MARKET MOVEMENTS:
— Brent crude oil is up 1.6% at $68.04 a barrel
— European benchmark gas is down 0.1% at 31.94 euros a megawatt-hour
— Gold futures are down 0.9% to $3,780.30 a troy ounce
— LME three-month copper futures are up 3.5% to $10,347 a metric ton
TOP STORY:
Norway's Oil Fund to Buy Stake in German Electricity Transmission System Operator for $5.3 Billion
Norges Bank Investment Management, the arm of Norway's central bank that manages the country's $2 trillion sovereign-wealth fund, agreed to buy a 21.8% stake in German electricity transmission system operator TenneT Germany.
NBIM said Wednesday that it will pay 4.5 billion euros ($5.32 billion) for its ownership share.
OTHER STORIES:
Senators Question Exxon's Tax Payments in Guyana Oil Venture
Democratic senators questioned Tuesday whether U.S. taxpayers were footing part of the bill for Exxon Mobil's operations in Guyana, home to its crown-jewel oil project.
The senators asked Exxon CEO Darren Woods in a letter if the company claimed any income-tax payments made by Guyana on its behalf as foreign tax credits in 2023 or 2024. Exxon and Guyana agreed in 2016 that the South American country would pay Exxon's income taxes from its portion of oil revenue.
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Sempra to Sell Stake 45% of Infrastructure Unit for $10 Billion
Energy company Sempra is selling 45% of its energy infrastructure unit, Sempra Infrastructure Partners, for $10 billion in cash to affiliates of KKR.
Upon closing, KKR will hold a 65% equity stake in Sempra Infrastructure Partners, while Sempra will have a 25% interest. Abu Dhabi Investment Authority will retain its 10% stake.
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New Reporting Program Gives Companies a Platform to Highlight Emissions-Cutting Efforts
A new independent accounting body is offering companies a way to showcase their work in reducing carbon emissions, after some businesses said their efforts weren't being recognized.
The Task Force for Corporate Action Transparency, or TCAT, launched two greenhouse gas accounting frameworks on Wednesday, allowing companies to go into more detail about the ways in which they are lowering their emissions. TCAT itself began operating Wednesday after being formed by a coalition of environmental groups.
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BHP, Brookfield's Neoen Sign New Renewable-Power Deal for Copper South Australia
BHP Group has struck a new renewable-energy deal with Brookfield Asset Management's Neoen for its Australian copper operations, as the giant miner seeks to reduce emissions from producing a metal it views as essential to a global energy transition.
BHP said the new baseload agreement with Neoen, for 100 megawatts of renewable electricity, is the third and largest renewable-power deal for its Copper South Australia business, which includes the Olympic Dam mine, smelter and refinery, and the Carrapateena and Prominent Hill operations.
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TotalEnergies Consortium Wins $5.3 Billion French Wind-Farm Tender, But Partner RWE Pulls Out
Energy major TotalEnergies said it won a $5.3 billion tender from the French government as part of a consortium to build and operate the country's largest offshore wind farm, though Germany's RWE said it intended to exit the partnership.
The project will represent an investment of around 4.5 billion euros ($5.32 billion) for the design, building and operation of the Centre Manche 2 site, marking the company's largest investment in France in 30 years, TotalEnergies said Wednesday.
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Freeport-McMoRan Reports 2 Fatalities From Sept 8 Mud-Rush Incident
Freeport-McMoRan said two employees were fatally injured in a Sept. 8 mud rush incident at the Grasberg Block Cave mine in Indonesia.
The company said extensive efforts are ongoing in the search for five team members who remain missing.
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Lynas Rare Earths Upsizes Share Purchase Plan to $120 Million
Lynas Rare Earths more than doubled the size of its share purchase plan to roughly 182 million Australian dollars, or about US$120 million, citing strong support from investors.
The Australian rare-earths company initially intended to raise up to A$75 million via the sale of stock to eligible shareholders, announced last month alongside a fully underwritten A$750 million institutional placement.
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Deterra Royalties Agrees to Sell Gold Offtakes, Royalties for $60 Million
Deterra Royalties said Wednesday it has agreed to sell a package of gold offtake contracts and two royalties to Vox Royalty for $60 million.
The deal includes $56 million in cash for noncore offtake contracts covering six operators and 10 mining operations acquired last year in its takeover of Trident Royalties.
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Lithium Americas in Loan Talks With DOE, General Motors
Lithium Americas is in talks with the U.S. Department of Energy and General Motors over the terms of its $2.26 billion government loan for its large lithium project in Nevada.
The talks cover requirements that must be met before the financing can be used, details of the loan itself, as well as new requests from the DOE that could add conditions or alter its terms, the Canadian miner said. GM, a partner in the project, is participating in the discussions.
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U.S. Crude Oil Inventories Post Weekly Decline
U.S. crude oil inventories fell last week along declines in product stocks, according to data released Wednesday by the U.S. Energy Information Administration.
Commercial crude oil stocks excluding the Strategic Petroleum Reserve were down by 607,000 barrels at 414.8 million barrels in the week ended Sept. 19, and were about 4% below the five-year average for the time of year, the EIA said. Crude stocks were expected to have fallen by 300,000 barrels, according to a Wall Street Journal survey of analysts.
MARKET TALKS:
Copper Jumps After Freeport Declares Force Majeure at Grasberg Mine -- Market Talk
1520 GMT - Copper prices surged as much as 3% in afternoon trade after Freeport-McMoRan declared force majeure on contracted supplies from its Grasberg mine in Indonesia, stoking concerns over global supplies. Futures on the London Metal Exchange are up 2.9% to $10,274 a metric ton, after reaching $10,341 earlier in the session. The Phoenix-based miner said a preliminary assessment following a fatal incident earlier in September pointed to significant production delays in the fourth quarter and into 2026, with a return to pre-incident operating levels potentially occurring in 2027. Production at its Indonesian subsidiary in 2026 could be around 35% lower than previously forecast. Freeport's third-quarter consolidated sales are now forecast to be approximately 4% lower for copper. (giulia.petroni@wsj.com)
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Potential US Stake in Lithium Americas Would Be Smart Move in Energy Arms Race -- Market Talk
1115 ET - A potential U.S. government stake in Lithium Americas would a clear indication that the critical material is key to the future. Dan Ives of Wedbush Securities tells the WSJ it would be "a shot across the bow" and mean "the U.S. government is planting a flag on the lithium supply front." Lithium Americas nearly doubles following a Reuters report that the U.S. government is negotiating to take up to a 10% stake in the Canadian miner. Ives says it would be "an aggressive and smart move in our view in this arms race for energy." (adriano.marchese@wsj.com)
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Gold on Course for Greatest Annual Jump Since 1979, Saxo Says -- Market Talk
1430 GMT - Gold prices are on track for their strongest annual rally since 1979 after breaking above the $3,800-a-troy-ounce mark, according to Saxo. Futures have surged nearly 44% this year, buoyed by U.S. interest rate cuts, central-bank buying and ETF inflows, as well as strong safe-haven demand due to persistent geopolitical uncertainties. "The speed of the move underscores how shallow any corrections have been in recent weeks and months as dips continue to be met with fresh buying interest, a pattern consistent with broader macro support rather than speculative froth alone," analysts at the firm say. Meanwhile, silver has also rallied, topping $44 a troy ounce and surging more than 53% year-to-date as it benefits from structural demand growth from photovoltaics and electrification. "Its dual identity as both a monetary and industrial metal has worked to its advantage," Saxo analysts say. (giulia.petroni@wsj.com)
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Cattle Futures Pull Back From Retesting Record -- Market Talk
1022 ET - Live cattle futures are down 0.2% in early trading on the CME, pulling back from the near record level of $2.40/lb that most-active futures settled at yesterday. Volatility remains a daily factor for the market, says AgResource in a note. Boxed beef prices have been showing weakness, the firm says, while slaughter margins also drop. Lean hog futures are also down, shedding 1% in early trading. Hog traders will be closely watching the USDA's next Hogs and Pigs report, which is scheduled to be published at 3 p.m. eastern time Thursday. (kirk.maltais@wsj.com)
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USDA Reports New Round of Flash Sales -- Market Talk
1002 ET - The USDA has again reported new high-volume sales of U.S. agricultural exports this week, with Mexico again purchasing a large amount of U.S. corn. The USDA says that 312,956 metric tons of corn were sold to Mexico for delivery in the 2025/26 marketing year. Additionally, 101,400 tons of soybean meal were sold to Guatemala, also for delivery in 2025/26. Mexico has been a frequent buyer of large lots of U.S. corn over the past week, showing up in at least three USDA notices since last Wednesday. The increased pace of buying comes as CBOT corn futures climb back from a multi-year low found in mid-August. The most-active corn contract is down 0.4% in early trading. (kirk.maltais@wsj.com)
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U.S. Natural Gas Edges Up in Choppy Trade -- Market Talk
(MORE TO FOLLOW) Dow Jones Newswires
September 24, 2025 11:57 ET (15:57 GMT)
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