The latest Market Talks covering Energy markets. Published exclusively on Dow Jones Newswires throughout the day.
1125 ET - Energy Secretary Chris Wright says the U.S.'s emergency releases of oil from the Strategic Petroleum Reserve, along with those of other countries, are among reasons oil price increases have been relatively contained despite disruptions in the Middle East. The Department of Energy had released about 66 million barrels of the planned 172 million barrels as of June 5. The releases address interruptions of crude flows and aren't aimed at managing prices, Wright says at an Atlantic Council event. "And by the way, we've not sold a single barrel. We swap barrels. We deliver oil today in exchange for more barrels later than we're swapping." The transactions have added 35 million barrels to the SPR, which will have more oil at the end than there was going into the crisis, he adds.(anthony.harrup@wsj.com)
1117 ET - Global oil supply normalization is now expected to extend into January 2027 under Rystad Energy's base-case scenario, despite assumptions of a framework U.S.-Iran agreement in June that would enable a phased reopening of the Strait of Hormuz from mid-July. "Tanker repositioning is the first bottleneck," says Rystad Energy's Aditya Saraswat. As a result, upstream production is projected to lag the Strait's reopening by two to three weeks, allowing only 10%-15% of volumes to return in July. A stronger recovery is forecast for August and September, lifting regional supply to about 17.3 million barrels a day and 20.9 million barrels a day, respectively. Roughly 85% of lost output should be restored by October, while full normalization is delayed by slower recoveries at mature Iraqi and Kuwaiti fields. "Cumulative supply losses are on track to reach nearly 2 billion barrels by year-end, even under this relatively constructive scenario," Saraswat says. (giulia.petroni@wsj.com)
1052 ET - U.S. Energy Secretary Chris Wright says oil flows through the Strait of Hormuz are rising, but declines to offer details on how much is getting through. "I would say rising very meaningfully," he says at an Atlantic Council event. Oil futures are sharply lower after President Trump said a deal to end the conflict could come in two or three days. On Monday Trump said the U.S. blockade would remain until a deal is signed. Wright says a return to normal will take "many months" once the strait is reopened. The conflict with Iran has been "more of a struggle than we would like, but that solution will end with an Iran without nuclear weapons and with free flow of energy."(anthony.harrup@wsj.com)
1049 ET - Recent trade data suggest that Canadian exports have largely recovered back to pre-2025 levels, though there remains some weakness in sectors hit hardest by U.S. tariffs, CIBC Capital Markets' Andrew Grantham says. The economist notes the further gain in export volumes at the start of 2Q, following a solid rise in March, will mean that net trade should be a positive for quarterly GDP and support a rebound in economic activity following two marginal contractions. Still, Grantham says further upward momentum is likely to be limited near-term as the renegotiation of the Northern American trade pact drags on. (robb.stewart@wsj.com; @RobbMStewart)
1046 ET - Another improvement in Canada's net export volumes leaves trade on track to add to real GDP in 2Q, after carving away growth in the first three months of the year, Bank of Montreal's Robert Kavcic says. This in turn should help quiet some of the recession chatter if it holds, alongside the solid early reading indicating April GDP was up 0.4% on-month. The goods-trade surplus widened to C$2.7 billion in April, as exports rose 1.6% to a record high and imports only edged up 0.3%, though also to a record. (robb.stewart@wsj.com; @RobbMStewart)
1036 ET - Deepwater oil reserves estimated at 10 billion recoverable barrels may catapult Brazil into the world's top five producers, Oxford Economics' Felipe Camargo writes. State-controlled Petrobras has earmarked $2.5 billion for projects in the new frontier, Camargo says. Nine other companies were awarded 34 blocks along the northern coastline last year. The impact on Brazil's long-run GDP will likely range between 0.8% and 1.1% per year by 2050, Camargo says. "Although there's a risk that oil won't be found, the fact that the basin borders Guyana's successful Stabroek Block is encouraging," he says. (paulo.trevisani@wsj.com; @ptrevisani)
1030 ET - Canada is selling more to the world, with exports in April hitting a record C$2.7 billion. However, Sibley Creek economist Jay Zhao-Murray notes the rise in exports was driven by sales to the U.S., going against Prime Minister Mark Carney's aim of diversifying trade. Goods shipments to the U.S. were up by C$2.4 billion, while exports to the second-largest export growth destination China increased by C$521 million. "The U.S. is a behemoth; Canada's second- and third-largest trade partners don't even come close," the economist says. (robb.stewart@wsj.com; @RobbMStewart)
1014 ET - The strength in Canadian exports in April isn't just an oil price story, Capital Economics' Ariane Curtis says. Higher oil prices continue to support energy exports, but Canada also saw a broad-based rise in export volumes. And the improvement in Canada's terms of trade since the Iran War began suggests that the trade surplus should rise further in the coming months, Curtis says. The goods-trade surplus widened to about C$2.7 billion in April from March's C$1.8 billion as the value of exports hit a record. The economist says the trade data appear to be consistent with the flash April estimate of a strong 0.4% on-month rise in GDP. (robb.stewart@wsj.com; @RobbMStewart)
0949 ET - U.S. natural gas futures are modestly lower as a cooler weather outlook for the second half of June crimps demand expectations. "Futures are trying to hold the seasonal bullish structure against weather models that have been cooling," Dennis Kissler of BOK Financial says in a note. LNG demand is expected to rise as maintenance ends, but "weather will need to move back to warmer-than-normal forecasts to lift prices significantly." Nymex natural gas is off 0.4% at $3.133/mmBtu.(anthony.harrup@wsj.com)
0941 ET - Oil futures give back yesterday's gains as Israel and Iran halt fire and President Trump says an agreement to end the Middle East conflict could be signed in two or three days. "The situation remains highly uncertain and we have seen many false dawns before," says Nikos Tzabouras of Tradu. "One diplomatic setback could reignite the risk premium and send prices sharply higher." Even if the Strait of Hormuz is reopened it will take months to restore flows to normal levels, he adds. WTI is down 2.6% at $88.89 a barrel and Brent is off 2.2% at $92.21. (anthony.harrup@wsj.com)
0920 ET - BP's new simpler organizational structure is positive and restores upstream accountability, Barclays's Lydia Rainforth writes. The shift to a more conventional two-segment model brings the British energy company in line with peers, she adds. "The focus from now is on execution." BP's shares fall 1% to 540.40 pence. (adam.whittaker@wsj.com)
0908 ET - Treasury yields slip amid signs of declining optimism among U.S. small-business owners. Tensions remain high in the Middle East, but oil prices fall around 2% and the WSJ Dollar Index is down 0.2%. The NFIB small-business optimism index falls 0.6 points to 95.3 in May, below its 98.0 52-week average. Economists polled by WSJ expected 96.2. The U.S. April trade deficit shrinks to $55.9 billion from a revised $56.6 billion. The 10-year yield is at 4.544%, down from 4.550% yesterday. The two-year declines to 4.139% from 4.156%. (paulo.trevisani@wsj.com; @ptrevisani)
(END) Dow Jones Newswires
June 09, 2026 11:25 ET (15:25 GMT)
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