Shell Turns Refineries Up to 11 During Oil-Price Surge — Commodities Roundup

MARKET MOVEMENTS:

--Brent crude oil is down 0.7% to $90.05 a barrel.

--European benchmark gas is down 3.5% at 58.43 euros a megawatt-hour.

--Copper futures are up 1.2% at 13,787 a metric ton.

--Gold futures are up 1.4% to $4,154.30 a troy ounce.

TOP STORY:

Shell Turns Refineries Up to 11 During Oil-Price Surge

The energy crisis sparked by the war with Iran has prompted Shell to produce at more than 100%.

The British energy giant said it ran its refineries at 102% of capacity during the second quarter, eking out more jet fuel and diesel to take advantage of soaring prices. That's harder than simply turning a knob, like the amplifier in the mockumentary "This Is Spinal Tap" that goes past 10.

"In all assets there are opportunities to take away some of the bottlenecks and produce above 100%," Shell Chief Executive Wael Sawan said in an interview. "The challenge is to do it for 90 days in a row."

OTHER STORIES:

U.S. Grain Export Sales Land on High Side of Forecasts

The Department of Agriculture reported corn and soybean export sales on the high-end of analyst forecasts for the week.

In its weekly export sales report published Thursday, the USDA said that sales of U.S. corn for the week ended July 23 totaled 1.43 million metric tons across the 2026/27 and 2027/28 marketing years. Soybean sales for both marketing years totaled 1.64 million tons.

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Valero Profit Soars on Major Revenue Gains

Valero Energy said its earnings surged in the second quarter, thanks to sturdy fuel demand.

The San Antonio oil refiner posted a profit of $3.72 billion, or $12.62 a share, compared with $714 million, or $2.28 a share, in the same quarter a year earlier.

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Anglo American Sees Transformation on Track After Net Loss Narrows

Anglo American reported a narrowed net loss for the first half, due to smaller write-downs on assets it is selling, and said it is on track to deliver the next phase of its transformation.

The U.K. mining group, which is in the process of merging with Canada's Teck Resources TECK.B, said Thursday that its net loss for the first half was $858 million compared with a loss of $1.88 billion for the same period last year.

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Latest Perk for Videogamers: Chance to Crowdfund a Solar Farm

In terms of their energy usage, videogames in the U.S. are estimated to produce more greenhouse gases every year than five million cars. A group of former gaming executives say they want to atone for damage the industry has caused the environment.

They are offering the gaming community the chance to collectively power clean-energy projects through a new PlayStation service that costs $34.99 a year, or $3.99 a month. Members pay for rewards-such as a deal on a new outfit for a golfing avatar, or a cowboy hat for PGATour-and in turn, the executives commit to paying for renewable energy.

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American Oil Majors Trying to Get Into Venezuela Have Hit a Wall

Seven months after the U.S. deposed strongman Nicolás Maduro, Big Oil has yet to make any big moves in Venezuela.

ExxonMobil, Chevron and other major oil companies are fighting for a small number of the country's most attractive drilling spots, but some of the talks with Venezuelan leaders recently hit an impasse, according to people familiar with the negotiations.

MARKET TALKS:

Egypt Becomes Key as Saudi Exports Adapt to Red Sea Threats -- Market Talk

1511 GMT - Saudi Arabia is increasingly routing crude exports through Egypt, using the Sumed pipeline to move oil to buyers in Europe, the Baltic, and even the U.S. Gulf Coast, according to Kpler data. Traffic through the Bab el-Mandeb Strait has declined significantly, with about 43% of Yanbu crude still moving south through the strait, compared with 81% before Houthi threats. Instead, exports from Egypt's main Mediterranean oil export terminal, Sidi Kerir, reached their highest level this year in July. Most crude leaving Sidi Kerir is heading to Europe--including Poland, Lithuania, and Italy--and the U.S., with virtually none moving east, says Emmanuel Belostrino, Kpler's head of global crude and geopolitical market data. Egypt's share of Yanbu exports had already been rising earlier in July, suggesting Saudi Arabia began preparing alternative export routes before the Houthis announced a Red Sea blockade on their shipments. (giulia.petroni@wsj.com)

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Gold Rises on Softer U.S. Dollar After Inflation Data -- Market Talk

1456 GMT - Gold prices climbed more than 1.5% as the U.S. dollar weakened and the Federal Reserve's preferred inflation index cooled in June, with traders dialing back bets on interest rate hikes. In midmorning U.S. trading, New York gold futures are up 1.7% to $4,165.70 a troy ounce, while the dollar index is down 0.8% to 100.12, making dollar-denominated commodities cheaper for overseas buyers. The Fed on Wednesday left its benchmark interest rate unchanged, while Chairman Kevin Warsh offered little clarity on the outlook for inflation and monetary policy. According to the CME's FedWatch tool, traders now see a 59% chance of a rate hike in September. (giulia.petroni@wsj.com)

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Anglo American Isn't Yet in Exclusive Sale Talks for De Beers Diamond Unit, CEO Says -- Market Talk

1004 GMT - Anglo American isn't in exclusive negotiations with a potential buyer of its diamond business De Beers, CEO Duncan Wanblad says in an interview on CNBC. The miner is in the final rounds of negotiations with counterparties, he says. Anglo American shares rise 1.8% to 3,667 pence. (adam.whittaker@wsj.com)

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U.S. Natural Gas Futures Decline Ahead of Storage Data -- Market Talk

0951 ET - U.S. natural gas futures are lower with the market awaiting the EIA's weekly inventory report due at 10:30 a.m. ET. The data is expected to show a larger-than-usual build extending the storage surplus over the five-year average. Although weather forecasts have turned a bit warmer, the surplus will keep pressure on prices, Dennis Kissler of BOK Financial says in a note. Some near-term positives remain, "with LNG demand at just over 18 Bcf a day and bargain hunting buyers believing upside value probabilities outweigh the downside at these price levels," he adds. Nymex natural gas is off 1% at $2.695/mmBtu. (anthony.harrup@wsj.com)

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Crude Futures Fall in Early U.S. Trading

0917 ET - Crude oil futures are giving back some of the previous day's gains after the U.S. launched strikes against Iranian targets overnight. The pullback seems related to profit-taking after yesterday's big oil price rise, Ritterbusch & Associates says in a note. "Sustainability of this price downdraft is questionable given the continued strength in the WTI and Brent spread curves." The Brent front month could soften ahead of Friday's expiration more on positioning than any loosening in European crude supplies, the firm adds. WTI is down 0.4% at $84.13 a barrel and Brent is down 0.6% at $90.17.(anthony.harrup@wsj.com)

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Gold Edges Higher as Traders Weigh Fed Warsh's Comments -- Market Talk

0752 GMT - Gold prices tick higher as investors assess comments from Federal Reserve Chairman Kevin Warsh on inflation after the U.S. central bank left interest rates unchanged on Wednesday. "Warsh reiterated a commitment to get inflation under control but offered little color on the details of the FOMC discussion," analysts at Deutsche Bank say. "This might make the Fed minutes release on August 19 more of a market-moving event." Markets continue to price in a rate hike by year-end as higher energy costs stemming from the Iran war increase inflationary pressures. In early trading, New York gold futures are up 0.1% at $4,039 a troy ounce. (giulia.petroni@wsj.com)

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Oil Extends Wednesday's Gains After U.S. Retaliates Against Iran -- Market Talk

0735 GMT - Oil prices extend the previous session's gains after U.S. forces launched strikes against Iran in response to Tuesday's surprise attack in Jordan. In early European trading, the front-month Brent crude contract rises 1.8% to $92.42 a barrel, while WTI futures are up 1% to $85.29 a barrel. Meanwhile, U.S. crude stocks fell by 7.2 million barrels last week, a much larger decline than the 600,000 barrels analysts expected, underscoring tightening physical supply. Flows through the Strait of Hormuz remain severely curtailed, while Houthi threats in the Red Sea continue to keep the geopolitical risk premium high. (giulia.petroni@wsj.com)

Write to Barcelona Editors at barcelonaeditors@dowjones.com

(END) Dow Jones Newswires

July 30, 2026 11:40 ET (15:40 GMT)