The latest Market Talks covering Energy markets. Published exclusively on Dow Jones Newswires throughout the day.
1049 ET - Delta Air Lines has been paying on average about $4.30 a gallon for jet fuel, or roughly double the price from a year ago. Higher jet fuel prices, which have surged as conflicts in the Middle East have tightened supplies of crude oil, are projected to add more than $2 billion of additional fuel expense in the current quarter, Oper Chief Dan Janki says on a call with analysts Wednesday. That figure includes a $300 million benefit from Delta's oil refinery in Pennsylvania, which the carrier bought in 2012. The facility boosted the company's bottom line by about $60 million in the first quarter. Shares rise 7% on higher-than-expected adjusted earnings and revenue. (connor.hart@wsj.com)
1042 ET - The coming weeks will see whether the U.S.-Iran cease-fire rally is justified, but "markets are clearly operating on the assumption that the agreement to have a cessation of hostilities is a positive step," PGIM's Robert Tipp says. He thinks markets were already "aggressively priced" before the first U.S.-Israel strikes in Iran, and the hostilities triggered anxious sell-offs now reversed for fear of missing out on the "big trade." Tipp says a resilient U.S. economy and upcoming monetary easing will be the main drivers of investment decisions for the time being. The 10-year yield is at 4.266%, off early lows. (paulo.trevisani@wsj.com; @ptrevisani)
1038 ET - Live cattle futures are trading above $2.49 a pound, which would be a new record high if they settle at this level. Supporting cattle prices is the dramatic easing seen in energy prices, says AgResource in a note. Higher oil prices have been a pressure point for cattle futures on the view that consumers paying more at the gas pump means they'll choose cheaper proteins like pork or chicken. Crude oil is down 16% following the two-week cease- fire in the war. Lean hog futures are down 0.2%. (kirk.maltais@wsj.com)
1035 ET--U.S. cruise companies are some of the biggest winners from the U.S.-Iran cease-fire, which President Trump announced Tuesday night. Shares of Carnival, which operates one of the largest U.S. cruise lines, are up 14% to $28.67, making it the best performer on the S&P 500. It's on pace for the largest percent increase since April 9, 2025, when it rose 17.5%. Trump's cease-fire would require Iran to end its blockade of the Strait of Hormuz, which had choked off much of the world's oil supply. Cruise companies like Carnival depend heavily on oil for fuel, so falling oil prices are a boon to their business. ( chris.kuo@wsj.com )
1016 ET - A key question about the Middle East war has been whether it will cause a temporary inflation shock affecting prices or a permanent growth scare with effect on valuation, and "it seems like it is going to just be a price shock," Morgan Stanley Investment Management's CIO Jim Caron says. A price shock means that the market is going to look through it and is going to start to think about the coming months, he says in a webinar. That said, activity data in March is going to be softer "for sure," he says. If the war and the closing of the Strait of Hormuz existed for a long period of time, it could destroy demand and growth expectations significantly, he says. That would reduce earnings and valuations, he adds. (emese.bartha@wsj.com)
1016 ET - Toronto stocks surge as global markets breathe a collective sigh of relief following news of a two-week cease-fire between the U.S. and Iran and the reopening of the Strait of Hormuz. The S&P/TSX Composite jumps 1.5%, while the large-cap S&P/TSX 60 rises 1.3%, with gains spanning nearly every sector. Metals producers, manufacturers and tech names lead the advance. The lone drag was energy, as crude prices tumble 18% to the $93 a barrel range as traders price in more secure global supply, pulling Canadian oil stocks sharply lower. (adriano.marchese@wsj.com)
1009 ET - The two-week cease-fire agreed by the U.S. and Iran has taken the panic premium out of oil but not the full risk premium, Janiv Shah of Rystad Energy says in a note. The reopening of the Strait of Hormuz will be slow and complex, and the tightness in the physical market is unlikely to be cleared anytime soon, he says. While paper markets reprice the relief almost instantly, near-term physical differentials are likely to remain sticky, tanker rates high, "and sour crude buyers continue to pay up for security of limited global supply away from the Gulf." Still, with futures sharply lower in response, Rystad cuts its 2026 average Brent price estimate to $87 a barrel from $97 a barrel. (anthony.harrup@wsj.com)
1003 ET - Airlines are raising fares, increasing baggage fees and dialing back routes in order to cover skyrocketing costs of jet fuel--one of the biggest expenses airlines face. Delta Air Lines on Tuesday joined JetBlue Airways and United Airlines in boosting fees on checked bags for domestic travel and other routes. Moving forward Delta CEO Ed Bastian says in an interview on CNBC that the company will cull capacity in 2Q "to get ahead of some potential weakness." As it stands, though, demand remains strong. Bastian notes that bookings have been up double digits every day in the past 30 days, fueled by solid corporate and leisure trends. (connor.hart@wsj.com)
1000 ET - Energy transporters and processors stand to benefit most from energy exports, Scotiabank's Brandon Bingham says. "For midstream in particular, we view exports as the primary beneficiary and direct price exposure benefits more muted," he says in a report. While the situation remains uncertain, energy export strength and a global push for more diversified supply create a supportive backdrop for U.S. midstream operators. The ceasefire may ease immediate supply fears, but Bingham says that "the worst is likely yet to come," with damaged Gulf infrastructure, prolonged shut-ins and hesitant vessel traffic likely to delay normalization and potentially set up a secondary price spike later in the year. (adriano.marchese@wsj.com)
0956 ET - U.S. gasoline prices are likely to take at least two weeks to reflect the recent drop in oil, according to Pavel Molchanov, senior investment strategist at Raymond James. "As oil prices were rising throughout March and early April, we've noted that price hikes at the pump generally show up three to five days thereafter," he says. "But, unfortunately for drivers, retail gasoline prices tend to be more 'sticky' on the way down." Molchanov expects prices to fall by roughly $0.45 a gallon over the next two weeks. The national average for regular unleaded gasoline has now surpassed $4 a gallon and is at its highest level since April 2022. (giulia.petroni@wsj.com)
0935 ET - Slowing global business activity metrics show how badly a ceasefire with Iran was needed, according to Scotiabank in a report. The analysts say World PMI Manufacturing & Services weakened sharply in March during the war in Iran. Emerging Asian economies were hit hardest because of the Strait of Hormuz closure. "Moreover, the Input Prices component of the Global Composite PMI has risen to its highest level since late 2022/early 2023, suggesting that the surge in prices paid is not confined to the U.S. but is being felt globally," the analysts say. Markets are rebounding on news of a ceasefire, but Scotiabank says "sentiment and new orders will likely remain capped until assurances that the Strait will remain open beyond those two weeks." (adriano.marchese@wsj.com)
0923 ET - In a select group of U.S. markets, high-end pricing isn't just a segment of the market, Realtor.com says, but the market itself. Realtor.com's March Luxury Housing Report shows that there are 13 specific areas, including Nantucket, Mass.; Aspen, Colo; and Jackson, Wyo., that operate in a pure luxury environment where more than half of all active listings are priced at $1 million or above. This high-end concentration is set against the broader U.S. luxury housing market, which shows a seasonal firming of monthly prices, even as year-over-year figures remain slightly below 2025 levels. The national luxury threshold reached nearly $1.25 million in March. While the national entry-level luxury price rose 3.7% month over month, it remains 2.9% lower than one year ago. In some luxury markets, the typical home price exceeds $1 million. (chris.wack@wsj.com)
(END) Dow Jones Newswires
April 08, 2026 10:49 ET (14:49 GMT)
Copyright (c) 2026 Dow Jones & Company, Inc.
Comments