MARKET MOVEMENTS:
–Brent crude oil is down 0.5% to $61.61 a barrel
–European benchmark gas is down 0.5% to 32.21 euros a megawatt-hour
–Gold futures are up 2.1% to $4,288.70 a troy ounce
–LME three-month copper futures are up 0.6% to $10,638 a metric
TOP STORY:
India Says Consumer Focus Guides Oil Imports
India's government said its sizable energy imports were entirely guided by its desire to protect local consumers, in an apparent pushback to President Trump's claim the country will stop buying Russian crude.
Speaking on Wednesday afternoon, Trump said India would shortly "not be buying oil from Russia"-a move that would make it easier to end the war in Ukraine.
OTHER STORIES:
Weaker Oil Prices Threaten European Oil Majors' Buybacks Next Year -- Analysis
Scrutiny of European oil companies' balance sheets is intensifying as weaker crude prices and rising debt levels pressure profits, with some analysts warning that the sector's current buyback rates are unsustainable.
Britain's BP has already reduced its share buybacks this year in a bid to strengthen a balance sheet burdened by heavy debt, while France's TotalEnergies said it would slow the pace of its buyback program to reflect lower oil prices.
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Bonterra Energy Chair Michael Stewart Retiring, to Be Succeeded by Andy Mah
Bonterra Energy tapped Andy Mah, an experienced oil-and-gas industry executive, to succeed Michael Stewart as chair of the Canadian energy company.
Bonterra on Thursday said Stewart will retire from the Calgary, Alberta-based company's board Jan. 5, after four and a half years in the role.
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What Happens When Oil and Gas Wells Die? West Virginia Has a New Plan for That
West Virginia is expected to unveil on Thursday a potentially first-of-its-kind fund aimed at one of the thorniest environmental issues plaguing America's oil-and-gas-producing regions.
The Mountain State Plugging Fund is designed to retire roughly 20,000 wells in the coming decades at no cost to taxpayers, limiting the chances that old infrastructure will contaminate groundwater or leak planet-warming methane into the air.
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Santos 3Q Sales Revenue Falls 12% as Barossa Output Boost Looms
SYDNEY--Santos said third-quarter sales revenue fell by 12% as its liquefied natural gas fetched lower prices, while production fell slightly ahead of a major boost from the Barossa natural gas project in Australia coming online.
Santos reported sales revenue of US$1.12 billion in the three months through September, below the US$1.29 billion achieved in its fiscal second quarter. LNG prices fell by 4.5% to US$11.05 per million British thermal units, while crude oil prices were up modestly at US$71.30 a barrel.
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Critical Metals Shares Surge on $50M Private Placement
Shares of Critical Metals surged after the company said it had raised $50 million through a private stock sale.
The stock rose 16% to $26.28 in premarket trading and has more than tripled so far this year.
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American Battery Tech Shares Sink After Energy Department Terminates Grant
Shares of American Battery Tech sank after the Energy Department terminated a previously awarded grant to develop a facility to manufacture battery cathode grade lithium hydroxide, a chemical used in batteries.
The stock fell 23% to $6.90 in premarket trading after having almost quadrupled in value this year through Wednesday's close.
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Commercial Metals Posts Higher 4Q Profit, Sales on 'Supportive Market Conditions'
Commercial Metals logged higher profit and sales in its fiscal fourth quarter, boosted in part by resilient activity within the domestic construction industry.
The Irving, Texas, steelmaker on Thursday posted a profit of $151.8 million, or $1.35 a share, for its three months ended Aug. 31, compared with $103.9 million, or 90 cents a share, a year earlier.
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Commercial Metals to Buy Another Precast Concrete Company for $1.84 Billion
Commercial Metals will buy Foley Products for $1.84 billion, marking its second precast concrete deal in less than a month.
The acquisition will help immediately scale the company's precast platform, providing significant value creation and unlocking further upside from its pending acquisition of Concrete Pipe & Precast, Peter Matt, Commercial Metal's chief executive, said Thursday.
MARKET TALKS:
U.S. Natural Gas Futures Gain After Storage Data -- Market Talk
1102 ET - U.S. natural gas futures turn higher as inventories increased roughly in line with seasonal norms. Gas in underground storage rose by 80 billion cubic feet in the week ended Oct. 10 to 3,721 Bcf, and was 154 Bcf or 4.3% above the five-year average for the time of year, the EIA reports. The injection was slightly below the 83 Bcf five-year average for the week, and just above the 78 Bcf estimate in a Wall Street Journal survey of analysts. Nymex natural gas is up 1.1% at $3.049/mmBtu. (anthony.harrup@wsj.com)
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Soybeans Higher Following NOPA Report -- Market Talk
1032 ET - More soybeans were crushed in the U.S. in September than expected by analysts, the National Oilseed Processors Association reported yesterday -- and that continues to give CBOT soybeans support in morning trade. NOPA says that 197.9 million bushels were crushed in U.S. crush facilities in September. That's more than 11 million bushels over what analysts were expecting, says Randy Mittelstaedt of RJO Futures in a note. While higher demand for soybeans is positive, Mittelstaedt also notes that while the crush rate is higher, stocks of soybeans reported by the USDA may be turning higher than previously reported. CBOT soybeans rise 0.4%, while corn is up 0.6% and wheat turns higher and is now up 0.2%. (kirk.maltais@wsj.com)
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Cattle Futures Climb to New Record -- Market Talk
0957 ET - Live cattle futures on the CME are up 0.2%, pushing above the $2.47 a pound mark for the first time in the contract's history. The move comes as the U.S.-Mexico border remains closed to livestock animals due to New World Screwworm concerns, says Naomi Blohm of Total Farm Marketing in a note. If cattle finishes higher today, it'll mark the tenth straight winning session, according to FactSet data. Lean hogs are down 0.2% in early trading. (kirk.maltais@wsj.com)
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U.S. Natural Gas Futures Steady Awaiting Storage Data -- Market Talk
0953 ET - Natural gas futures are trading sideways as the market awaits weekly storage data from the EIA, due at 10:30 a.m. ET. Natural gas inventories are expected to have increased by 78 Bcf, reducing the surplus over the five year average for a fourth straight week, according to a Wall Street Journal survey of analysts. The surplus shrinkage should highlight supportive trends and long-term upside potential, although weather forecasts for a mild start to November could extend the injection season into November, Eli Rubin of EBW Analytics says in a note. "While volatility may persist during a messy transition period, further downside is possible." Nymex natural gas is off 0.2% at $3.009/mmBtu. (anthony.harrup@wsj.com)
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Crude Gains Limited by Report of U.S. Inventory Build -- Market Talk
0928 ET - Oil futures are higher after President Trump said India would stop buying Russian crude, while an industry report of a large U.S. crude stock build keeps a lid on gains. The API reported a 7.4 million barrel increase in crude inventories for last week, a third straight build. The bearish report "restricted any major upside for oil prices," ING strategists Ewa Manthey and Warren Patterson say in a note. Closely watched EIA inventory data are due at 12 p.m. ET. WTI is up 0.3% at $58.46 a barrel, and Brent is up 0.3% at $62.12 a barrel. (anthony.harrup@wsj.com)
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Gold Hits New Record With Trade, Rate Cuts in Focus -- Market Talk
1449 GMT - Gold prices climb to a new record, as U.S.-China trade frictions and growing expectations for further interest-rate cuts boost the precious metal's appeal. Futures in New York rise 1.9% to $4.281.70 a troy ounce after reaching $4,283.90 earlier, while spot gold is up 1.6% to $4,207.77 an ounce. Bullion has gained nearly 8% this week, also supported by growing political uncertainty in the U.S. "With the government shutdown now in its fifteenth day, markets have lost reliable guidance from economic releases and instead are anchoring on trade flows and risk sentiment," analysts at Sucden Financial say. "The longer this standoff continues, the more sensitive markets become to unexpected data in either direction." (giulia.petroni@wsj.com)
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Dollar Concerns Push Investors to Gold -- Market Talk
1400 GMT - Investors seeking alternatives to the dollar are preferring gold over other developed-market currencies, Insight Investment's Francesca Fornasari says in a note. "This likely reflects the challenging fiscal outlook for traditional safe-haven currencies like the Japanese yen and euro, as seen in France's budget issues and concerns about the [next leader of Japan's ruling Liberal Democratic Party]." The dollar continues to face headwinds of a stretched valuation and unsustainable U.S. fiscal outlook, she says. As investors question the idea of U.S. exceptionalism and U.S. policymaking, support for the dollar has weakened, she says. Insight Investment retains a short dollar exposure, expecting it to fall. The DXY dollar index falls 0.2% to 98.565.(renae.dyer@wsj.com)
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European Gas in Tight Range as Traders Monitor Supply -- Market Talk
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October 16, 2025 12:01 ET (16:01 GMT)
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