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Gold prices are down but on track to finish the best month since February
The?U.S. dollar rebounded from a more than?one-month low hit in the previous session. Dollar recovered from the more than a month low it hit the previous session. However, gold was still on course for its first gain of the month in five months as weaker inflation figures reduced expectations of future rate hikes in the U.S. Gold spot was down 1.8% to $4,027.75 an ounce as of 09:59 am EDT (1359 GMT) after having fallen 2% earlier. ?U.S. Gold futures for August deliveries dropped by 1.9% to $4 025.10. Gold is up 0.5% this month, the biggest monthly gain since February. Oil prices have fallen to levels seen before the Iran war, and traders are now reducing their expectations of Federal Reserve rate hikes this year. Han Tan, Bybit's chief market analyst, said that "although gold is about to end a four-month losing streak," it has been unable to create a larger gap above the psychological level of $4,000 Tan said that the metal's price remains above $4,000 due to expectations that Fed chair Kevin Warsh will broaden his central bank's focus from its preferred inflation and rate increases. The data released on Thursday shows that U.S. inflation rates slowed down in June. However, the slowdown was only temporary as renewed hostilities across the Middle East pushed up oil prices. Warsh pledged this week to be unwavering in his commitment to bring down inflation without indicating a willingness to raise interest rates. The dollar rose 0.5% on Friday after falling 2.4% in one day, its largest 'one-day drop' since January 2023. The dollar's strength makes gold more expensive for holders other currencies. According to the CME FedWatch Tool, traders see a 65% probability of a rate?hike this September, as opposed to a higher than 80% likelihood a week earlier. A statement revealed that China's market regulator also urged solar companies in another meeting on Friday to resist "vicious price competition" at a price compliance guidelines meeting. Silver is an important industrial metal that's used in solar photovoltaic panel manufacturing. Spot silver dropped 2.9% to $57.29 an ounce. Palladium fell 3.4% and platinum 2.5%, but both metals are headed to a monthly increase. Reporting by Noel John in Bengaluru and Swati verma. Mark Potter edited the article.
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Imperial Oil exceeds profit forecasts as the crude rally boosts earnings
Imperial Oil, a Canadian oil company, more than doubled its second-quarter profits and beat Wall Street's estimates on Friday. A surge in crude oil prices helped offset lower oil sands production and the impact of planned refinery maintenance. Cenovus also reported a dramatic jump in its quarterly profit earlier this week and increased its production outlook. Higher crude prices boosted Canada's oil-sands industry despite output restrictions due to maintenance. Geopolitical tensions and uncertainty in the Middle East boosted oil prices, while global fuel supply disruptions improved refinery margins. The higher benchmark crude prices helped Imperial's realized prices. Synthetic crude realizations jumped more than 60% over the past year, and Western Canada Select prices rose about 45%. This helped offset lower production volume. Total upstream production in the second quarter averaged 414,000 barrels of crude oil equivalent per day. This is down from 427,000 a year ago. The decrease was due to lower output at Kearl, and Syncrude. After completing its heaviest quarter of maintenance, Chief Executive John Whelan stated that the company anticipates strong volumes and performances in the second half 2026. Refinery output fell from 376,000 barrels per day to 331,000 bpd. Refinery utilization dropped from 87% to 76%, due primarily to planned turnaround work at Strathcona, and unplanned downtime. Imperial has lowered the outlook for its 2026 refinery. Throughput is expected to be reduced to 370,000-380,000 BPD from 395,000-405,000 BPD?and utilization expected to drop to 85%-88% instead of 91%-93%. It cited "unplanned downtime" and a "short-term rail logistic challenge" at Strathcona, which it expects will be resolved 'by the end of the year. Imperial reported a net?income? of C$2,19 billion, up from C$949 millions last year. The per-share profit was C$4,52, beating the average estimate? of C$4.13, LSEG data shows.
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Wildfires near Bordeaux and Madrid ease, bringing relief
On Friday, France and Spain were relieved from the destruction of days-long wildfires. The blazes in Bordeaux and Madrid had been brought under control. However, fires still raged in Greece and west Spain. Europe has been ravaged this summer by wildfires after consecutive record-breaking heatwaves. Vast stretches of parched vegetation are ready to burn and hundreds of thousands have had to flee their home. Authorities in southwestern France began to allow people back home after declaring a major fire, which had been burning for more than a month, contained. In a press release, Gironde Prefect Sophie Brocas announced that evacuation orders had been lifted in 12 districts to the west and south of Bordeaux. This allowed 144,000 people out of 220,000 who were displaced, to return home. Recent scientific studies confirm that climate change caused by humans is responsible for the hot and dry conditions across Europe in the past few months. This leaves no respite to emergency crews. Climate Monitor data showed that Europe's average temperature was predicted to be 24.9degC on Friday, +3.3degC higher than the 1961-1990 norm. This makes it the continent farthest away from its historical norm. In recent weeks, plumes of smoke ash have been pumped into the air, exposing millions to harmful air pollution. Scientists are concerned with fine particles, or PM2.5. These particles have been linked to respiratory and cardiovascular problems, as well as lung cancer. Tourists evicted Crews on the Greek island Crete were still fighting persistent hotspots along a 15-km (9-miles) front, and preventing new outbreaks. The fire in central Crete forced hundreds of tourists to evacuate coastal communities, and even by boat. "We are fighting an enormous battle to contain the fire and hope to have it under control within the day," Giorgos?regional Governor of Civil Protection of Crete said. He said that the firefighter's job was made more difficult by strong winds, which were forecast to continue until Saturday night with gusts up to 115 km/h. According to the International Federation of Red Cross and Red Crescent Societies, based in Geneva, 2,000 tourists have been evacuated due to fires in Crete. They also reported that homes, farmland and olive groves, as well as livestock, were destroyed. Spain lifted its national emergency on Thursday in Avila and Madrid, both located in central Spain. Fire crews were on high alert on Friday for any flare-ups, and nearly 1,000 residents of seven housing developments in Pelayos de la Presa & San Martin de Valdeiglesias (capital region) still couldn't return home. A fire in the province of Castellon, further east, was still active for 48 hours but did not spread. About 1,000 residents have returned to their homes, but 7,000 are still displaced. Winds were too strong for?firefighters to do their job in Zamora’s Arribes Del Duero National Park, near the Portuguese border. Flames had swept the Duero River Canyon and the Tormes River Canyon. Fourteen villages have been evacuated, and two more told to stay indoors. Reporting by Yves Herman; writing by Michele Kambas and editing by Sharon Singleton.
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Chevron beats analyst expectations to record highest quarterly profit in six-years
Chevron reported its highest quarterly profits in at least six year on Friday. The U.S. and Israel war against Iran has disrupted world energy markets, which is boosting profits of the largest oil companies. LSEG data shows that adjusted?earnings 'of $12 billion or $6.06 per a share beat the average analyst estimates of $5.56. Chevron's shares rose about 2% during premarket trading. The results were similar to those of European oil giants TotalEnergies, Shell and others who also reported record profits in the second quarter, boosted by higher oil costs. ExxonMobil's quarterly profit missed analyst expectations despite earning a record high. Eimear Bonner, Chevron's Chief Financial Officer, said in an exclusive interview that despite the current geopolitical unrest and volatility on the market the company continues to provide the reliable energy the world needs. The second largest U.S. oil company has less Middle East output than its competitors, which allows it to reap?benefits from higher oil prices while avoiding the major production disruptions that angered rivals like ExxonMobil or TotalEnergies. Chevron CEO Mike Wirth has warned that the conflict will continue to put global energy supplies at risk. "Everyday, the situation becomes more challenging," he said to CNBC. Upstream earnings were $8.2 Billion, 200% higher than the previous year. Benchmark Brent crude oil prices rose by?23% during the second quarter compared to the first three months of the year, due to limited shipping through the Strait of Hormuz. The production totaled a staggering 4 million barrels of oil-equivalent per day (boepd) during the second quarter. This is up from the 3.85 million boepd produced in the first. The U.S. production, centered on the Permian basin and offshore Gulf area, reached a record of 2,08 million boepd. Chevron expects to spend 25% less on a barrel of U.S. Shale production this year compared to 2025 due to efficiency. The U.S. refinery's throughput record also helped boost earnings to $4.9 billion. Refining margins reached record levels due to low fuel stocks globally and the conflict in the Middle East. RBC Capital Markets' analyst Biraj Borkhataria said that Chevron’s higher-than expected downstream earnings were the main reason for its earnings surprise. He added that the report demonstrated "robust operations performance and strategic consistency." The soaring profits may attract more criticism from U.S. president Donald Trump who last month accused oil companies of "price gouging." He also urged them do more to reduce gasoline prices. CHEVRON KEEPS DIVIDENDS AND BUYBACKS STEADY Chevron paid $3.5 billion in dividends and repurchased shares worth $3 billion during the second quarter. Bonner stated that the company will maintain its target for repurchasing shares of between $10 and $20 billion per year and would focus on strengthening balance sheets over the long-term. Our business must be able to operate in all cycles, because energy is cyclical. She said that they would not change their?plan to suit a quarter. Bonner stated that Chevron joint ventures in Venezuela are currently producing 280,000 barrels of oil per day. This is where the Trump Administration is trying to increase U.S. investment by oil companies. She said, "We are confident that we can increase production by 15% in the next 18-24 months." She added that Chevron is evaluating incremental production opportunities, which would be dependent on favorable terms from the Venezuelan government. Chevron said Friday that it had achieved $1.5 billion in deal synergies from the acquisition of Hess last year, six months earlier than scheduled and exceeding the $1 billion target originally set at the time of the closing of the deal. Sheila Dang reported from Houston, and Nathan Crooks edited the story.
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Nuclear firm Westinghouse files confidentially for US IPO
Westinghouse Electric Company has filed a confidential application for an initial public offering in the United States, the company announced on Friday. It joins a 'wave' of nuclear companies that are looking to tap the capital markets. The investor enthusiasm for nuclear companies has increased in the last year, as Big Tech's rapid build-out of data centers boosts U.S. demand for power. The original business, founded in 1886 by George Westinghouse who commercialized alternating-current, has been largely preserved by the nuclear technology and service supplier owned jointly by Brookfield Renewable Partners and Cameco. Westinghouse constructed the first commercial pressurized-water reactor in Shippingport Pennsylvania in 1957. According to the company, more than half of all nuclear reactors operating around the world use its technology. Cameco, Brookfield Renewable Partners and Westinghouse Electric bought Westinghouse Electric for $7.9 billion in 2023. Westinghouse has said that the number of shares and price range to be offered in the proposed offering are still unknown. Last month, the Cranberry Township-based?Pennsylvania company announced that it was partnering with U.S. Department of Energy in order to strengthen the U.S. Commercial Nuclear?supply chain. Blank-check deals have long been the primary path to?public markets? for more speculative firms, but issuers in sectors like nuclear and quantum are now pursuing traditional public offerings this year. Companies can prepare for IPOs without the public's scrutiny by filing confidential documents. X-Energy, Standard Nuclear and other major?nuclear firms have all gone 'public' through the traditional IPOs in this year. Holtec Nuclear filed for a New York IPO this month. (Reporting and editing by Anil D’Silva in Bengaluru, Arasu Kanagi Basil)
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The ECB blog claims that the rise in fuel prices is largely due to oil refining margins.
The rise in refinery margins, which are now at near-record levels, has contributed to recent increases in fuel prices across the euro zone. A 'further increase in margins is still possible in August before a retreat occurs. Euro zone inflation jumped to 2.9% in the month of July, from a level around 2% prior to the U.S.-Israel war in Iran. The persistently high oil prices, close to $90 a barrel, suggest that the price pressures may?intensify, forcing the ECB into raising interest rates. Refining margins are also up, despite the rise in oil prices. Diesel refining margins per litre were EUR0.10 before the Iran war and rose to EUR0.35 during the first three weeks in July. The blog reported that the petrol price increased from EUR0.04 in February to EUR0.23 by July. The ECB is not the only one who thinks this way. Fuel supplies have been tightened by disruptions in refining operations, fuel exports from the Middle East and reduced Russian refinery output. This week, Russia extended its ban on the export of gasoline and diesel until January 31. The move has exacerbated a global fuel shortage. Prices have also risen in countries who no longer purchase fuel from Moscow.
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AngloGold's quarterly profit increases 58% due to higher bullion prices and lower output
AngloGold Ashanti reported a 58% rise in its second-quarter profits?on?Friday, as higher 'bullion prices' offset the impact of lower production. The miner reported that its headline earnings for the three-month period ending June 30 were $1.01billion, up from $639mil a year ago. AngloGold's gold production in the second quarter of 2025 fell by 7% compared to last year, to 744,000 ounces. This was due to the sale of Brazil's Serra Grande Mine. The output was also affected?by the 32% decline in gold production in Ghana at the Obuasi Mine?due?to operational and equipment issues as well as?as interruptions related?to an April 2026 fatality. AngloGold expects to have a better second half performance, even though its production was 3.7% less than last year, at 1.47million ounces. This will help it achieve its 2026 annual production forecast, which is between 2.8million and 3.17million ounces. An increase of 35% in the average gold price received year-on-year led to a 36% rise in 'AngloGold’s second-quarter free cash flow, which reached $727 million. AngloGold announced that it would pay quarterly dividends of?72cents per share or $364million, bringing the total payout for the first half to $949 million. The company also?proposed an?$2 billion share repurchase, which was approved on July 23 by shareholders. Reporting by Olivia Kumwenda Mtambo and Nelson Banya. Editing by Joe Bavier, Louise Heavens and Louise Heavens.
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Gold drops as US Dollar regains its footing. Heads for first monthly gain since five
Gold fell more than 1% on Friday as the U.S. dollar gained ground. The dollar recovered its footing but was still on course to post its best monthly gain since February, as investors reduced their rate hike bets following the Federal Reserve meeting last week. Spot gold fell 1.1%, to $4.055.41 an ounce at 1050 GMT. However, it was on track for a 0.5% weekly increase. Prices have also risen by about 1.7% this month. U.S. Gold Futures for August Delivery dropped by 1.2% to $4053.60. Independent analyst Ross Norman stated that "gold struggles to gain meaningful momentum and is still in the corrective stage of a larger structural bull market." The dollar index has recovered modestly above the key 100 level after its sharp sell-off post-FOMC, taking some shine off gold today." The dollar gained 0.3% on Friday after losing 2.4% in one day, its largest drop since January 2023. The dollar's strength makes gold more expensive for those who hold other currencies. Kevin Warsh, U.S. central Bank chief, vowed that he would bring down inflation at the Fed's policy meeting on Wednesday. This left markets "confused". According to the CME FedWatch Tool, traders now price in a 67% probability of a September rate hike, as opposed to an 80% likelihood a week ago. The data released on Thursday shows that U.S. inflation rates slowed down in June, but this was probably only a temporary easing as the oil price rose due to renewed hostilities across the Middle East. The rise in energy prices has exacerbated inflation fears and reinforced expectations that U.S. rates will be higher, reducing the appeal of non-yielding gold. Gold demand in India was muted as buyers awaited a clearer direction of price, while a stronger Yuan boosted purchases?in the top consumer China. Silver spot fell by 1.7%, to $58.00 an ounce. Palladium fell 1.1%, to $1289.77. Platinum dropped 1.3%, to $1638.77. Both metals are headed for monthly gains. (Reporting by Sukanya Mitra in Bengaluru; additional reporting by Swati Verma; Editing by Diti Pujara)
ADNOC will switch the oil price benchmark from Murban to Platts-Dubai.
Abu Dhabi National Oil Co announced on Friday that it will switch the benchmark for'monthly official sales prices for all crude grades to Platts Dubai Platts 'pricing derived from Murban -crude -futures starting November 1.
ADNOC said that the change will bring ADNOC OSPs closer to the month when cargoes are loaded. The change applies to Abu Dhabi crude grades onshore and off shore, including Murban Das, Umm Lulu, and Upper Zakum. ADNOC will announce differentials from Dubai?quotes in the month prior to cargoes loading.
ADNOC stated that the new pricing mechanism "reinforces ADNOC’s commitment to price transparency for its growing client and investor base."
The company said it would continue to fulfill all of its obligations in relation to the delivery of crude grades from Abu Dhabi, both onshore and off-shore.
The move follows the U.S. and Israeli war against Iran, which disrupted Middle East oil exports through the Strait of Hormuz. This caused significant losses for traders who deal with Abu Dhabi Oil.
Since June, the producer has been consulting with customers on proposed changes to its OSPs.
ADNOC also sells its crude cargoes via spot tenders since June, at differentials from Dubai quotes.
ADNOC stated that the change in pricing mechanisms is not expected to have any material impact on any of the listed instruments by ADNOC, including those issued under ADNOC Murban’s GMTN and Sukuk programs.
ICE Futures 'Abu Dhabi announced that it would continue to trade for Murban crude futures contracts months with open interest, while those without an open interest will be suspended starting Friday. (Reporting and editing by Louise Heavens, Florence Tan)
(source: Reuters)