The latest Market Talks covering Commodities. Published exclusively on Dow Jones Newswires throughout the day.
1917 GMT - U.S. natural gas futures move back under the $3 level as a cooler weather outlook reduces expected power-sector demand, offsetting a pickup in LNG feedgas flows. "The market still appears caught between improving LNG utilization and a weather pattern that is no longer tightening balances the way it did earlier this week," Gelber & Associates says in a note. "Production recoveries in Appalachia and steady pipeline inflows continue to reinforce a relatively comfortable supply backdrop." Nymex natural gas for June delivery falls 3.7% to $2.907/mmBtu.(anthony.harrup@wsj.com)
1910 GMT - Crude futures hold steady ahead of the U.S. Memorial Day weekend with traders waiting to see whether the U.S. and Iran can reach agreement to maintain the cease-fire and negotiate an end to the conflict. "Iran's defiance of releasing the weapons grade uranium may be the sticking point, as it's not likely the U.S. will leave the area without some sort of de-weaponization of a nuclear threat," Dennis Kissler of BOK Financial says in a note. While traders are becoming more desensitized to the ongoing negotiation headlines, "the clock on global supplies is continuing to tick as falling inventories are signaling a 6 to 7 million b/d shortfall," he adds. WTI settles up 0.3% at $96.60 and Brent rises 0.9% to $103.54. (anthony.harrup@wsj.com)
1758 GMT - The number of rigs drilling for oil in the U.S. rose by 10 this week to 425 in a fourth straight weekly increase,according to Baker Hughes, its highest level in almost a year as producers show signs of reacting to gains in oil prices. The conflict in the Middle East has kept oil prices high for the past three months, and analysts expect that even if the Strait of Hormuz reopens soon it will take months for supply to return to prewar levels. The EIA expects higher drilling activity to lift U.S. crude oil production to 14.1 million barrels a day in 2027 from 13.6 million b/d this year, according to its latest short-term outlook. Rigs directed at natural gas fell by three this week to 125, Baker Hughes reports. (anthony.harrup@wsj.com)
1723 GMT - Exports of wheat out of Ukraine in the 2026/27 marketing year are expected to post a big jump, says SovEcon in a note. The Black Sea grain consultancy says that Ukrainian wheat exports are expected to climb to 21.2 million metric tons, up from 13.2 million tons in this current marketing year. SovEcon also says that it expects higher wheat stocks than usual in Ukraine, totaling 3.6 million tons. This may become a pressure point for wheat futures in the coming months. "Large supplies of Ukrainian wheat next season could become a notable bearish factor for the global grain market," says SovEcon. CBOT wheat is down 0.3% today. (kirk.maltais@wsj.com)
1709 GMT - The National Corn Growers Association says that farmers need Washington to provide more help in order to survive higher input costs this year. Due to rising fertilizer and diesel prices, corn farmers are losing $100/acre on their fields, says the NCGA. On a podcast hosted by the group, they say farmers had hoped for higher yields and a recovery in commodity prices to put acreage into positive territory. In a prospective crop budget for Illinois farmers released this week by professors with the agricultural departments of the University of Illinois and Ohio State, corn acres continued to be seen as negative, while soybean acreage turned positive. CBOT corn is up 0.2%, while soybeans rise 0.2% and wheat falls 0.4%. (kirk.maltais@wsj.com)
1542 GMT - Movement of crude oil futures continues to be the main indicator for investors -- setting the tone for how the rest of the commodities complex performs, says Ole Hansen of Saxo Bank. "Oil has effectively become the market's macro thermostat, driving inflation expectations and influencing bond yields, currencies and broader risk appetite," Hansen says. He adds that if a peace deal is not reached soon, then the supply situation for oil will tighten drastically in the midst of the U.S. summer driving season -- which then creates logistics-related crunches for other commodities. WTI oil is up 1.5% to $97.83. (kirk.maltais@wsj.com)
1514 GMT - CBOT grain futures are higher amidst a deep sense of uncertainty going into the long Memorial Day weekend. Investors are watching for some sort of agreement between the U.S. and Iran, and are positioning ahead of potential price volatility once the markets reopen Tuesday. "Traders will watch news regarding the Middle East this weekend," says Naomi Blohm of Total Farm Marketing in a note. "A dramatic war flare-up could lead to a crude oil rally." This is being reflected in corn futures, which are leading the grains complex higher. Corn climbs 1.1%, soybeans are up 0.2%, and wheat rises 0.3%. (kirk.maltais@wsj.com)
1430 GMT - Lean hog futures on the CME are down 0.2% in early trading, extending negative momentum ahead of Memorial Day weekend--the traditional start of the American summer grilling season. If lean hogs finish lower, it'll be the sixth losing session in the past seven, according to data from FactSet. Thursday's end of day report from the USDA showed a 14-cent fall in average pork carcass cutout prices, the third consecutive losing day for them. Live cattle futures are flat ahead of this afternoon's Cattle on Feed report. (kirk.maltais@wsj.com)
1407 GMT - The USDA confirms a fresh round of large-volume export sales, providing early support for CBOT grain futures. The government says 493,700 metric tons of U.S. corn were sold to Mexico, with 225,000 tons for delivery in 2025/26 and the remaining 268,700 tons for 2026/27 delivery. Additionally, 110,000 tons of corn were sold to unknown destinations, with 50,000 tons for 2025/26 and 60,000 tons for 2026/27. Also sold were 252,000 tons of soybean meal for delivery to unknown destinations--117,000 tons for 2025/26 and 135,000 tons for 2026/27. CBOT corn is up 0.3% in early trading, while soybeans rise 0.5% and wheat is 0.2% higher. (kirk.maltais@wsj.com)
1347 GMT - U.S. natural gas futures move back below the key $3 level ahead of the Memorial Day weekend. Thursday's report of a larger-than-expected inventory build, the loss of some cooling demand and potential physical market weakness into the long weekend are weighing on the Nymex front-month, Eli Rubin of EBW Analytics says in a note. Trader positioning around the holiday and next week's June options and futures expiry will shape near-term pricing, he adds. Nymex gas is off 1.9% at $2.96/mmBtu.(anthony.harrup@wsj.com)
1332 GMT - Oil futures flit between small gains and losses ahead of the long Memorial Day weekend amid uncertainty about U.S.-Iran talks. "Oil markets continue to oscillate between hopes of a potential deal to end the war and the threat of renewed aggression," Amarpreet Singh of Barclays says in a note. Meanwhile, inventories are declining fast and are on track to test the lowest levels of 2020, he says. "We think oil markets are priced for the best case scenario and see risks to our $100/barrel forecast for Brent in 2026 skewed higher." WTI is off 0.4% at $95.99 a barrel and Brent is up 0.2% at $102.83.(anthony.harrup@wsj.com)
1246 GMT - The recent easing of certain restrictions on Russian oil is unlikely to provide significant relief to the global market as it won't materially change the amount of supply available, says Hamad Hussain from Capital Economics. The U.S. extended a waiver allowing countries to import Russian oil stranded at sea, while the U.K. softened a ban on oil products derived from Russian crude. However, "China continues to import growing volumes of oil from Russia amid the loss of Gulf supply," the economist says. "Meanwhile, the softer U.K. ban does not effectively add to global supply since those products would've likely flowed elsewhere." (giulia.petroni@wsj.com)
(END) Dow Jones Newswires
May 23, 2026 00:15 ET (04:15 GMT)
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