The World's Oil Safety Net Is Fraying. Now Comes the Rush to Remake It. — Commodities Roundup

MARKET MOVEMENTS:

--Brent crude is down 4.8% to $93.62 a barrel.

--European benchmark gas is down 0.4% to 82.11 euros a megawatt-hour.

--Copper futures are up 1.1% at $13,907.50 a metric ton.

--Gold futures rise 1% to $4,113.80 a troy ounce.

TOP STORY:

The World's Oil Safety Net Is Fraying. Now Comes the Rush to Remake It.

DUBAI-The Iran war has drained global oil stockpiles to their lowest levels in years. Now a race is on to replenish depleted reserves and build storage facilities to withstand the next supply shock.

The push stretches from Saudi plans to stash crude deep beneath Singapore, to billions in Australian spending and Japanese financing.

The moves are the latest sign of how the conflict is reordering the global energy map after months of disrupted shipments through the Strait of Hormuz. Persian Gulf producers now seek storage closer to buyers to safeguard deliveries and preserve their reputation as reliable suppliers. Governments are eager to expand oil reserves to withstand future disruption.

OTHER STORIES:

Oil Slides More Than 3% as Trump Downplays Prospect of New Iran Strikes

Oil prices fell sharply Monday, with Brent crude dropping more than 3% to below $95 a barrel after President Trump downplayed the prospect of further U.S. attacks on Iran, even as attacks on Saudi Arabia and fresh incidents involving tankers in the Strait of Hormuz highlighted continuing risks to Middle Eastern oil supplies.

Front-month Brent crude, the global oil benchmark, fell 3.5% to $94.93 a barrel, while West Texas Intermediate futures declined 3% to $88.13 a barrel.

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NRG Energy Signs $4 Billion Asset-Sale Agreement, Posts Higher Quarterly Earnings

NRG Energy said it will sell $4 billion worth of power-generation assets, a move that will allow the company to pay down debt and buy back more stock.

The announcement came as the electricity provider reported higher profit and revenue in the recent quarter, fueled by what Chief Executive Robert Gaudette called a substantial generation business producing steady earnings.

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Barrick Quarterly Earnings Benefit from Higher Prices as Production Remains On Track for Annual Target

Barrick Mining ABX logged a slight rise in third-quarter net earnings thanks to a jump in gold and copper prices and as improvements in productivity mitigated cost pressures from fuel, consumables and local currency appreciation.

Gold production, while down slightly on a year earlier, rose from the prior quarter to keep Barrick on track to hit its output target for the year, while copper production declined quarter-over-quarter and compared with last year but the company said it was holding to its full-year guidance.

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GE Vernova Shares Rise On Continued Wind Energy Expansion to Germany

Shares of GE Vernova rose on Monday after the company said it will continue wind energy expansion into Germany.

GE Vernova shares rose 6.9% to $827.71 on Monday. The stock is up 27% year to date.

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Adnoc Distribution CFO Eyes Nonfuel Revenue Growth -- Interview

DOHA, Qatar--Adnoc Distribution's finance chief said the Abu Dhabi company is looking at nonfuel businesses for future growth after these revenue streams helped lift underlying earnings in the third quarter.

Underlying earnings before interest, taxes, depreciation and amortization for the Abu Dhabi National Oil Company for Distribution rose about 13% in the three-month period, excluding inventory effects, and were supported by nonfuel retail, business-to-business sales and international operations. Revenue rose 39% to 12.97 billion U.A.E. dirhams ($3.53 billion).

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Harmony Gold Gets Boost from Higher Gold Prices

Harmony Gold said higher gold prices more than offset a fall in production, while it backed its full-year guidance.

The gold miner said Monday that first-quarter gold revenue for the three months ended Sept. 30 increased 3% to $1.4 billion despite a 12% decline in gold production. It said there was a 17% increase in its average gold price received to $4,057 a troy ounce.

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Pandora's Sales in Europe Hurt by Recent Protests in France, Spain -- Interview

Danish jewelry retailer Pandora said it was hit by protests in France and Spain that saw some of its stores vandalized and forced to shut, hurting a nascent sales rebound in Europe.

The company was forced to close four shops during demonstrations that erupted in both countries last month. Two of the stores were in Paris, one in the French city of Lyon, and the other in Barcelona, Spain's second-largest city.

MARKET TALKS:

Question for U.S. Soybean Yield Is How Much Higher? -- Market Talk

1127 ET - Expectations that the USDA will raise its estimate for the 2026/27 soybean harvest in Tuesday's WASDE report are widely seen as priced in, although the size of the increase matters. "All eyes will be on the USDA report tomorrow and wondering just how high will the USDA increase the soybean yield?" Cory Bratland of AgMarket.net says in a note. Analysts in a Wall Street Journal survey see the soybean production estimate at 4.6 billion bushels, up from 4.56 billion bushels in the October WASDE, with the expected yield rising to 53.6 bushels per acre from 53.1 bushels per acre in October. Soybeans continue to see weekly export activity, but that's mostly China buying the 25 million metric tons they agreed to, Bratland adds. Soybeans are off 0.3% on CBOT. (anthony.harrup@wsj.com)

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Oil Futures Extend Retreat As Trump Says Renewed Attacks Unlikely -- Market Talk

0922 ET - Oil futures start the week sharply lower after President Trump told CNN that the U.S. is "highly unlikely" to renew attacks on Iran if talks continue to make progress. His comments further reduce expectations of Middle East escalation, which eased last week after the Democrat midterm election sweep. "We remain skeptical that U.S.-Iran discussions will yield fruit," EBW Analytics says in a note. "Still, if regional crude exports remain stout, the U.S. may have less reason to restart an active military campaign." WTI is down 4.4% at $86.82 a barrel and Brent is off 4.6% at $93.76 a barrel.(anthony.harrup@wsj.com)

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U.S. Natural Gas Futures Pick Up As Cold Spell Emerges -- Market Talk

0901 ET - U.S. natural gas futures are solidly higher in early trading as a cold spell for the coming weekend promises to lift demand, although the boost is expected to be short-lived. "The bulls needed only a slight taste of heating demands to chase the bears off the board and put us firmly over $3," Gary Cunningham of Tradition Energy says in a note. Although the cold is expected to fade quickly, capping the rally, "the shorts are still being forced to cover so today could be a wild ride." Nymex natural gas is up 5% at $3.148/mmBtu. (anthony.harrup@wsj.com)

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Oil Falls After Trump Downplays Prospect of Fresh Strikes on Iran -- Market Talk

0917 GMT - Oil prices fall more than 1% after President Trump told CNN it was "highly unlikely" he would order renewed attacks on Iran as long as peace negotiations continue to progress. In early European trading, front-month Brent crude is down 1.8% to $96.57 a barrel, while WTI futures slide 1.2% to $89.74 a barrel. Both benchmarks plunged more than 15% last week after Democrats swept Congress, fuelling hopes of a diplomatic resolution to the conflict in the Middle East. However, continued threats to shipping in the Gulf have tempered optimism. "The conflicting backdrop of greater hopes for an end to the conflict and continued attacks on oil tankers means that investors remain just as uncertain about the medium-term path for oil prices as they were before the elections," Hamad Hussain of Capital Economics says. (giulia.petroni@wsj.com)

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Gold Rises Above $4,100 an Ounce, With Focus on U.S. Inflation Data -- Market Talk

0844 GMT - Gold rises above $4,100 a troy ounce as lower oil prices ease inflation concerns, with focus on Middle East developments and U.S. inflation data due later this week. In early European trading, futures in New York are up 0.8% to $4,106.50 an ounce. "Gold has managed to push higher even as the U.S. jobs report at the end of last week showed much stronger than expected print for November," says Soojin Kim from MUFG. "The pullback in energy prices last week is helping to quell inflation anxieties and will set out a flatter path for rate hikes from central banks." Traders now await CPI and PPI data for more cues on the path of U.S. interest rates. Meanwhile, silver futures rise 1% to $52.47 an ounce, while platinum is up 0.8% to $1,549.30 an ounce. (giulia.petroni@wsj.com)

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U.K. Mining Stocks Open Higher as Oil Slips, Gold Posts Small Gain -- Market Talk

0837 GMT - London's miners start the week higher as oil prices fall and gold posts a slight rise. Oil remains below $100 a barrel after President Trump played down the likelihood of further U.S. strikes on Iran. Lower oil prices ease mining costs and help tame increases in inflation that could trigger interest-rate hikes. Front-month Brent crude, the global oil benchmark, falls 1.4% to $96.99 a barrel. Gold rises 0.6% to $4,100.20 a troy ounce. Precious metals miner Fresnillo rises 3% while peer Hochschild Mining gains 2.6%. Endeavour Mining is up 3.25%. Anglo American is 2.6% higher while Glencore gains 1.8%. Copper miner Antofagasta is 2.9% higher. (adam.whittaker@wsj.com)

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Iron Ore Lower; Fundamentals Remain Soft -- Market Talk

0322 GMT - Iron ore is lower in early Asian trading. Prices are likely to be under pressure in the near term as fundamentals remain soft, according to Nanhua Futures in a note. Supply remains ample, with shipments holding at elevated levels compared with a year earlier, they say. However, demand from mill restocking could give the metal some support, they say. The most-traded iron ore contract on the Dalian Commodity Exchange is 0.7% lower at 684.5 yuan a ton. (tracy.qu@wsj.com)

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BHP Shares Benefit From Copper Growth Story -- Market Talk

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November 09, 2026 12:43 ET (17:43 GMT)