Porsche AG to Leave Germany's DAX Index After Taking Hit From U.S. Tariffs

Malaysian palm oil futures hovered above MYR 4,450 per tonne, rebounding from the previous session’s losses amid strength in rival oils on the Chicago markets.

Prices are on track for weekly gains of about 2% so far, after a sharp decline last week, supported by strong export estimates for August, with cargo surveyors reporting increases of 10.2% to 15.4% from July.

Demand was further boosted by higher purchases from top buyer India, which climbed 16% month-on-month to 993,000 tonnes—the highest since July 2024—as refiners built stockpiles ahead of the mid-October festive season.

Still, gains were capped by a stronger ringgit, while Reuters projected that Malaysia’s palm oil inventories likely rose for a sixth consecutive month in August, as production continued to outpace exports despite firmer demand.

In the broader energy market, crude oil extended losses on worries over rising supply.

Malaysian markets will be closed on Friday for a public holiday.

Iron-ore prices appear well supported, with Chinese demand more robust than expected, say Morgan Stanley analysts Amy Gower and Martijn Rats. Yet they reckon it will be hard for prices to rise further. Recent cuts to China's crude steel output appear weighted toward scrap-based electric arc furnaces, lessening the impact on iron-ore demand, they say. "However, more cuts are needed to achieve a 2-3% full year reduction" in Chinese steel output and "could be more blast furnace-weighted than they have been so far," say the analysts. They also expect iron-ore shipments will keep rising into year-end, supported by seasonal tailwinds. MS expects iron ore around $100/metric ton in 4Q 2025 and 1Q 2026. Market consensus is at $95.50 and $93.00, respectively. Spot iron ore is $103.60. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

Lithium prices are likely to continue to give up gains from a recent rally, according to Citi analysts. The analysts say they are bearish on lithium prices for the next six months. Recently announced supply cuts are likely to be temporary, and a sustained market surplus will pull prices lower once more, they say. GFEX lithium futures are already down by roughly 15% over the past two weeks after a blistering rally fanned by increased regulatory scrutiny of lithium-mining permits in China. The analysts link the pullback to producer hedging and elevated Chinese output, among other drivers. They have a 6-12 month target on spodumene SC6 of $800/ton, and over the same period expect lithium carbonate and lithium hydroxide around $9,000/ton and $8,750/ton, respectively. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

ConocoPhillips Is Latest U.S. Oil Producer to Announce Major Layoffs

The driller said it would cut up to a quarter of its workforce, or about 3,250 jobs.

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Trump's Anti-Climate Crusade Puts Big Oil in Awkward Spot

Exxon, Chevron and Occidental have pledged to curb their emissions-and unveiled plans to spend billions of dollars on low-carbon technologies.

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Shell Abandons Netherlands Biofuels Facility Project

Shell took a $780 million impairment when it paused construction work at the energy and chemicals park which was expected to become one of the largest in Europe.

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Oil Futures Give Back Gains as OPEC+ Meeting Approaches

Oil futures gave back gains of the previous session as the market looked to the weekend meeting of OPEC+ and the group's output plans for the fourth quarter.

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Energy & Utilities Roundup: Market Talk

Find insight on oil futures, OPEC+ expectations and more in the latest Market Talks covering energy and utilities.

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Russia, China Close In on Pipeline Deal, Leaving Beijing With the Upper Hand

The two countries advanced plans for the long-delayed pipeline to funnel Russian fuel to China but left core terms unresolved, a sign of Beijing's growing leverage.

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The Black Market for Oil Blunts Trump's India Tariffs

The extra levy meant to punish New Delhi for buying cheap Russian crude isn't going as expected.

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OPEC+ Set to Hold Output Steady as Oil Glut Anxiety Looms

Members of OPEC+ are set to meet Sunday to discuss production policy as the market braces for a global supply glut that is expected to pressure prices.

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Data Centers That Don't Exist Yet Are Already Haunting the Grid

Utilities see a massive opportunity in artificial intelligence but realize that many proposed data-center projects will never be built.

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Equinor to Subscribe for Orsted Shares in Rights Issue

Equinor intends to subscribe for around $939 million in shares, maintaining its 10% stake in Orsted, and will also nominate a candidate to its board of directors.

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Nvidia and Google Back Nuclear Fusion Start-Up

Commonwealth Fusion Systems said it isn't eyeing a near-term initial public offering

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Oil Glut Concerns Cloud Price Outlook Despite Geopolitical Risks

A survey compiled by WSJ showed Brent crude is expected to average $63.57 a barrel in the fourth quarter, while West Texas Intermediate is seen at $60.30 a barrel. That is down from last month's projections of $64.13 and $61.11, respectively.

Silver slipped 1% to around $40.7 per ounce on Thursday, easing from 14-year highs as investors locked in profits ahead of key US labor market releases.

Precious metals have rallied in recent weeks as traders increased bets on Federal Reserve rate cuts, with markets pricing in nearly a 98% chance of a 25 basis point reduction this month.

On Wednesday, data showed US job openings fell more than expected to 7.181 million in July.

Attention now turns to the ADP private payrolls and weekly jobless claims due later today, followed by the August jobs report on Friday.

Safe-haven demand also lent support to bullion amid concerns over Fed independence, trade frictions, and broader geopolitical risks.

On the industrial front, silver demand remained firm, boosted by China’s solar boom, with solar cell exports surging over 70% in the first half of the year, led by robust shipments to India.

Palm oil prices fall in early Asian trade, as market sentiment remains cautious, with downside risks persisting amid concerns that rising stockpiles could continue to weigh on prices, AmInvestment Bank says in a note. A Reuters survey shows Malaysia's August palm oil stocks are expected to rise to 2.2 million tons, up 4.06% from July. AmInvestment Bank expects CPO futures to find support at 4,407 ringgit a ton and face resistance at 4,447 ringgit a ton. The Bursa Malaysia Derivatives contract for November delivery is 3 ringgit lower at 4,439 ringgit a ton. (yingxian.wong@wsj.com)