MARKET MOVEMENTS:
–Brent crude oil is down 2% to $62.13 a barrel.
–European benchmark gas is down 3.1% to 30.20 euros a megawatt-hour.
–Gold futures are up 0.1% to $4,065.80 a troy ounce.
–LME three-month copper futures are up 0.3% to $10,717 a metric ton
TOP STORY:
Harbour Energy Explores U.S. Deals
Harbour Energy is exploring both offshore and onshore merger-and-acquisition opportunities in the U.S. as its production base shifts toward the western Atlantic in the coming years, its chief executive said.
The U.S. is the biggest market in the world where the U.K. oil-and-gas producer isn't already present, and is a logical place for the company to establish a scalable position, Harbour Energy Chief Executive Linda Cook said in an interview.
The company a year ago closed an $11 billion deal to buy oil-and-gas producer Wintershall Dea's upstream assets, and the company is still integrating the portfolio. But Cook said she is now focused on acquiring new assets, with active discussions on deals.
OTHER STORIES:
Alyeschem Aims for Big Impact With 'Tiny' North Slope Methanol Plant
Private equity-backed chemical company Alyeschem plans to build Alaska's first methanol production plant, a small project that state authorities expect will benefit both regional oil producers and the environment while taking advantage of abundant water and natural-gas supplies at the Arctic site.
Backed by private-equity firms BP Energy Partners in Dallas and Anchorage-based McKinley Alaska Private Investment, Alyeschem is developing the roughly $150 million project on Alaska's North Slope, home to Prudhoe Bay, the largest oil field in North America, to serve energy companies operating there.
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Tullow Oil Shares Plunge as Refinancing Fears Grow
Tullow Oil shares plunged after its trading update indicated risks to a much-need debt refinancing package.
In morning trade, shares in the London-listed oil company fell 30% to 6 pence. They are down more than 70% over the year-to-date.
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Veolia to Buy U.S. Hazardous-Waste Specialist Clean Earth in $3 Billion Deal
French waste-management company Veolia Environnement said it agreed to buy U.S. hazardous-waste specialist Clean Earth from Enviri for around $3 billion including debt.
Veolia said Friday that the deal would allow it to expand in the growing U.S. hazardous waste sector.
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Enviri Shares Soar On Agreement to Sell Clean Earth to Veolia
Shares of Enviri surged after the company agreed to sell its Clean Earth hazardous waste company to Veolia for around $3 billion, including debt.
The stock rose 34% to $18.16 after closing Thursday up 76% this year.
MARKET TALKS:
Cattle Drops After Trump Removes Brazilian Beef Tariff -- Market Talk
1011 ET - Cattle futures fall 1.7% in early trading, after President Trump signed an order yesterday removing the 40% tariff on Brazilian items including beef and coffee. With Brazilian beef no longer tariffed, the largest source of beef imports to the U.S. can flow back into the market, with the White House hoping it will send retail prices lower. It's also pressuring U.S. cattle prices--with some analysts theorizing that a reopening of the U.S.-Mexico border to Mexican feeder cattle is also coming as Trump fights high beef prices. "[We maintain] that USDA will use the seasonal cold period and southward push of the New World Screwworm fly to also open the border with Mexico soon," says AgResource in a note. Lean hogs slides 3.1%. (kirk.maltais@wsj.com)
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Brazil Expected to See Small Gain from Tariffs Rollback -- Market Talk
0943 ET - Brazil is likely to see a modest $700 million benefit on its 2025 trade balance following the rollback of U.S. punitive tariffs, analysts from investment firm XP write. In July, President Trump added a 40% duty on top of the baseline 10% tariff on a slew of goods. Yesterday he exempted beef, coffee and other food products. "55.4% of Brazil's exports to the U.S. are now exempt from the additional tariff, up from 44.6% under the earlier measure issued in July," XP says, adding that shipments "have largely been redirected to other regions, notably Africa and Asia." (paulo.trevisani@wsj.com; @ptrevisani)
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Commerzbank Moves 2026 Wheat Price Outlook Higher -- Market Talk
0930 ET - CBOT wheat futures are down by 0.3% to $5.38 a bushel. Concerns about demand for wheat globally are pressuring prices, but that is expected to turn the corner as 2026 progresses. "This is because the low price level--wheat prices on CBOT and Euronext fell to five-year lows in October--may have led to a reduction in the area sown with winter wheat," says Commerzbank in a note. The decrease in winter wheat planted around the world may make the supply situation tighter and raise prices. The firm moves its outlook for average 2026 wheat prices to $5.80 a bushel. CBOT corn falls 0.2%, and soybeans slip 0.3%. (kirk.maltais@wsj.com)
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U.S. Natural Gas Futures Pick Up Ahead of Weekend -- Market Talk
0926 ET - U.S. natural gas futures are higher in early trade and looking at a modest weekly loss as the market looks beyond recent mild weather to forecasts for a cold December. "Even non-believers in upside potential may find it difficult to short a very cold start to winter with natural gas at the base of the price-inelastic portion of the curve," Eli Rubin of EBW Analytics says in a note. "Trader positioning into Monday's December options expiry and Tuesday final settlement-and mitigation of weekend weather risks-may dictate immediate-term trading." Nymex natural gas is up 1.3% at $4.531/mmBtu. (anthony.harrup@wsj.com)
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Oil Futures Extend Losses on Oversupply Concerns
0827 ET - Oil futures are lower for a third straight session in a risk-off mood across markets. President Trump's plans for increased drilling off the coasts of California and Alaska add to bearish supply and demand concerns, says Peter Cardillo of Spartan Capital. "If it comes to fruition, it just increases the supply factor," he says. WTI is down 0.9% at $58.46 a barrel after falling as low as $57.42. Brent is off 0.7% at $62.90. The imbalance in the market "seems to be growing and not decreasing," and technical factors are contributing to the downside, Cardillo says. "We view today's decline as a potential make-or-break moment for crude. If selling accelerates, prices could fall another 5%." (anthony.harrup@wsj.com)
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Oil Down Amid Geopolitical Developments, U.S. Rate-Cut Uncertainty
1246 GMT - Oil prices recoup some losses as investors focus on a U.S.-drafted plan to end the war in Ukraine and uncertainty over U.S. interest-rate cuts weigh on market sentiment. Brent crude is down 0.9% to $62.82 a barrel, while WTI slides 1.1% to $58.40 a barrel, after each fell around 2% earlier in the session. Meanwhile, Friday marks the U.S. deadline for companies to suspend purchases of crude from Russian companies Rosneft and Lukoil. "The market is still struggling to comprehend the short- and medium-term impact on Russian oil exports," analysts at DNB say. "Valuable data points will emerge in the coming weeks as we see where the sanctioned barrels are ending up and the U.S.'s willingness to enforce the sanctions." (giulia.petroni@wsj.com)
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Palm Oil Prices End Lower Amid Concerns Over Weak Demand, Rising Output -- Market Talk
1003 GMT - Palm oil prices ended lower for another day amid concerns over weak demand and rising output for the coming weeks, says David Ng, a trader at Kuala Lumpur-based Iceberg X. Softer soybean oil prices also weighed on market sentiment, he adds.Ng sees support for CPO futures at 4,050 ringgit a ton and resistance at 4,200 ringgit a ton. The Bursa Malaysia Derivatives contract for January delivery closed 87 ringgit lower at 4,068 ringgit a ton. (jiahui.huang@wsj.com; @ivy_jiahuihuang)
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Base Metals Weighed Down by Fed Rate-Cut Uncertainty -- Market Talk
0917 GMT - Base metal prices are on track for weekly losses as uncertainty over interest-rate cuts in the U.S. weigh on sentiment. Copper futures on the London Metal Exchange slip 0.2% to $10,664 a metric ton, while aluminum is down 0.7% to $2,786. Prices have been pressured by strength in the U.S. dollar this week, which make commodities more expensive for holders of other currencies. Meanwhile, September's delayed nonfarm payrolls data did little to resolve the uncertainty around the Federal Reserve's next policy move, with traders now pricing in a 33.8% chan
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Mining Stocks Slide as Sentiment Weakens -- Market Talk
0904 GMT - Mining stocks fall in opening trade as a broad market selloff that began in the U.S. hits European assets. Gold prices have also been pushed lower as traders increasingly bet that the U.S. Federal Reserve keeps interest rates unchanged at its next meeting after delayed jobs data was higher than expected, ANZ analysts write. Futures in New York are down 0.45% at $4,041.90 a troy ounce. Higher interest rates weigh on nonyielding assets like gold. Glencore falls 2.6% and BHP's London shares fall 1.8%. Rio Tinto's London shares are down 1.2%. Copper miner Antofagasta slides nearly 4%. Gold miner Hochschild Mining falls 4.6%, while Fresnillo and Endeavour are down more than 2%. (adam.whittaker@wsj.com)
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European Oil Stocks Slide as Geopolitical Premium Eases -- Market Talk
0840 GMT - Oil stocks fall in opening trade as prices weaken on easing geopolitical tensions. Brent crude is down 1.5% to $62.45 a barrel and WTI is down 1.8% to $57.96 a barrel. The fall comes as peace plan between Ukraine and Russia appears to progress. Meanwhile, traders are skeptical that the latest sanctions on Russia's Rosneft and Lukoil will be effective, given that Lukoil's share of oil from an Iraqi field continues to enter the market, ANZ analysts write. In London, Shell and BP fall by more than 1% while Harbour Energy drops around 4%. France's TotalEnergies slides 1.8%. Spain's Repsol falls 3.5% and Italy's Eni drops 1.5%. (adam.whittaker@wsj.com)
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Oil Extends Decline on Easing Geopolitical Concerns
(MORE TO FOLLOW) Dow Jones Newswires
November 21, 2025 11:40 ET (16:40 GMT)
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