MARKET MOVEMENTS:
–Brent crude oil is down 0.1% to $61.72 a barrel.
–European benchmark gas is up 0.1% to 29.40 euros a megawatt-hour.
–Gold futures are up 0.1% to $4,183.80 a troy ounce.
–LME three-month copper futures are up 1.1% to $10,957.50 a metric ton.
TOP STORY:
Judge Backs Elliott's $6 Billion Bid for Venezuela's Citgo
A federal judge endorsed Elliott Investment Management's roughly $6 billion bid for Venezuela's shares of Citgo Petroleum, pushing the forced sale of the country's prized foreign asset closer to completion.
U.S. District Judge Leonard P. Stark approved a court-appointed special master's selection of Elliott as the winning bid, saying that although it didn't have the highest sticker price, it was the best all-around bid and the one most certain to close.
The judge's ruling ends a fraught auction process in which bidders competed for control of one of the largest U.S. oil refiners, with the sale proceeds earmarked for certain creditors of Citgo's ultimate owner, the bankrupt Venezuelan government.
OTHER STORIES:
Tesla to Double Austin Robotaxi Fleet Next Month, CEO Musk Says
Tesla will double the number of robotaxis in Texas in December, less than six months after the company launched the service.
Chief Executive Elon Musk said on Tuesday in a post on X that the fleet in Austin, Texas, "should roughly double next month."
MARKET TALKS:
U.S. Natural Gas Rises on Cold Weather Outlook -- Market Talk
0841 ET - U.S. natural-gas futures are higher with forecasts showing low temperatures extending well into December. "After light demand today, national demand will increase to strong levels late this week through next week as a couple of frosty weather systems sweep across the northern and central U.S.," NatGasWeather.com says in a note. There's a warmup in the Dec. 6-12 window, "although, this is where some of the overnight data trended a few HDDs [heating degree days] colder." The Nymex January contract moves to the front of the curve and is up 2.6% at $4.597/mmBtu. (anthony.harrup@wsj.com)
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Deutsche Bank Raises 2026 Gold Price Forecast -- Market Talk
1139 GMT - Deutsche Bank raised its gold-price forecast for next year, citing consistent investment flows and persistent central-bank demand. The bank now sees the precious metal at an average of $4,450 a troy ounce, up from previous expectations of $4,000 an ounce, with prices expected to fluctuate between $3,950 and $4,950. Steady demand from central banks and ETFs is absorbing gold that would otherwise go to more price-sensitive industries like jewelry. At the same time, overall global demand is growing faster than the supply from new mining and recycled gold, according to DB analysts. Gold futures rise 0.7% to $4,170 an ounce. (giulia.petroni@wsj.com)
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Palm Oil Closes Higher, Tracking Gains in Soybean, Crude Oil -- Market Talk
1017 GMT - Palm oil closed higher, tracking gains in the soybean and crude oil markets, according to David Ng, a trader at Kuala Lumpur-based Iceberg X. However, price gains were limited by expectations for rising output and stock levels in Malaysia, Ng says. He sees support for palm oil at 3,980 ringgit a ton and resistance at 4,150 ringgit a ton. The Bursa Malaysia Derivatives contract for February delivery ended 32 ringgit higher at 4,022 ringgit a ton. (tracy.qu@wsj.com)
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Copper Rises on Fed Rate-Cut Bets, Codelco Premium Push Reports -- Market Talk
0941 GMT - Copper prices rise in early trading, supported by growing expectations of further U.S. interest-rate cuts this year and reports that Chilean producer Codelco is pushing to increase premiums to Chinese buyers. "This move highlights a potential shift to prioritize U.S. customers over global ones, especially given this year's tariffs and tightening material supply," Sucden Financial analysts say. "It supports our long-term bullish outlook for copper, as a fragile balance is set to tip into deeper deficits by the end of the decade as availability declines." Futures on the London Metal Exchange are up 0.8% to $10,923.50 a metric ton. (giulia.petroni@wsj.com)
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European Gas Prices Pressured by Russia-Ukraine Peace Prospects, Milder Weather -- Market Talk
0925 GMT - European natural-gas prices fall in early trading, pressured by signs of progress in Ukraine-Russia negotiations and weather forecasts pointing to milder-than-usual temperatures in early December. The benchmark Dutch TTF contract is down 0.7% to 29.18 euros a megawatt hour. EU storage levels remain below the 90% target set for Dec. 1, though milder temperatures would allow the region to refill inventories despite the start of the heating season. However, weakness in the European gas market has widened the difference between gas prices in Europe and Asia, ING analysts say. If this trend continues, it will be less profitable for suppliers to send LNG to Europe. (giulia.petroni@wsj.com)
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Oil Little Changed as Market Awaits Clarity on Russia-Ukraine Negotiations -- Market Talk
0911 GMT - Oil prices are little changed as investors closely monitor developments in Ukraine-Russia peace negotiations, with Brent crude and WTI up 0.1% to $61.84 and $58 a barrel, respectively. Both benchmarks settled more than 1% lower in the previous session after Ukraine told the Trump administration it would sign a U.S.-drafted peace deal. "Positive signals from both the U.S. and Ukraine regarding a Russia-Ukraine peace deal continue to put pressure on energy markets," ING analysts say. "However, there's little clarity on where Russia stands on the current plan." A peace deal would likely lead to the lifting of U.S. sanctions on Russian crude, opening the door to more barrels just as the market heads into a heavy surplus. (giulia.petroni@wsj.com)
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Gold Rises After U.S. Data Reinforces Rate-Cut Bets -- Market Talk
0859 GMT - Gold prices rise in early trading on growing expectations that the Federal Reserve will lower interest rates next month, boosting bullion's appeal as a nonyielding asset. Futures in New York are up 0.4% to $4,157.90 a troy ounce. The latest batch of delayed U.S. data showed retail sales rose modestly in September, while wholesale prices increased in line with expectations. Meanwhile, "the prospect of a policy shift gained additional traction as Kevin Hassett, widely viewed as the front-runner to become the next Fed chair, is seen as aligned with President Trump's support for lower borrowing costs," Soojin Kim from MUFG says. Traders are now pricing in a nearly 85% chance of a December rate cut, according to the FedWatch tool. (giulia.petroni@wsj.com)
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Palm Oil Rises on Higher Soybean Oil -- Market Talk
0250 GMT - Palm oil prices rise in early Asian trading, driven by strength in soybeans overnight on the Chicago Board of Trade, AmInvestment Bank says in a note. Heavy rainfall in Malaysia is normal during the northeast monsoon period, but recent downpours have been unusually intense, it says. Floods have yet to significantly affect palm oil output, though risks may rise if conditions worsen in major producing states, it adds. AmInvestment Bank thinks overall CPO sentiment remains weak, and any price rebound is seen as an opportunity to take short positions. It sees support for CPO futures at 3,947 ringgit a ton and resistance at 4,070 ringgit a ton. The Bursa Malaysia Derivatives contract for February delivery is 13 ringgit higher at 4,003 ringgit a ton. (yingxian.wong@wsj.com)
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Iron Ore Edges Lower, Pulling Back After Nearing Recent Highs -- Market Talk
0211 GMT - Iron ore edges lower in Asian morning trading, with the most-traded iron-ore contract on the Dalian Commodity Exchange 0.1% lower at 795.00 yuan a ton. Prices are pulling back after facing resistance near recent highs, Nanhua Futures analysts say in commentary. Recent volatility has been driven mainly by prices of steelmaking input coking coal, which have softened as China advances supply-stabilization measures and Mongolian shipments recover, Nanhua Futures says. (jason.chau@wsj.com)
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Oil Edges Higher Amid Mixed Signals -- Market Talk
0116 GMT - Oil prices edge higher in early Asian trade after falling overnight. In recent weeks, oil prices have been in a tug of war between the possibility of a Russia-Ukraine peace deal and Fed rate cuts optimism, Phillip Nova analyst Priyanka Sachdeva says in a note. While a peace deal would open the doors to previously sanctioned Russian energy exports, the growing odds of a December cut by the Fed could aid global fuel demand, the analyst adds. Front-month WTI is up 0.3% to $58.13/bbl and Brent is also 0.3% higher at $62.67/bbl. (sherry.qin@wsj.com)
Write to Barcelona Editors at barcelonaeditors@dowjones.com
(END) Dow Jones Newswires
November 26, 2025 09:38 ET (14:38 GMT)
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