U.S. Crude Oil Stockpiles Rose in Week Ended Dec. 19 -- Commodities Roundup

MARKET MOVEMENTS:

-- Brent crude oil rises 0.6% to $61.85 a barrel.

-- European benchmark gas is down 3% to 27.47 euros a megawatt-hour.

-- Gold futures are up 1.55% to $4,411.20 a troy ounce.

-- LME three-month copper futures are up 2% to $12,467 a metric ton.

TOP STORY:

U.S. Crude Oil Stockpiles Rose in Week Ended Dec. 19

U.S. crude oil inventories rose in the week ended Dec. 19 amid a drop in exports and lower refinery runs, according to data released Monday by the U.S. Energy Information Administration.

Commercial crude oil stocks excluding the Strategic Petroleum Reserve rose by 400,000 barrels to 424.8 million barrels in the week ended Dec. 19 and were about 3% below the five-year average for the time of year, the EIA said. Crude stocks were expected to have fallen by 2.6 million barrels, according to a Wall Street Journal survey of analysts.

The report for the Dec. 19 week was delayed by last week's extended federal government holiday.

OTHER STORIES:

Stock Futures Waver as Silver Prices Jump

Silver's rollercoaster ride continues, with the metal bouncing back Tuesday from its steepest one-day drop in almost five years.

Silver futures rose around 5%, and gold, platinum and copper also climbed. On Monday, exchange operator CME attempted to clamp down on volatility by raising margin requirements for metals contracts, fueling big price drops.

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SocGen's model says 'yes, silver's in a bubble' but its analysts say 'no' it isn't

A leading investment bank has a model that says silver is in a bubble, but its own analysts are not so sure.

Societe Generale's team led by global head of commodities research, Dr. Mike Haigh, observes that the boom in silver in 2025 looks far less dramatic if, instead of plotting the rally on a standard, linear chart, analysts switch to a time series plot on a logarithmic scale. For SocGen this illustrates "the same compounding story that's been running, in silver's case, in the last 25 years."

MARKET TALKS:

Copper's Stellar 2025 Continues as Prices Rise -- Market Talk

1057 GMT - Copper trades near record highs as prices rise following Monday's selloff. The industrial metal has hit a series of records in recent weeks as a blistering 2025 comes to a close. In late-morning trade in the U.K., benchmark three-month copper futures on the London Metals Exchange advance 1.5% to just over $12,400 a metric ton. Disruptions at major mines continue to constrain supply. Meanwhile, surging investment in AI data centers has boosted demand. At the same time, looming U.S. tariffs on refined metal imports have pushed traders to ramp up shipments to the country. Prices could also get a boost from expected interest rate cuts given looser monetary policy increases demand for industrial metals. ([e-mail])

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Palm Oil Rises on Hopes of Stronger Demand Ahead of Holidays -- Market Talk

1016 GMT - Palm oil ended slightly higher in early Asian trade, following soybean oil's gains overnight. Expectations of stronger demand ahead of the holidays supported palm oil's prices, Kenanga Futures says in a research note. Stronger exports in the second half of December may extend through the year-end, it says, though it adds that lingering concerns over rising Malaysian stockpiles may cap the upside on prices. Kenanga sets the support and resistance for the March futures contract at 4,020 ringgit and 4,110 ringgit a ton, respectively. The Bursa Malaysia Derivatives contract for March delivery ended 24 ringgit higher at 4,071 ringgit a ton. ([e-mail])

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Norwegian Krone Rises as Oil Prices Gain

0911 GMT - The Norwegian krone rises as oil prices gain after talks to end the Ukraine war failed to deliver a breakthrough. President Trump said a meeting with his Ukraine counterpart Volodymyr Zelensky made a lot of progress towards ending the conflict. However, Zelensky warned that Trump's offer to provide Ukraine with security guarantees for 15 years after the end of the war was too short. Meanwhile, heightened tensions between the U.S. and Venezuela are also lifting oil prices. The euro falls 0.1% to 11.8057 krone. ([e-mail])

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Oil Trades Up Slightly as Traders Watch Geopolitical Developments

0850 GMT - Oil trades up slightly as geopolitical tensions continue to support prices. Brent crude is up 0.1% at $61.55 a barrel, while WTI rises 0.2% to $58.18 a barrel. U.S. talks with Ukraine on ending the war with Russia are yet to deliver an agreement. Meanwhile, tensions between the U.S. and Venezuela continue. President Trump ordered a "total and complete blockade" of all sanctioned oil tankers entering and leaving the country earlier this month. ([e-mail])

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London's Miners Rise as Precious Metals Climb

0832 GMT - London's miners rise in opening trade as precious metal prices stabilize after declines on Monday. Silver and gold miner Fresnillo rises 3.2%, while Hochschild Mining is up just under 2%. In New York, silver futures trade up 5.7% at $74.45 an ounce. The rise came after the metal recorded its largest one-day fall in more than four years. Gold prices also fell but both metals remain near historic levels. Elsewhere in London, commodity major Glencore and diversified miner Anglo American both trade up around 1.6%. ([e-mail])

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Silver Prices Rise After Biggest One-Day Decline Since 2021 -- Market Talk

0809 GMT - Silver prices rise after falling heavily Monday. In New York, futures trade up 5.7% at $74.45 an ounce. They had traded above $80 an ounce in recent days. Silver prices have soared in 2025 and speculative trading has added to its momentum. Exchange operator CME Group increased margin requirements, which required metals traders to put down more cash on their bets. This caused futures prices to tumble, with the metal recoding its biggest one-day decline since February 2021. ([e-mail])

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Gold Prices Stabilize After Retreat -- Market Talk

0754 GMT - Gold prices stabilize after retreating Monday. Prices remain near historic highs, with futures in New York trading up 1% at $4,385.60 a troy ounce. The precious metal has been on a tear in 2025 but futures fell around 3% on Monday. The fall came after exchange operator CME Group increased margin requirements which required metals traders to put down more cash on their bets. ([e-mail])

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Copper Rises Amid Supply Risks -- Market Talk

0301 GMT - Copper is higher in early Asian trading after giving up some gains overnight. Prices have been surging in recent months amid expectations of supply risks. Short-term corrections do not alter the long-term upward trend, and investors can take a wait-and-see approach ahead of the new year holidays, according to Nanhua Futures analysts in a commentary. The three-month LME copper contract is 1.9% higher at $12,456.50 a ton.([e-mail])

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Palm Oil Rises on Stronger Soybean Oil -- Market Talk

0244 GMT - Palm oil prices rise in early Asian trading, driven by soybean oil's strength on the Chicago Board of Trade overnight, says David Ng, a trader at Kuala Lumpur-based Iceberg X. Recent stronger palm oil demand is also lifting market sentiment, he adds. Ng sees resistance for crude palm oil futures at 4,150 ringgit a ton and support at 4,000 ringgit a ton. The Bursa Malaysia Derivatives contract for March delivery is 13 ringgit higher at 4,060 ringgit a ton. ([e-mail])

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Iron Ore Edges Higher on Restocking Hopes -- Market Talk

0242 GMT - Iron ore edges higher in early Asian trade amid expectation that Chinese steel mills will restock ahead of the holidays. However, iron ore's fundamentals remain weak as overseas shipments have been robust at year end, sending overall supply to a high level, Baocheng Futures says in a research note. Meanwhile, as production at steel mills stabilizes, the consumption of iron-ore has been relatively low, it notes. Baocheng holds a cautiously optimistic view on iron ore's prices in the near term and thinks investors should focus on steel mills replenishing inventories. The most-traded iron-ore contract on the Dalian Commodity Exchange is up 0.2% at CNY794.0 a ton. ([e-mail])

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(END) Dow Jones Newswires

12-30-25 0751ET