MARKET MOVEMENTS:
–Brent crude oil is down 1% to $68.02 a barrel
–European benchmark gas is up 1.6% to EUR35.45 a megawatt-hour
–Gold futures are down 0.2% to $3,331.30 a troy ounce
–LME three-month copper futures are down 0.5% to $9,610.50 a metric ton
TOP STORY:
TotalEnergies Expects Hit From Lower Oil, Gas Prices
TotalEnergies said it expects lower oil and gas prices to hit its second-quarter earnings, but anticipates hydrocarbon production to rise.
The French energy company joined British peer BP in flagging weaker prices would weigh on its results, while bigger rival Shell said earlier this month that it anticipated its second-quarter performance to be hit by weaker performance in its core integrated gas division.
The updates followed a quarter during which a shift in the policy of major oil-exporting countries, uncertainty about demand due to U.S. tariffs and supply concerns amid tensions in the Middle East all contributed to trigger volatility in energy prices.
OTHER STORIES:
KKR-Backed Sol Systems Lines Up $675 Million in Bank Credit for Solar Projects
A syndicate of lenders arranged by minority investor KKR & Co. is providing $675 million in credit to renewable-energy company Sol Systems.
The three-year commitment will initially fund 500 megawatts of "shovel ready" solar power and storage projects in Illinois, Ohio and Texas. That amount of energy can power 83,725 average American homes, according to the company.
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Antofagasta Sticks to Production Guidance After Output Grows
Chilean copper miner Antofagasta stuck to its full-year guidance after second-quarter costs fell and production rose at its Los Pelambres and Centinela mines.
The London-listed company said Wednesday that it produced 160,100 metric tons of copper during the quarter at a net cash cost of $1.12 a pound. Copper production rose 3% on quarter while net cash costs fell 27% due to higher output at Los Pelambres and Centinela and lower underlying costs, the miner said.
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Rio Tinto 2Q Pilbara Iron Ore Output Highest Since 2018; Flags $300M in Tariff Costs
Rio Tinto on Wednesday reported the highest second-quarter output from its Australian iron-ore mines since 2018, while flagging around $300 million of gross costs from U.S. tariffs on its Canadian aluminum exports.
The world's second-biggest miner by market value said its Pilbara iron-ore operations, which account for the bulk of its profits, had recovered well from setbacks in the first quarter when cyclones lashed Australia's northwest coast.
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AngloGold Ashanti to Buy Augusta Gold for About $111 Million
Augusta Gold has agreed to be acquired by South African gold-mining giant AngloGold Ashanti for about 152 million Canadian dollars ($111 million).
Augusta Gold on Wednesday said AngloGold will pay C$1.70 a share in cash, a 28% premium to Tuesday's closing price of C$1.33 for the Vancouver, British Columbia, exploration and development company.
MARKET TALKS:
Gold Retreats After June Producer Price Data -- Market Talk
1356 GMT - Gold prices retreat on a stronger U.S. dollar after June PPI data showed wholesale prices were unexpectedly flat. The reading came in below expectations of a 0.2% increase, potentially strengthening the case for the Fed to cut interest rates this year. Gold futures are down 0.1% to $3,332.80 a troy ounce, while the U.S. dollar index trades 0.2% higher at 98.81. June's CPI and PPI data suggest the core and headline PCE deflator--the inflation measure tracked by the Fed--are expected to rise by 0.27% month-over-month, which is better than initially feared when President Trump announced reciprocal tariffs, according to Capital Economics' Bradley Saunders. However, "with firms' pre-tariff inventory stockpiles likely running low and reciprocal tariffs set to rise markedly on August 1, we are not out of the woods yet," says the economist. (giulia.petroni@wsj.com)
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USDA Reports Fresh Flash Sale of Soybean Exports -- Market Talk
0943 ET - The USDA says that 120,000 metric tons of U.S. soybean exports have been sold for delivery to "unknown destinations" during the 2025/26 marketing year. "Unknown destinations" is often a term preferred by Chinese buyers, although it doesn't necessarily mean that's who made the purchase. It's the first flash sale announced by the USDA since the agency announced one for 219,000 tons of soybeans to Mexico on Friday. The recent Crop Progress report said U.S. soybeans are in 70% good-or-excellent condition, which is the highest rating for this time of year since 2016, according to a note from AgMarket.net. (kirk.maltais@wsj.com)
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Oil Futures Lower Ahead of U.S. Inventory Data -- Market Talk
0933 ET - Crude futures are lower for a third session in a row with the market refocusing on supply and demand balances after putting concerns about U.S. tariffs and Russia sanctions on hold. Traders are awaiting weekly U.S. inventory data from the EIA. Analysts in a Wall Street Journal survey predict crude stocks to be unchanged after two consecutive weeks of large unexpected stock builds, and see modest declines in gasoline and distillate stocks. WTI is down 1.2% at $65.70 a barrel and Brent is off 1% at $68.02 a barrel. (anthony.harrup@wsj.com)
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Wholesale Egg Prices Sank in June -- Market Talk
0906 ET - Prices charged for eggs plummeted in June as the market continues to recover from a bird-flu outbreak that constrained supply. Egg prices fell by 20% last month, according to data from the Labor Department's producer-price index report. They were roughly flat in May, but fell by 21% in March and 39% in April. Still, wholesale prices for fresh eggs are about 16% higher than they were a year ago. (matt.grossman@wsj.com; @mattgrossman)
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Palm Oil Ends Higher; Rising Supply Likely to Cap Upside -- Market Talk
1027 GMT - Palm oil futures ended higher, supported by stronger overnight performance by rival soybean oil on the Chicago Board of Trade. However, soft demand for exports from Malaysia and expectations for rising stockpiles will likely cap prices' upward trajectory, analysts at Kenanga Futures say in a note. The Bursa Malaysia Derivatives October contract rises 62 ringgit to 4,225 ringgit a ton. (kimberley.kao@wsj.com)
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LME Copper Falls as U.S. Tariffs Approach -- Market Talk
1015 GMT - London copper prices fall in early trade, with LME three-month futures down 0,5% to $9,606.50 a metric ton. "Copper has flowed into the U.S. in record volumes in an effort to front-load supply, but these deliveries are likely to slow," ANZ Research's Daniel Hynes and Soni Kumari say. "It's unlikely that any more material can be shipped to the U.S. in time to avoid tariffs starting on August 1." As inventories on the London Metal Exchange rebound, copper prices are expected to come under pressure. However, any price weakness is likely to be short-lived as long-term fundamentals remain strong, the commodity strategists say. Meanwhile, traders are weighing mixed macro signals, including the latest U.S. inflation figures, first-half Chinese economic data and uncertainty over global trade negotiations. (giulia.petroni@wsj.com)
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Saudi Arabia Met OPEC's June Quota Due to Metric Change -- Market Talk
1000 GMT - Saudi Arabia adopted a different metric to report June crude production levels in line with quotas. The kingdom's "supply to the market" stood 9.36 million barrels a day last month, while the pure production number was 9.75 million barrels a day, according to the cartel's latest monthly report. "Saudi Arabia changed the way it reported its supply, using supply to market rather than its actual production numbers," analysts at ING say. "Without this change, the Saudis would've exceeded their production target by 385,000 barrels a day in June." (giulia.petroni@wsj.com)
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Oil in Narrow Range Amid Short-Term Supply Tightness, Macro Uncertainties
0825 GMT - Oil prices remain in a tight range, with Brent crude below $70 a barrel as traders weigh signals of short-term market tightness and persistent uncertainty over U.S. trade talks with global partners. Brent crude is down 0.3% at $68.49 a barrel, while WTI falls 0.1% to $66.44 a barrel. Brent remains in strong backwardation, with short-term contracts priced higher than longer-term ones, reflecting concerns over supply tightness in the near term, says Soojin Kim, analyst at MUFG. However, price gains are capped by prospects of an oversupplied market when summer demand strength wanes and broader concerns over the global economic outlook. Traders now await the release of weekly U.S. crude and gasoline inventory data due later Wednesday for further insight into demand trends in the world's largest oil consumer. (giulia.petroni@wsj.com)
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Miners Rio Tinto, Antofagasta Among FTSE 100's Biggest Risers -- Market Talk
0811 GMT - Miners Rio Tinto and Antofagasta are among the FTSE 100's biggest gainers in morning European trade after their production updates. Rio Tinto trades 2% higher at 4437.5 pence a share after it reported the highest second-quarter output from its Australian iron-ore mines since 2018. However, it flagged that it expects round $300 million of gross costs from U.S. tariffs on its Canadian aluminum exports. Antofagasta's shares rise 2.5% at 1886 pence after the Copper miner stuck to its full-year guidance after costs fell and production rose at its Los Pelambres and Centinela mines in the second quarter.(adam.whittaker@wsj.com)
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Gold Rises as Investors Weigh U.S. Inflation Data, Trade Developments -- Market Talk
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July 16, 2025 10:20 ET (14:20 GMT)
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