Oil Refiners Power S&P 500 to Records — Commodities Roundup

MARKET MOVEMENTS:

--Brent crude oil is up 1% to $87.90 a barrel.

--European benchmark gas is up 1.6% to 61.40 euros a megawatt-hour.

--Copper futures are up 0.3% to $14,178 a metric ton.

--Gold futures are up 0.4% to $4,439.60 a troy ounce.

TOP STORY:

Oil Refiners Power S&P 500 to Records

Old-school energy companies are joining AI stocks in pushing the S&P 500 to record highs. Refiners Marathon Petroleum and Valero Energy have posted some of the week's biggest gains, rising 20% and 15% respectively through Thursday.

The Iran war and Ukrainian attacks on Russian energy infrastructure have taken millions of barrels of refined products such as gasoline and diesel from global markets daily. That's driven up the price of refined fuels faster than the price of the crude that refiners process, leading to spectacular profit margins.

OTHER STORIES:

BP, XRG Partner on Venezuelan Offshore Gas Development as Oil Majors Tentatively Return

Britain's BP and the United Arab Emirates' XRG will explore a gas field offshore Venezuela, in an indication that oil majors are tentatively returning to the country under its new regime.

The companies were awarded an exploration and production license for phase 2 of the Loran field, which could give them access to an estimated 4 trillion cubic feet of recoverable gas. They join Shell, which in June was also granted a license to extract 1.7 trillion cubic feet of gas from the field.

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Tyson Foods to Exit More Beef Plants, With Cattle in Short Supply

Tyson Foods TSN is planning on closing a major beef processing plant and selling another, the latest moves by the meatpacking giant to pull back from the beleaguered beef business.

The Arkansas-based company said it was shuttering its Joslin, Ill., plant, which employs more than 2,000 people and can kill about 3,000 cattle a day. It separately aims to sell its Pasco, Wash., facility that can slaughter about 2,000 cattle a day. Tyson also said it was planning to close a large beef-packaging facility in Utah.

MARKET TALKS:

Cattle Sinks After Tyson Announces Plant Closure -- Market Talk

1026 ET - Live cattle futures are lower following Thursday's announcement from Tyson Foods of a closure of a beef plant, as well as selling another. Tyson pulling back from the beef business amid a stubbornly-small cattle herd appears to be injecting more pessimism into the outlook for cattle prices. "The bears have the clear edge and the market appears to be on track to retest last month's lows on technical weakness and lower cash trade," says the Hightower Report in a note. Most-active live cattle on the CME is down 0.8%, while lean hog futures are off 0.6%. (kirk.maltais@wsj.com)

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Corn May Get Boost from Crop Tour Findings -- Market Talk

1021 ET - Next week's Midwest Crop Tour by Pro Farmer will see crop scouts surveying corn and soybean fields across seven states to see how crops have handled a hot July and a considerably wetter August. Analysts will be looking for the commentary from the tour, especially when it comes to observations about corn. "If the Pro Farmer crop tour next week finds significant issues in the western belt, buyers may quickly return on the assumption ending stocks could fall even further next month," says the Hightower Report in a note. CBOT corn is up 1.5%, while soybeans rise 0.6% and wheat is up 2.7%. (kirk.maltais@wsj.com)

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Wheat Keeps Rising as Ukraine-Russia Conflict Drags On -- Market Talk

1012 ET - CBOT wheat futures are up 2.7%, with fighting in the Black Sea the driving factor behind fears of constricted world supply. "As long as the mutual attacks continue, wheat prices are likely to keep rising," says Commerzbank in a note. "This is because Russia and Ukraine together account for more than a quarter of global wheat exports." Attacks this week have hit major grain ports, while the USDA revised its outlook for U.S. wheat production down in its WASDE report. Corn up 1.5% and soybeans rise 0.6%. (kirk.maltais@wsj.com)

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Streak of U.S. Soybean Buying From China Extends -- Market Talk

0955 ET - The USDA confirms another flash sale of U.S. soybeans to China, with 136,000 metric tons sold for delivery in the 2026/27 marketing year. That's the fourth straight day the government reported a new flash sale of soybeans to China--the seventh day since the start of the month. The influx of export demand is supportive for futures, although farmers are still seen having sizable crops growing in their fields. "The rains that we've seen over the past couple weeks will likely push national yield ideas higher, which is the main bearish input for beans right now," says Doug Bergman of RCM Alternatives in a note. (kirk.maltais@wsj.com)

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U.S. Natural Gas Futures Gain Ground -- Market Talk

0948 ET - U.S. natural gas futures advance in early trading with recovering LNG demand and hot weather keeping some support under the market after yesterday's slightly bearish storage report. "To the extent the solar power boom was a key driver of early-to-mid summer power burn weakness, narrowing daylight hours may detract from non-thermal generation," Eli Rubin of EBW Analytics says in a note. "While the combination of these factors is not an outright bullish signal, it does suggest that the natural gas market may find more support in late August and early September." Nymex natural gas is up 1.3% at $2.762/mmBtu. (anthony.harrup@wsj.com)

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Crude Futures Mixed in Choppy Trade -- Market Talk

0944 ET - Oil futures are hovering around yesterday's levels as the market sees little movement toward settling the dispute over control of the Strait of Hormuz. News that more oil is making it through the strait, while still only a fraction of normal, is keeping oil in choppy trade, Dennis Kissler of BOK Financial says in a note. The estimates of higher crude flows and the EIA's report of a 17.4 million barrel weekly build in U.S. crude stocks "is keeping the long side of the trade nervous," he says. Tight global diesel supply remains the most bullish aspect of the market, he adds. "Even though more crude oil has moved, refined products not so much." WTI is up 0.1% at $81.31 a barrel and Brent is off 0.2% at $86.91. (anthony.harrup@wsj.com)

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Antofagasta Shares Lack Near-Term Catalysts -- Market Talk

1244 GMT - Antofagasta shares have limited room to rise after a recent rerating, UBS analyst Daniel Major writes. The copper miner's shares have outperformed peers after investors rewarded its copper growth story, he says. Antofagasta is likely to meet its 30% volume growth target over the next three years but its near-term outlook is mixed, he says. It has limited growth momentum over the next year and a mixed near-term operational performance, he adds. There are better opportunities buying Anglo American, Teck Resources and Freeport-McMoRan, he adds. Antofagasta shares fall 4.2% to 3,590 pence. (adam.whittaker@wsj.com)

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Palm Oil Falls, Tracking Weaker Rival Oils -- Market Talk

1012 GMT - Palm oil fell during Asian trading, tracking weakness in rival vegetable oils ahead of the weekend, Kenanga Futures says in a note. Strong export demand from India ahead of the festive season may be limiting losses, it adds. The Bursa Malaysia Derivatives contract for October delivery falls 13 ringgit to 4,711 ringgit a ton. (kimberley.kao@wsj.com)

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Gold on Track for Weekly Loss Amid Profit-Taking -- Market Talk

0728 GMT - Gold prices are headed for a modest weekly loss as investors took profits after this week's rally. In early European trading, New York gold futures fall 0.8% to $4,385.90 a troy ounce. Prices surged above the $4,400 mark this week as softer inflation data reduce expectations of a rate-hike by the Federal Reserve in September. "The broader uptrend remains intact, but both markets have now failed to hold recent highs, suggesting some profit-taking after the sharp rally," analysts at Sucden Financial say. According to the CME's FedWatch tool, traders are now pricing in only a 32% chance of a rate hike next month. A lower interest-rate environment tends to support gold by reducing the opportunity cost of holding the nonyielding asset. (giulia.petroni@wsj.com)

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Palm Oil Falls on Likely Technical Correction -- Market Talk

0236 GMT - Palm oil prices are lower in early Asian trading on a likely technical correction, after closing higher in the previous session. However, prices could remain supported by concerns over tighter supply and stronger biodiesel demand expectations in Indonesia, AmInvestment Bank says in a note. The Bursa Malaysia Derivatives contract for October delivery is down 2 ringgit at 4,722 ringgit a ton. (amanda.lee@wsj.com)

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Aluminum Falls; Supply Tightness May Support -- Market Talk

0156 GMT - Aluminum falls in early Asian trade. However, prices are likely to remain supported by signs of supply tightness in the aluminum market, ANZ Research analysts say in a note. The LME aluminum warehouse stockpiles are at their lowest level since 1990. The analysts also note that U.A.E. aluminum producer, Emirates Global Aluminium, aims to raise its output to pre-war levels in 1Q 2027.This comes after its main smelter was hit by Iranian missiles in March. The three-month contract on the London Metal Exchange is 0.7% lower at $3,236.50 a metric ton. (amanda.lee@wsj.com)

Write to Barcelona Editors at barcelonaeditors@dowjones.com

(END) Dow Jones Newswires

August 14, 2026 11:12 ET (15:12 GMT)