.34 an ounce. (ronnie.harui@wsj.com)

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UBS Cuts Oil-Price Forecasts as Strait of Hormuz Flows Ramp Up -- Market Talk

0106 GMT - Rising energy shipments through the Strait of Hormuz prompt UBS to cut its 2026-27 oil-price forecasts. UBS now expects Brent crude to average $84 a barrel this year, down $9 a barrel from earlier. It also lowers its 2027 oil-price forecast to $75 a barrel, from $85 a barrel. "Lower geopolitical risk and quick rebound in flows have led to a steeper price decline than we had expected," UBS says. It expects prices to rebound slightly to $80 a barrel in 2H this year as floating storage in the Gulf normalizes and demand picks up. UBS also sees a higher risk premium as the path to normalization could remain bumpy. "The need to refill inventories should still support prices through 2027 but the required inventory rebuild is smaller than we previously expected at 1 billion barrels," UBS says. (david.winning@wsj.com; @dwinningWSJ)

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(END) Dow Jones Newswires

July 02, 2026 11:03 ET (15:03 GMT)