Aramco CEO Says Oil Inventories Could Take Two -2-

0806 GMT - Gold prices rise in early European trading after recent soft U.S. economic data sharply lowered expectations of a Federal Reserve rate hike in October, though a stronger dollar limited gains. New York futures are up 0.7% to $4,189.60 a troy ounce. Markets are now pricing in less than a 20% probability of another hike from the Fed this month, according to the CME Group's FedWatch tool, despite inflationary pressures from higher energy costs. "With limited U.S. economic data this week, market focus will likely remain on the dollar and the political and fiscal turmoil in the Eurozone," analysts at Saxo Bank say. "A break below support just above $4,100 could signal a deeper retracement, while initial resistance is seen around $4,230." (giulia.petroni@wsj.com)

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Oil Falls on Signs of Recovering Middle Eastern Flows, G-7 Stock Release -- Market Talk

0750 GMT - Oil prices fall in early trading as recovering Middle East crude exports and the release of oil stocks by the Group of Seven eased concerns over supplies. President Trump also ruled out a diesel export ban, which would have tightened international products markets. Front-month Brent crude is down 0.9% to $101.32 a barrel, while WTI futures decline 1.5% to $89.75 a barrel. Further reinforcing expectations of looser crude oil market conditions, Saudi Arabia reduced the official selling price for its Arab Light to Asia by $3 a barrel for November loadings, widening its discount to the regional benchmark to $5 a barrel. Still, tensions in the region remain elevated, with several vessels coming under attack around the coasts of Oman and Yemen. (giulia.petroni@wsj.com)

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Glencore Adds More Firepower to its Marketing Division -- Market Talk

0741 GMT - Glencore is ramping up capital allocation to its marketing division in the wake of the Middle East conflict, Citi's Ephrem Ravi writes. The miner and trader has a 2026 earnings tailwind due to elevated and volatile commodity markets, he says. The company has upgraded its long-term EBIT guidance for the marketing division, which will likely push consensus expectations higher, he adds. The company had $32.2 billion of readily marketable inventories in the unit as of the first half of the year versus $25.4 billion last year, he says. The company could further ramp up capital allocation to the marketing business over the remainder of the year, he says. Shares rise 0.46% to 653.90 pence. (adam.whittaker@wsj.com)

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Ithaca Energy Forges Its Own Path Once More -- Market Talk

0728 GMT - Ithaca Energy is once again taking a differentiated but potentially more valuable path, Jefferies analyst Mark Wilson writes. While market commentators have focused on who will buy BP's North Sea assets, the London-listed energy company has made its first international acquisition offshore the east coast of Canada, he adds. The deal is immediately accretive and the basin has significant technical and operational parallels to the U.K. North Sea, he adds. Shares rise 1.9% to 280.0 pence. (adam.whittaker@wsj.com)

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Gold Rises as Softer-Than-Expected Inflation Data Tempers Rate-Hike Bets -- Market Talk

0143 GMT - Gold rises in Asian trade. A softer-than-expected U.S. personal consumption expenditures reading released end-September likely tempered Federal Reserve rate-hike bets in October, Societe Generale says in a note. "The markets priced roughly a 40% chance of an October Fed move, offering gold a tentative foothold as it entered October," SocGen says. A higher interest-rate environment typically weighs on the yellow metal. The precious metal's moves appear to be defined by a "tug of war" between structural buyers--central banks and exchange-traded-fund flows--and macro headwinds such as a strong dollar and increased interest rates, SocGen adds. Spot gold rises 0.3% to $4,155.78 a troy ounce. (megan.cheah@wsj.com)

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Copper Gains Amid Supply Concerns -- Market Talk

0139 GMT - Copper gains in early Asian trade amid supply concerns. Production in Chile, the world's largest copper producer, fell in August to its weakest since February 2011. "This may be compounded by strike action, ANZ Research analysts say in a note. Workers at Antofagasta's Centinela mine in Chile voted to strike after wage talks failed, ANZ adds. The three-month LME copper contract is up 0.6% at $14,349.00 a ton. (amanda.lee@wsj.com)

Write to Barcelona Editors at barcelonaeditors@dowjones.com

(END) Dow Jones Newswires

October 05, 2026 11:47 ET (15:47 GMT)