Refine, Baby, Refine' Is the Energy Industry's New Mantra — Commodities Roundup

MARKET MOVEMENTS:

--Brent crude oil is up 1.1% to $83.46 a barrel.

--European benchmark gas is down 0.4% to 55.57 euros a megawatt-hour.

--Copper futures are down 0.1% to $14,078.50 a metric ton.

--Gold futures are up 2.6% to $4,413.60 a troy ounce.

TOP STORY:

'Refine, Baby, Refine' Is the Energy Industry's New Mantra

President Trump wanted to have U.S. energy dominance and low energy prices. He's getting one without the other-and he hates it.

The Iran war and Ukrainian strikes on Russian refineries have knocked out a big chunk of the world's fuel-making apparatus, leaving the U.S. oil industry as the world's last major fuel supplier, contending with a runaway global supply shock that could last well into next year.

U.S. refiners have been running their plants at full tilt to meet demand at home and abroad as fuel prices around the world have soared, giving them windfall profits and drawing the ire of Trump. The president ripped into big oil companies this week for wringing too much cash out of American gas pumps.

OTHER STORIES:

China-Free Batteries Made From Salt Are Finally Here

U.S. startups are finally delivering something researchers have been working on for decades: a battery in which rare, hard-to-get elements are replaced with the same stuff found in ordinary table salt.

This tech has the potential to help every country on earth break its dependence on China for batteries, and the critical minerals that go into them.

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Trump to Impose 15% Tariff, Set Minimum Prices on Solar Panels and Components

The Trump administration will impose tariffs and set minimum prices on imported polysilicon, solar panels and their components, aiming to reshore clean-energy supply chains and reduce Chinese market control of an element critical for solar systems and semiconductors.

President Trump signed a proclamation Thursday that will set a 15% tariff on imports of the solar-energy materials and equipment. Companies that commit to building manufacturing facilities in the U.S. can apply for exemptions from the levies, which take effect on Dec. 4, according to the proclamation.

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Consolidated Edison Reports Higher Profit, Revenue

Consolidated Edison reported higher profit in its second quarter, as revenue rose, helped by electric sales.

The New York-based utility company posted a profit of $308 million, or 83 cents a share, compared with $246 million, or 68 cents a share, a year earlier.

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Food Prices Rise in July As Weather, Wars Lift Costs and Weigh on Crop Yields, UN FAO Says

World food prices rose in July as heatwaves and supply disruptions in the Middle East and Black Sea regions pushed up prices and lowered crop yields, the United Nations' Food and Agriculture Organization said.

The FAO's food price index--which tracks a basket of widely traded food commodities--averaged 131.1 points last month, up 0.6% from its June level and 1% higher than a year ago. Gains in cereal, sugar and vegetable oils outweighed declines in meat and dairy prices.

MARKET TALKS:

USDA Reports Flash Sales of Soybeans, Corn -- Market Talk

1007 ET - China continues its purchases of U.S. soybeans, with the USDA announcing flash sales of 238,000 metric tons for 2026/27 marketing year. Private exporters also reported 286,097 tons of corn sales to Mexico--29,808 tons for 2026/27 and 256,289 tons for the 2027/2028 marketing year. Grain futures are broadly higher in early trading, with CBOT corn up 1.1%, wheat up 1.4% and soybeans gaining 0.3%. (anthony.harrup@wsj.com)

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Gold Above $4,400 After July Nonfarm Payrolls Data -- Market Talk

1509 GMT - Gold prices extend gains, rising above $4,400 a troy ounce after an unexpected drop in U.S. nonfarm payrolls for July dashed expectations of interest-rate hikes in September. New York gold futures are up 2.4% to $4,406.40 an ounce. According to the CME Group's FedWatch tool, traders are now pricing in a nearly 42% chance of a hike from 57% earlier on Friday. Meanwhile, the U.S. dollar index fell 0.3% to 99.64, making dollar-denominated commodities cheaper for overseas buyers. "Markets' focus will now turn to U.S. CPI release next week, while oil prices are also in focus with the weekend approaching and still no sign of a deal," says Fawad Razaqzada from Forex.com. (giulia.petroni@wsj.com)

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U.S. Natural Gas Futures Pick Up in Early Trading -- Market Talk

0939 ET - U.S. natural gas futures pick up some ground following losses the previous session on the expanding inventory surplus. "Bearish inclined traders appear hesitant in pressing the market lower given proximity to long-term support at the $2.50 area," Ritterbusch & Associates says in a note. Prices could still move toward long-term support barring some broad-based hotter weather patterns in the near term, the firm adds. "But even given such a change, the weather factor is beginning to lose effect as the cooling season winds down with the market forced to place a greater focus on the upcoming low-demand shoulder period." Nymex natural gas is up 1.6% at $2.683/mmBtu.(anthony.harrup@wsj.com)

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Oil Futures Move Lower in Expectation of Deal to Reopen Hormuz

0907 ET - Oil futures are returning some of yesterday's gains with the market still expecting some sort of deal to reopen the Strait of Hormuz. "While the reopening of the Strait of Hormuz is likely to drive a period of short-term market rebalancing and restore some confidence in global oil flows, any sense of stability is likely to be temporary," Joanne Salih, head of energy and resources strategy at Baringa, says in a note. "Even in the absence of active conflict, the possibility that Iran could again choose to restrict or close the strait will remain an enduring feature of the market." WTI is down 0.6% at $76.85 a barrel and Brent is off 0.8% at $81.87. (anthony.harrup@wsj.com)

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U.S. Resumes Mideast Crude Imports After 50-Day Pause, Kpler Says -- Market Talk

1002 GMT - The U.S. has resumed crude imports from the Middle East after a 50-day pause, with August arrivals expected to reach their highest levels in months, says Richard Ro from Kpler. Tracking data shows the supertanker Maran Mira delivered nearly 1.5 million barrels of Kuwaiti crude to the Louisiana Offshore Oil Port. "The U.S.-Iran war has redirected crude flows, where the U.S. saw its last import of Middle East crude in mid June and where imports in July were zero," Ro says. Kpler is tracking eight additional VLCCs carrying Middle Eastern crude to the U.S., which could lift August imports above 600,000 barrels a day. Most cargoes are heading to the Gulf Coast, while a Murban crude shipment is awaiting discharge in Los Angeles, according to the data provider. (giulia.petroni@wsj.com)

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Palm Oil Ends Lower Amid Subdued Market Sentiment -- Market Talk

1043 GMT - Palm oil closed lower, as market sentiment remains subdued ahead of key industry supply and demand data from Malaysian Palm Oil Board, Kenanga Futures analysts say. Expectations of higher palm oil inventories are also weighing on prices, they add. Kenanga Futures sees support and resistance for the October futures contract at 4,650 ringgit a metric ton and 4,740 ringgit a ton, respectively. The Bursa Malaysia Derivatives contract for October delivery fell 8 ringgit to 4,678 ringgit a ton. (jason.chau@wsj.com)

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Saudi Arabia Cuts Crude Prices as Red Sea Disruptions Weigh on Buyers, Analysts Say -- Market Talk

0923 GMT - Saudi Arabia's decision to further lower the price of its flagship crude grade for Asia comes as buyers face higher shipping costs, with Red Sea disruptions forcing some tankers onto longer routes around southern Africa, analysts at ING say. "There has been a push by Asian buyers for the Saudis to cut their official selling prices amid the escalation in the Red Sea," they say. "It means that some tankers are taking the longer and more expensive shipping route around Africa." Saudi Arabia on Thursday lowered the official selling price for September shipments of its Arab Light crude to Asia--the largest market for Middle Eastern oil--by $0.50 a barrel to a discount of $2 a barrel to the Oman/Dubai benchmark. Prices for grades sold to Northwest Europe and the Mediterranean were reduced by $3 a barrel, respectively, while U.S. customers saw a $1-a-barrel decrease. (giulia.petroni@wsj.com)

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Copper Holds Above $14,000 as U.S. Stockpiling Tightens Global Supply -- Market Talk

0817 GMT - Copper prices hold above $14,000 a metric ton as fears of potential U.S. import tariffs continue to draw large volumes of metal into the country, tightening physical markets elsewhere. "Tight physical markets, low inventories and constrained mine supply should continue to underpin prices," ING analysts say. However, "with copper trading close to record highs, any disappointment on U.S. tariff measures could trigger a period of consolidation." In early trading, three-month copper futures on the London Metal Exchange are up 0.4% to $14,155 a metric ton, on track for their highest close since mid-May. (giulia.petroni@wsj.com)

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Gold Headed for Largest Weekly Gain Since January -- Market Talk

0759 GMT - Gold prices are on track for their largest weekly gain since January as investors await key U.S. jobs data later on Friday for more cues on the interest-rate outlook. In early trading, New York gold futures rise 1% to $4,343.50 a troy ounce. Bullion has drawn support from a pullback in oil prices this week, as diplomatic efforts to reopen the Strait of Hormuz eased fears of prolonged supply disruptions and reduced inflation concerns. Lower inflation expectations have tempered expectations for Fed rate increases, benefiting non-yielding gold. Traders currently assign a roughly 55% probability of a U.S. rate hike in September, according to the CME FedWatch Tool. (giulia.petroni@wsj.com)

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Oil Extends Gains, With Focus on Iran-Oman Talks -- Market Talk

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August 07, 2026 11:38 ET (15:38 GMT)