U.S. Targeting Oil Tankers in Bid to Stymie Global Black Market -- Commodities Roundup

MARKET MOVEMENTS:

--Brent crude oil rises 0.25% to $62.23 a barrel.

--European benchmark gas is down 0.2% to 27.62 euros a megawatt-hour.

--Gold futures are up 1.1% to $4,519.30 a troy ounce.

--LME three-month copper futures are up 1% to $12,040 a metric ton.

TOP STORY:

U.S. Targeting Oil Tankers in Bid to Stymie Global Black Market

The U.S.'s pursuit of oil tankers around Venezuela is part of a new legal strategy under the Trump administration to seize ships that transport black market oil around the world, according to Justice Department officials.

The fresh approach has been seen in recent days by the Coast Guard's pursuit of the Bella 1, a sanctioned oil tanker whose crew refused to be boarded on Sunday. The Bella 1 is the third tanker to be targeted after the U.S. took control of two other very large crude carriers, the Skipper and the Centuries.

Venezuela has called the U.S. actions blatant theft and an international act of piracy. It accused President Trump of seeking to seize Venezuelan oil and plunder the country's energy resources.

OTHER STORIES:

Dominion Energy Stock Drops as Trump Administration Pauses Work at Offshore Wind Farms

The Trump administration paused the leases for all large-scale offshore wind projects under construction in the U.S. on Monday, causing Dominion Energy shares to tumble.

Dominion's wind farm off the coast of Virginia Beach, Va., was one of five leases the Interior Department said it paused. The agency cited the need to assess the mitigation of national security risks, such as potential radar interference.

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Trump Administration Halts All Offshore Wind Projects

The Trump administration Monday halted the construction of all U.S. offshore wind projects, a sweeping move aimed at hobbling one of the president's least favorite industries.

The Interior Department said it has paused the federal leases for five projects in the works from Massachusetts to Virginia "due to national security risks identified by the Department of War in recently completed classified reports." It is the most significant action the administration has taken thus far against the burgeoning U.S. business, which already has faced financial setbacks in recent years because of soaring costs.

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Unloved Energy Bet Is Set to Become Most Profitable Private-Equity Deal Ever

When private-equity firm Energy Capital Partners struck a $5.6 billion deal in 2017 to buy natural-gas power producer Calpine, it was a decidedly contrarian bet.

Eight years later, Calpine is poised to become the most profitable private-equity deal of all time by dollar value. Including dividends, ECP and its co-investors will have earned more than $25 billion when the firm closes its deal to sell Calpine to Constellation Energy, expected in the next month, according to people familiar with the matter.

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China's BYD Logs Another Month of Strong Sales Growth in Europe

Chinese auto company BYD posted a more than threefold jump in European sales last month, continuing to outpace both domestic and foreign rivals.

New-car registrations for BYD models, a reflection of sales, surged to 16,158 units in November from 4,821 a year earlier, according to the European Automobile Manufacturers' Association, an industry body also known as ACEA. When including the U.K., Iceland, Liechtenstein, Norway and Switzerland, sales more than tripled to 21,133 vehicles.

MARKET TALKS:

Copper Prices Pass $12,000 a Ton, Hitting New Record -- Market Talk

1225 GMT - Copper prices have passed $12,000 a ton, hitting a new record amid heavy stockpiling in the U.S. over tariff fears, lower U.S. interest rates hopes and supply concerns. Fears that the Trump administration could impose new import tariffs next year have prompted traders to ramp up shipments to the U.S., squeezing supply in other regions. Futures on the London Metal Exchange rose 1.1% to $12,049 a metric ton after closing at $11,925 a ton in the earlier session. Prices have risen more than 35% this year. ([e-mail])

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Gold Prices Continue Gains -- Market Talk

0913 GMT - Gold prices continue to gain after hitting new highs Monday due to safe-haven demand and a softer dollar on expectations of further Federal Reserve rate cuts next year. "Lower rates and a weaker dollar environment naturally improve the relative appeal of precious metals," Pepperstone research strategist Ahmad Assiri writes. Gold's move toward the $4,500 level reflects the market's comfort with higher prices rather than pure speculative, he adds. Futures in New York rise 1.2% to $4,522.60 an ounce having closed at $4444.60 Monday, marking its largest one-day dollar and percentage gain since Dec. 11. ([e-mail])

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Oil Prices Flat After Hitting Largest Gain Since October on Monday -- Market Talk

0903 GMT - Oil prices are flat, having settled higher Monday and marking its largest one-day dollar and percentage gain since Oct. 23. Brent crude is trading at $62.10 a barrel and WTI crude is $58 a barrel. "The U.S. seizure of oil tankers linked to Venezuela, following President Trump's remarks about enforcing a blockade on sanctioned oil shipments, has reintroduced energy security and sanctions risk into the market psyche," Ahmad Assiri, research strategist at Pepperstone, writes. ([e-mail])

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Comex Gold Futures Entering 'Uncharted' Territory, Analysis Shows -- Market Talk

0653 GMT - Comex gold futures are rising and entering "uncharted" territory, based on technical analysis, RHB Retail Research's Joseph Chai says in a research report. The futures on Monday recorded a "Bullish Marubozu" pattern together with an upward-trending relative strength index, indicating that bulls are "now in control," the analyst says. After gold's upside breakout above $4,400/oz, bulls are setting their sights on the next resistance at $4,500/oz, Chai says. In the event that profit-taking emerges, the commodity will probably pull back toward the 20-day simple moving average, the analyst adds. Spot gold is 0.7% higher at $4,476.79/oz. ([e-mail])

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Market Appears Comfortable With Gold's Higher Prices -- Market Talk

0624 GMT - Gold's move toward $4,500 a troy ounce indicates the market's new comfort with higher prices, Pepperstone research strategist Ahmad Assiri says in a note. Renewed geopolitical risks are boosting both gold and silver, he says, noting that demand appears well supported by unresolved U.S.-China trade tensions. In particular, gold prices point to long-term positioning and hedging demand, given that prices have broken out and consolidated rather than sharply reversed. Meanwhile, silver prices, which are approaching $70/oz, are responding to the same macro forces but with added intensity given its own supply-demand dynamics, he adds. He reckons both metals' prices will be firmly supported over the holidays. Spot gold rises 0.7% to $4,475.95/oz, while spot silver gains 0.3% to $69.23/oz. ([e-mail])

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Iron Ore Prices Likely to Remain Range-Bound -- Market Talk

0305 GMT - Iron ore futures are lower in early Asian trading. Prices could remain range-bound in the near term, Nanhua Futures analysts say in a research note. Improved macro expectations are driving valuation repair. However, iron ore shipments remain at elevated levels, capping upside price potential, they note. The most-traded iron-ore contract on the Dalian Commodity Exchange is down 0.6% at CNY776.0/ton. ([e-mail])

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China's Green Tech Exports Surge on Emerging-Market Demand -- Market Talk

0252 GMT - China's green technology exports were sharply higher in November, as exports to emerging markets remained strong amid U.S. tariffs, Capital Economics says in a note. The combined export value of electric vehicles, solar panels and lithium-ion batteries rose 32% from a year earlier in November after rising 17% in October, climate and commodities economist Hamad Hussain says. "A key risk to China's green technology exports is other governments raising trade barriers in response to rising imports from China," he says. While Mexico has imposed trade restrictions on Chinese imports, other emerging markets appear to be encouraging imports of cheap Chinese-made solar panels and EVs to expand electricity access and reduce reliance on energy imports, Hussain adds. ([e-mail])

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Palm Oil Rises on Stronger Soybean Oil, Crude Oil -- Market Talk

0251 GMT - Palm oil prices gain, tracking higher soybean oil prices on the Chicago Board of Trade overnight, David Ng, a trader at Kuala Lumpur-based Iceberg X, says. Stronger crude-oil prices are also seen as supporting crude-palm oil prices by boosting its appeal as a biofuel alternative, he says. However, given high stock levels in Malaysia, the uptrend is unlikely to persist, Ng says. He sees support for CPO futures at 3,950 ringgit a ton and resistance at 4,080 ringgit a ton. The Bursa Malaysia Derivatives contract for March delivery is higher by 23 ringgit at 4,008 ringgit a ton. ([e-mail])

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(END) Dow Jones Newswires

12-23-25 0807ET