Enbridge $1.4 Billion Project Aims to Boost Canadian Oil Flow to U.S. Refineries -- Commodities Roundup

MARKET MOVEMENTS:

--Brent crude oil is up 2.5% at $64.62 a barrel.

--European benchmark gas is up 2.2% at 31.08 euros a megawatt-hour.

--Gold futures are down 2.2% at $4,103.60 a troy ounce.

--LME three-month copper futures are up 0.1% at $10,875.50 a metric ton.

TOP STORY:

Enbridge $1.4 Billion Project Aims to Boost Canadian Oil Flow to U.S. Refineries

Pipeline operator Enbridge will push ahead with a $1.4 billion expansion of its core network to boost deliveries of Canadian heavy oil and reach key refining markets in the U.S. Midwest and Gulf Coast.

The Canadian energy company said Friday it reached a final investment decision on the first phase of a project to optimize its Mainline network, which is forecast to add egress capacity from Canada that will support increased production in the country and connect with what it described as the best refining markets in North America.

OTHER STORIES:

BHP to Appeal After Being Found Liable by English Court for 2015 Brazil Dam Failure

BHP Group said it intends to appeal a decision by the English High Court that said it is liable for the deadly collapse of a dam in Brazil 10 years ago.

The ruling could expose the Australia-based miner to additional costs just a few years after it agreed in a settlement to pay billions of dollars in compensation to victims of the 2015 collapse of a mine-waste dam near the Brazilian town of Mariana. The failure triggered a mudslide that killed 19 people and polluted more than 400 miles of rivers.

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Tailwater Capital Banks $425 Million So Far for New Energy-Infrastructure Bets

Tailwater Capital has raised at least $425 million for its latest flagship fund dedicated to energy infrastructure, which the private-equity firm expects to benefit from rising use of natural gas across the U.S. economy, according to an investor letter seen by WSJ Pro Private Equity.

In the recent missive, the Dallas firm told its fund's limited partners it has reached a first close of the vehicle, Tailwater Fund V, with nearly half of the $1 billion goal set for the pool. A first close typically enables a private-equity firm to begin investing from the new fund.

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EU Conditionally Clears $13.7 Billion Adnoc-Covestro Deal

The European Union's competition regulator conditionally cleared Abu Dhabi's state oil company's $13.7 billion bid for German plastics maker Covestro after an in-depth foreign subsidies probe.

The European Commission said Adnoc's offer to adapt its articles of association to make sure they align with UAE insolvency law- essentially removing any unlimited guarantee from the state -and to share Covestro's sustainability patents with some competitors would balance out the negative affects it was concerned the transaction could have on the EU's internal market.

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Siemens Energy Shares Jump on Lifted 2028 Targets

Siemens Energy shares jumped after it raised its financial targets for fiscal 2028 and fourth-quarter orders beat expectations.

In morning trade, shares were up 10% at 111.20 euros. They have more than doubled over the year to date.

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Plastic Makers Set to Divulge How Much of Their Packaging Goes to Waste in California

Businesses making everything from plastic utensils to takeout containers are about to reveal how much pollution they are responsible for in California.

Starting Saturday, plastic producers will begin reporting the total number of plastic products they sell in the Golden State. The goal is to make companies responsible for pollution and recycling, rather than putting the onus on the consumer.

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First Solar to Bolster U.S. Manufacturing Capacity With South Carolina Plant

First Solar will invest about $330 million to build a manufacturing facility in Gaffney, S.C., as the company aims to expand its production capacity in the U.S.

The solar-energy company said Friday that the new plant is slated to begin commercial operations in the second half of 2026. The facility is expected to add over 600 jobs with an average manufacturing salary of $74,000 a year, it said.

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JBS Boosts Ground Beef, Wagyu Steak Production to Stem Beef Losses

JBS, the largest beef processor in the U.S., is leaning into the pricier Wagyu and expanding ground-beef production to help cope with rising cattle costs.

Meatpackers like JBS and Tyson Foods are being squeezed by the lowest U.S. cattle supply since the 1950s. It's driving their beef costs to record levels, and leading to hundreds of millions of dollars in losses as a result.

MARKET TALKS:

U.S. Natural Gas Inventories Rise More Than Expected -- Market Talk

1059 ET - U.S. natural gas stocks rose more than expected last week, increasing the surplus over the five-year average as the market gears up for the winter withdrawal season. Gas in underground storage rose by 45 billion cubic feet in the first week of November to 3,960 Bcf, the EIA reports. Storage was 172 Bcf above the five-year average, compared with a surplus of 162 the week before. The injection exceeded the 34 Bcf estimate in a Wall Street Journal survey of analysts. Nymex natural gas is off 4.1% at $4.456/mmBtu. ([e-mail])

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Hogs Turn Higher After Finding Year-Low -- Market Talk

1025 ET - Lean hog futures on the CME are up 1.1%, turning higher after settling at the lowest since October 2024 on Thursday. Holders of long positions in hogs have been liquidating, says ADM Investor Services in a note. But that liquidation may be reaching an end. "Longs could blow into the market and change direction in a snap," says ADMIS. "Pork is cheap." Live cattle is down 0.4% in morning trade, with liquidation of long positions continuing today. ([e-mail])

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Grain Traders Vigilant Ahead of WASDE -- Market Talk

1020 ET - CBOT grain futures are mixed ahead of today's WASDE report, with traders stressing caution ahead of expected yield cuts for U.S. corn and soybeans. In an outlook ahead of the report's release, analysts with Hedgepoint Global Markets say they expect a mostly neutral report for corn and soybeans, with production and ending stocks potentially balancing each other. Hedgepoint adds that the WASDE nevertheless has "great potential for surprises." Corn and soybeans are choppy in early trading, with corn up 0.1% and soybeans down 0.1%. Wheat is up 1.4% following a Ukrainian strike on a Russian port. ([e-mail])

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Wheat Climbs After Russian Port Strike -- Market Talk

1002 ET - CBOT wheat rises after a Ukrainian drone strike hit the Russian port of Novorossiysk, which is a big hub for Russia's wheat exports. The strike gives wheat fuel to catch up with the gains in corn and soybeans ahead of today's WASDE report, which the USDA will publish at noon eastern time. Wheat is up 0.7% in early trading, while soybeans rise 0.1% and corn slides 0.2%. ([e-mail])

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U.S. Natural Gas Retreats From Weather-Driven Highs

0843 ET - U.S. natural gas futures are pulling back in early trade. Some 11-15 day outlooks for colder temperatures in the eastern U.S. helped boost prices yesterday, "but those projections are being questioned this morning, so longs are taking profit and getting out," Gary Cunningham of Tradition Energy says in a note. Strong LNG demand remains supportive, while pipeline exports to Mexico have softened and prices above $4 could prompt producers to activate wells in the approach to the winter heating season, he adds. The December contract should be able to hold above $4 through expiration, but January and February "have some downside risk." Nymex gas for December is down 3.5% at $4.484/mmBtu.([e-mail])

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Oil Futures Rise After Ukraine Strike on Russian Oil Port

0803 ET - Oil futures are higher in early U.S. trade following a Ukrainian drone strike on a Russian Black Sea oil port. The attack "underscores the vulnerability of Russian crude flows," particularly with the latest U.S. sanctions set to take effect Nov. 21, Joseph Dahrieh of Tickmill says in a note. Crude price gains are limited by the fundamental backdrop, with agencies including OPEC and the IEA forecasting a significant supply surplus, he says. "The market could remain under pressure despite occasional bounces driven by geopolitical headlines." WTI is up 1.6% at $59.62 a barrel, and Brent is 1.3% higher at $63.85. ([e-mail])

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Oil Demand to Grow Through 2040, Goldman Sachs Says -- Market Talk

1419 GMT - Global oil demand is projected to grow through 2040, driven by rising energy needs and challenges in scaling low-carbon technologies, according to analysts at Goldman Sachs. Demand is forecast to reach 113 million barrels a day, up from 103.5 million barrels a day last year, supported by limited alternatives for jet fuel and petrochemicals, a boost from artificial intelligence, and an overall increase in global energy demand that is expected to outpace the rate at which oil is replaced by low-carbon alternatives. "We expect solid annual average demand growth of 900,000 barrels a day in 2025-2030, before slowing to 100,000 barrels a day by 2040," analysts at the U.S. bank say. ([e-mail])

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Oil Extends Gains on Disruption Risks to Russian Supply -- Market Talk

1052 GMT - Crude futures extend gains as fears of disruptions to Russian supply outweigh concerns over an impending glut. Brent crude rises 2.3% to $64.48 a barrel, while WTI is up 2.5% to $60.09 a barrel. According to media reports, a Ukrainian drone attack hit Russia's largest Black Sea port overnight, pushing oil higher. "Any prolonged disruption would force traders to source supplies elsewhere, adding further support to prices," Saxo Bank analysts say. "Brent initially rose by about 3%, with the early spike driven largely by short covering after a week in which sentiment had been dominated by concerns about a potential supply glut." ([e-mail])

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Oil Rises Nearly 1% on Russian Supply Risks -- Market Talk

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11-14-25 1150ET