MARKET MOVEMENTS:
–Brent crude oil is down 0.2% at $66.77 a barrel
–European benchmark gas is down 0.7% at 33.03 euros a megawatt-hour
–Gold futures are up 0.4% at $3,447.60 a troy ounce
–LME three-month copper futures are up 0.3% at $9,700 a metric ton
TOP STORY:
ConocoPhillips Posts Lower Earnings as Oil Prices Fall
ConocoPhillips's second-quarter earnings fell, hurt by lower prices that were slightly offset by higher production.
At the same time, the oil producer said Thursday that it will sell its Anadarko Basin assets for $1.3 billion, pushing the Houston-based company past its $2 billion non-core asset disposition target.
The deal is expected to close at the beginning of the fourth quarter.
OTHER STORIES:
Blackstone Agrees to Buy Private-Equity Backed Enverus
Blackstone agreed to acquire energy-data platform Enverus from Hellman & Friedman and Genstar Capital.
Terms of the transaction weren't disclosed. It is expected to close by the end of the year, Blackstone said on Wednesday.
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Cheniere Lifts Adjusted Earnings View on Japan's JERA Order, Almost Doubled 2Q Net Profit
Cheniere Energy's second-quarter net income almost doubled and the liquefied-natural gas producer boosted the lower end of its 2025 operating earnings projection as a new supply deal with a Japanese firm underscored the growing demand for its exports.
The biggest U.S. LNG producer posted earnings of $1.63 billion, or $7.30 a share, up from $880 million, or $3.84 a share, a year earlier. On average, analysts surveyed by FactSet had forecast earnings of $2.49 a share.
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Canadian Natural Resources Quarterly Earnings Buoyed by Higher Sales Volumes
Canadian Natural Resources's profit logged a jump in earnings in the second quarter as higher sales volumes and realized natural gas prices in North America helped counter a fall in crude oil pricing.
The Canadian energy company, which has a portfolio of assets in North America, the U.K. North Sea and offshore Africa, recorded net earnings of 2.46 billion Canadian dollars ($1.79 billion), or C$1.17 a share, against C$1.72 billion, or C$0.80, a year earlier.
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Harbour Energy Launches $100 Million Share Buyback as Earnings Jump
Harbour Energy said it will buy back up to $100 million shares as its first-half earnings jumped on higher production after the integration of Wintershall Dea.
The U.K. oil-and-gas company said Thursday that pretax profit for the first six months of the year rose to $1.64 billion from $392 million in the same period a year earlier.
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Australia Buys Stake in Lithium Miner Liontown Amid Critical Minerals Push -- Interview
Australia will take a stake in Liontown Resources as part of a broader capital raise by the lithium miner, as Western governments continue to tip cash into critical minerals supply chains to counter China's dominance.
Australia's National Reconstruction Fund, or NRFC, on Thursday was named as a cornerstone investor in Liontown's roughly $173 million equity raising, intended to help the company navigate an ongoing downturn in lithium prices.
MARKET TALKS:
Questions About U.S. Crop Health Emerging -- Market Talk
1004 ET - CBOT grain futures are higher, as a period of dry weather seen in some growing areas is starting to catch some attention, says AgMarket.net in a note. "Concerns about warm nighttime temps are circulating, raising the question of pollination issues across the Corn Belt," says the firm. The question of pollination is one that affects corn, as soybeans are largely self-pollinating plants. CBOT corn is up 1.3%, soybeans rise 0.4% and wheat climbs 1.9%. (kirk.maltais@wsj.com)
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China Still Mostly Absent From U.S. Grain Export Report -- Market Talk
0932 ET - U.S. agriculture keeps hoping that China will show up on the weekly USDA export sales report with large purchases of corn, soybeans, or wheat, but that hasn't happened. China has only been listed as buying some U.S. cotton and pork. Overall, export sales were strong in today's report, but traders remain nervous that a lack of Chinese buying may keep U.S. prices depressed. "A massive U.S. soy crop needs export demand, and China is showing no interest, even at cheaper U.S. fob offers," says AgResource in a note. "It appears that China has told its importers/crushers to avoid U.S. soybeans for political reasons." (kirk.maltais@wsj.com)
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Oil Futures Attempt Pick-Up After Losing Streak
0920 ET - Oil futures are modestly higher after a five-session losing streak driven by OPEC+ plans to raise output and concerns that U.S. tariffs, which take effect today for dozens of countries, will eventually crimp demand. Market views differ on whether India will or won't stop buying Russian crude, although the additional 25% U.S. tariff is still weeks away and Russia says Presidents Trump and Putin are expected to meet in coming days. Additional increases in OPEC production are the "overriding negative consideration," Ritterbusch says in a note. WTI is up 0.3% at $64.56 a barrel and Brent is 0.3% higher at $67.12. (anthony.harrup@wsj.com)
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Base Metal Prices Rise on Weaker U.S. Dollar, Chinese Export Data -- Market Talk
1021 GMT - Base metal prices rise, with LME three-month copper up 0.5% at $9,724.50 a metric ton and LME three-month aluminum up 0.3% at $2,629.0 a ton. Metal prices are gaining on a softer U.S. dollar, as it becomes cheaper for international purchasers to buy dollar-denominated commodities, improving demand expectations. Copper has also been supported by improved Chinese export data raising demand expectations, SP Angel analysts say in a note. Chinese exports rose 7.2% on year in July, driven by a pickup in shipments to the European Union, Southeast Asia, Australia, Hong Kong and other markets, SP Angel says. However, exports to the U.S. fell for the fourth consecutive month, recording a 21.7% decline on-year in July. Expectations that the El Teniente copper mine in Chile will be under maintenance for longer than expected have also raised supply concerns, analysts add. (joseph.hoppe@wsj.com)
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Palm Oil Ends Lower, Tracking Soybean Oil's Weakness -- Market Talk
1020 GMT - Palm oil ended lower, tracking the weakness of soybean oil overnight on the Chicago Board of Trade. Meanwhile, profit-taking activities were likely extended after the recent rally and the anticipation of a muted supply-and-demand report by the Malaysia Palm Oil Board, Kenanga Futures analysts say in a research note. Kenanga sets the support and resistance levels for the October contract at 4,180 ringgit and 4,300 ringgit, respectively. The Bursa Malaysia Derivatives contract for October delivery ended 26 ringgit lower at 4,280 ringgit a ton. (sherry.qin@wsj.com)
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OPEC+'s Supply Increases Could Ease India's Potential Shift Away From Russian Oil -- Market Talk
0818 GMT - India's potential move away from Russian oil would raise challenges in sourcing comparable crude, but the expected increase in OPEC+ supply should ease the availability of medium sour grades, according to ING. "Refiners would need to find adequate supply elsewhere," Warren Patterson says. However, "with OPEC+ ramping up supply and the global market set to be in sizable surplus from the fourth quarter, this shift should be manageable." The head of commodities strategy also says it will be worth keeping an eye on the Middle East oil market to see if there is increased buying interest from Indian refiners. President Trump's threat of secondary tariffs on buyers of Russian oil has already pushed the Brent-Dubai spread into deeper negative territory, meaning Dubai crude is priced higher than Brent, according to ING. (giulia.petroni@wsj.com)
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India's Russian Oil Purchases Could Carry a Heavy Cost, ING Says -- Market Talk
0757 GMT - India's purchases of Russian oil might come at a steep price if President Trump goes ahead with the implementation of extra 25% tariffs on New Delhi's goods. "Countries facing this potential secondary tariff must weigh the benefits of buying discounted Russian crude against the potential cost to trade with the U.S.," ING's Warren Patterson says. Indian exports to the U.S. amount to around $87 billion, while savings from discounted Russian oil would be around $6 billion, according to the firm. "While comments from India suggest that the country will do what's best for its citizens, reducing or stopping Russian oil purchases makes more sense," the head of commodities strategy says. (giulia.petroni@wsj.com)
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Gold Futures Reach Multi-Month Highs on Trade Tensions, Uncertainty -- Market Talk
0753 GMT - Gold futures rise to multi-month highs on trade tensions and policy uncertainty. Futures are up 1% at $3,467.1 a troy ounce, its highest level since mid-June. The precious metal has risen on renewed tensions triggered by President Trump's 100% tariff threat on semiconductor imports, which are aimed at bringing production to the U.S., MUFG analysts say in a note. Coupled with increased tariffs on Indian goods and potential new levies on Japanese products, safe-haven demand has been boosted, MUFG says. Markets are also focused on the potential nomination of a pro-Trump interim Federal Reserve governor, expected to support monetary easing, MUFG says. While this would boost bullion's appeal as a non-interest bearing asset, it could also boost safe-haven demand by undermining market confidence in the independence of the Fed. (joseph.hoppe@wsj.com)
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Comex Gold Futures' Bullish Momentum Seems to be Gaining Pace, Chart Shows -- Market Talk
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August 07, 2025 10:44 ET (14:44 GMT)
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