MARKET MOVEMENTS:
–Brent crude oil is up 0.5% to $67.47 a barrel
–European benchmark gas is down 0.1% to 34.20 euros a megawatt-hour
–Gold futures are up 0.1% to $3,354.30 a troy ounce
–LME three-month copper futures are up 0.6% at $10,003 a metric ton
TOP STORY:
EU Pushing Ahead With Climate Plans Amid Concerns Over Energy Costs, Tariffs
The European Union is pushing ahead with a new target for cutting greenhouse gas emissions, testing the willingness of politicians and the public across the bloc to pay for a sweeping shift to cleaner technologies at a time of economic upheaval on the continent.
The European Commission, the EU's executive, proposed legislation that would require a 90% emissions decrease by 2040 compared to 1990 levels, pushing aside concerns from some members of the bloc as their companies struggle with high energy costs, slumping markets and the threat of a wall of tariffs from the U.S. French President Emmanuel Macron suggested last week that the decision should be delayed.
The EU's emissions have fallen 37% between 1990 and 2023, a sign of the massive investments in clean technology that will be needed to achieve the 90% target.
OTHER STORIES:
Tesla's Global Vehicle Deliveries Plunged in Second Quarter
Tesla's global vehicle sales fell 13.5% in the second quarter from a year ago, continuing a steep slide in automotive sales, as the company tries to pivot to autonomous vehicles.
The final quarterly tally of 384,122 missed analysts' expectations of 387,000 deliveries, according to FactSet.
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Iran Suspends Cooperation With U.N. Atomic Agency
Iran said it was suspending cooperation with the U.N. atomic agency, denying international inspectors the chance to assess the damage done by U.S. and Israeli airstrikes on its main nuclear sites and setting up a new clash with Washington and other Western powers.
Iran's move will leave the International Atomic Energy Agency blind for now to any renewed nuclear work that Tehran is able to do and unable to verify the whereabouts of its large stockpile of already enriched uranium.
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Sunnova Encouraged Dealers to Keep Selling Solar Panels as Financial Woes Mounted
Each year, hundreds of dealers for solar-panel company Sunnova Energy International gather for a summit to celebrate a year's hard work. But this February, they came to the glitzy Town & Country resort in San Diego looking for answers.
Sunnova was months behind on its payments to dealers, who sell and install its home solar-energy systems and depend on timely reimbursements from the company to recoup upfront costs.
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Quinbrook Shuffles Leadership as It Focuses on Supply Chains, Critical Minerals
Quinbrook Infrastructure Partners is making leadership changes to facilitate its expansion as it focuses on a critical-minerals supply chain strategy that includes building factories powered by renewable energy.
The Houston-based clean-energy infrastructure specialist with roots in Australia last month named Managing Director Brian Restall as the firm's chief executive, a newly created role. He will move into the job by year-end. Restall currently is Quinbrook's regional leader for Australia.
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Shell Backs 2023, 2024 Financial Statements After Audit Review
Shell has backed its financial statements for 2023 and 2024 after its auditor Ernst & Young informed it that it had not met U.S. auditor independence rules during the period.
The British energy giant said Wednesday that its financial statements for the period remain unchanged. EY had informed Shell that the partner who led the audit for both years had exceeded the period allowed under audit-partner rotation rules set by the U.S. Securities and Exchange Commission. The firm was therefore not eligible to serve as the lead engagement partner for the period.
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Eos Energy Shares Advance Following DOE Loan Advance
Shares of Eos Energy Enterprises rose after the battery storage system company received a second loan advance from the Energy Department.
The stock gained 10% to reach $5.35 in post-market trading. Through the close on Tuesday shares are up less than 1% this year.
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Chinese Carmakers' Latest Sales Show Muted EV Demand
Chinese automakers' June sales point to slowing demand for electric vehicles in China, as regulators move to rein in aggressive pricing that has sparked industry price wars.
The roundup of last month's sales also reflected the seasonal slowdown typically seen at midyear.
MARKET TALKS:
Corn Lower as Traders Eye Stronger Yield Projections -- Market Talk
0909 ET - Corn futures on the CBOT are down 0.7% premarket. If futures close lower again, it'll be the eighth losing session out of the past nine, according to FactSet data. This week's Acreage report from the USDA is still driving trading, and with good weather for crops traders see little reason for futures to change course. "Trade chatter is that corn yield will be bigger than 181 [bushels an acre], if current weather patterns persist," says Naomi Blohm of Total Farm Marketing in a note. Blohm says that some may be expecting yields to rise as high as 184 bushels an acre--which would smash last year's record high of 179.3 bushels an acre. Soybeans rise 0.6% premarket, and wheat falls 0.6%. (kirk.maltais@wsj.com)
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U.S. Natural Gas Futures Recover Some Ground -- Market Talk
0941 ET - U.S. natural gas futures pick up after falling the previous two sessions on cooler temperature outlooks that could limit summer demand. Repricing continues after last week's heat wave failed to lift Henry Hub spot prices above $3.51, Eli Rubin of EBW Analytics says in a note. "Still, it remains too early to call the end of summer before the 4th of July," he says, noting LNG feedgas flows well above the June average and the likelihood of another heat wave "at some point this summer." Nymex natural gas is up 2.2% at $3.489/mmBtu. (anthony.harrup@wsj.com)
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Oil Futures Gain As Iran Rejects Nuclear Inspections -- Market Talk
0919 ET - Crude futures are higher after the Iranian government suspends cooperation with U.N. nuclear inspectors, adding back some Middle East risk premium lost after last week's cease-fire. The market is shrugging off the expected increase in OPEC+ production when the group meets this weekend, and futures also appear to be ignoring a firming in the U.S. dollar and the API's report of a small U.S. crude stock build for last week, Ritterbusch says in a note. Closely watched EIA inventory data are due at 10:30 a.m. EDT. Analysts in a Wall Street Journal survey predict a 1.7 million barrel drop in crude stocks. WTI is up 1% at $66.08 a barrel and Brent is up 0.9% at $67.73 a barrel. (anthony.harrup@wsj.com)
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Copper Prices Gain on Strong China Demand, U.S. Tariff Frontloading -- Market Talk
1335 GMT - Base metal prices rise, with LME three-month copper up 0.35% at $9,977.50 a metric ton and LME three-month aluminum up 0.2% at $2,606.50 a ton. Robust Chinese demand and U.S. over-imports ahead of a potential tariff are tightening the copper market outside the U.S., Goldman Sachs analysts say in a note. The U.S. bank forecasts 6% growth in Chinese refined copper demand for 2025. This, coupled with record U.S. imports, is driving prices higher and tightening global markets. China's copper imports will likely rise in the second half of the year even with slowing demand growth, analysts say. Goldman sees upside risks to its copper forecast for August of $10,050 a ton as China and the U.S. compete for copper and inventories outside the U.S. drop to record lows. (joseph.hoppe@wsj.com)
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Oil Rises After Iran Halts Cooperation With U.N. Nuclear Watchdog -- Market Talk
1131 GMT - Oil prices rise after Iran announced it was suspending cooperation with the U.N. atomic agency. Brent crude and the U.S. oil gauge WTI both gain 1.3% to $67.99 and $66.32 a barrel, respectively. Tehran's decision to deny international inspectors access to its main nuclear sites to assess the damage done by U.S. and Israeli airstrikes heightens tensions with Washington and other Western powers. Meanwhile, expectations of higher supply from OPEC+ and broader market uncertainty surrounding U.S. tariffs and the timing of interest-rate cuts continues to support prices. (giulia.petroni@wsj.com)
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How to Reach EU's Climate Target Currently Unclear, Auto Industry Group Says -- Market Talk
1100 GMT - It is currently unclear how carbon-dioxide emissions can be reduced by 90% across Europe by 2040, Hildegard Mueller, head of the German Association of the Automotive Industry, says in a statement. "Brussels must do more than simply set or propose ever more ambitious targets; the European Union must ensure that these can actually be achieved," Mueller says. "Regulation alone is not policy." Nevertheless, the association stands by the Paris climate protection goals, Mueller says. The EU also targets a 55% reduction by 2030. (nina.kienle@wsj.com)
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Palm Oil Ends Higher on Stronger Demand From India -- Market Talk
1010 GMT - Palm oil ended higher and rallied above 4,000 ringgit a ton as India stepped up its purchases of palm oil, given the price discount to soybean oil, says David Ng, a trader at Kuala Lumpur-based Iceberg X. Stronger soybean oil prices during Asian trading hours also boosted sentiment, he says. Ng sees support at 3,950 ringgit a ton and resistance at 4,150 ringgit a ton. The Bursa Malaysia Derivatives contract for September delivery is up 95 ringgit at 4,063 ringgit a ton. (jiahui.huang@wsj.com; @ivy_jiahuihuang)
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Copper Prices Gain On-Week on U.S. Dollar Weakness, Tariff Concerns -- Market Talk
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July 02, 2025 11:20 ET (15:20 GMT)
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