OPEC's Oil Production Nears Prewar Levels on Saudi Rebound — Commodities Roundup

MARKET MOVEMENTS:

--Brent crude is up 1.4% to $92.73 a barrel.

--European benchmark gas is up 2.2% to 86.62 euros a megawatt-hour.

--Copper futures are up 0.5% at $13,780 a metric ton.

--Gold futures rise 0.2% to $4,037.70 a troy ounce.

TOP STORY:

OPEC's Oil Production Nears Prewar Levels on Saudi Rebound

OPEC members boosted crude output toward prewar levels in October as alternative pipelines and other workarounds became a vital lifeline, allowing Saudi Arabia and other major producers to export more oil despite persistent threats to critical shipping routes.

Crude output from the Organization of the Petroleum Exporting Countries rose by 1.96 million barrels a day to 27.16 million barrels a day last month, compared to 28.63 million in February, before the Iran war began. Saudi Arabia--the cartel's de-facto leader--increased production to 10.56 million barrels a day from 8.37 million in September, according to OPEC's latest data.

More than eight months into the conflict, U.S. military assistance, ship-to-ship transfers and cross-country pipelines have helped Gulf producers sustain exports despite continuous attacks on vessels in the Strait of Hormuz and Houthi threats in the Red Sea.

OTHER STORIES:

Oil Prices Rebound as Middle East Supply Risks Persist

Oil prices rose Wednesday, with Brent crude recovering above $92 a barrel after a sharp selloff, as renewed strikes in the region tempered expectations of a diplomatic resolution to the U.S.-Iran conflict.

Front-month Brent crude, the global oil benchmark, rose 1.4% to $92.74 a barrel, while West Texas Intermediate futures gained 0.7% to $86.63 a barrel.

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Vestas Wind Systems Shares Drop on Earnings Miss, Narrowed Guidance

Shares in Vestas Wind Systems VWS fell Wednesday after third-quarter earnings missed expectations while a narrowed guidance implies cuts to consensus expectations.

Shares were 7.7% lower in early European trade.

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KKR, Germany's RWE Invest $16 Billion in U.K. Wind-Power Projects

KKR and renewable energy company RWE plan to jointly invest around $16 billion in U.K. offshore wind projects, as the private-equity firm dials up its exposure to renewable power.

The two companies are teaming up to deliver more power through one of the country's biggest offshore wind developments, the Vanguard West and Vanguard East projects in the North Sea off the Norfolk coast.

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Siemens Energy Shares Jump on Steeper Profit Targets Through 2030

Shares in Siemens Energy rose after the company said it was targeting sales growth and a jump in profitability in new midterm targets covering the next four years.

In European morning trade, shares in the German maker of energy equipment were 7.7% higher at 129 euros after a record fiscal 2026. Shares had been trading broadly flat over the year to date before the jump.

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E.ON Backs Guidance as Energy Infrastructure Investments Continue

E.ON backed its guidance for the year as it continues to boost its investments across Europe's energy infrastructure.

The Germany-based electric utility group booked third-quarter adjusted net profit of 278 million euros, equivalent to $310.4 million, down from the 291 million euros it booked in the same period last year and above the 268 million euros expected in a Vara consensus.

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Trump's Plan to Import Russian Diesel Stalls on the High Seas

President Trump's efforts to supply the U.S. with Russian diesel have yet to result in any new imports into the country, as several fuel tankers bound for America shifted course following difficulties finding buyers willing to accept the controversial cargoes.

Trump saw Russian diesel as a way to lower sky-high prices for the fuel, which contributed to rising consumer costs in the U.S. in the run-up to the midterm elections. But the diverted ships show U.S. oil companies are reluctant to handle the cargoes of Russian diesel because of the potential legal and reputational consequences, industry executives and lobbyists said.

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Poland's Orlen Cancels Qatar LNG Supply Deal After Months of Force Majeure

Polish energy company Orlen has terminated a long-term liquefied natural gas supply contract with QatarEnergy, marking the first-known cancellation of an agreement with the Qatari exporter since the Iran war began.

State-owned QatarEnergy previously supplied about a fifth of the world's LNG but has been unable to meet its contractual obligations since March, when the conflict disrupted shipments through the Strait of Hormuz and Iranian strikes damaged its main export hub.

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Lithium Americas Lifts 2026 Capex View as Thacker Pass Lithium Project Costs Climb

Lithium Americas raised the price tag on its flagship Thacker Pass lithium project by nearly $900 million, citing rising labor costs and logistical bottlenecks.

The company updated its capital expense estimate on its Nevada project to $3.83 billion, up from $2.93 billion, which it plans to cover through a $650 million cash injection alongside draws from its U.S. Department of Energy loan reserve.

MARKET TALKS:

U.S. Natural Gas Futures Continue to Climb -- Market Talk

0906 ET - U.S. natural gas futures are higher for a fourth session with support from cooler near-term weather forecasts, high LNG feedgas flows and lower production. "Upcoming weather model runs will be important to see if the weather models continue to add demand," NatGasWeather.com says in a note. "Clearly, bulls are hoping for additional colder trends in the days ahead to justify recent gains." Nymex natural gas is up 1.8% at $3.356/mmBtu. (anthony.harrup@wsj.com)

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European TTF Gas Rises as Storage Withdrawals Accelerate -- Market Talk

1035 GMT - European natural gas prices climb back above 85 euros a megawatt-hour as concerns mount over the region's fragile supply balance, with storage withdrawals accelerating last week. Europe faces a challenging task of rebuilding inventories after disruptions to Middle Eastern LNG supplies this year left storage facilities significantly depleted. Low wind generation in parts of Europe has added to the pressure on gas demand, while outages in Norway have further constrained regional supplies, analysts at ANZ say. Net withdrawals across the European Union were nearly six times higher than the previous week, according to the research firm, while Germany's gas storage operators warned that the country's gas supply couldn't be fully guaranteed this winter in the event of extreme cold. In midmorning trading, the benchmark Dutch TTF contract is up 2.7% to 87 euros a megawatt-hour. (giulia.petroni@wsj.com)

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Palm Oil Ends Higher on Gains in Soybean, Crude Oils -- Market Talk

1012 GMT - Palm oil ended higher. Prices are supported by stronger soybean oil and crude oil prices, according to David Ng, a trader at Kuala Lumpur-based Iceberg X. A weaker production outlook, coupled with October's smaller-than-expected inventory buildup, helped improve market sentiment even as domestic stocks remain elevated, Ng says. Ng sees support for palm oil at 4,300 ringgit a ton and resistance at 4,450 ringgit a ton. The Bursa Malaysia Derivatives contract for January delivery is 151 ringgit higher at 4,407 ringgit a ton. (tracy.qu@wsj.com)

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Gold's Outlook Remains Compelling in Long Term -- Market Talk

0941 GMT - Gold's outlook remains compelling in the long term, according to Julius Baer in a research note. "Inflationary pressure in the U.S. should ease over the course of next year, allowing the Fed to be less aggressive than currently feared," it says. Gold should be supported by renewed concerns about U.S. indebtedness and the associated interest rate burden, it adds. The precious metal is also likely to benefit from central-bank buying as a strong structural source of demand. Julius Baer remains constructive on gold. Gold is last 0.5% higher at $4,049.49 a troy ounce. (tracy.qu@wsj.com)

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Gold Rebounds But Fed Hike Expectations Cap Gains -- Market Talk

0930 GMT - Gold prices tick higher after Tuesday's slide, but further gains are capped by stronger-than-expected U.S. inflation data and expectations of higher interest rates next month. New York futures rise 0.8% to $4,063.90 a troy ounce. A firmer dollar and rate-hike expectations weighed on bullion in the previous session after Federal Reserve governor Christopher Waller said he is leaning toward supporting a 25-basis-point December rate hike, but didn't rule out a larger 50-basis-point move. "Treasury yields surged as traders fully priced in a December hike and two additional increases by next June," analysts at Saxo Bank say. "Support around $4,000 has held for now, with resistance at $4,155." (giulia.petroni@wsj.com)

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Oil Rebounds After Two-Day Drop on U.S.-Iran Conflict Uncertainty -- Market Talk

0854 GMT - Oil prices tick higher after a two-day decline as uncertainty surrounding U.S.-Iran negotiations continues to provide support. Brent crude is up 0.3% to $91.77 a barrel after dipping below $90 in the previous trading session, while WTI futures rise 0.1% to $86.10 a barrel. Persistent attacks on shipping in the Strait of Hormuz are tempering hopes of de-escalation between Washington and Tehran, as both sides continue to fight for control of the strategic waterway. Market attention now turns to official U.S. oil inventory data due on Thursday following reports citing American Petroleum Institute figures indicating a rise in crude stockpiles last week. (giulia.petroni@wsj.com)

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Iron Ore Lower; Fundamentals Remain Weak -- Market Talk

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November 11, 2026 09:40 ET (14:40 GMT)

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