Gold Is Roaring Back to Life — Commodities Roundup

MARKET MOVEMENTS:

--Brent crude oil is up 2.3% to $81.27 a barrel.

--European benchmark gas is up 5.9% to 55.48 euros a megawatt-hour.

--Copper futures are up 0.2% to $14,182 a metric ton.

--Gold futures are up 5% to $4,328.60 a troy ounce.

TOP STORY:

Gold Is Roaring Back to Life

For the first time in months, gold is shining again.

The precious metal has started August on strong footing, rising more than 5% in just a handful of trading days. Gold hasn't seen gains like that since its nearly unstoppable rise at the start of the year.

The war in Iran dented much of this year's early momentum, as investors ditched the metal amid rising inflation expectations when oil prices surged. Gold often thrives when inflation is cooling, interest rates are lower and the opportunity cost of holding it is minimal. When rates rise, investors tend to favor income-generating assets like bonds.

OTHER STORIES:

ConocoPhillips Names New CEO as Profit Boosted by Climbing Oil Prices

ConocoPhillips recorded higher profit in the second quarter, driven by a 36% jump in average oil and gas prices, as it promoted its finance chief, Andy O'Brien, to become its new chief executive.

O'Brien will succeed Ryan Lance, who plans to retire and become executive chair of the gas and oil company, ConocoPhillips said Thursday. O'Brien will also join the board of directors.

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Suncor to Promote Peter Zebedee to CEO

Suncor Energy has named company insider Peter Zebedee as its next chief executive and parted ways with finance chief Troy Little.

The Canadian energy company said current President and CEO Rich Kruger will transition to the role of executive vice chair in April next year. Zebedee, who now is Suncor's executive vice president of upstream operations, will be named president and CEO when Kruger makes his move.

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RWE Settles U.S. Offshore-Wind Claims for $1.2 Billion

Germany's RWE said it reached a settlement with the U.S. government to receive $1.22 billion in order to resolve claims regarding leases for offshore-wind projects.

The energy firm said it had determined there was no way forward in the foreseeable future to develop the projects, for which it had been granted the leases and in which it had invested more than $1 billion.

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BP Buys Woodside's Majority Stake in Trinidad and Tobago Gas Project

BP agreed to buy Woodside Energy Group's 70% interest in the Calypso gas project offshore Trinidad and Tobago to take full control over the site.

The London-based oil major said the deal to buy the interest in Block TTDAA 14, or Calypso, will take its stake to 100%. It didn't disclose how much it paid for the interest.

MARKET TALKS:

Saudi Oil Windfall Unlikely to Offset Fiscal Strains -- Market Talk

1424 GMT - Saudi Arabia's resilience to the closure of the Strait of Hormuz masks a worsening underlying fiscal position, says William Jackson, chief emerging markets economist at Capital Economics, in a note. Access to the Red Sea helped keep oil exports flowing, while higher oil prices offset lower production and lifted second-quarter oil revenue 22% from a year earlier, according to Capital Economics. However, Jackson says the recent windfall only masks a budget deficit running at around 7% of GDP on a four-quarter basis, compared with 2.5% at the end of 2024. He expects oil prices to fall back, pushing public debt above 50% of GDP within the next few years and leaving the government with limited room to provide fiscal stimulus if another shock hits. (farhan.rafid@wsj.com)

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Oil Futures Gain Awaiting Strait of Hormuz Deal

0817 ET - Crude futures are higher as the market awaits the outcome of talks to reopen the Strait of Hormuz after Iran said it has agreed with Oman on a shipping route through the waterway. TP ICAP's Scott Shelton sees the likelihood of a fragile agreement "which I would argue is priced here for crude," as flows through the strait will recover "but not to the extent where the market gets swamped with oil." The market would also still need a risk premium for the possibility of a deal failing "relatively quickly," while not addressing the diesel shortage, he says in a note. WTI is up 0.8% at $75.83 a barrel and Brent climbs 1% at $80.28.(anthony.harrup@wsj.com)

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U.S. Natural Gas Futures Fall Ahead of Storage Data

0925 ET - U.S. natural gas futures are lower as the market awaits weekly inventory data from the EIA, due at 10:30 a.m. ET. Analysts in a WSJ survey expected a 31 Bcf storage build, slightly smaller than the previous week's increase but above the five-year average for the week. The next five days "may mark the last major national cooling demand boost of the summer," Eli Rubin of EBW Analytics says in a note. While a bullish storage surprise could lend near-term support, fading heat, an expected increase in supply from the Permian basin and the storage surplus "underscore weak fundamentals in the end of summer." Nymex natural gas is off 1% at $2.662/mmBtu.(anthony.harrup@wsj.com)

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Palm Oil Falls, Weighed by Rival Oil Weakness, Concerns Over Higher Inventories -- Market Talk

1021 GMT - Palm oil closed lower, pressured by weakness in rival oils and expectations for data to show higher Malaysian palm oil inventories in July, Kenanga Futures analysts said in a note. Still, firm export demand and improving consumption prospects are likely to cushion further price declines. Kenanga Futures sees support and resistance for the October futures contract at 4,640 ringgit a metric ton and 4,735 ringgit a ton, respectively. The Bursa Malaysia Derivatives contract for October delivery fell 17 ringgit to 4,685 ringgit a ton. (jason.chau@wsj.com)

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Gold Above $4,300 an Ounce as Middle East Talks Ease Rate-Hike Bets -- Market Talk

0757 GMT - Gold prices hold above the $4,300-an-ounce mark after Wednesday's rally amid growing optimism that a deal to reopen the Strait of Hormuz will ease inflationary pressures and interest-rate hike expectations. "The market is increasingly focusing on the disinflationary implications of lower energy prices," analysts at ING say. "Expectations for Federal Reserve tightening have eased, improving the outlook for non-yielding assets such as gold." Oil prices are headed for a weekly loss of more than 8%, with Brent crude trading below $80 a barrel as investors grow optimistic about negotiations between Iran and Oman on reopening of the Strait of Hormuz. In early trading, New York gold futures rise 0.2% to $4,314 a troy ounce, up nearly 4% on the week. (giulia.petroni@wsj.com)

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Brent Crude Remains Below $80 as Investors Await Outcome of Iran-Oman Negotiations

0749 GMT - Oil prices tick higher in early trading, but Brent crude remains below $80 a barrel as investors await the outcome of Iran-Oman talks to reopen the Strait of Hormuz. The two parties were finalizing a draft agreement on Wednesday that would give Tehran oversight of ships entering the Persian Gulf but wouldn't let it levy tolls or service fees, The Wall Street Journal reported. "Markets have seen plenty of false dawns throughout this conflict," analysts at Deutsche Bank say. "Nevertheless, [they] continue to lean towards a positive outcome, although much of the good news now appears priced in." Meanwhile, the latest U.S. data showed domestic crude oil stocks rose by 2.5 million barrels last week, contrary to market expectations for a moderate withdrawal. Brent is up 0.5% to $79.84 a barrel, while WTI futures rises 0.2% to $75.38 a barrel. (giulia.petroni@wsj.com)

Write to Barcelona Editors at barcelonaeditors@dowjones.com

(END) Dow Jones Newswires

August 06, 2026 11:05 ET (15:05 GMT)