Attorneys General Sue Trump Administration Over Payment Ending Offshore Wind Projects -- Commodities Roundup

MARKET MOVEMENTS:

--Brent crude oil is up 1.5% to $97.46 a barrel.

--European benchmark gas is up 2.5% to 48.79 euros a megawatt-hour.

--Copper futures are down 0.7% to $13,879 a metric ton.

--Gold futures are down 0.8% to $4,484.80 a troy ounce.

TOP STORY:

State Attorneys General Sue Trump Administration Over Payment Ending Offshore Wind Projects

New York's attorney general is leading a lawsuit against the Trump administration to challenge its deal that put an end to a French energy company's offshore wind projects.

As part of an agreement with the Trump administration, TotalEnergies said in March it would stop developing offshore wind projects in the U.S. and will instead invest in oil and gas production in the country. The government said the company would be paid $928 million--the value of its offshore wind leases--which would then be reinvested into oil and gas projects.

OTHER STORIES:

Australia's Competition Regulator Conditionally Approves Ampol's Purchase of EG Australia

SYDNEY--Ampol's US$760 million acquisition of EG Australia has been approved by Australia's competition regulator on condition that the fuel refiner and marketer sells 41 gas stations.

Ampol offered to sell those sites during the Australian Competition and Consumer Commission's Phase 2 assessment of the deal, having previously suggested the sale of 19 gas stations. The ACCC had initially raised concerns about the deal given it would add EG Australia's 512 sites to the 622 gas stations owned by Ampol under two brands.

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PMET Resources Gets Funding Interest From Societe Generale for Quebec Lithium Project

Canadian mineral explorer PMET Resources has an offering of financing from Societe Generale for its high-grade lithium project in Quebec.

PMET said Wednesday it received a non-binding letter of interest from the investment bank to potentially finance the first phase of development for the Shaakichiuwaanaan project in the Eeyou Istchee James Bay region.

MARKET TALKS:

Oil Up 1% as U.S.-Iran Strikes Cloud Hormuz Reopening Prospects -- Market Talk

1432 GMT - Oil prices trim earlier gains but remain about 1% higher as fresh hostilities in the Middle East undermine expectations of a near-term agreement to reopen the Strait of Hormuz. Brent crude is up 1.2% to $97.17 a barrel, while WTI rises 1.1% to $94.79 a barrel. "The situation in the Middle East is heating up," says Alex Kuptsikevich, chief market analyst at FxPro. "Investors are growing increasingly weary of the White House's promises of an imminent deal with Iran." While the oil market has somehow gradually adjusted to the shock, prolonged disruptions in the Strait fuel concerns that global oil inventories might not be sufficient to offset lost supply. Market participants now await the release of the EIA's U.S. crude inventory data. ([e-mail])

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Live Cattle Sinks as Market Digests Screwworm Developments -- Market Talk

1018 ET - Live cattle futures on the CME are lower despite confirmation from the USDA yesterday that New World Screwworm cases are closing in on the U.S./Mexico border. "Another new screwworm detection just 25 miles south of the U.S. border prompted Ag Sec. Rollins to announce new border updates will occur every few days," says the Hightower Report in a note. "But interestingly, feeders did not rally significantly off the news." The firm adds that the technical outlook for cattle appears to be degrading, and expects that to continue. Most-active live cattle is down 1.5%, while lean hogs are off 0.6%. ([e-mail])

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Grain Futures Mixed As Fundamental Pressure Seen Continuing -- Market Talk

1015 ET - Grain futures are bouncing off of technical support, says Matt Zeller of StoneX. "The grains and oilseeds remain under fundamental pressure thanks to a mostly solid start to the 2026 growing season, and widespread rains on the way over the next week or so," says Zeller in a note. He adds that fund traders continue to hold net long positions in grains, giving them room to move down further. Most-active CBOT corn futures are down 0.5%, while soybeans rise 0.2% and wheat is off 0.1%. ([e-mail])

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Gold Pressured by Higher Rates Expectations While Investors Await U.S. Data -- Market Talk

1414 GMT - Gold prices dip in afternoon trading on expectations that war-driven inflation will keep interest rates high. "The losing run for gold continues, as investors price out expectations of a more accommodative Fed against the backdrop of this year's inflation resurgence amid the oil price spike and recent strength in U.S. data," says Fawad Razaqzada, market analyst at Forex.com. "If more evidence of economic resilience emerges this week, or we see increased tensions and oil prices go even higher, gold could drop towards the $4,000 area." New York futures are down 0.9% to $4,477.60 a troy ounce. Focus is now on the U.S. jobs report due on Friday for more cues on the path of interest rates. ([e-mail])

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Soybeans Higher After Comments on Chinese Buying -- Market Talk

1002 ET - Comments from a U.S. government official regarding China's purchases of U.S. soybeans, has the oilseeds leading grain futures higher. Deputy Agriculture Secretary Stephen Vaden said during the WSJ Global Food Forum that he expects China to honor its pledge to buy more American soybeans this year, and that China is in the process of making new purchases. But the U.S. grain market won't be convinced until the USDA's weekly export sales reports start to show China making sizable purchases, says Jim Wiesemeyer of Ag Bull Trading. "The comments are notable because they suggest China may already be entering the U.S. market despite unfavorable price relationships," he says in a note. Soybeans are up 0.3%. ([e-mail])

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Crude Oil Gives Grains Waning Support -- Market Talk

0954 ET - Crude oil prices are up over $95 a barrel, moving back towards the $100 mark as Iran and the U.S. once again exchange fire--seemingly moving the timeline backwards for reaching a peace deal and reopening the Strait of Hormuz. Higher crude oil had been a catalyst for rising grain futures, due to grains' usage in renewable fuels, although grains don't seem to be getting as much of a boost from higher oil as they had in previous months. "A rallying crude oil market hasn't stopped the bleeding on our commodity markets," says Matt Bennett of AgMarket.net in a note. Corn down 0.5%, soybeans rise 0.2%, and wheat is off 0.1%. ([e-mail])

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U.S. Natural Gas Futures Tread Water -- Market Talk

0945 ET - U.S. natural gas futures are slightly lower with the market awaiting a recovery in LNG feedgas flows after maintenance and higher weather-driven demand into the weekend and next week. More cooling demand is being added to forecasts, Dennis Kissler of BOK Financial says in a note. "Still with latest drop in LNG demand and current storage at a 6.2% premium to the five-year average, traders remain in a sell-the-rally mentality," he says. Nymex natural gas is off 0.5% at $3.152/mmBtu.([e-mail])

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Oil Rises on Latest U.S.-Iran Military Exchanges -- Market Talk

0907 ET - Oil futures are rising for a third session after further exchanges of fire between the U.S. Iran, sowing more doubt about the likelihood of an agreement being reached soon to reopen the Strait of Hormuz. The latest round of attacks adds risk premium and renders the ceasefire "almost irrelevant," Ritterbusch & Associates says in a note. Prospects remain for high prices throughout the summer, "especially given Trump's latest comments that the U.S. blockade of the Strait of Hormuz could continue to Labor Day," the firm adds. WTI is up 2.5% at $96.13 a barrel and Brent is up 2.3% at $98.19.([e-mail])

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Crude Palm Oil Rises, Supported by Strong Oil, Soybean Oil Prices -- Market Talk

1026 GMT - Crude palm oil rose after trading resumed from recent public holidays buoyed by strong crude oil and soybean oil prices, according to David Ng, a trader at Kuala Lumpur-based Iceberg X. Expectation of weaker output in the coming weeks is also keeping markets on a positive sentiment, he says. Ng sees prices of crude palm oil supported above 4,500 ringgit a ton and face resistance at 4,750 ringgit a ton. The Bursa Malaysia Derivatives contract for August delivery rose 140 ringgit to 4,675 ringgit a ton. ([e-mail])

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Gold's Outlook Remains Positive Despite Some Near-Term Volatility -- Market Talk

1008 GMT - Gold's outlook remains positive despite some near-term volatility, according to Julius Baer's Carsten Menke in a research note. Gold has become the number one asset in central banks reserves, thanks to a relentless rise in prices and continued buying from emerging market central banks, the head of next generation research says. "We still see central-bank buying as the strongest structural force in the gold market and expect Western-world investment demand to pick up again," he says. The fundamental backdrop remains favorable although gold's volatility is set to stay elevated as long as the Iran war lasts, he says. Spot gold is down 0.9% at $4,447.39/oz. ([e-mail])

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Gold Falls as U.S.-Iran Hostilities Push Oil Higher -- Market Talk

0752 GMT - Gold futures fall as fresh hostilities between the U.S. and Iran and rising crude prices fuel inflationary fears, raising prospects of higher interest rates. In early trading, New York gold is down 0.7% to $4,489.80 a troy ounce. "The barrel of U.S. crude is pushing above the $95-per-barrel mark this morning, keeping investors alert to another wave of higher oil prices that could revive inflation worries and trigger a selloff across global bond markets," says Ipek Ozkardeskaya, senior analyst at Swissquote. Investor focus is now on private payrolls and services ISM figures due later on Wednesday ahead of Friday's jobs report. ([e-mail])

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Oil Climbs on Fresh U.S.-Iran Hostilities -- Market Talk

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06-03-26 1118ET