The latest Market Talks covering Energy markets. Published exclusively on Dow Jones Newswires throughout the day.
1349 ET - Crude futures are falling after President Trump says he has called off tonight's planned military strikes against Iran. Discussions with Iran "have been brought to the highest level of Iranian leadership and approved," Trump posts on Truth Social. He says discussions and final points have been approved by all parties involved but that the U.S. naval blockade will remain in force until the transaction is finalized. WTI is down 3.6% at $86.75 a barrel and Brent is off 3.7% at $89.65. (anthony.harrup@wsj.com)
1249 ET - Neither the June WASDE report or threats of intensified attacks on Iran by President Trump are doing much to spur grain futures higher. "No one is shocked by any of the numbers," says Charlie Sernatinger of Marex in a note following the WASDE's publication. While crude oil is up 1.5%, it didn't get much of a boost following Trump's Truth Social post stating that Iran will be "hit very hard" tonight. "Even statements by Trump that we will attack Iran again tonight are not budging the energies," Sernatinger says. Grains have been following crude oil's movements until recently, due to the usage of U.S. corn and soybeans in the production of renewable fuels. (kirk.maltais@wsj.com)
1227 ET - U.S. natural gas futures give back yesterday's gains as the EIA reports an above-estimate 108 billion cubic foot increase in inventories for last week. The storage build was the largest so far of the injection season, and reflects a looser balance than most analysts expected, Andy Huenefeld of Pinebrook Energy Advisors says in a note. While next week's report will likely show a smaller build, "with the current heat wave expected to be relatively short-lived and today's injection coming in stronger than anticipated, the market is having trouble sustaining any bullish sentiment." Nymex natural gas is down 2.6% at $3.103/mmBtu.(anthony.harrup@wsj.com)
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)
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)
(END) Dow Jones Newswires
June 11, 2026 13:49 ET (17:49 GMT)
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