Oil Prices Stay Below $100 as Traders Weigh Iran Diplomacy, Supply Outlook — Commodities Roundup

MARKET MOVEMENTS:

--Brent crude is up 2.3% to $96.87 a barrel.

--European benchmark gas is down 1.1% to 89.69 euros a megawatt-hour.

--Copper futures fall 1.3% to $13,841 a metric ton.

--Gold futures rise 1.6% to $4,136.90 a troy ounce.

TOP STORY:

Oil Prices Stay Below $100 as Traders Weigh Iran Diplomacy, Supply Outlook

Oil prices were mixed Thursday following a sharp selloff in the previous session as traders assessed the outlook for U.S.-Iran relations and recovering oil supplies from the Middle East.

Front-month Brent crude, the global oil benchmark, rose 0.2% to $94.76 a barrel in early European trading. West Texas Intermediate, the U.S. benchmark, fell 0.7% to $86.53 a barrel.

OTHER STORIES:

Solar Energy Retains Its Allure for Private Equity

American private-equity fund managers remain bullish on solar energy despite recent policy-driven hurdles, betting that surging electricity demand and favorable project economics will bolster their investments long after federal tax incentives end.

A tax-credit phaseout for renewable energy in recent years led to a decline in asset prices across the solar sector as many project developers struggled to raise financing. That created bargain opportunities for energy-focused investment firms that had money to spend and believed the depressed valuations didn't truly reflect the sector's prospects, according to fund managers that invest in the sector.

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Rio Tinto Approves $144M Investment for Resolution Copper Project in Arizona

Rio Tinto has given the go ahead for a $144 million investment for the next phase of development at a large untapped copper deposit in Arizona that promises to be a major new source of the metal produced domestically for the U.S.

The mining company said its share of the investment in Resolution Copper will total $79 million, with minority partner BHP responsible for the remainder.

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Wendy's Rejects Trian's $1.4 Billion Takeover Offer

Wendy's WEN has rejected an unsolicited $1.4 billion bid led by Nelson Peltz's Trian Fund Management to buy the struggling burger chain, and adopted policies to protect the chain from further hostile takeover attempts.

The Ohio-based restaurant chain said Thursday that its board had unanimously rejected the investor group's offer last week to buy out the company for $7.35 a share in cash. The company's board said it is confident in new Chief Executive Bob Wright and his turnaround strategy, which is showing some early results. It also said the Trian proposal undervalues the company.

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SoftBank's Blocked Deal Shines Light on China's Pending OK of Anglo-Teck Tie-Up

The SoftBank-ABB deal isn't the only major outstanding transaction that China stands in the way of.

Beijing's antitrust regulator has yet to sign off on a proposed $53 billion merger between miners Anglo American and Teck Resources that was first announced over a year ago.

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AngloGold Ashanti Gets Boost as Higher Gold Prices Offset Production Fall

AngloGold Ashanti backed its full-year guidance after higher gold prices more than offset a fall in production.

The gold miner said Thursday that it produced 696,000 troy ounces of gold in the third quarter, down from 768,000 ounces in the same period a year prior. Output at its Sukari mine in Egypt fell heavily on lower grades and a high comparative baseline in the same period last year, it said.

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ArcelorMittal Says Europe's Steel Tariffs Are Boosting Profits

European tariffs are helping the continent's steel industry to offset current high energy prices, boosting earnings, ArcelorMittal said.

Europe's largest steelmaker booked a 34% surge in earnings before interest, taxes, depreciation and amortization, a key profit metric, over the third quarter of the year, it said Thursday.

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Gold Fields Backs 2026 Guidance After Third-Quarter Update

Gold Fields said it delivered a steady performance in the third quarter, remaining on track to deliver on the upper end of full-year production guidance,

The South African gold miner said Thursday that attributable gold-equivalent production came in 3% lower on the year at 605,000 ounces.

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McDonald's Profit Climbs Despite Continued Sluggish Domestic Sales

McDonald's reported higher profit and revenue in the latest quarter, as solid performance across much of its international business offset continually sluggish sales in the U.S.

The burger chain posted third-quarter net income of $2.49 billion, or $3.51 a share, compared with $2.28 billion, or $3.18 a share, in the year-earlier period.

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China Gold-Linked Stocks Shine After U.S. Midterms

Gold-linked stocks shined in Hong Kong and China as the precious metal regained momentum following a slide in oil prices and lower Treasury yields.

After regaining the key $4,000 level in the previous session, spot gold rose another 1.8% to $4,135.18 a troy ounce in Asian trading on Thursday.

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Orsted Cuts Investment Plans Due to Payment Delays

Orsted lowered its investment expectations for 2026 due to payment delays for certain offshore-wind construction projects, as U.S. impairment charges pushed it into a third-quarter net loss.

The Danish renewable-energy company expects full-year gross investments to amount to between 45 billion and 50 billion Danish kroner ($6.76 billion-$7.51 billion), or 5 billion kroner lower than its previous guidance. It said total project investments remain unchanged.

MARKET TALKS:

U.S. Natural Gas Inventories Rise By 77 Billion Cubic Feet -- Market Talk

1058 ET - Natural gas in underground storage in the U.S. increased by more than usual last week, expanding the inventory surplus over the five-year average, the EIA reports. Net injections of 77 Bcf left storage at 3,801 Bcf as of Oct. 30, which was 54 Bcf above the 2021-2025 average for the week, and 109 Bcf less than at the same time last year. Analysts in a WSJ survey expected an 81 Bcf storage build for last week. October traditionally marks the end of the injection season, although mild early November weather is expected to stretch inventory builds well into this month. Nymex natural gas is off 0.1% at $2.956/mmBtu. (anthony.harrup@wsj.com)

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Gold Futures Extend Post-Midterm Gains -- Market Talk

1132 ET - Gold futures add to the previous day's gains with U.S. yields falling and the dollar steady after post-midterm losses. "A softer dollar, which fell to a one-month low, and lower borrowing costs have made non-yielding assets more appealing," Kaynat Chainwala of Kotak Neo says in a note. "The election outcome has also shifted expectations around fiscal stimulus and policy risk." Friday's focus will be on the U.S. employment report, she adds. "A firm labor print would reinforce hike bets and could cap the recovery, while softer data would support further gains." Gold for December delivery is up 0.9% in New York at $4,110.80 a troy ounce. Silver is down 0.2% at $52.16 a troy ounce. (anthony.harrup@wsj.com)

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Corn Futures Edge Down As Market Looks for News -- Market Talk

1018 ET - Corn markets are looking for fresh news to trade on with futures in consolidation mode, Cory Bratland of AgMarket.net says in a note. "China has said they are interested in buying more agricultural products from the U.S. as long as both sides walk back the reciprocal tariffs," he says. "Could this be a sign that China might buy some corn from the U.S.?" The big challenge for December corn is to close above the 10-day moving average, "which comes in at $4.49 1/4 today," he adds. December corn is off 0.4% on CBOT at $4.42 1/2 a bushel. Soybeans slip 0.1% and wheat is up 0.5%.(anthony.harrup@wsj.com)

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Oil Futures Recover Some Lost Ground -- Market Talk

1000 ET - Oil futures are picking up some of the previous session's heavy post-U.S. midterm losses, but with the market still showing optimism about prospects for Middle East diplomacy. "The sell-off yesterday was likely overdone as massive sell-stops were noted below the 50-day moving average, with the market now in a retracement mode," Dennis Kissler of BOK Financial says in a note. Ideas are that with a Democratic-controlled Congress, U.S. funding for the war could be challenged, he says, "and with more oil barrels flowing from the Middle East, Iran could be losing more of its bargaining power as crude futures continue to search for a new price equilibrium." WTI is up 1.9% at $89.84 a barrel and Brent is up 3% at $97.44 a barrel. (anthony.harrup@wsj.com)

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U.S. Natural Gas Futures Slip Ahead of Storage Data -- Market Talk

0839 ET - U.S. natural gas futures give back some of the previous day's gains ahead of a weekly inventory report that's expected to show an above-average storage build, extending the storage surplus over the five-year average. Analysts in a WSJ survey predict an 81 Bcf injection for last week, well above the five-year average of 61 Bcf. A build in the low 70s Bcf "could make the 5th of November a day to remember," Gary Cunningham of Tradition Energy says in a note. Near-term weather forecasts have been shifting between cooler and warmer which has gas markets pausing their push higher, he adds. Nymex natural gas is off 0.1% at $2.955/mmBtu. The EIA is due to report storage data at 10:30 a.m. ET. (anthony.harrup@wsj.com)

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Palm Oil Ends Lower, Weighed by Weakness in Soybean, Crude Oil -- Market Talk

1013 GMT - Palm oil futures closed lower, pressured by weaker soybean oil and crude oil prices, while concerns over record-high Malaysian inventories continued to weigh on market sentiment, says David Ng, a trader at Kuala Lumpur-based Iceberg X. The pressure comes despite stronger crude oil prices providing some support, he added. Ng expects CPO futures to find support at around 4,450 ringgit a ton and face resistance at 4,600 ringgit a ton, with market sentiment is expected to be cautious ahead of the upcoming MPOB report, he adds. The Bursa Malaysia Derivatives contract for January delivery ended 121 ringgit lower at 4,375 ringgit a ton. (jiahui.huang@wsj.com; @ivy_jiahuihuang)

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November 05, 2026 12:13 ET (17:13 GMT)

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