The latest Market Talks covering Commodities. Published exclusively on Dow Jones Newswires throughout the day.
1212 ET - The U.S. faces a tighter gasoline market as demand picks up over the summer with refiners giving priority to jet fuel and diesel production, analysts at UBS say in a note. Data for 2023-2025 show gasoline demand 400,000-500,000 barrels a day higher in the second and third quarters than in the first quarter. "As demand ramps into the summer driving season, we see increasing risk of supply tightness," they say, adding that it could be challenging to source the additional 500,000 or so barrels a day of gasoline required to meet seasonal demand, "raising the likelihood of localized shortfalls." (anthony.harrup@wsj.com)
1113 ET - Crude futures trade sideways as the market weighs President Trump's threat of stepped up attacks on Iranian targets and assertion that the U.S. will take control of Kharg Island, Iran's main oil export hub, in the not too distant future. "The escalated military action by the U.S. is likely to either tighten supplies further or open the strait quicker," Dennis Kissler of BOK Financial says in reference to the Strait of Hormuz. "While global inventories have been drawing down, the market still seems focused on lessening demand and gradual supply being added." WTI is up 0.3% at $90.37 a barrel and Brent is down 0.3% at $92.79. (anthony.harrup@wsj.com)
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)
1001 ET - Most-active livestock futures on the CME are slightly higher ahead of the USDA's next monthly WASDE report, which is due out at noon Eastern Time. The report will contain the latest projections for beef and pork supplies in 2026 and 2027, and will come as markets brace for volatility around a 16-year extension of the USMCA -- amid comments from President Trump stating that he's "not looking to renew" the deal. Mexico and Canada are top markets for U.S. meat exports. Most-active live cattle futures rise 0.1%, while lean hogs are up 0.2%. (kirk.maltais@wsj.com)
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)
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)
0847 ET - Most-active CBOT grain futures are lower ahead of the WASDE report due at noon eastern. Analysts are maintaining a mostly neutral outlook for the WASDE, as big changes to production and yield figures are not typically seen in June reports, says analysts with Hedgepoint Global in a note. The market will also be watching for Brazilian crop agency Conab's report covering Brazilian crops to get a better sense of what the world supply/demand picture may look like. Corn falls 0.5%, soybeans inch 0.1% lower, and wheat is down 0.3%. (kirk.maltais@wsj.com)
0614 ET - Palm oil ended higher, with the Bursa Malaysia Derivatives contract for August delivery rising 17 ringgit to close at 4,555 ringgit a metric ton. CPO prices were driven by overnight gains in rival oils and recent stronger export data, Kenanga Futures analysts said in a note. Malaysia's palm oil exports for June 1-10 are estimated to have risen 4.9% on month, according to cargo surveyor AmSpec Agri Malaysia. A weaker Malaysian ringgit could have also supported further bargain-hunting activities, they add. The brokerage pegs support and resistance for the August futures contract at 4,500 ringgit a ton and 4,630 ringgit a ton respectively.(amanda.lee@wsj.com)
0405 ET - Demand for monetary hedges and physical gold are likely factors supporting the outlook for bullion, say State Street Investment Management strategists. While spot gold prices may face near-term struggles amid oil-driven volatility, structural demand for the precious metal persists. Gold is likely a potential hedge against duration exposure and currency debasement, as debt and inflation keep long-term yields higher, they say. Global demand for physical gold, meanwhile, from Chinese retail to central banks could further support prices, they add. State Street expects gold prices to be $4,750-$5,500 a troy ounce this year in its base scenario, while its bull case sees $5,500-$6,250. Spot gold is 0.7% higher at $4,100.44 an ounce. (megan.cheah@wsj.com)
0350 ET - Gold prices continue to retreat as investors assess the U.S. monetary policy outlook. In early trading, New York futures fall 0.1% to $4,129.60 a troy ounce and are down more than 8% on the week. "While geopolitical uncertainty and central bank buying continue to offer longer-term support, near-term price direction is likely to remain closely tied to U.S. economic data, Treasury yields and expectations for Federal Reserve policy," analysts at ING say. After U.S. consumer prices rose at their fastest rate in three years in May, traders now await the release of PPI data later on Thursday. (giulia.petroni@wsj.com)
2322 ET - Gold still has scope to fall further, based on the weekly chart, says Quek Ser Leang of UOB Global Economics & Markets Research in a note. Weekly stochastics have yet to reach oversold levels, although the precious metal's recent sharp decline seems excessive, the senior technical strategist says. Gold is falling toward another firm weekly support level at the top of the weekly Ichimoku cloud, which is currently at $3,974 per ounce, he notes. The pace of gold's decline could slow should gold enter this cloud, the strategist adds. Spot gold is 0.1% lower at $4,065.29 per ounce. (ronnie.harui@wsj.com)
(END) Dow Jones Newswires
June 11, 2026 12:15 ET (16:15 GMT)
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