MARKET MOVEMENTS:
–Brent crude oil is down 0.5% to $63.97 a barrel.
–European benchmark gas is up 0.1% to 32.15 euros a megawatt-hour.
–Gold futures are down 0.4% to $3,985 a troy ounce.
–LME three-month copper futures are down 0.5% to $11,039 a metric ton.
TOP STORY:
Shell Renews $3.5 Billion Quarterly Buyback Program as Earnings Rise
Shell continued its $3.5 billion quarterly buyback after adjusted earnings rose more than expected, boosted by an improved trading performance and higher margins.
The British energy company said the rise in earnings also reflected record production in Brazil and 20-year highs in the Gulf of Mexico, coupled with the highest adjusted earnings in its marketing division in more than a decade.
In particular, Shell's gas trading division recovered from a weak second-quarter when traders were caught out by market volatility. The ramp-up of its LNG Canada project boosted volumes, with 13 cargos from phase 1 delivered over the period, and Shell said it expects the start up of phase 2 later this quarter.
OTHER STORIES:
TotalEnergies Posts Jump in Profit
TotalEnergies reported a rise in profit in the third quarter, boosted by higher production and stronger refining profit.
The company said Thursday that net profit rose to $3.68 billion from $2.29 billion in the same period last year. Adjusted net income was $3.98 billion compared with $3.58 billion in the second quarter and $4.07 billion in 2024's third quarter.
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Lukoil Agrees to Sell International Assets to Trader Gunvor Amid New U.S. Sanctions
Russian oil giant Lukoil said it accepted an offer from commodities-trading house Gunvor Group for its international assets amid tighter U.S. sanctions on Russian oil.
Lukoil and Switzerland-based Gunvor had earlier agreed on the terms of the latter's bid for Lukoil International, a subsidiary running Lukoil's international assets, the company said Thursday.
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Chinese Oil Giant Cnooc's Third-Quarter Profit Falls on Lower Oil Prices
Cnooc posted a 12% decline in net profit in the third quarter, as the Chinese oil giant navigated a volatile crude oil market.
The oil company said Thursday that net profit was 32.44 billion yuan, equivalent to $4.57 billion, in the three months ended Sept. 30. Revenue rose 5.7% from a year earlier to 104.90 billion yuan over the same period, according to a filing to Hong Kong Stock Exchange.
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DTE 3Q Net Down as Company Forecasts Growth in '26 Operating EPS
DTE Energy's third-quarter net income fell as one-time items weighed, but the Detroit electricity producer said it struck a data-center supply deal and forecast growth in 2026 operating earnings.
The Detroit utility posted earnings of $419 million, or $2.01 a share, down from $477 million, or $2.30 a share, a year earlier.
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Drax to Buy Three U.K. Energy Storage Projects for $207 Million
Drax agreed to buy three battery energy storage system projects from Apatura for 157.2 million pounds ($207.4 million) in the U.K.
The U.K. power-generation company said on Thursday that it would make staged payments between 2025 and 2028, and that these will be funded from cash and existing facilities. The payments will reflect construction milestones and will include payments to Apatura linked to project delivery, it said.
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Lynas Rare Earths to Closely Manage Output, Sales Amid China Uncertainty
Lynas Rare Earths will closely manage production rates and sales until there is more clarity on Chinese export controls on rare earths and related technologies, the miner's chief executive said Thursday.
Speaking after the company's first-quarter report, Amanda Lacaze welcomed recent efforts by the U.S. and other governments to expand the rare-earths industry outside of China, but cautioned against steps that could harm the existing non-China rare-earths supply chain, which "Lynas is at the heart of."
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Gold Demand Climbs as Investors Seek Safe Havens, WGC Says
Global demand for gold accelerated in the third quarter, when investors turned to safe-haven assets due to growing geopolitical uncertainty and a weaker U.S. dollar, according to a new report by the World Gold Council.
"Heightened geopolitical tensions, stubborn inflationary pressures and uncertainty around global trade policy have all fueled appetite for safe-haven assets as investors look to build resilience in their portfolios," said Louise Street, senior market analyst at the WGC.
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Sinopec Third-Quarter Profit Dipped on Lower Oil Prices, Weaker Sales
China Petroleum & Chemical Corp. reported a marginal decline in net profit in the third quarter, with revenue weighed by inventory losses due to lower crude oil prices and domestic product sales.
The Chinese state-owned energy giant, better known as Sinopec, posted a 0.5% decline in profit to 8.50 billion yuan, equivalent to $1.20 billion, for the quarter ending September.
MARKET TALKS:
Palm Oil Ended Higher on Bargain-Buying Opportunities -- Market Talk
1013 GMT - Palm oil closed marginally higher on bargain-buying opportunities after seeing losses in the last few sessions, according to David Ng, a trader at Kuala Lumpur-based Iceberg X. Ng sees support for crude palm oil at 4,200 ringgit a ton and resistance at 4,380 ringgit a ton. Prices have declined for days due to weak demand and rising supply. The Bursa Malaysia Derivatives contract for January delivery rises 8 ringgit to 4,260 ringgit a ton. (tracy.qu@wsj.com)
--Copper's Breakout Likely Short-Lived Without Sharp Fall in Inventories, Goldman Says -- Market Talk
0910 GMT - Copper's break above the $11,000-a-ton mark is unlikely to hold without a meaningful drop in inventories, according to Goldman Sachs. The base metal climbed to a record high on Wednesday, fueled by concerns over global supply after a string of disruptions at major mines and weaker forecasts from top producers. "We do not believe that the fundamental tightness expected by the market will emerge over the next six months," analysts at the U.S. bank say. "Even accounting for a sizable decline in global refined production, we hold to our view that the market will be in small surplus in 2026." In early European trade, copper futures on the London Metal Exchange are down 0.2% to $11,072 a metric ton.(giulia.petroni@wsj.com)
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Oil Falls Despite U.S.-China Trade Relief -- Market Talk
0903 GMT - Oil prices fall in early trade despite President Trump saying he would lower tariffs on China after meeting with Chinese leader Xi Jinping, with Brent crude and WTI down 0.6% to $63.94 and $60.12 a barrel. Prices settled higher in the previous session, lifted by a larger-than-anticipated draw in U.S. crude stockpiles, but concerns over a global glut continue to weigh on the market. "Crude remains headed for a third consecutive monthly decline, pressured by expectations of rising supply from OPEC+ and rival producers," says Soojin Kim from MUFG. "The next OPEC+ meeting on Nov. 2 is expected to consider modest output increases, adding to traders' concerns about oversupply." Meanwhile, the Federal Reserve cut interest rates as expected, but said further cuts in December are far from certain. (giulia.petroni@wsj.com)
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Repsol's Operating Environment Looks Supportive for Fourth Quarter -- Market Talk
0854 GMT - Repsol's refining margins look supportive for the fourth quarter, RBC Capital Markets analysts Biraj Borkhataria and Adnan Dhanani say in a research note. The Spanish energy company said that refining margins in October have been $9.7 a barrel of oil on average. This suggests that the group is clearly in upgrade territory for the fourth quarter if margins were to hold near here, the analysts say. Repsol posted third-quarter figures that came in ahead of consensus estimates, driven primarily by a stronger commercial segment, the analysts say. Shares trade 0.4% lower at 15.85 euros. (nina.kienle@wsj.com)
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Shell Leaves Path Open to Future Buybacks -- Market Talk
0849 GMT - Shell investors should be encouraged by its dent to net debt, head of equity research at Hargreaves Lansdown Derren Nathan writes. The British energy major's net debt ticked down to $41.2 billion from $43.22 billion in the prior quarter. This should leave the path open to future quarterly buybacks similar in size to the $3.5 billion it announced Thursday, he adds. Shares trade down 0.4% at 2,865 pence. (adam.whittaker@wsj.com)
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Gold Falls as Powell Dims Hopes for December Rate Cut -- Market Talk
0840 GMT - Gold prices fall in early trade after Federal Reserve Chair Jerome Powell dimmed hopes for further interest-rate cuts in December. Futures in New York are down 0.5% to $3,981.70 a troy ounce, while spot gold falls 0.6% to $3,930.62. The U.S. central bank cut interest rates by a quarter point, but pushed back against market expectations that another rate cut at its next gathering in December was certain. Lower rates typically boost the appeal of non-yielding assets like gold. "The ongoing government shutdown has clearly clouded the Fed's view, with limited access to official government data," says Aaron Hill from FP Markets. Meanwhile, President Trump said the U.S. would cut tariffs on Chinese goods as part of a broader framework to reduce trade tensions. (giulia.petroni@wsj.com)
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TotalEnergies Results Met Expectations -- Market Talk
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October 30, 2025 08:14 ET (12:14 GMT)
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