Chevron to Sell Some Asia-Pacific Assets to Japan's Eneos for $2.17 Billion -- Commodities Roundup
CVX
Published on 05/14/2026 at 11:46 am EDT
MARKET MOVEMENTS:
--Brent crude oil is down 0.5% to $105.11 a barrel.
--European benchmark gas is up 1.4% to 47.57 euros a megawatt-hour.
--Copper futures are down 1% to $13,946.50 a metric ton.
--Gold futures are down 0.3% to $4,693.40 a troy ounce.
TOP STORY:
Chevron to Sell Some Asia-Pacific Assets to Japan's Eneos for $2.17 Billion
Chevron has agreed to sell several Asia-Pacific refining and retail assets to Japan's Eneos for $2.17 billion, as it continues to streamline its international portfolio.
Eneos, one of Japan's largest energy companies, will buy Chevron's downstream fuels and lubricants marketing businesses in Singapore, Malaysia, the Philippines, Australia, Vietnam and Indonesia, it said Thursday.
This includes Chevron Singapore's 50% interest in the Singapore Refining Co., which operates a refinery on Jurong Island in the city-state. The remaining 50% stake is indirectly held by Chinese oil major PetroChina.
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Geothermal-Champion Fervo Energy's Shares Soar in Trading Debut
Shares of geothermal developer Fervo Energy soared in their public-market debut, a sign of investor appetite for energy companies as the U.S. faces record amounts of new power demand.
Fervo's stock climbed 35% to $36.54 from its $27 initial public offering price. It trades on the Nasdaq under the ticker FRVO.
OTHER STORIES:
Canada Aims to Double Power-Grid Capacity By 2050
OTTAWA--Canadian Prime Minister Mark Carney said he wants to double the capacity of the country's electricity grid by 2050, an effort that officials say comes with a nearly trillion-dollar price tag.
In a shift from his predecessor, Justin Trudeau, Carney is signaling that the government is open to natural-gas production to meet future electricity needs. The Trudeau administration's clean-energy initiatives aimed to discourage, but not necessarily ban, the use of natural gas.
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Canadian Solar Founder Shawn Qu Transitions CEO Role to President Colin Parkin
Canadian Solar elevated Colin Parkin to chief executive as founder Shawn Qu shifts to become executive chairman and chief technology officer.
Qu, who founded the solar technology and renewable energy company in Mississauga, Ontario, 25 years ago, will transition from his role as chairman and CEO. Parkin had previously served as president.
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How Much Oil Does China Buy from Iran?
President Trump is meeting with Chinese leader Xi Jinping this week in Beijing, where discussions are expected to include the Iran war and China's ties with Tehran.
China purchases about 90% of Iran's exported oil, according to a March report by the U.S.-China Economic and Security Review Commission.
MARKET TALKS:
El Nino Expected to Soon Emerge -- Market Talk
1103 ET - The NOAA's Climate Prediction Center is assessing an 82% chance for El Nino to emerge this month or in June. NOAA says that there's now a 96% chance that El Nino will continue through the next winter and into next year. Meteorologists are projecting this year's climate pattern to be a "Super El Nino"-- potentially bringing more wet weather to the Corn Belt over the summer than a normal El Nino might. This may bolster what's already seen as a strong production year for both corn and soybeans. CBOT grain futures are lower, with corn down 2.5%, soybeans down 2.7%, and wheat down 3%. ([email protected])
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Cattle Rises Amid Confusion Over U.S. Beef Export License Renewals By China -- Market Talk
1011 ET - Live cattle futures are up 0.8% in early trading. Reports indicated that China had renewed import licenses for U.S. beef exports, but Chinese customs have apparently halted clearances for hundreds of U.S. beef plants. The renewal of the licenses was one of the issues President Trump was expected to push for in his summit with China's President Xi. "Confusion reigns," says the Hightower Report in a note. Lean hog futures are down 0.7%. ([email protected])
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Profit-Taking and Better Weather Pressure Grains -- Market Talk
1010 ET - With a lack of concrete developments out of the U.S.-China summit concerning agriculture, CBOT grain futures are lower as traders lock in profits from gains seen after Tuesday's WASDE report. "Profit-taking following this week's rally, improving weather forecasts for portions of the Corn Belt, and broader commodity-market caution also pressured prices," says Jim Wiesemeyer of Ag Bull Trading in a note. While more rainfall is expected in U.S. growing areas, today's U.S. Drought Monitor map shows worsening drought conditions in both Nebraska and Oklahoma, affecting winter wheat crops and newly-planted corn and soybeans. CBOT corn falls 2%, soybeans slide 2.4%, and wheat drops 1.8%. ([email protected])
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U.S. Ag Celebrates E15 Passage, But Fate in Senate is Unclear -- Market Talk
0939 ET - The U.S. House passes legislation allowing for year-round sales of E15, moving the bill on to the Senate for a vote. Agricultural groups celebrated the political victory, but traders appear unsure if the bill can pass in the upper chamber. "Even though E15 passed in the House, traders do not feel it will pass in the Senate," says Naomi Blohm of Total Farm Marketing in a note. Corn is down 1.7% pre-market, while soybeans fall 2.5% and wheat is down 1.3%. ([email protected])
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Lack of Specific Purchase News from Trump-Xi Summit Sinks Grains -- Market Talk
0931 ET - CBOT grain futures are sharply lower, with traders disappointed in the lack of agricultural-specific news out of the first day of the U.S.-China summit. Soybeans are leading the way down, amid indications that no new Chinese purchases are incoming. "Soybeans declined sharply this morning amid heavy overall grain trade volume, thanks to an early announcement from the Trump-Xi summit that declared Chinese soy purchases 'all taken care of'," says Matt Zeller of StoneX in a note. Soybeans are down 2.5%, while corn falls 1.7% and wheat is off 1.3%. ([email protected])
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Oil Futures Slip As Market Takes A Breather -- Market Talk
0904 ET - Oil futures are lower with the market focused on the summit between Presidents Trump and Xi Jinping. The White House says the leaders agreed the Strait of Hormuz must remain open and that Xi opposed the militarization of the strait or the charge of a toll to use it. "Additional Chinese cooperation beyond these comments is unlikely," Ritterbusch & Associates says in a note. "The price pullback of the past couple of days has simply represented a brief technical adjustment." WTI is off0.5% at $100.50 a barrel, and Brent is down 0.7% at $104.89. ([email protected])
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U.S. Natural Gas Futures Steady Ahead of Storage Report
0840 ET - U.S. natural gas futures trade sideways with the market watching for the EIA's weekly storage report due at 10:30 a.m. ET. Natural gas is trapped between support at $2.82 and resistance at $2.88, "but look for a break out of the range if storage surprises later this morning," Gary Cunningham of Tradition Energy says in a note. "A storage number in the low 80s could give the bulls a reason to push back towards $3, but without some help from the weather maps or a quick return to service from all trains in the LNG fleet we aren't likely to go that high." Analysts in a WSJ survey predict a storage injection of 87 Bcf. Nymex natural gas is off 0.7% at $2.843/mmBtu.([email protected])
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Palm Oil Falls on Weak Soybean Oil, Stockpile Concerns -- Market Talk
1048 GMT - Palm oil ended lower on weaker soybean oil prices and expectation of rising stockpiles, which are likely to weigh on price sentiment, says David Ng, a trader at Kuala Lumpur-based Iceberg X. Ng sees crude palm oil prices finding support above 4,350 ringgit a ton and resistance at 4,500 ringgit a ton. The Bursa Malaysia Derivatives contract for July delivery fell 42 ringgit to 4,396 ringgit a ton. ([email protected])
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Copper's Gains Driven by Supply-Side Risks -- Market Talk
0756 GMT - Recent copper price gains appear to be driven more by supply concerns than by underlying demand, leaving the metal exposed to a potential pullback if Middle East disruptions ease, according to ING. "Supply-side risks linked to the conflict are supporting several industrial metals," analysts at the firm say. However, "higher energy prices and broader macro uncertainty continue to weigh on manufacturing activity and global growth expectations." Investors are likely to keep a close watch on inventory levels, demand signals from China and the degree to which geopolitical tensions continue to disrupt refined metal supply. Three-month futures on the LME are down 0.7% to $13,982 a metric ton after climbing toward record highs in the previous session. ([email protected])
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Gold Edges Higher But Remains Pressured By Inflation Concerns -- Market Talk
0741 GMT - Gold prices hold above $4,700 a troy ounce, but remain pressured by expectations of higher-for-longer interest rates following the latest U.S. inflation data. "Gold extended losses after U.S. wholesale inflation accelerated in April to its fastest pace since 2022, while Treasury yields climbed toward their highest levels since July, weighing on non-yielding assets," says Soojin Kim from MUFG. In early European trading, gold futures in New York are up 0.2% to $4,718 a troy ounce. Meanwhile, silver falls 1.4% to $88.12 an ounce and platinum is down 2.1% to $2,150.60 an ounce. ([email protected])
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Copper Falls Amid Profit-Taking -- Market Talk
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05-14-26 1145ET