MARKET MOVEMENTS:
–Brent crude oil is down 1.5% to $63.94 a barrel
–European benchmark gas is up 1.6% to 32.24 euros a megawatt-hour
–Gold futures are down 0.8% to $3,981.10 a troy ounce
–LME three-month copper futures are down 1.4% to $10,662 a metric ton
TOP STORY:
BP Raises Full-Year Divestment Expectations After Results Beat Views
BP posted better-than-expected profit despite a weaker contribution from its oil trading division, and increased its expectations for full-year divestment proceeds as it continues with its turnaround program to catch up with its European peers.
The London-based oil-and-gas company said Tuesday that the results reflect higher production and stronger refining margins, which were partly offset by a weak oil trading result.
BP's underlying replacement-cost profit-a metric similar to net income its U.S. peers report-was $2.21 billion compared with $2.02 billion analysts had expected according to a company-compiled consensus. In the prior quarter it reported $2.35 billion.
OTHER STORIES:
Rick Perry's Nuclear Ambitions Begin With Gas Power
Former Energy Secretary Rick Perry's $17 billion startup aims to build four large nuclear reactors in the Texas Panhandle to fuel AI data centers-eventually.
For now, it is sticking with good old natural gas.
Fermi, which was co-founded by Perry, is betting on an era of soaring electricity demand. The company went public at the beginning of October and has positioned itself at the crossroads of two crazes: the build-out of more data centers to power artificial intelligence and a potential U.S. nuclear-power resurgence.
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Saudi Aramco's Net Profit Rises on Higher Production, Oil Prices
Saudi Arabia's national oil company said net profit rose in the third quarter, thanks to higher production and a rise in crude oil prices, and upgraded its growth forecast for gas production capacity.
Saudi Arabian Oil Co., known as Aramco, said Tuesday that net profit rose to $26.94 billion from $22.67 billion in the prior quarter. The company said the results reflected higher production volumes and a rise in average crude oil prices to $70.1 a barrel from $66.7 a barrel. Compared with last year's third quarter, when average oil prices were $79.3 a barrel, net profit was down 2.3%.
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Novonix Shares Tumble 15% After Stellantis Scraps Supply Deal
Shares in Novonix fell by 15% after the company said automaker Stellantis abandoned a deal to buy synthetic graphite from its operations in Tennessee.
Novonix said the companies "were unable to agree upon the unique battery cell product specifications and milestones for mass production qualification." Stellantis terminated its so-called offtake or supply agreement with the company effective immediately, Novonix said in a statement on Tuesday.
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Exelon Posts Higher 3Q Profit, Revenue
Exelon logged higher profit and revenue in the third quarter, and the company said it would continue investing in infrastructure to support future growth.
The Chicago-based utility operator on Tuesday posted a profit of $875 million, compared with $707 million a year earlier. Quarterly earnings came in 86 cents a share.
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Marathon Petroleum Net Income Up on Higher Refining Margins
Marathon Petroleum's third-quarter net income more than doubled on higher refining margins.
The Findlay, Ohio, oil refiner and pipeline operator posted earnings of $1.37 billion, or $4.51 a share, up from $622 million, or $1.87 a share, a year earlier.
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Archer Daniels Midland Cuts Outlook on Margin Pressure; 3Q Profit Rises
Archer Daniels Midland cut its full-year earnings outlook, citing pressured margins, despite logging higher profit and revenue in the third quarter as it continues to operate in a dynamic environment.
The processor of agricultural commodities like oilseeds, corn and wheat said Tuesday it now expects adjusted per-share earnings of $3.25 to $3.50 for the year, down from a prior outlook of approximately $4. Analysts surveyed by FactSet were expecting adjusted earnings of $3.76 a share.
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Swedish Steelmaker SSAB Aims For Higher Earnings Through Growth in Premium Products
STOCKHOLM--Swedish steelmaker SSAB plans to increase the share of premium products it sells as it targets higher earnings in the coming years.
The company said it is aiming to deliver more of its advanced steel grades, decarbonized steel, and services and solutions to increase the overall share of premium products and services to 65% of the group's total shipments by 2030 and to 75% by 2035.
MARKET TALKS:
Gold Futures Below $4,000 as Dollar Strengthens -- Market Talk
1359 GMT - Gold prices fall back below the $4,000 mark as the U.S. dollar rises to a three-month high, driven by reduced expectations for further interest-rate cuts this year. Futures in New York extend losses in afternoon trading, falling 0.6% to $3,992 a troy ounce. The U.S. dollar index, which tracks the greenback against a basket of other major currencies, is up 0.2% to 100.07. Federal Reserve Chair Jerome Powell said last week that another rate reduction before the end of the year was not a foregone conclusion, bringing bets on a December cut lower. The situation is further complicated by the lack of key data due to the U.S. government shutdown. Meanwhile, gold is also pressured by concerns over the Chinese demand outlook after Beijing got rid of long-standing tax incentives for some retailers.(giulia.petroni@wsj.com)
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Crude Futures Lose Ground After String of Gains -- Market Talk
0847 ET - Oil futures pull back after gaining the previous four sessions, with the U.S. dollar strengthening and risk assets broadly lower. "Perhaps this is just a 'bad macro day' or perhaps it's a convenient answer to a market that is clearly struggling above $60 WTI regardless of these additional Russian sanctions, as cash markets are generally soft and that is contrary to price action one would have expected," Scott Shelton of TP ICAP says in a note. WTI is off 1.4% at $60.21 a barrel and Brent is down 1.2% at $64.11. (anthony.harrup@wsj.com)
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Crude Futures Fall as Surplus Fears Weigh on Sentiment
1158 GMT - Crude futures extend losses in afternoon trade as the market grapples with expectations of an impending glut. Brent crude is down 1.2% to $64.08 a barrel, while WTI falls 1.4% to $60.18 a barrel. OPEC+'s decision to pause production increases for the first quarter of next year was attributed to seasonal factors, but some market observers believe it may also reflect growing concerns about a supply surplus. "Oil prices initially rose after the OPEC+ decision, but pared their gains afterwards," analysts at Commerzbank Research say. "Concerns about oversupply are gaining the upper hand." However, investors are also closely monitoring developments in Russia, as recent U.S. sanctions and Ukrainian drone attacks against key infrastructure add uncertainty to the supply picture. (giulia.petroni@wsj.com)
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European Gas Price Rises as Colder Weather Looms -- Market Talk
1124 GMT - European gas prices rise back above 32 euros a megawatt hour as prospects of cooler temperatures boost the demand outlook. "Temperatures are set to drop later this month after the current warm spell," analysts at ANZ say. "This could increase heating demand for the fuel and test inventories that remain below historical levels." According to industry group Gas Infrastructure Europe, EU storage levels are currently 82.9% full, below levels seen this time last year. The benchmark Dutch TTF contract is up 1.2% to 32.11 euros a megawatt hour in European afternoon trading. (giulia.petroni@wsj.com)
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End of China's Gold Tax Incentive Could Hurt Jewelry Demand -- Market Talk
1022 GMT - China's scrapping of gold tax incentives could hurt near-term demand for gold jewelers, HSBC analyst Lina Yan says in a research note. Chinese gold jewelers could make a mid-single-digit increase to retail prices to offset the higher cost, she notes. Yan estimates a direct impact of 3-5 percentage points on gross profit margins if gold jewelers don't raise prices. The expected price increase could narrow the premium of fixed-price jewelry over priced-by-weight ones, the analyst adds. Jewelers in Hong Kong and Macau, which aren't subject to the rules, stand to benefit from market-share gains, Yan says. (sherry.qin@wsj.com)
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Palm Oil Closes Higher After Days of Losses -- Market Talk
1012 GMT - Palm oil ended higher, as low prices following days of losses attracted buying interest, says David Ng, a trader at Kuala Lumpur-based Iceberg X. There are concerns about rising output and stocks limiting price gains in the near term, he adds. The trader pegs support for CPO futures at 4,100 ringgit a ton and resistance at 4,290 ringgit a ton. The Bursa Malaysia Derivatives contract for January delivery closed 29 ringgit higher at 4,144 ringgit a ton. (jiahui.huang@wsj.com; @ivy_jiahuihuang)
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BP Still Has Work to Do on Cutting Costs -- Market Talk
1019 GMT - BP's underlying operating expenditure is only down 2% on year which suggests that there is still more work to be done on cost savings, UBS analysts write. The British energy major doesn't provide much commentary on its continuing portfolio review, they say. The company does say, however, that there is still much more to do and that it is accelerating plans to simplify its portfolio. Shares trade down 1.2% at 4.42 pounds. (adam.whittaker@wsj.com)
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Aramco Delivers Strong Set of Results -- Market Talk
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November 04, 2025 09:16 ET (14:16 GMT)
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