MARKET MOVEMENTS:
–Brent crude oil is up 0.4% to $64.62 a barrel.
–European benchmark gas is down 0.6% to 31.18 euros a megawatt-hour.
–Gold futures are up 0.5% to $4,036.50 a troy ounce.
–LME three-month copper futures are down 0.6% to $10.861.50 a metric ton.
TOP STORY:
Exxon Profit Falls, Hurt By Weak Pricing
Exxon Mobil logged lower profit in the third quarter, hurt by weaker oil prices and higher costs, despite increasing production at two important oil fields.
The oil and gas company on Friday posted a profit of $7.55 billion, or $1.76 a share, compared with $8.61 billion, or $1.92 a share, a year earlier.
Stripping out certain one-time costs, earnings were $1.88 a share. Analysts surveyed by FactSet had expected adjusted earnings of $1.82 a share.
OTHER STORIES:
How Chevron Got Caught in the Clash Between the U.S. and Venezuela
When Chevron won a new license to drill in Venezuela, it celebrated a return to one of the world's richest oil regions, where it had operated for more than a century. Three months later, the company is in a bind.
The Trump administration has amassed the biggest American military buildup in the Caribbean since the 1980s to exert pressure on Venezuelan strongman Nicolás Maduro. The U.S. has carried out airstrikes on alleged drug boats, killing dozens. Land targets could come next, President Trump has said.
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Puerto Rico Board Seats Become Battleground in $16 Billion Debt Restructurings
The composition of the oversight board supervising Puerto Rico's finances has become a battleground for financial institutions with billions of dollars riding on the island territory's energy system.
The White House in August took steps to fire six of the seven members of the oversight board, a decision that came after a group of Puerto Rico bondholders pushed for changes to its makeup, according to people familiar with the matter. The board had been in a standoff with bondholders including GoldenTree Asset Management over how to restructure defaulted electric revenue bonds with a face amount of roughly $8.5 billion, the last piece of Puerto Rico's decadelong bankruptcy process.
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Chevron Profit Falls on Lower Oil Prices
Chevron said its third-quarter profit fell, citing lower crude oil prices and expenses from its acquisition of Hess.
The oil company posted earnings of $3.54 billion, or $1.82 a share, for the three months ended Sept. 30, down from $4.49 billion, or $2.48 a share, a year earlier.
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Imperial Oil 3Q Profit Slides on Higher Costs; Output Up
Imperial Oil's third quarter profit fell on one-off impairment and restructuring costs in the third quarter, while revenue rose on the back of higher oil production.
The Canadian energy company posted a lower net income of 539 million Canadian dollars ($385.3 million), or C$1.07 a share, down from C$1.24 billion, or C$2.33 a share, in the comparable quarter a year ago.
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Cenovus Energy 3Q Profit Rises On Higher Output
Cenovus Energy profit jumped on the back of strong output in the third quarter.
The Canadian energy company on Friday posted a higher net income of 1.29 billion Canadian dollars ($922.3 million), or C$0.72 a share, up from C$820 million, or C$0.42 a share, in the comparable quarter a year ago.
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Aker Solutions Lifts Revenue Guidance After Period of High Activity
Aker Solutions raised its full-year revenue forecast after experiencing high activity across its businesses and locations during the third quarter.
The Norwegian energy-industry service provider reported third-quarter earnings before interest, tax, depreciation and amortization of 1.47 billion kroner, equivalent to $146.1 million, from 1.2 billion kroner a year earlier as revenue rose 29% to 16.69 billion kroner.
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PetroChina's Third-Quarter Profit Falls Amid Lower Oil Prices
PetroChina's third-quarter net profit fell 3.9% from a year earlier amid lower oil prices and weaker domestic demand for refined products.
The Chinese energy major's net profit for the quarter ended September was 42.29 billion yuan, equivalent to $5.95 billion, the company said late Thursday.
MARKET TALKS:
Copper Eases on Stronger U.S. Dollar -- Market Talk
1356 GMT - Copper prices fall in afternoon European trade as a stronger U.S. dollar weighs on investor appetite. Futures on the London Metal Exchange are down 0.8% to $10,843 a metric ton after climbing above the $11,100 mark earlier this week. The U.S. dollar index--which measures the greenback against a basket of other major currencies--is up 0.3% to 99.81, making dollar-denominated commodities more expensive for international buyers. The pullback comes as traders assess the Federal Reserve's hawkish tone on December rate cuts and the U.S.-China trade agreement. Yet, copper is still headed for a weekly gain of more than 5%, supported by concerns over global supply following a series of disruptions at major mines this year. Investors will be watching upcoming sentiment indicators from China due early next week for signals on demand. (giulia.petroni@wsj.com)
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Oil Futures Move Higher in Early U.S. Trade -- Market Talk
0944 ET - Oil futures are gaining ground in range-bound trade ahead the OPEC+ weekend meeting, where the producer group is widely expected to agree to another 137,000 barrels-a-day output increase in December. After spiking on U.S. sanctions against Russia's largest oil company, prices have retreated with higher OPEC+ output and weaker seasonal demand containing advances. While the "overarching bearish balance outlook continues to accelerate," risk premiums still exist as Russian output is likely to be a key focus, analysts at Rystad Energy say in a note. Rystad raised its Brent price forecast for 4Q to $63 a barrel from $62 a barrel. Brent is up 0.5% at $65.30 a barrel and WTI is 0.9 higher at $61.10 a barrel.(anthony.harrup@wsj.com)
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Grains Slip as Traders Look for Next Catalyst -- Market Talk
0929 ET - CBOT grain futures are lower, with the market now looking past the U.S.-China deal and searching for the next major mover of futures. "Grain action and volume slowed considerably overnight with the U.S.-China trade deal having come and gone," says Matt Zeller of StoneX in a note. Zeller adds that with the government shut down, it will be difficult for traders and analysts to get confirmation of whether or not China is following through with promised purchases. Wheat is leading the way lower, sliding 1.1%, while corn falls 0.6% and soybeans are off 0.3%. (kirk.maltais@wsj.com)
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U.S. Natural Gas Rises With Winter Demand in View -- Market Talk
0902 ET - U.S. natural gas futures are higher and testing resistance as the market looks to the end of the injection season and the shift into the high-demand winter months. The market is "transitioning away from storage oversupply fears toward a robust structural winter narrative," Eli Rubin of EBW Analytics says in a note. LNG feedgas demand is rising, adding support, although there is still the risk that early-winter optimism may exceed fundamentals, he adds. Nymex natural gas is up 3.9% at $4.112/mmBtu. (anthony.harrup@wsj.com)
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European Gas Price Set for Weekly Loss on Mild Weather -- Market Talk
1348 GMT - European natural-gas prices are on track for a weekly loss as weather forecasts signal limited demand for heating in the near term. The benchmark Dutch TTF contract falls 0.7% to 31.16 euros a megawatt hour in afternoon trade, and is down 2.7% on the week. Last week, investment funds reduced their net position in the TTF gas futures market by 14 terawatt hours, indicating they expect lower prices ahead, DNB analysts say. Meanwhile, according to industry group Gas Infrastructure Europe, EU storage levels are currently 82.8% full and have been broadly flat in recent days. (giulia.petroni@wsj.com)
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Russia Unlikely to Oppose Potential OPEC+ Output Plans for December, Rystad Energy Says -- Market Talk
1339 GMT - Russia isn't expected to oppose any potential OPEC+ plans for an output hike of 137,000 barrels a day for December, according to Rystad Energy. The energy research firm estimates that between 500,000 and 600,000 barrels a day of Russian oil production could be curtailed in the next two months as a result of the latest U.S. sanctions, but the risk of immediate production shut-ins are extremely marginal at the moment. "Given that any impact on Russian output will take time to materialize and with Moscow keen to project stability, it is unlikely Russia will oppose another modest OPEC+8 production increase," says Jorge Leon, head of geopolitical analysis. "For the Kremlin, staying composed and signaling control remain central to its strategy." In afternoon trade, Brent crude and WTI rise 0.5% to $64.69 and $60.94 a barrel, respectively. (giulia.petroni@wsj.com)
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Palm Oil Ends Lower Amid Weak Demand -- Market Talk
1019 GMT - Palm oil ended lower. Prices have been under pressure this week amid weak demand and rising output. High inventories in Malaysia and substitution impact from soybean oil are also weighing, Guangzhou Futures says in commentary. Prices might see a mild rebound in the fourth quarter as Malaysia's production reduction cycle begins, but a rally like last year's isn't likely, they note. The Bursa Malaysia Derivatives contract for January delivery fell 55 ringgit to 4,205 ringgit a ton. (tracy.qu@wsj.com)
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Oil on Track for Monthly Loss Ahead of OPEC+ Meeting -- Market Talk
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October 31, 2025 10:27 ET (14:27 GMT)
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