The latest Market Talks covering Energy markets. Published exclusively on Dow Jones Newswires throughout the day.
1100 ET - U.S. natural gas futures are lower as a weekly inventory build lands above expectations. Gas in underground storage increased by 108 billion cubic feet last week to 2,686 Bcf, increasing the surplus over the five-year average to 151 Bcf from 138 Bcf the week before, the EIA reports. The storage injection was above the 100 Bcf estimate in a Wall Street Journal survey of analysts, and larger than the 95 Bcf average for the week. Nymex natural gas is down 3% at $3.091/mmBtu.(anthony.harrup@wsj.com)
1013 ET - The ongoing conflict in the Middle East has hampered logistical supplies for Uganda's crude oil project, but authorities remain optimistic about starting oil production at the 230,000-barrels-a-day project later this year, says Henry Musasizi, Uganda's finance minister. Crude production at fields along Uganda's western border with the Democratic Republic of Congo is expected to start in the second half of the year, as France's TotalEnergies and China's CNOOC Ltd. continue to advance the project amid global oil supply concerns. "Government has continued to make substantial progress towards First Oil," he told the country's parliament, adding that the production will accelerate the country's growth to 10.2%, restoring growth to double-digit territory for the first time since the 1990s. (nicholas.bariyo@wsj.com; @Nicholasbariyo)
0937 ET - U.S. natural gas futures are lower ahead of the EIA's weekly inventory report with the market continuing to move in tandem with shifts in the weather outlook. Demand remains strong through Sunday with hot weather ruling most of the U.S., forecaster NatGasWeather.com says in a note. "Where the pattern remains to the bearish side is June 15-19 as weather systems track across the northern and central and eastern U.S. with highs of 60s-70s for light national demand." The EIA is expected to report a storage injection of 100 Bcf for last week, according to a WSJ survey of analysts. Nymex natural gas is off 1.6% at $3.134/mmBtu. (anthony.harrup@wsj.com)
0909 ET - The European Central Bank looks less likely to increase interest rates again in the coming months, following Thursday's quarter-point rate hike, Fitch Ratings' Charles Seville says in a note. The latest rate-rise decision is likely "one and done, barring a more lasting and severe energy shock that stokes further price pressure", Seville says. Investors fully price in another ECB interest rate rise in September, LSEG data show. (miriam.mukuru@wsj.com)
0904 ET - Oil futures edge up as President Trump says the U.S. will step up attacks on Iran tonight and plans to take control of Iran's Kharg Island and other key oil infrastructure "in the not too distant future." Prices were lower earlier despite further overnight strikes by the U.S. "The market is paying attention to the reported increasing flows through the Strait of Hormuz and ignoring the escalation of hostilities again as the net effect of them are meaningless for the new supply-demand regime where demand has been crushed in places like India and China," TP ICAP's Scott Shelton says in a note. WTI is up 0.6% at $90.60 and Brent is 0.3% higher at $93.40. (anthony.harrup@wsj.com)
0859 ET - Treasury yields and the dollar rise amid hotter-than-expected U.S. wholesale inflation and as President Trump renews military threats against Iran. May PPI was 1.1%, matching April's advance and beating WSJ consensus of 0.7%. Weekly jobless claims accelerate to 229,000 from 225,000, consensus was 220,000. President Trump posts on Truth Social that the U.S. will be hitting Iran "VERY HARD TONIGHT." Oil prices rise less than 1%. The WSJ Dollar Index is up 0.1%. The 10-year yield rises to 4.544% from 4.523% before Trump's post and the data. The two-year rises to 4.148% from 4.125%. (paulo.trevisani@wsj.com; @ptrevisani)
0852 ET - The European Central Bank's decision to raise interest rates Thursday can be seen as a tactical move to avoid the risk of falling behind the curve, Vontobel Asset Management's Christian Hantel says in a note. "If the Strait of Hormuz remains closed, the current energy shock and any supply chain disruption will further impact Europe." Another rate rise in September cannot be ruled out but growth in Europe remains subdued so a prolonged rate-increase cycle looks unlikely, he says. (renae.dyer@wsj.com)
0846 ET - The European Central Bank lowered its growth forecasts for 2026 and 2027, while inching up its outlook for 2028. The ECB's updated economic expectations came as the central bank raised interest rates for the first time in nearly three years, with higher energy prices due to the war in Iran driving up inflation across European economies. The bank lowered its forecast for 2026 to 0.8%, from 0.9%, and for 2027 to 1.2% from 1.3%. For 2028, the ECB now expects growth of 1.5%, from 1.4% previously. "This is a downward revision for 2026 and 2027, reflecting a more pronounced impact of the war on commodity markets, real incomes and confidence," the ECB says. (don.forbes@wsj.com)
0844 ET - In raising interest rates, the European Central Bank is saying a "look through" strategy is not a robust response to the jump in energy prices, Deutsche Bank's chief European economist says. "This is a significant moment. Not only is this the first ECB hike since 2023, it is also the first hike by one of the major global central banks in response to the energy shock," he says. The bank raised its key rate by a quarter-point to 2.25%. However, the tightening cycle likely won't go far, he says, given there is both upside risk to inflation and downside risk to growth. "One more hike in September and that's it," he says. (edward.frankl@wsj.com)
0832 ET - European Central Bank staff raised inflation expectations due to higher energy prices, which is set to feed into food, goods and services prices. The ECB forecasts inflation to average 3.0% in 2026 and 2.3% in 2027, from 2.6% and 2.0% anticipated in March. For 2028, the bank forecasts inflation to average 2.0%, a little lower than 2.1% under previous estimates. For core inflation, which excludes more volatile energy and food prices, inflation is expected at 2.5% in 2026 and 2027 and 2.2% in 2028, from 2.3%, 2.2% and 2.1%, respectively. The outlook remains uncertain, with the implications for inflation dependent on the intensity and duration of the energy-price shock, the ECB says. (edward.frankl@wsj.com)
0714 ET - An improved macroeconomic backdrop means BP is less reliant on selling assets to meet divestment targets, RBC Capital Markets analysts Biraj Borkhataria and Adnan Dhanani write. The company's finance chief Kate Thomson said higher prices offer an improved outlook for upstream transactions, the analysts write, after hosting a roadshow with her. It should mean BP can be more selective in what it chooses to sell, they say. BP hopes to outline progress over divestments related to LightsourceBP over the coming months, the analysts write. Shares rise 0.8% to 545 pence.(adam.whittaker@wsj.com)
0648 ET - BP's shares are set to outperform peers on a highly supported macroeconomic environment that will aid efforts to cut debt, RBC Capital Markets analyst Biraj Borkhataria and Adnan Dhanani write. Investors want clarity on the British energy major's midterm growth ambitions and its targeted balance sheet, they write. The analysts expect BP to meet its $14 billion to $18 billion net debt target by end of 2026, a year earlier than the end-of-2027 target the company set. In terms over BP's overall liabilities, which includes debt, leases and hybrids, this figure is closer to $56 billion but around $30 billion would be more appropriate, they write. This implies a reported net debt target of around $5 billion which could be achieved by mid-2027, they write. Shares rise 0.8% to 545 pence.(adam.whittaker@wsj.com)
(END) Dow Jones Newswires
June 11, 2026 11:00 ET (15:00 GMT)
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