Houthi Strike Hits Building at Saudi Aramco Headquarters — Commodities Roundup

MARKET MOVEMENTS:

--Brent crude oil is down 0.2% at $105.52 a barrel.

--European benchmark gas is down 2.7% at 84.89 euros a megawatt-hour.

--Copper futures are down 0.3% at $14,506 a metric ton.

--Gold futures are down 1.7% at $4,108.30 a troy ounce.

TOP STORY:

Houthi Strike Hits Building at Saudi Aramco Headquarters

Yemen's Houthi militants struck a building at the headquarters of Saudi Arabia's state oil giant in the eastern city of Dhahran, people familiar with the matter said, as fighting intensified between the kingdom and the Iran-backed group.

The kingdom's Energy Ministry said a Saudi Aramco administrative building had been targeted leading to a limited fire. The missile hit an office building at the complex and damaged a number of floors, the people said. No fatalities or injuries were reported.

Aramco didn't respond to a request for comment.

OTHER STORIES:

Global Diesel Squeeze to Drag Into 2027, IEA Says

Global diesel supplies are expected to remain tight well into next year as Middle East fuel exports struggle to recover despite a recent rebound in crude shipments, the International Energy Agency said.

Supply fell by 1.7 million barrels a day in the third quarter, as the Iran war curtailed flows through the Strait of Hormuz--a critical waterway carrying large volumes of Gulf oil and refined products--while Russia, one of the world's largest exporters of refined fuels, had to cut output due to Ukrainian attacks on its refineries.

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American Electric Power to Invest $4B in Fuel Cell Project to Meet Energy Demand From Google

American Electric Power plans to invest about $4 billion in a Wyoming fuel cell generation project to meet growing energy demand from Alphabet's Google.

AEP said Wednesday Google will acquire power from Cheyenne Fuel Cell, which is about 92% owned and controlled by AEP, under a 20-year power purchase agreement.

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National Fuel to Spin Off Integrated Upstream and Gathering Business

National Fuel Gas's board has approved a plan to split the energy company in two by spinning of its upstream and gathering business.

The move will see National Fuel's shareholders own shares in each independent, publicly traded company.

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Soaring Tanker Rates Give North Sea Brent an Edge in Europe's Crude Market

Brent crude is benefiting from a sharp rise in tanker freight rates, which makes oil from North Sea fields significantly cheaper to deliver to European refineries than supplies shipped from farther away.

Brent is priced using a basket of five North Sea crude grades: Brent, Forties, Oseberg, Ekofisk and Troll. Because these barrels are produced close to northwest European refineries, they have a shipping-cost advantage over oil arriving from the U.S. and other distant producers.

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Oil Prices Rise as Traders Weigh Saudi Aramco Attack Report, Hormuz Shipping Risks

Oil prices rose Wednesday as traders weighed persistent Middle East supply risks after a reported attack on a Saudi Aramco building and fresh strikes on tankers around the Strait of Hormuz.

December Brent crude futures rose 0.2% to $105.92 a barrel, while December West Texas Intermediate futures gained 0.2% to $93.39 a barrel. The gains followed a mixed session Tuesday, when Brent settled lower while front-month U.S. crude edged higher.

MARKET TALKS:

Gold Falls After Hotter-Than-Expected U.S. Inflation Data -- Market Talk

1253 GMT - Gold prices extend losses after the latest U.S. inflation figures came in hotter than expected. The consumer price index rose 3.7% in September from a year earlier, above analysts' expectations of a 3.6% increase. The data could complicate the Federal Reserve's efforts to bring inflation under control and raise the prospect of another interest-rate hike if price pressures persist. Following the release, the CME's FedWatch tool showed traders pricing in a nearly 44% chance of a rate hike in October, up from 21% previously. Higher interest rates generally weigh on gold, which offers no yield. In early U.S. trading, New York gold futures are down 1.5% to $4,114.10 a troy ounce. (giulia.petroni@wsj.com)

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Enerflex's Pivot to Data Center Power Infrastructure Gains Momentum -- Market Talk

0751 ET - Enerflex is accelerating its pivot into high-growth data center infrastructure, leveraging two major behind-the-meter natural gas power awards. RBC's Keith Mackey says, "Enerflex continues to demonstrate strong execution in BTM power generation, with its backlog now exceeding 1.75GW." The analyst notes that the projects have capital-efficient deal structures where clients supply the primary generator engines, while Enerflex handles modular design and fabrication. Mackey estimates that the 1.75GW backlog maps to about $1.9 billion in prospective revenue and $366 million in gross margins. With this, he expects that the earnings stream should "comfortably exceed the $100 million incremental facility capital investment Enerflex has announced." (adriano.marchese@wsj.com)

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Palm Oil Rises on Strong Export Demand -- Market Talk

1038 GMT - Palm oil rose, supported by stronger October export demand and elevated energy prices, says David Ng, a trader at Kuala Lumpur-based Iceberg X. However, record-high domestic inventories continued to limit gains, he adds. Ng sees prices supported around 4,600 ringgit a ton and pegs resistance at 4,800 ringgit a ton. The Bursa Malaysia Derivatives contract for December delivery ended 17 ringgit higher at 4,699 ringgit a ton. (kimberley.kao@wsj.com)

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Morgan Stanley Raises Dated Brent Forecast on High Shipping Costs -- Market Talk

0902 GMT - Morgan Stanley raised its price forecast for Dated Brent--which reflects oil for actual physical delivery--by $5 a barrel, citing record-high tanker freight costs that are supporting prices despite a recovery in Gulf oil exports. Although Middle Eastern crude exports have recently rebounded, total supply from affected Gulf countries and Russia remains 5.5 million barrels a day below last year's levels, according to the bank. Low inventories and heightened geopolitical risks are adding further support. Meanwhile, tanker rates have surged as longer shipping routes, ship-to-ship transfers and sanctions restrict available capacity. Morgan now sees Dated Brent at $105 in the fourth quarter of this year and at $100 in the first quarter of 2027. (giulia.petroni@wsj.com)

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Gulf Chemical Producers Face Test of Alternative Export Routes, S&P Says -- Market Talk

0845 GMT - Saudi Arabian and U.A.E. chemical producers face a test of their ability to redirect exports as disruptions to shipping through the Strait of Hormuz continue, S&P Global Ratings says. Company results should provide evidence of how effectively producers have used alternative routes despite logistical constraints, according to the ratings firm. Solid chemical products are generally easier to store or reroute than liquids, which require specialized storage and transportation infrastructure. S&P says the conflict has disrupted regional chemical exports and production, making geographic diversification an important factor in companies' credit resilience. (farhan.rafid@wsj.com)

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Morgan Stanley Sees Gold Reaching $5,000 by 2Q 2027 -- Market Talk

0843 GMT - Gold is proving resilient despite rising real yields, a stronger dollar and tighter Federal Reserve policy, Morgan Stanley says, citing robust central-bank purchases and exchange-traded fund inflows. Gold has fallen about 10% from August levels, but remains above $4,000 an ounce. Based on its previous relationship with real yields, prices would otherwise be nearly 28% lower, at less than $3,000 an ounce, according to analysts at the bank. MS sees bullion reaching $5,000 an ounce by the second quarter of 2027. Falling bond yields and oil prices could provide the clearest upside catalysts by easing inflation pressures and expectations for further Fed rate hikes. However, gold could also benefit if rising yields reflect concerns over government debt sustainability, or if persistently high oil prices fuel stagflation fears, the bank says. (giulia.petroni@wsj.com)

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Oil Mixed After Houthi Attack on Saudi Aramco Headquarters -- Market Talk

0834 GMT - Oil prices are mixed after Yemen's Houthi militants struck a building at the headquarters of Saudi Arabia's state oil giant Aramco, while a series of attacks against shipping in the Strait of Hormuz continues to keep the geopolitical risk premium high. "According to data from the UK Maritime Trade Operations, 24 ships were hit in the two weeks to Oct. 11," analysts at ANZ say. "The next most intense period of attacks was during the first two weeks of March." In early European trading, Brent crude is down 0.1% at $105.65 a barrel, while WTI futures are up 0.1% at $94.23 a barrel. Meanwhile, the latest Chinese data showed total crude imports fell 21% on year in September, while refined products were down more than 53%. (giulia.petroni@wsj.com)

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Gold Prices Broadly Stable as Investors Await U.S. Inflation Data -- Market Talk

0813 GMT - Gold prices continue to trade in a narrow range as investors await the release of U.S. consumer price index data for cues on the Federal Reserve's monetary policy path. In midmorning European trading, New York futures are broadly flat at $4,175.50 a troy ounce. "Key resistance remains around $4,235, a level breached during the late-September selloff," analysts at Saxo Bank say. Meanwhile, New York Fed President John Williams said it may be appropriate for the central bank to raise interest rates once more this year. According to CME's FedWatch tool, traders see a 21% probability of a rate hike this month and an 88% probability of a hike in December. (giulia.petroni@wsj.com)

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Pan Ocean Could Post 3Q Earnings Beat on Robust Market Conditions -- Market Talk

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October 14, 2026 09:25 ET (13:25 GMT)