Gold Rises Ahead of Key U.S. Inflation Data — Market Talk

Oil prices are on track for weekly gains, buoyed by diminishing prospects of a Russia-Ukraine peace deal in the short term and growing tensions between the U.S. and Venezuela. "Conflict-related risk premia are providing an offset to the oversupply that has been building in 4Q 2025 and which we expect to spill over into the new year," analysts at BMI, a unit of Fitch Solutions, say. "Despite the increasingly bearish fundamental narrative that has taken shape over recent months, both prices have shown a significant degree of resilience." Brent crude is flat at $63.23 a barrel, while WTI slips 0.1% to $59.62 a barrel in early trading. The benchmarks are up 1.5% and 1.8% on the week, respectively. (giulia.petroni@wsj.com)

U.K. miners rise in early European trading after a bumper week for commodities. Antofagasta and Anglo American lead the early climbers, jumping 2.7% and 2.6%, respectively. Copper climbed to record highs this week, spurring red metal-focused miner Antofagasta higher. Glencore rises 1.5%. Cautious buying ahead of next week's Federal Reserve interest rate decision and geopolitical tensions are a catalyst for miners, Interactive Investor analyst Richard Hunter writes. (josephmichael.stonor@wsj.com)

TTF Gas decreased to 26.83 EUR/MWh, the lowest since April 2024.

Over the past 4 weeks, Natural Gas EU lost 14.82%, and in the last 12 months, it decreased 42.25%.

Aluminum increased to 2917.00 USD/T, the highest since November 2025.

Over the past 4 weeks, Aluminum gained 1.35%, and in the last 12 months, it increased 9.71%.

Copper futures in the US climbed to around $5.4 per pound on Friday, hitting their highest levels in more than four months amid ongoing supply disruptions, while a large withdrawal of metal from LME warehouses earlier this week fueled speculation of a supply squeeze.

Those moves were triggered by growing fears that the US will announce levies on refined copper next year.

Meanwhile, Ivanhoe Mines trimmed its production forecast for the Kamoa-Kakula operation in the Democratic Republic of Congo earlier this week, while Glencore cut its production target for 2026.

In contrast, Rio Tinto raised its 2025 production forecast, citing accelerating developments at its Oyu Tolgoi mine in Mongolia.

Copper prices also drew support from expectations that the US Federal Reserve will deliver a 25 basis point rate cut next week, with 2–3 more reductions anticipated next year.

SAN RAMON (dpa-AFX) - Chevron Australia and its partners in the Gorgon Joint Venture have approved the Final Investment Decision for the Gorgon Stage 3 project, located off the northwest coast of Western Australia.

The A$3 billion backfill initiative will link the offshore Geryon and Eurytion gas fields in the Greater Gorgon Area to existing subsea infrastructure and processing facilities on Barrow Island. Chevron Australia president Balaji Krishnamurthy stated that the project will sustain production at Gorgon, ensuring long-term domestic gas supply for Western Australian households and industries, while also supporting liquefied natural gas (LNG) exports to Asia.

Stage 3, part of the original Gorgon development plan, marks the first in a series of subsea tiebacks. The scope includes installing three manifolds, a 35-kilometre production flowline, and associated infrastructure. Six wells are scheduled to be drilled in the two fields, situated about 100 kilometres northwest of Barrow Island in waters approximately 1,300 metres deep.

The Gorgon facility has the capacity to deliver 300 terajoules of gas per day to the Western Australian market and produce 15.6 million tonnes of LNG annually.

The project is operated by Chevron and involves joint venture partners including ExxonMobil (25 percent), Shell (25 percent), Osaka Gas (1.25 percent), MidOcean (1 percent), and JERA (0.417 percent), alongside Chevron's 47.33 percent stake.

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