The latest Market Talks covering Energy markets. Published exclusively on Dow Jones Newswires throughout the day.
1505 ET - U.S. natural gas futures settle higher ahead of weekly storage data that are expected to show a modest increase in the supply surplus. Prices are supported by prospects of higher weather-driven demand as temperatures rise into the summer, and expectations that LNG exports will pick up following maintenance outages. Analysts in a Wall Street Journal survey predict a 105 Bcf injection into storage for last week, putting inventories 148 Bcf above the five-year average. Nymex natural gas gains 1.5% to $3.214/mmBtu.(anthony.harrup@wsj.com)
1404 ET - 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)
1204 ET - 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)
1114 ET - 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)
1032 ET - Oil prices trim earlier gains but remain about 1% higher as fresh hostilities in the Middle East undermine expectations of a near-term agreement to reopen the Strait of Hormuz. Brent crude is up 1.2% to $97.17 a barrel, while WTI rises 1.1% to $94.79 a barrel. "The situation in the Middle East is heating up," says Alex Kuptsikevich, chief market analyst at FxPro. "Investors are growing increasingly weary of the White House's promises of an imminent deal with Iran." While the oil market has somehow gradually adjusted to the shock, prolonged disruptions in the Strait fuel concerns that global oil inventories might not be sufficient to offset lost supply. Market participants now await the release of the EIA's U.S. crude inventory data. (giulia.petroni@wsj.com)
1018 ET - The Norwegian krone is likely to weaken if oil and gas prices decline in coming months on a potential de-escalation of the Iran war, Danske Bank analysts say in a note. "In addition, we believe that Norges Bank's desire to re-anchor inflation expectations will come with a cost in the form of weaker growth and higher unemployment." Higher rates when the economy weakens will eventually contribute to a weaker krone, they say. The Norges Bank raised rates in May. Moreover, a potentially stronger dollar could contribute to a weakening in assets positively correlated to economic cycles including the krone, they say. The euro falls 0.1% to 10.7970 krone. (renae.dyer@wsj.com)
0954 ET - 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)
0945 ET - U.S. natural gas futures are slightly lower with the market awaiting a recovery in LNG feedgas flows after maintenance and higher weather-driven demand into the weekend and next week. More cooling demand is being added to forecasts, Dennis Kissler of BOK Financial says in a note. "Still with latest drop in LNG demand and current storage at a 6.2% premium to the five-year average, traders remain in a sell-the-rally mentality," he says. Nymex natural gas is off 0.5% at $3.152/mmBtu.(anthony.harrup@wsj.com)
0936 ET - 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)
0907 ET - 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)
0843 ET - 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)
0815 ET - Supply of new green bonds is rising in the euro credit market, supported by strong demand for the asset class, Societe Generale's Juan Valencia says in a note. Green bond issuance could hit a new record level in 2026 as investments in alternative energy sources rise due to the ongoing energy supply disruptions, Valencia says. Credit investors favor higher-rated green bonds over lower-rated green bonds, he says. (miriam.mukuru@wsj.com)
(END) Dow Jones Newswires
June 03, 2026 15:05 ET (19:05 GMT)
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