MARKET MOVEMENTS:
--Brent crude oil is up 0.3% to $62.72 a barrel.
--European benchmark gas is down 1.6% to 29.02 euros a megawatt-hour.
--Gold futures are down 0.3% to $4,190.3 a troy ounce.
--LME three-month copper futures are down 0.6% at $10,911.5 a metric ton.
TOP STORY:
Todd Boehly Makes a Play for International Assets of Russia's Lukoil
Billionaire investor Todd Boehly, a part-owner of the Los Angeles Dodgers, has joined the race to acquire the international assets of Lukoil, the sanctions-hit Russian energy company.
Boehly and a United Arab Emirates-based investor group have formed a consortium, according to Xtellus Partners, a financial firm working with these bidders. The name of the U.A.E. investor couldn't be learned.
The Austrian subsidiary that houses Lukoil's international business has valued its assets in filings at $22 billion. Its interests range from refiners in Europe to oil fields in Iraq and Central Asia, as well as gas stations in the U.S. However, the price they would fetch in any sale is uncertain.
OTHER STORIES:
U.K.'s EV Tax Plan Could Put Brakes on Country's Transition, Industry Warns
The U.K. government's plan for a new pay-per-mile tax on electric and hybrid vehicles threatens to weaken demand just as the auto industry works toward ambitious zero-emission vehicle sales targets, trade bodies and manufacturers have warned.
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Serica Energy Warns of Higher Operating Spending Than Expected
Serica Energy's third-quarter production rose but the energy company warned spending will be higher than initially expected.
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Anglo Asian Mining Shares Rise After ACG Metals Discloses Takeover Interest
Anglo Asian Mining shares rose after ACG Metals said it was in the early stages of considering a takeover offer for the company.
MARKET TALKS:
Canadian Measures to Support Steel Industry Look Positive for Algoma Steel -- Market Talk
1135 GMT - Canadian efforts aimed at supporting the country's steel industry promise to be positive for Algoma Steel, though the extent to which the measures support profitable steel pricing in Canada remains uncertain, RBC Capital Markets' James McGarragle says. The analyst says the government believes the measures will unlock over C$1 billion in new domestic steel demand, which compares with the consensus 2025 revenue forecast for Algoma of C$2.1B. McGarragle says that taking these numbers at face value, and assuming Algoma can capture 25% of the upside--which is roughly its percentage of Canadian capacity--implies solid upside potential to next year's estimates. RBC has a sector perform call and C$5.46 target on the stock. (robb.stewart@wsj.com)
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European Gas Prices Come Under Pressure -- Market Talk
1113 GMT - European gas prices are under pressure in midday trade as sentiment weakens, DNB Carnegie analysts write. The benchmark Dutch TTF contract is down 1.6% at 29.02 euros a megawatt hour. A sharp rise in feedgas supply to U.S. LNG export facilities comes as Asian demand remains soft, they write. The bearish sentiment has been aided by forecasts of warmer temperatures that will substantially reduce gas demand in the coming week, they say. A potential peace agreement between Russia and Ukraine also threatens additional supply hitting the market in the future, they add. (adam.whittaker@wsj.com)
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Silver Prices Rise as China's Stockpile Hits 10-Year Low -- Market Talk
1026 GMT - Silver prices rise on supply concerns as Chinese inventories fall to the lowest level in 10 years, ING's Warren Patterson and Ewa Manthey write. In New York, futures are up 0.55% at $53.89 an ounce. The sharp decline in Chinese inventories follows large shipments to London. The shipments were triggered by a supply squeeze that recently pushed prices to record highs, they write. The drawdown comes after a surge in Chinese silver exports to an all-time high of over 660 tonnes in October, they add. (adam.whittaker@wsj.com)
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Palm Oil Ends Higher on Stronger Edible Oils -- Market Talk
1006 GMT - Palm oil closed higher as prices were likely supported by overnight strength in competing edible oils, Kenanga Futures writes in a research note. Markets may be wary about tropical oil supply disruption during the monsoon season, Kenanga Futures says, as it pegs support and resistance for the February futures contract at 3,990 ringgit a ton and 4,060 ringgit a ton, respectively. The Bursa Malaysia Derivatives contract for February delivery closed 65 ringgit higher at 4,089 ringgit a ton. (amanda.lee@wsj.com)
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Serica Energy Delivers Resilient Performance -- Market Talk
0935 GMT - Serica Energy's update points to a resilient performance, Peel Hunt analysts write. Despite operational challenges across its portfolio, the U.K.-listed energy company delivered strong production, they say. It is noteworthy that it has maintained its full-year guidance despite fiscal and regulatory changes in the U.K., the analysts say. Shares trade down 1.9% at 1.77 pounds. (adam.whittaker@wsj.com)
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Copper Supported by Risk-On Sentiment, Tight Supply -- Market Talk
0858 GMT - Copper prices are supported by risk-on sentiment as traders bet the U.S. Federal Reserve will cut rates in December, ANZ analysts write. Copper is also benefiting from tight supply. Chilean copper producer Codelco is pushing for a hike in its annual premium to $350 a metric ton over LME prices for 2026 annual contracts, the analysts write. This is up from $89 a ton it agreed to for this year, they say. LME three-month copper futures are down 0.4% at $10,928 a metric ton. (adam.whittaker@wsj.com)
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Gold Prices Supported by Growing Bets U.S. Rates Will Fall -- Market Talk
0828 GMT - Gold prices are steady but remain elevated on strengthening bets that the U.S. Federal Reserve will cut rates in December, MUFG's Soojin Kim writes. Futures in New York are down 0.1% at $4,196.20 a troy ounce. Higher interest rates weigh on non-yielding assets like gold. New jobless-claims data is unlikely to shift the outlook for interest rates, she adds. "Confidence in lower rates grew further as Kevin Hassett, a top economic adviser to President Trump and known for a dovish stance, emerged as the leading candidate for the next Fed chair," Kim adds .(adam.whittaker@wsj.com)
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Oil Steadies as Traders Assess Russia-Ukraine Talks -- Market Talk
0808 GMT - Oil prices steady as traders take stock of developments to end the Russia-Ukraine war. Brent crude and WTI are both down 0.1% to $62.46 and $58.59 a barrel, respectively. U.S. envoy Steve Witkoff will hold talks in Russia next week, while Ukraine said good foundations have been laid toward reaching an agreement. The talks come amid an oversupplied market with the Energy Information Administration reporting that total commercial crude-oil stockpiles rose by 2.8 million barrels last week. (adam.whittaker@wsj.com)
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Iron Ore Little Changed; Supply-Demand Imbalance Persists -- Market Talk
0311 GMT - Iron ore is flat in Asian trading, with the most-traded contract on the Dalian Commodity Exchange steady at 796.00 yuan a ton. Supply has remained stable since November and is expected to stay loose in 4Q, Galaxy Futures says in commentary. On the demand side, the rapid decline in Chinese steel consumption is likely to guide medium-term iron-ore prices lower, the brokerage adds. With the supply-demand imbalance persisting, inventories are expected to continue rising. (jason.chau@wsj.com)
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Beach Energy's Capital Management Framework Unfit for Purpose -- Market Talk
0002 GMT - Beach Energy's existing capital management framework isn't fit for purpose, says Citi, as it downgrades the stock to sell from neutral. Beach only has enough proven and probable reserves to last seven years. That means M&A is required in the next 12-24 months, analyst Tom Wallington says. "We think the current 40-50% of pre-growth free cash flow dividend policy doesn't meet the needs from a preservation of balance sheet capacity perspective," Citi says. So, it expects an interim dividend of A$0.02/share, lower than the A$0.06/share final dividend for FY 2025. It also forecasts a final dividend of A$0.02/share in FY 2026. "This equates to a less than 30% payout but is more appropriate from balance sheet management perspective at this point in time," Citi says. (david.winning@wsj.com; @dwinningWSJ)
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Rio Tinto's Coming Investor Briefing Seen Focused on Costs, Lithium, Asset Sales -- Market Talk
0000 GMT - Investors will seek a few things when Rio Tinto holds its capital markets day next week, Morgan Stanley analysts say. Firstly, "investors will look for quantifiable cost reduction targets--both opex and capex making it more competitive vs peers such as BHP," the analysts say in a note. In lithium, Rio Tinto is expected to trim its growth pipeline and phase projects more gradually. It could also closely assess the carrying value of its lithium book, the analysts say. The market will be eager to hear potential plans to exit noncore businesses such as borates and titanium. "In our view, a clear articulation of disposal priorities and timelines would boost investor confidence." MS has an equal-weight rating and A$129.50 target. The stock is little changed at A$134.20. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)
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Genesis Energy Raising Equity Appears More Likely -- Market Talk
2348 GMT - Genesis Energy raising equity appears increasingly likely to Forsyth Barr. "To achieve its goals, Genesis needs capital," says analyst Andrew Harvey-Green. Genesis estimates it will generate NZ$1.3 billion of free cash across FY 2026-FY 2028. Most of this is committed to existing capex needs, dividends and growth projects under construction. Forsyth Barr says Genesis faces a funding gap of some NZ$600 million for near-term development options. "An equity raise is clearly being considered as it was listed as a funding option, and in our view has several advantages over the alternatives," Forsyth Barr says. Those alternatives include signing offtake agreements, selling assets, or forming joint ventures. (david.winning@wsj.com; @dwinningWSJ)
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Channel Infrastructure's Pipeline Deal Gets Tick -- Market Talk
2336 GMT - Forsyth Barr is upbeat about Channel Infrastructure's A$14.2 million purchase of a 25% stake in the Somerton Pipeline in Australia, even though the deal doesn't materially move the dial. "There is potential upside from higher throughput volumes due to Melbourne Airport volume growth and debottlenecking the current supply chain, which would increase the use of the Somerton pipeline," says analyst Andrew Harvey-Green. Forsyth Barr's price target moves up by 2.2% to NZ$2.83/share. Channel Infrastructure is down 0.7% at NZ$2.77. (david.winning@wsj.com; @dwinningWSJ)
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Steelmaking Coal Price Signal Knocked by China Import Shift -- Market Talk
2302 GMT - There's more to the pullback in metallurgical-coal forward prices than seasonal drivers, Panmure Liberum analysts say in a note. They say that "despite feeding into the profoundly seasonal iron ore/steel industries of Asia, the global met-coal trade itself is only very weakly seasonal." The analysts think the recent dive in forward prices might be linked to China's shift away from Australian cargoes to ex-seaborne supply from Russia and Mongolia. China's "modest import dependency is a key factor," they say, adding that its "ongoing, proactive restructuring of those import flows is now distorting/undermining broader price action." The analysts say they also suspect multiple Australian mine sales in recent years have undermined price stability. Weakness in thermal-coal prices is likely a drag, too. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)
Write to Barcelona Editors at barcelonaeditors@dowjones.com
(END) Dow Jones Newswires
November 27, 2025 07:31 ET (12:31 GMT)
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