The latest Market Talks covering Commodities. Published exclusively on Dow Jones Newswires throughout the day.
1536 ET - U.S. natural gas futures settle higher with a warmer weather outlook for the latter half of May seen lifting power-sector demand and a weekly inventory build landing in line with the norm. The EIA reported an 85 Bcf increase in underground storage for last week to 2,290 Bcf, which was 140 Bcf or 6.5% above the five-year average. If forecasts for above normal temperatures pan out, "look for natural gas to rally towards the $3 level," Robert Yawger of Mizuho says in a note. Nymex natural gas settles up 1% at $2.894/mmBtu. (anthony.harrup@wsj.com)
1535 ET - Lean hog futures settle down 1.2% to 99.65 cents a pound after climbing 2.5% yesterday. Yesterday's gain was a short-covering move, says Joe Davis of Futures International in a note. That has subsided today, allowing hogs to resume its prolonged slide. "Despite the rebound, technical trends remain bearish overall as June hog futures continue trading in a broader downtrend," says Davis. Live cattle futures settle down 0.2% to $2.5235 a pound. (kirk.maltais@wsj.com)
1511 ET - Oil futures edge up in a sideways trading session with Iran insisting on controlling the Strait of Hormuz while Presidents Trump and Xi Jinping, meeting in Beijing, said the waterway should remain free and that Iran shouldn't be able to charge tolls to cross it. Efforts at talks between the U.S. and Iran have been at a standstill. "If the cease-fire is maintained, prices are not likely to set new highs," says Pavel Molchanov, investment strategy analyst at Raymond James. But for prices to move meaningfully lower, "there needs to be a U.S.-Iran peace deal. At least a partial deal to reopen Hormuz," he adds.WTI and Brent settle up 0.1% at $101.17 and $105.72 a barrel, respectively. (anthony.harrup@wsj.com)
1503 ET - The U.S. is exporting diesel at a rate that would be considered exceptional in normal times, although it won't be able to keep that up indefinitely without forcing a repricing given low inventories, James Noel-Beswick of Sparta Commodities says in a note. "It is a remarkable situation: a country exporting at record or near-record rates from an inventory base that is, by its own historical standards, dangerously thin." U.S. distillate stocks were 102.5 million barrels last week, and haven't fallen below 100 million barrels since 2003. Last week's 190,000 barrel distillate stock build following six straight weekly draws was "small but symbolically meaningful," Noel-Beswick says. (anthony.harrup@wsj.com)
1319 ET - Loss of demand due to $100 a barrel oil and massive supply disruption isn't hurting developed economies as much as low-income countries, says Pavel Molchanov, investment strategy analyst at Raymond James. Two thirds of the IEA's estimated 2Q demand loss is in emerging markets, he notes. "We're not particularly worried about wealthy economies, they're able to pay." For countries like the U.S., most of Europe, Japan and China, demand destruction involves airlines canceling some routes, or consumers forgoing a vacation. In more vulnerable economies such as Egypt, Pakistan or the Philippines, "demand destruction involves real pain" which might mean fuel rationing, mandatory work-from-home reminiscent of Covid, or factories shutting down because they can't afford energy supply, he adds. (anthony.harrup@wsj.com)
1142 ET - Aluminum prices are likely to remain well supported through the second quarter, although scope for further gains appears limited as much of the geopolitical risk premium has already been priced in, analysts at Sucden Financial say. Disruptions in the Middle East, including damage to smelter operations and the near-closure of the Strait of Hormuz, have significantly tightened physical balances. If supply disruptions persist, the aluminum market could slip into deficit by the end of the year, leaving prices highly sensitive to additional shocks, according to the firm. Still, the market's recent rally already reflects much of the geopolitical uncertainty, which should cap upside momentum in the near term. Sucden expects aluminum prices to trade within a range of $3,450-$3,650 a metric ton. (giulia.petroni@wsj.com)
1103 ET - The NOAA's Climate Prediction Center is assessing an 82% chance for El Niño to emerge this month or in June. NOAA says that there's now a 96% chance that El Niño will continue through the next winter and into next year. Meteorologists are projecting this year's climate pattern to be a "Super El Niño"-- potentially bringing more wet weather to the Corn Belt over the summer than a normal El Niño might. This may bolster what's already seen as a strong production year for both corn and soybeans. CBOT grain futures are lower, with corn down 2.5%, soybeans down 2.7%, and wheat down 3%. (kirk.maltais@wsj.com)
1054 ET - The U.S. saw a near-normal net injection into U.S. natural gas storage facilities last week, leaving the inventory surplus over the five-year average practically unchanged at 140 Bcf, the EIA reports. Natural gas inventories increased by 85 billion cubic feet to 2,290 Bcf for the week ended May 8, compared with an 84 Bcf average build for the week over the 2021-2025 period. The increase was slightly below the 87 Bcf estimate in a WSJ survey of analysts. Nymex natural gas futures are little changed in the wake of the report, trading down 0.3% at $2.855/mmBtu.(anthony.harrup@wsj.com)
1011 ET - Live cattle futures are up 0.8% in early trading. Reports indicated that China had renewed import licenses for U.S. beef exports, but Chinese customs have apparently halted clearances for hundreds of U.S. beef plants. The renewal of the licenses was one of the issues President Trump was expected to push for in his summit with China's President Xi. "Confusion reigns," says the Hightower Report in a note. Lean hog futures are down 0.7%. (kirk.maltais@wsj.com)
1010 ET - With a lack of concrete developments out of the U.S.-China summit concerning agriculture, CBOT grain futures are lower as traders lock in profits from gains seen after Tuesday's WASDE report. "Profit-taking following this week's rally, improving weather forecasts for portions of the Corn Belt, and broader commodity-market caution also pressured prices," says Jim Wiesemeyer of Ag Bull Trading in a note. While more rainfall is expected in U.S. growing areas, today's U.S. Drought Monitor map shows worsening drought conditions in both Nebraska and Oklahoma, affecting winter wheat crops and newly-planted corn and soybeans. CBOT corn falls 2%, soybeans slide 2.4%, and wheat drops 1.8%. (kirk.maltais@wsj.com)
0939 ET - The U.S. House passes legislation allowing for year-round sales of E15, moving the bill on to the Senate for a vote. Agricultural groups celebrated the political victory, but traders appear unsure if the bill can pass in the upper chamber. "Even though E15 passed in the House, traders do not feel it will pass in the Senate," says Naomi Blohm of Total Farm Marketing in a note. Corn is down 1.7% pre-market, while soybeans fall 2.5% and wheat is down 1.3%. (kirk.maltais@wsj.com)
0931 ET - CBOT grain futures are sharply lower, with traders disappointed in the lack of agricultural-specific news out of the first day of the U.S.-China summit. Soybeans are leading the way down, amid indications that no new Chinese purchases are incoming. "Soybeans declined sharply this morning amid heavy overall grain trade volume, thanks to an early announcement from the Trump-Xi summit that declared Chinese soy purchases 'all taken care of'," says Matt Zeller of StoneX in a note. Soybeans are down 2.5%, while corn falls 1.7% and wheat is off 1.3%. (kirk.maltais@wsj.com)
(END) Dow Jones Newswires
May 14, 2026 16:15 ET (20:15 GMT)
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