MARKET MOVEMENTS:
–Brent crude oil is up 1.2% to $63.16 a barrel.
–European benchmark gas is down 2.2% to 28.20 euros a megawatt-hour.
–Gold futures are up 0.4% to $4,270.80 a troy ounce.
–LME three-month copper futures are up 0.6% to $11,247.50 a metric ton.
TOP STORY:
Targa Resources to Acquire Stakeholder Midstream for $1.25 Billion
Targa Resources agreed to acquire Stakeholder Midstream, which provides natural gas gathering and processing services in the Permian Basin, for $1.25 billion in cash.
Targa said the acquisition will grow its sour gas treating capabilities and expand its gathering and processing footprint in the Permian Basin.
Targa said it expects Stakeholder to "generate unlevered adjusted free cash flow of approximately $200 million annually with minimal capital needs, very low integration costs and attractive acreage with a stable volume profile."
OTHER STORIES:
Salvaging Critical Minerals From Old Laptops and Phones Isn't So Easy
While electronic waste seems almost infinite, from fried computers to dormant BlackBerry phones, securing discarded tech for metals recycling can be quite tricky.
Recycled lithium, copper and other critical minerals can find new life in everything from electric vehicles to battery storage. The push to recycle metals in the U.S. comes amid intensifying efforts to compete with China, which dominates the critical minerals market.
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Founder of Oil-Trading Firm That the U.S. Called 'Kremlin's Puppet' Quits
Gunvor said billionaire founder Torbjörn Törnqvist would leave the commodities-trading company and sell his stake to employees, less than a month after the Trump administration pilloried the firm over its alleged ties to Moscow.
The Geneva-based company said Monday that the 72-year-old Swede would sell his 86.1% stake to approximately 60 employees, and that neither Törnqvist nor any of his family or representatives would have any continued involvement with the firm.
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Three Mile Island's Nuclear Revival Pits Those Who Fled Against Job Seekers
MIDDLETOWN, Pa.-Forty-six years have passed since America's worst nuclear accident, at Three Mile Island, jolted the country and created skepticism of nuclear energy.
Now, a plan to reboot the plant to help power Microsoft data centers has reignited resistance among some residents, who believe they already know the answer to the question: What could go wrong?
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TotalEnergies to Sell Stake in Nigeria Projects to Chevron
TotalEnergies said it would sell a stake in two oil-and-gas exploration projects offshore Nigeria to U.S. peer Chevron.
Star Deep Water Petroleum, a Chevron subsidiary, will take a 40% stake in the PPL 2000 and 2001 licenses located in the West Delta basin, which were awarded to a consortium of TotalEnergies and Nigeria's South Atlantic Petroleum, the French energy major said Monday.
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Canadian Solar to Resume Direct Oversight of U.S. Manufacturing and Operations
Canadian Solar plans to take back direct oversight of its U.S. operations as the renewable energy company continues with efforts to bring its manufacturing to North America.
The Canadian solar technology firm said Monday it will form new joint ventures with American shareholders and its majority-owned subsidiary, CSI Solar.
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Thyssenkrupp Steel, IG Metall Reach Agreement, Clear Way for Restructuring
Thyssenkrupp Steel and Germany's IG Metall union reached an agreement that helps clear the way for a far-reaching restructuring proposed last year, including job cuts and a reduction in production capacity.
The German steel maker said on Monday that it secured financing for the restructuring, in addition to agreeing on other details with the union. Terms are confidential, it said.
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Barrick Considering Spinning Off North American Gold Assets -- Update
Barrick Mining is considering spinning off its North American gold assets into a listed business, separating the operations from the miner's gold and copper mines in riskier parts of the world.
The proposed breakup marks an escalation of a recently-launched review of the Canadian miner's operations that put greater emphasis on the North American assets, which currently account for more than half of its gold production. It also comes after activist investor Elliott Management built up a sizable stake in Barrick, encouraged by the prospect the assets could be split.
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Jiangxi Copper Shares Climb After SolGold Rejects $1 Billion Takeover Bid
Shares of Jiangxi Copper rose Monday after the Chinese miner's $1 billion bid to take over U.K.-listed SolGold was rejected.
Jiangxi's Hong Kong-listed shares rose as much as 12% in early trade before paring gains to 8%. Its stock was last up by a similar amount in Shanghai.
MARKET TALKS:
Soybean Futures Lower as No New China Sales Announced -- Market Talk
1045 ET - Soybean trading on the CBOT are leading the row crop complex lower after pre-market trading passed with no mention of any new purchases by Chinese buyers. Without the USDA announcing any new flash sales, soybeans are left listless -- as it appears that China has only booked a fraction of what was promised before the end of the year. "There is no evidence that China has codified the White House understanding for China to secure 12 million metric tons of U.S. soybeans by the end of the year," says AgResource in a note. AgResource estimates that China has booked 3.5-4 million tons of U.S. soybeans since the meeting between President Trump and Chinese President Xi in October. (kirk.maltais@wsj.com)
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Lean Hogs Fall as Swine Fever Detected in Spain -- Market Talk
1033 ET - Lean hog futures are down 0.2% in early trading, with traders cautious after cases of African Swine Fever (ASF) were found in Spain on Friday. It's the first case of ASF found there since 1994, which concerns traders. But how much the disease could interrupt world trade flows is unclear. "The presence of ASF in wild boar typically triggers a halt to all pork exports outside the European Union under international protocol," says Ben Johnson of New Frontier Capital Markets in a note. "However, Spain and China recently signed a regionalization agreement… designed to allow China to restrict imports only from the affected region (Catalonia) rather than the entire country, potentially limiting the economic damage." Live cattle fall 0.8%. (kirk.maltais@wsj.com)
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Warming Forecast Pressures Natural Gas -- Market Talk
1026 ET - An arctic blast has moved into the U.S. this week, bringing with it sub-freezing temperatures and a new round of winter weather hitting much of the Midwest into the Northeast. But longer-term weather forecasts show the potential for warmer days to come after this cold travels through the country, which is putting pressure on natural gas futures in morning trade. "The 8-14-day forecast has warmed some in the south and mid-section of the US which is keeping the bullish traders subdued," says BOK Financial in a note. Natural gas futures fall 1.3%. (kirk.maltais@wsj.com)
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Geopolitical Turmoil Supports Crude Oil -- Market Talk
1023 ET - Crude oil futures rise with support from geopolitics that look to threaten oil supply availability. Over the weekend, Ukraine launched attacks on Russia's energy infrastructure, causing a suspension of operations in Novorossiysk. Also creating unease around oil supply are risks surrounding the escalation of tensions between the U.S. and Venezuela. In a note, ING Economics says that impacts to oil exports from Venezuela could have a ripple effect on the world market. "Venezuela exports around 800k b/d, of which most of the crude oil will head to China," says analysts with ING. "Clearly, any further escalation puts this supply at risk." Crude oil is up 1.7% to $59.53 a barrel. (kirk.maltais@wsj.com)
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Unica Reports Larger Brazilian Sugar Output -- Market Talk
0928 ET - Harvesting of sugarcane in Brazil appears to be outpacing its progress from last year, according to data from Brazilian crop agency Unica. The firm reports that for the first two weeks of November, 18.8 million metric tons of sugarcane were harvested in the south-central region of Brazil, which is up 14% from this time last year. 983,000 tons of sugar were refined, up almost 9% from last year, and total ethanol production was 1.3 billion liters. That's up nearly 25% from this time last year, according to Unica. Sugar futures trading on the ICE are down 1.7% this morning, following most of the agricultural and soft commodity complex lower. (kirk.maltais@wsj.com)
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Grain Traders Look for Flash Sales as USDA Catch Up Continues -- Market Talk
0903 ET - The USDA is continuing its efforts to get the weekly sales reports missed during the government shutdown, publishing sales for the week ended Oct. 23. The report shows corn sales for that week totaling 1.97 million metric tons, soybeans at 1.45 million tons, and wheat at 499,800 tons. While the figures are strong, especially for soybeans, grain traders remain more interested in what flash sales the USDA may announce this morning. "The trade will have plenty of export data to peruse this morning but only the flash sales have much chance to show additional substantial Chinese soybean business," says Matt Zeller of StoneX in a note. CBOT grains fall pre-market, with corn down 0.5%, soybeans down 0.4%, and wheat down 0.8%. (kirk.maltais@wsj.com)
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Palm Oil Ends Lower on Weak Exports -- Market Talk
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December 01, 2025 11:37 ET (16:37 GMT)
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