The latest Market Talks covering Energy and Utilities. Published exclusively on Dow Jones Newswires at 4:20 ET, 12:20 ET and 16:50 ET.
0114 GMT - Seatrium's outlook hinges on its ability to convert its 32 billion Singapore dollar pipeline, says UOB Kay Hian's Adrian Loh in a note. He expects the Singapore offshore and marine company to be able to do so in the next six to 12 months, helped by geopolitical tailwinds such as the Strait of Hormuz's effective closure rerouting vessels away from Middle Eastern shipyards. He continues to like the business for being able to grow its Ebitda after exiting its restructuring limbo. The analyst anticipates Seatrium's profit margins could expand into the midteens. UOB KH retains a buy rating and S$3.15 target price. Shares fall 1.4% to S$2.06.(megan.cheah@wsj.com)
2304 GMT - Fuel refiner and marketer Ampol is effectively conducting a share buyback by settling the equity component of its EG Australia acquisition in cash, says Macquarie. It says Ampol's decision is equivalent to a A$315 million buyback at A$34.28/share. In effect, Ampol is returning A$0.80/share to its shareholders. "There is signal in this," Macquarie says. It suggests a rising corporate valuation, which may capture the likelihood of policy reforms ahead. It also points to 2Q earnings momentum, given it implies Ampol's gearing would have otherwise slipped below its end-June target. Macquarie retains an "outperform" call on Ampol and raises its price target by 14%, to A$46.50/share. Ampol ended Wednesday at A$34.96. (david.winning@wsj.com; @dwinningWSJ)An intraday spike eased after President Trump said he talked to Israel's prime minister and Hezbollah. "Oil Futures Rise On Concerns About U.S.-Iran Talks -- Market Talk," at 3:01 p.m. ET on June 1, incorrectly said the spike didn't ease.
1910 GMT - Crude futures rise for a third consecutive session as a renewed exchange of fire between the U.S. and Iran raise tension and concerns that oil will be shut in for longer. "If the violence in the Middle East continues to increase and the timeline on a ceasefire agreement continues to expand further into the future, then eventually the market is going to trade through $100 sooner rather than later," Mizuho's Robert Yawger says in a note. "Every day the Strait of Hormuz is shut in, 11 million to 14 million bpd of oil fails to make it to market, and barrels are taken out of storage someplace else to compensate." WTI rises 2.4% to $96.02 a barrel and Brent rises 1.9% to $97.81.(anthony.harrup@wsj.com)
1804 GMT - The global oversupply of oil prior to the U.S.-Iran war is the main reason for the market's relative calm with front-month Brent under $100 a barrel, Macquarie Group economists say in a note. If the Strait of Hormuz reopens soon, they expect prices to fall sharply. "However, with stocks drawing rapidly, if the strait remains closed, at some point prices will need to move much higher: the clock is ticking." Current rates of withdrawal suggest the market "will be OK for another month or two," but if the strait remains closed at the end of the northern hemisphere summer, "physical availability will tighten materially," they add. (anthony.harrup@wsj.com)
1604 GMT - U.S. distillate inventories saw some relief last week, rising by 1.5 million barrels to 102.3 million barrels and pulling away from the 100-million-barrel level that hasn't been breached to the downside since 2003. Still, if the downward inventory trend continues through the summer, stocks could reach "especially low levels" by 4Q with resulting pressure on diesel prices even if pressure comes off the underlying price of crude, says Matt Muenster of transportation technology firm Breakthrough. "For many businesses such as manufacturers and trucking companies, the recent inventory trends and what they suggest for Q3-Q4 2026 make it wise to continue budgeting for very high diesel prices."(anthony.harrup@wsj.com)
1514 GMT - U.S. commercial crude oil stocks fall for a sixth straight week as export demand remains high. Inventories were down by 8 million barrels at 433.7 million barrels, with an additional 8 million barrels released from the Strategic Petroleum Reserve. "The oil tanks are getting emptier each week Hormuz stays closed," says David Russell of TradeStation. "Another huge drop in the SPR shows how hard the government is working to cushion the blow of the massive supply shocks in the Middle East. Price pressures are growing into the summer." WTI is up 2.1% at $95.68 a barrel and Brent rises 1.7% to $97.67 following a renewed exchange of fire between the U.S. and Iran. (anthony.harrup@wsj.com)
1354 GMT - Crude oil prices are up over $95 a barrel, moving back towards the $100 mark as Iran and the U.S. once again exchange fire--seemingly moving the timeline backwards for reaching a peace deal and reopening the Strait of Hormuz. Higher crude oil had been a catalyst for rising grain futures, due to grains' usage in renewable fuels, although grains don't seem to be getting as much of a boost from higher oil as they had in previous months. "A rallying crude oil market hasn't stopped the bleeding on our commodity markets," says Matt Bennett of AgMarket.net in a note. Corn down 0.5%, soybeans rise 0.2%, and wheat is off 0.1%. (kirk.maltais@wsj.com)
1336 GMT - Macy's finance chief says he expects higher fuel costs to be a headwind for the remainder of the year. But they will be offset by lower tariffs. He also says the company is managing its inventory better. New artificial intelligence tools are helping Macy's better forecast demand and replenish goods faster.(Suzanne. Kapner@wsj.com)
1307 GMT - Oil futures are rising for a third session after further exchanges of fire between the U.S. Iran, sowing more doubt about the likelihood of an agreement being reached soon to reopen the Strait of Hormuz. The latest round of attacks adds risk premium and renders the ceasefire "almost irrelevant," Ritterbusch & Associates says in a note. Prospects remain for high prices throughout the summer, "especially given Trump's latest comments that the U.S. blockade of the Strait of Hormuz could continue to Labor Day," the firm adds. WTI is up 2.5% at $96.13 a barrel and Brent is up 2.3% at $98.19.(anthony.harrup@wsj.com)
1243 GMT - Treasurys sell off, sending yields higher, as the Middle East conflict escalates and the U.S. job market strengthens. ADP says private employers added 122,000 in May, beating WSJ consensus of 110,000, with broad-based hiring. Jobless claims tomorrow are expected to be steady and payrolls Friday are forecast to slow down. U.S. and Iran keep trading blows, sparking an oil rally. The WSJ Dollar Index rises 0.1%, extending a pattern of yields and the greenback following oil prices. The 10-year yield reaches 4.491%, up from 4.479% before the jobs data. The two-year rises to 4.082% from 4.070%. (paulo.trevisani@wsj.com; @ptrevisani)
(END) Dow Jones Newswires
June 04, 2026 04:20 ET (08:20 GMT)
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