Oil Is Gushing out of the Gulf. Why Are Prices -2-

1005 ET - The soaring high cost of beef continues to be a thorn in the side of Burger King franchisees, dragging their profits, but CFO Sami Siddiqui says he sees green shots of relief sprouting. Record beef inflation has created profitability headwinds for franchisees of the burger chain, and the effect has pushed out the timeline for store remodels despite an 8.4% surge in U.S. same-store sales. "With just beef costs and record high of beef, inflation has been a headwind to the system's profitability," Siddiqui says on the company's earnings call. "The good news is we're starting to see a little bit of relief on that front, and we expect to see a little bit more next year," he adds. (adriano.marchese@wsj.com)

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Oil Futures Pull Back on Latest U.S. Diplomatic Push -- Market Talk

0953 ET - Oil futures are lower with news of a U.S. effort to engage Iranian hardliners in talks tempering fears of conflict escalation following the U.S. midterm elections. The market is awaiting further news as a U.S. peace deal remains on the table, although "most traders still feel escalation of war is likely coming," Dennis Kissler of BOK Financial says in a note. WTI is down 2.6% at $100.12 a barrel and Brent is off 1.9% at $113.13 a barrel. (anthony.harrup@wsj.com)

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U.S. Natural Gas Futures Fall Ahead of Storage Data

0940 ET - U.S. natural gas futures resume their retreat with the December contract moving below the $3 level in its debut as the Nymex front-month. While storage numbers from the EIA due at 10:30 a.m. ET are expected to show a further decline in the inventory surplus, the warmer-than-usual weather seen extending well into November is keeping prices under pressure. Analysts in a WSJ survey forecast an inventory build of 70 Bcf for last week, smaller than the 77 Bcf five-year average for the week. Nymex natural gas is off 2.5% at $2.956/mmBtu.(anthony.harrup@wsj.com)

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Glencore Traders Set for Bumper Year -- Market Talk

1103 GMT - Glencore's target for EBIT above $5 billion in its trading unit looks conservative given the disruption across commodity markets, RBC Capital Markets analyst Ben Davis writes. Davis expects $5.6 billion for the year. Glencore remains the bank's top pick in the mining sector, especially ahead of a potentially tough winter that could push thermal coal prices higher, he says. Shares fall 1.9% to 531.40 pence.(adam.whittaker@wsj.com)

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OMV's Refining Margins Not Enough to Offset Chemicals Weakness -- Market Talk

0947 GMT - OMV's strong refining result wasn't enough to offset a materially weaker contribution from Borouge International, RBC Capital Markets analyst Adnan Dhanani writes. The Austrian oil-and-gas company's chemicals unit missed already-lowered expectations by 78%, he adds. "The outlook for chemicals looks to be improving alongside higher Borouge utilization rates," the analyst says. Shares trade 0.4% higher at 73.05 euros.(adam.whittaker@wsj.com)

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Chinese Oil Demand Has Likely Peaked -- Market Talk

0913 GMT - China's commercial demand for oil has likely peaked, Ole Hansen, head of commodity strategy at Saxo, says at a media briefing. There has been a major move toward electrification around the world, particularly in China, where electric vehicles have moved beyond cars to include heavy vehicles like trucks, which aren't common elsewhere, Hansen says. Petrol cars might not make economic sense anymore given high energy prices, he adds. Still, it remains unclear the extent to which elevated energy prices have driven the move toward electrification in the Chinese market, and the impact on demand for oil as a result, he says. However, aggressive stockpile rebuilding is likely to keep supporting demand, especially if oil prices fall toward $70-$80 a barrel, he adds. (kimberley.kao@wsj.com)

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Oil Falls on U.S.-Iran Diplomatic Hopes -- Market Talk

0842 GMT - Oil prices fall amid renewed U.S. efforts to revive peace negotiations with Iran. Brent crude for December delivery, which expires on Friday, is down 0.8% to $114.37 a barrel, while WTI futures decline 1.2% to $101.50 a barrel. However, significant obstacles remain, limiting the reaction across crude and refined-product markets, particularly given fears that military operations against Iran could resume after the U.S. midterm elections. "A credible agreement involving Iran could reduce Brent's geopolitical premium, particularly if shipping conditions improve and additional crude supplies become available," says Naeem Aslam from Zaye Capital Markets. "Future oil prices will depend heavily on whether geopolitical normalization restores production and transportation capacity faster than global consumption recovers." (giulia.petroni@wsj.com)

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European Gas Prices Retreat After Topping 100 Euros a Megawatt-Hour -- Market Talk

0832 GMT - European natural-gas prices retreat after breaking above 100 euros a megawatt-hour in the previous trading session, but remain at their highest level since 2022. The benchmark Dutch TTF contract is down 3.7% to 96.59 euros a megawatt-hour, mirroring a fall in oil prices as traders assess fresh U.S. efforts to revive peace negotiations with Iran. Still, "significant LNG supply disruptions are creeping deeper into the heating season," analysts at ING say. QatarEnergy extended force majeure on liquefied-natural-gas shipments for Edison, one of its biggest European customers, until the end of December. Meanwhile, forecasts point to colder-than-usual weather in northwest Europe from next week, potentially boosting heating demand high and accelerating withdrawals from gas-storage facilities. (giulia.petroni@wsj.com)

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China Recyclers Emerging as Key Source of Lithium -- Market Talk

0330 GMT - China's recycled lithium supply is tracking ahead of Morgan Stanley's expectations for this year. It is becoming "an increasingly material supply source," MS says. The bank says Mysteel estimates Chinese recycled carbonate of 89,400 metric tons for the first nine months of the year, up 47% on year. SMM estimates a higher 107,000 tons, up 79% on year, reflecting different methodologies, MS says. Those figures imply annual output of roughly 119,000 tons-143,000 tons, 9%-31% higher than MS's 2026 global recycled supply forecast of 109,000 tons. China accounts for roughly 90% of the recycling market. Its recycled supply could account for as much as 7% of global lithium supply this year, MS says. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

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Palm Oil Falls, Tracking Softer Palm Olein -- Market Talk

0251 GMT - Palm oil falls in Asian trading, weighed by softer palm olein prices on the Dalian Commodity Exchange, AmInvestment Bank says in a note. Concerns over rising Malaysian palm oil inventories and higher production are also putting pressure on prices, it says. Stronger export demand may partly cushion declines, the bank adds. Malaysia's palm oil exports for Oct. 1-25 are estimated to have risen 74% from the same period last month, according to cargo surveyor AmSpec Agri Malaysia. The Bursa Malaysia Derivatives contract for January delivery is down 77 ringgit at 4,712 ringgit a ton.(yingxian.wong@wsj.com)

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Copper Prices Rise Amid Tight Mine Supply -- Market Talk

0234 GMT - Copper prices rise in Asian trade, with the three-month LME copper contract up 0.2% at $14,354.00 a ton. Prices are supported by tight mine supply and declining Chinese inventories, although expectations of higher interest rates and rising LME stocks continue to weigh on the market, Changjiang Futures analysts write in a note. Disruptions at Chilean mines have heightened supply concerns. Falling Chinese inventories are supporting prices amid improving downstream restocking demand, Changjiang adds. (jiahui.huang@wsj.com; @ivy_jiahuihuang)

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Iron Ore Falls Amid Higher Supply -- Market Talk

0229 GMT - Iron ore falls in early Asian trade amid higher supply. However, the fundamentals of iron ore could improve in 4Q as both overseas and China's steel demand recover, say Galaxy Futures analysts in a note. ANZ Research analysts note that Brazil's iron ore exports recorded strong growth in the first two weeks of October, lifting arrivals at China's 47 major ports. As October comes to an end, these positive signs could solidify a floor for iron ore prices, Galaxy Futures analysts say. The most actively traded January iron ore contract on the Dalian Commodity Exchange is down 1.3% at CNY661.5 a ton. (sherry.qin@wsj.com)

Write to Barcelona Editors at barcelonaeditors@dowjones.com

(END) Dow Jones Newswires

October 29, 2026 13:03 ET (17:03 GMT)