MARKET MOVEMENTS:
–Brent crude oil is down 1% to $66.18 a barrel
–European benchmark gas is down 2.7% to 31.24 euros a megawatt-hour
–Gold futures are down 0.6% to $3,387.60 a troy ounce
–LME three-month copper futures are up 0.1% at $9,775.50 a metric ton
TOP STORY:
Rivian Says It Faces $100 Million Hole After Relaxation of Fuel Economy Rules
Electric truck maker Rivian says the rollback of fuel economy rules in the U.S. is holding up $100 million of revenue, a sign of how changes to automotive policy under the Trump administration are starting to hurt the electric-vehicle industry.
Rivian and its rivals have generated hundreds of millions of dollars in revenue selling credits tied to the nation's fuel economy rules. But after the Trump administration removed penalties for violating those standards, the nation's top automotive regulator stopped issuing paperwork necessary to finalize those credits, leaving EV makers in the lurch.
OTHER STORIES:
T1 Energy to Source Materials From Corning as Part of U.S. Supply-Chain Buildup
T1 Energy said it would source inputs for its solar-manufacturing plants in Texas from materials company Corning as it attempts to build up its supply chain in the U.S.
The solar-energy and battery company, which recorded its first sales at the end of last year, said Friday it had agreed to source hyper-pure polysilicon and solar wafers produced in Michigan by Corning. The wafers will be used in T1's new solar-cell plant under construction in Texas starting in the second half of 2026, and will then also be used to make solar modules at T1's Dallas facility, the company said.
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Eldorado Gold Taps Christian Milau as President
Eldorado Gold has appointed mining veteran Christian Milau as president, effective mid-September.
The Canadian mining company, with operations in Canada, Greece and Turkey, said Friday that Milau brings with him over 25 years of experience in finance, capital markets and mining.
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Talos Energy Names Zachary Dailey as CFO
Talos Energy said it has named Zachary Dailey as its next chief financial officer, effective Aug. 18.
He most recently served as vice president, controller and chief accounting officer for Marathon Oil prior to its acquisition by CococoPhillips, Talos Energy said.
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Pandora Reiterates Full-Year Outlook But Flags Increasing Headwinds
Pandora confirmed its guidance for the current year but pointed to mounting challenges, including effects from U.S. tariffs as well as headwinds from foreign exchange and commodity prices.
The Danish jeweler said Friday that these difficulties are expected to gradually increase through the course of the year, amid what it called turbulent times.
MARKET TALKS:
Europe's TTF Gas Price Drops Ahead of Alaska Summit -- Market Talk
1358 GMT - European natural-gas prices drop to their lowest in more than a year ahead of a closely watched summit between President Trump and Russian President Vladimir Putin in Alaska. The benchmark Dutch TTF contract trades 3.1% lower to 31.13 euros a megawatt hour and is on track for a 4% weekly loss. If successful, the meeting could pave the way for further talks between Trump, Putin and Ukrainian President Volodymyr Zelensky. Traders see little chance of Russian pipeline gas returning to Europe quickly, even if a Ukraine peace deal is struck. However, any progress toward ending the conflict is expected to put further pressure on energy prices and ease fears that U.S. sanctions could disrupt Russian flows. (giulia.petroni@wsj.com)
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Oil Futures Pull Back Ahead of U.S.-Russia Summit -- Market Talk
0945 ET - Oil futures give back a chunk of yesterday's gains as the market awaits the outcome of the summit meeting in Alaska between Presidents Trump and Putin. While Trump has warned of "severe consequences" if Putin won't agree to a cease-fire in the Russia-Ukraine war, he also expressed optimism that something will come of the meeting. While recent pricing points to the oil market's "very relaxed view of ongoing geopolitical stories," lack of agreement could put upward pressure on prices, Neil Crosby of Sparta Commodities says in a note. "No deal might well mean more pressure exerted on Russia and its buyers, too, which may send India even deeper into the spot crude market and even see its government mandate all refiners to wean off Russian." WTI is down 1.2% at $63.17 a barrel, and Brent is off 1.1% at $66.12. (anthony.harrup@wsj.com)
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Oil Price Structure Signals Easing Supply Tightness -- Market Talk
1338 GMT - The premium for near-term oil delivery over later contracts is narrowing, suggesting the market is less worried about near-term supply tightness, according to analysts at Saxo. Oil stockpiles in the U.S. and other OECD countries have risen, while refineries are running at seasonally high rates to meet summer fuel demand. Meanwhile, refining markets for products like diesel have softened, indicating weaker demand or oversupply for refined products. "The geopolitical risk premium tied to the Trump-Putin meeting in Alaska is now a secondary driver, and unless talks break down sharply, the macro drag from the demand outlook may keep a lid on rallies," the analysts say. Oil prices extend losses in afternoon trade, with Brent crude down 1.2% to $66.05 a barrel and WTI falling 1.4% to $63.08 a barrel. (giulia.petroni@wsj.com)
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U.S. Natural Gas Picks Up on Short Profit-Taking -- Market Talk
0923 ET - U.S. natural gas futures are recovering ground on short profit-taking, while remaining on track for a moderate weekly loss. Shorts were encouraged to take profits after the front month held at support around $2.77 following yesterday's above-average storage build, Eli Rubin of EBW Analytics says in a note. "A continued test higher is possible near-term, and a larger gain from short profit-taking cannot be ruled out." Nymex gas is up 3% at $2.927/mmBtu. (anthony.harrup@wsj.com)
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Gold Futures Set to End Week Lower on Dented Haven Demand -- Market Talk
1128 GMT - Gold futures inch up, but are on track to end the week lower. Futures are up 0.1% at $3,385.80 a troy ounce, but are down 3% on week as improved risk appetite in markets diverted flows away from safe-haven assets, ActivTrades' Ricardo Evangelista says in a note. Market optimism rose following the U.S. extension of a trade truce with China for 90 days and expectations that President Trump's meeting with Russia's Vladimir Putin may lead to a ceasefire in Ukraine, Evangelista says. Further weighing on gold prices was the U.S. Producer Price Index reading for July, which beat expectations by a wide margin and prompted traders to scale back bets on a Federal Reserve interest-rate cut in September, Evangelista writes. Higher rates typically lower non-interest-bearing bullion's appeal. (joseph.hoppe@wsj.com)
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Palm Oil Rises on Stronger Exports Data -- Market Talk
1033 GMT - Palm oil ended higher on data by cargo surveyors showing stronger export performance, said David Ng, a trader at Kuala Lumpur-based Iceberg X. However, expectations of rising output in the coming weeks is seen as weighing on sentiment, Ng adds. He sees support for crude palm oil futures at 4,380 ringgit a ton and resistance at 4,500 ringgit a ton. The Bursa Malaysia Derivatives contract for October delivery rose 75 ringgit to 4,478 ringgit a ton.(tracy.qu@wsj.com)
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Copper Prices Slip But Dollar Weakness Should Curb Losses -- Market Talk
1003 GMT - Copper prices fall, with LME three-month copper sliding 0.2% to $9,757.0 a metric ton. Higher U.S. reciprocal tariffs are likely to prevent any meaningful recovery in global manufacturing this year, Citi analysts say. Global manufacturing sentiment eased in July after a short-lived June recovery. Meanwhile, U.S. import levies are likely to stay a headwind, the analysts write in a note. Still, large U.S. copper inventories, built up to frontload potential tariffs, are likely to unwind more slowly than previously expected. Besides, expectations for U.S. dollar weakness could persist over the second half of the year, helping cushion downward movements, Citi adds. A weaker dollar makes it cheaper for international purchasers to buy dollar-denominated goods. Citi now sees copper prices at $9,200 a ton over the next three months, compared with prior expectations of $8,800 a ton. (joseph.hoppe@wsj.com)
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Europe Still on Track to Meet Storage Target Despite Slight Injection Slowdown -- Market Talk
0915 GMT - Europe's weekly gas storage injections have eased slightly, but inventories are still expected to stay above target by the end of October, according to UBS. "The slower build reflects softer supply, leaving less gas available for storage," analysts at the bank say. "Despite a slight slowdown in injections, we still see EU gas storage to reach around 87% full by end-Oct, above the effective storage target of 77%." According to industry group Gas Infrastructure Europe, gas storage levels currently stand at 73%. In late-morning trade, the benchmark Dutch TTF gas price is down 1.1% to 31.79 euros a megawatt hour. (giulia.petroni@wsj.com)
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Gold Futures Rise in Muted Trading -- Market Talk
0748 GMT - Gold futures edge higher, with prices stuck in a narrow range. Futures are up 0.1% at $3,386.80 a troy ounce, with relatively low volumes. The precious metal is likely to remain between $3,300 and $3,400 in the near term, with no clear catalysts able to break the deadlock between upward and downward pressures, Pepperstone's Dilin Wu says in a note. The Trump administration's confirmation that gold tariffs won't be imposed has sharply eased market panic. Meanwhile, the 90-day extension of the U.S.-China tariff reprieve, waiver of levies on Japanese goods, and strong inflows into U.S. equities have all weighed on short-term safe-haven demand, Wu says. However, strong September U.S. interest-rate cut expectations and concerns over the Federal Reserve's independence are keeping a firm floor under prices, Wu adds. (joseph.hoppe@wsj.com)
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August 15, 2025 10:41 ET (14:41 GMT)
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