MARKET MOVEMENTS:
–Brent crude oil is down 0.6% to $77.58 a barrel.
–European benchmark gas is up 2% to 50.17 euros a megawatt-hour.
–Copper futures are up 1.6% to $13,465 a metric ton.
–Gold futures are up 1.2% to $4,134.10 a troy ounce.
TOP STORY:
The Global Oil Market Isn’t Ready for the Iran Ceasefire to End
America’s oil supplies are far from prepared for the U.S.-Iran ceasefire to end.
Global oil prices retreated to prewar levels and tanker traffic through the Strait of Hormuz gradually resumed after President Trump announced a temporary pause in the fighting in mid-June-but crude stockpiles will take much longer to restore.
Commercial inventories in the U.S. rose 3 million barrels in the week ended Friday, according to the Energy Department, the first uptick after 10 consecutive weeks of drawdowns.
OTHER STORIES:
The Plan to Build Energy’s Sci-Fi Future in Shut-Down Nuclear Plants
In 2011, after the Fukushima disaster, Germany made the fateful decision to switch off its nuclear plants. Now, two have been promised a second life as fusion-energy projects in a high-risk technology bet aimed at revitalizing Europe’s industrial core.
The plan rides on two ventures that are pursuing the same dream-creating a star on Earth to create abundant low-cost clean energy-in different ways.
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7-Eleven made $349 million from surge in gasoline prices in the U.S. last quarter
Convenience store operator 7-Eleven on Thursday disclosed a $349 million profit from the surge in gasoline prices during the last quarter, even as fewer Americans filled their tanks.
The disclosure of the profit came from Japanese parent company’s Seven & I’s latest results, with that surge in prices accounting for roughly half the 105 billion yen ($650 million) operating profit the entire company made during the first quarter ending May 31, a phase spanning nearly all of the period after the U.S. and Israel first attacked Iran.
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Triple Flag Precious Metals 2Q Revenue Rises on Higher Gold, Silver Revenue
Triple Flag Precious Metals reported higher revenue in the second quarter, and said it’s on track to meet its recently upgraded guidance for the year.
The Toronto-based metals streaming and royalty company on Thursday said that revenue was $129.2 million for the quarter, up from the $94.1 million it reported a year ago.
MARKET TALKS:
U.S. Natural Gas Futures Held Back By Adequate Supply — Market Talk
0940 ET – U.S. natural gas futures are lower, with ample supply and above-average storage keeping weather-driven rally attempts at bay. Bank of America Global Research raises its Henry Hub price forecast for 2H to $3.80/mmBtu from $3.60/mmBtu. “While gas production continues to grow, it has been more than offset by LNG feedgas demand and other factors like the power sector and Canadian imports,” Clifton White and Francisco Blanch say in a note. “Gas prices have recovered since the April lows, and we believe Henry Hub has more room to run, especially if the forecasted heat shows up in the coming weeks.” They keep their 2027 price estimate at $4/mmBtu. Nymex natural gas is off 2.3% at $3.139/mmBtu. ([email protected])
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Oil Gains Limited As Market Weighs Latest Military Exchanges — Market Talk
0902 ET – Oil futures pull back from earlier highs as the market ponders whether strikes between the U.S. and Iran point to a resumption of the war. The market appears unconvinced by President Trump’s comments that Iran reached out to make a deal after the latest U.S. attacks, Peter Cardillo of Spartan Capital says in a note. “This situation is likely to keep prices elevated, though significant upward movement may be limited.” WTI is up 0.6% at $73.95 a barrel and Brent is gaining 0.8% to $78.65.([email protected])
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BP Focuses on Cutting Debt and Freeing Up Cash — Market Talk
1213 GMT – BP CEO Meg O’Neill’s first priority is to reduce lost cash flow spent on its liabilities, RBC Capital Markets analyst Biraj Borkhataria writes after attending an analyst meeting with her. The current macroeconomic environment is supportive of this and means the British energy company could meet its net debt target of $14 billion to $18 billion by end 2027 somewhere between the third and fourth quarter of this year, he writes. There is no “big splash” event expected this year where BP plans to set out new targets, he adds. Investor sentiment will be driven by net debt reductions and pruning of the portfolio, he adds. Shares fall 1.4% at 484.50 pence. ([email protected])
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Palm Oil Ended Lower; Prices Likely to Stay Range-Bound — Market Talk
1020 GMT – Palm oil ended lower. Prices are likely to stay range-bound in the near term, according to Hualian Futures in a research note. Investors are closely monitoring developments in the Middle East, as Trump’s recent comments signaled renewed tension between U.S. and Iran. Production of palm oil in Malaysia has been solid in June, they note. The Bursa Malaysia Derivatives contract for September delivery falls 15 ringgit to 4,594 ringgit a ton. ([email protected])
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Shell’s Strong Free Cash Flow Could Return Buyback to $3.5 Billion — Market Talk
0807 GMT – British energy major Shell should deliver exceptional second-quarter cash flow, which could return its quarterly buyback to $3.5 billion for a period, Berenberg analysts write. In May, it launched a $3 billion buyback. The cash flow will be driven by oil and gas trading, higher commodity prices and strong refining margins, they write. Shell shares have underperformed European peers in the past month and the pullback offers an attractive entry point for investors, they write. Shares fall 0.9% to 3,053 pence.([email protected])
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London’s Miners Rise as Gold Prices Partially Recover — Market Talk
0739 GMT – London’s miners rise in opening trade after sliding Wednesday following President Trump saying a ceasefire deal with Iran was over. This caused oil prices to jump and revived inflation fears, hitting sentiment and dragging on gold prices. On Thursday, gold prices climb back above $4,100 a troy ounce after Wednesday’s selloff, with New York futures up 0.7% to $4,112.10. Gold and silver miner Hochschild Mining rises 3% while peers Fresnillo and Endeavour Mining both increase around 2%. Diversified mining stocks also rise. Glencore and Anglo American climb roughly 3%. Copper miner Antofagasta gains around 3.8%.([email protected])
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Oil Eases After Early Gains Despite U.S.-Iran Strikes, Russia Export Curbs
0631 GMT – Oil prices tick lower after rising earlier in the session, with Brent crude down 0.2% to $77.85 a barrel and WTI futures slipping 0.3% to $73.30 a barrel. The U.S. and Iran exchanged fire again, hours after President Trump declared an end to the eight-week ceasefire. The renewed escalation threatens to slow Gulf producers’ efforts to restore output and undermine confidence in shipping through the Strait of Hormuz, where traffic had recently begun to recover. “The past few days’ price action makes one thing clear: markets were far too relaxed about the risks surrounding the deal – and far too bullish on how quickly regional supply could rebound,” analysts at ING say. Adding to supply concerns, particularly in middle distillates, Russia announced a ban on diesel exports until the end of July in response to domestic fuel shortages following continued Ukrainian drone attacks on refinery infrastructure. ([email protected])
Write to Barcelona Editors at [email protected]
(END) Dow Jones Newswires
07-09-26 1021ET
Source: Original Article
