Trump Moves to Weaken Methane Emissions Rules for Oil and Gas — Commodities Roundup

MARKET MOVEMENTS:

--Brent crude oil is up 1.5% to $115.63 a barrel.

--European benchmark gas climbs 4.5% to 100.16 euros a megawatt-hour.

--Copper futures are down 0.1% at $14,449.50 a metric ton.

--Gold futures are down 0.5% to $4,056.30 a troy ounce.

TOP STORY:

Trump Moves to Weaken Methane Emissions Rules for Oil and Gas

The Trump administration is moving to dismantle Biden-era rules that sought to limit emissions of methane, a potent greenhouse gas, meeting a key demand of some of its oil-and-gas allies.

President Trump announced the measures at a rally in Lubbock, Texas, on Tuesday. Rising energy costs have become a major issue ahead of the midterm elections, and the administration has described the planned rollback as a way to lower bills.

OTHER STORIES:

Oil Prices Rise as Houthi Militants Target Saudi Energy

Oil prices rose Wednesday as traders assessed renewed threats to Middle East energy supplies after Yemen's Houthi militants said they targeted Saudi Arabia's largest oil refinery.

December Brent crude futures rose 1.2% to $115.19 a barrel, while December West Texas Intermediate futures gained 1.8% to $101.65 a barrel.

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GE Vernova to Buy Grid-Equipment Manufacturer for $9 Billion as Energy Demand Grows

GE Vernova agreed to buy Trench Group for $9 billion, a deal that will strengthen its grid-equipment manufacturing capabilities as demand for energy continues to skyrocket.

The deal marks a step forward in strengthening and scaling GE Vernova's electrification business in the high-voltage infrastructure market, which is estimated to reach $130 billion in size by the end of the decade, the energy company said Wednesday.

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Equinor's Earnings Double as Upended Energy Markets Offer Windfall

Equinor's third-quarter earnings doubled on elevated oil and gas prices, and a jump in refining margins triggered by global conflicts which have upended energy markets.

The Norwegian energy major on Wednesday said third-quarter adjusted operating income-its preferred measure-rose to $12.35 billion from $6.215 billion in the same period a year prior. This compares with the $12.19 billion analysts had expected, according to a company-compiled consensus.

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Baker Hughes Revenue Lifted by Growing Demand From Energy, Industrial Markets

Baker Hughes reported a lower profit but growing revenue boosted by an increase in demand across a range of energy and industrial markets.

The energy company on Tuesday reported a third-quarter profit of $411 million, or 41 cents a share, compared with a profit of $609 million, or 61 cents a share, a year earlier.

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Nelson Peltz's Trian Offers to Buy Wendy's for $1.4 Billion

Nelson Peltz's hedge fund Trian Fund Management offered to buy Wendy's WEN for around $1.4 billion Wednesday, arguing that the struggling fast-food chain is "at a critical juncture" and would be better off as a private company.

Trian, a longtime shareholder in Wendy's, is leading a group that has offered to pay $7.35 a share in cash for Wendy's. Details of the offer were disclosed in a Wednesday filing, confirming an earlier report by The Wall Street Journal.

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Greenlane Renewables Renews Service Deal for U.S. Dairy Natural Gas Plants

Greenlane Renewables has renewed service agreements with a major international energy company for three of its renewable natural gas producing facilities at dairy farms in the U.S.

The biogas technology company said Wednesday that the renewed contracts will support ongoing aftermarket parts, maintenance and technical service for the facilities.

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TotalEnergies Expands Exploration Portfolio in U.S. With Chevron

TotalEnergies said it acquired working interest in several exploration licenses operated by Chevron in the U.S.

The French energy major said Wednesday that it got a 25% working interest in 26 Chevron-operated exploration leases offshore U.S.

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PLS Power Deal With Fortescue Helps Cushion Giant Mine Against Choppy Lithium Market

A 20-year power deal with iron-ore giant Fortescue will help PLS Group's Pilgangoora operation, one of the world's largest hard-rock lithium mines, better cope with wild swings in lithium prices, the chief executive of PLS said.

The power deal was signed Wednesday, less than two weeks after PLS gave the green light for its so-called P2000 project to significantly expand production of lithium-rich spodumene concentrate at the Western Australia mine.

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U.S. Crude Oil Stockpiles Fall for Fourth Straight Week

U.S. crude oil inventories were down last week in a fourth consecutive weekly decline, while gasoline stocks rose and distillate stocks fell, according to data released Wednesday by the U.S. Energy Information Administration.

Commercial crude oil stocks excluding the Strategic Petroleum Reserve fell by 1.9 million barrels to 410.6 million barrels in the week ended Oct. 23 and were 4% below the five-year average for the time of year, the EIA said. Crude stocks were expected to have slipped by 100,000 barrels, according to a Wall Street Journal survey of analysts.

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PetroChina Posts Quarterly Profit Increase on Higher Oil Prices

Chinese oil company PetroChina posted a 22% increase in third-quarter net profit, supported by elevated oil prices amid the Middle East conflict.

Geopolitical uncertainty has kept energy markets on edge eight months into the U.S. war with Iran, with prices of crude oil whipsawing alongside repeated attempts for diplomatic talks to ease tensions while flare-ups in fighting continue.

MARKET TALKS:

European Gas Prices Top 100 Euros on Middle East Escalation Fears -- Market Talk

1528 GMT - European natural-gas prices top 100 euros a megawatt-hour for the first time in nearly four years as markets fear renewed escalation between the U.S. and Iran. In afternoon trading, the benchmark Dutch TTF contract was up 4.6% to 100.24 euros a megawatt-hour, a level last seen during the 2022 energy crisis. Only limited volumes of LNG from the Persian Gulf are reaching the global market due to the Iran war, raising competition between European and Asian buyers. Meanwhile, traders fear lower temperatures will soon raise heating demand at a time when gas inventories across the EU sit well below the five-year average. (giulia.petroni@wsj.com)

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Oil Futures Rise on Concerns of Escalation Post U.S. Midterms -- Market Talk

1026 ET - Oil futures are rising with market concerns about a Middle East escalation overshadowing the flurry of diplomatic efforts in the region. The political deadlock following Israeli elections "introduces greater uncertainty at a particularly sensitive moment for U.S./Israel-Iran relations, with higher risk of renewed military escalation," Francesco Martoccia of Citi Research says in a note. Renewed escalation could drive a further increase in the geopolitical risk premium while credible progress toward a deal could unwind part of the existing premium, he says. "This election outcome does not alter our central case of a negotiated agreement by year-end, but raises the probability of a more volatile and potentially disruptive path." WTI is up 1.8% at $101.73 a barrel Brent is up 1% at $115 a barrel. (anthony.harrup@wsj.com)

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

0919 ET - U.S. natural gas futures are higher with the expiring November contract recovering for a second session. Mild near-term temperature forecasts have kept downward pressure on prices, while several months of below-average storage injections and strong LNG demand have provided support. "Despite some minor model disagreement, temperature forecasts continue to favor warmer-than-normal weather across key population centers well into the first half of November," Andy Huenefeld of Pinebrook Energy Advisors says in a note. "The market is maintaining the overall bearish outlook for the months ahead." Nymex natural gas is up 4% at $2.8059/mmBtu. (anthony.harrup@wsj.com)

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Palm Oil Ends Lower, Weighed by Concerns of Elevated Inventories -- Market Talk

1011 GMT - Palm oil prices ended lower, weighed by concerns over elevated Malaysian inventories and expectations of strong October production. Market sentiment continued to be pressured despite firmer crude oil prices, says David Ng, a trader at Kuala Lumpur-based Iceberg X. Ng expects CPO futures to find support around 4,650 ringgit a ton and face resistance at 4,800 ringgit a ton, with traders closely monitoring inventory levels and export demands for further direction, he adds. The Bursa Malaysia Derivatives contract for January delivery ended 14 ringgit lower at 4,687 ringgit a ton. (jiahui.huang@wsj.com; @ivy_jiahuihuang)

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Oil Gains As Market Prices in Greater Risk of Mideast Escalation -- Market Talk

0933 GMT - Oil prices rise more than 1% after Yemen's Houthi militants said they targeted Saudi Arabia's largest oil refinery. In midmorning European trading, Brent crude for December delivery, which expires on Friday, is up 1.3% to $115.41 a barrel, while WTI futures gain 2% to $101.92 a barrel. The market is increasingly pricing in the risk of further escalation in the region, despite diplomatic efforts to foster dialogue between the U.S. and Iran. "We'll likely have to wait until after the Nov. 3 U.S. midterms for more clarity on how the situation in the Middle East evolve," analysts at ING say. "If we get past the elections without renewed strikes on Iran, that might be enough for the market's risk premium to start eroding." (giulia.petroni@wsj.com)

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Gold Edges Lower Ahead of Fed Decision -- Market Talk

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October 28, 2026 11:49 ET (15:49 GMT)