The latest Market Talks covering Energy markets. Published exclusively on Dow Jones Newswires throughout the day.
1346 ET - The number of rigs drilling for oil in the U.S. rose by two this week to 433 in a seventh straight increase, oil services company Baker Hughes reports. The EIA expects higher oil prices to encourage drilling activity, raising crude oil production to 13.7 million barrels a day this year from 13.6 million b/d in 2025, and to 14.2 million b/d in 2027. "Rising crude oil prices drive crude oil production higher in our forecast, which results in growth in associated natural gas production," the EIA said this week in its latest monthly outlook. Rigs directed at natural gas fell by three this week to 121, according to Baker Hughes. (anthony.harrup@wsj.com)
1327 ET - Oil futures are trading at two-month lows as the market maintains expectations for the U.S. and Iran to soon reach a deal to reopen the Strait of Hormuz. But for further significant declines "there needs to be actual evidence of recovery in Persian Gulf exports," says Pavel Molchanov, investment strategy analyst at Raymond James. "Not hopes, not expectations, not promises, actual ships--20 a day would be a good number--passing through Hormuz." The slide from over $100 a barrel to $85 for WTI "represents the low-hanging fruit," he says. "There are a lot of moving parts. The politics, the shipping, the oil fields, they all have to align in a sequence for meaningful recovery in oil exports." WTI is off 3.2% at $84.91 a barrel. Brent is off 3.4% at $87.34. (anthony.harrup@wsj.com)
1042 ET - Oil futures stem losses as President Trump says on Truth Social that terms of a deal that "Iran leaked" have nothing to do with what was agreed to "in writing," leaving the market wondering whether the signing of an accord is imminent. "With them, there is no such thing as dealing in good faith," he says, adding that "They better get their act together, and FAST!" WTI is off 1.3% at $86.60 a barrel and Brent is down 1.2% at $89.29. (anthony.harrup@wsj.com)
1015 ET - U.S. natural gas futures are steady with a milder near-term weather outlook partly compensated by recovering LNG feedgas flows. The market "is being forced to discount a further bearish tilt to the weather factor while also seeing some negative spillover from the lower oil prices," Ritterbusch & Associates says in a note. But "a further increase in export activity that offered some price support earlier this week is still expected," the firm adds. Nymex natural gas edges up 0.1% to $3.090/mmBtu.(anthony.harrup@wsj.com)
1006 ET - China's ample oil inventories suggest Beijing can continue importing less crude into 2027 without significantly disrupting domestic supply, says David Oxley from Capital Economics. Recent trade data show that crude imports in May were roughly 100 million barrels below the average monthly levels seen in 2023-24, according to the firm, while estimated strategic and commercial oil stocks amount to around 1 billion-1.5 billion barrels. "Even assuming that China is only able to draw upon half of its estimated stocks, it could feasibly maintain the status quo for another 5-8 months or so--and potentially longer if the apparent falls in fuel consumption continue," the economist says. (giulia.petroni@wsj.com)
0908 ET - Oil futures extend their decline with the market giving more weight to expectations of a U.S.-Iran deal being finalized than the likelihood of negotiations running into more obstacles, although Iranian state media cite officials saying Tehran hasn't reached a final decision. Crude is trading at the lower end of its recent range and is likely to hold there as the proposal reportedly calls for 30 days for the Strait of Hormuz to be fully reopened, Peter Cardillo of Spartan Capital says in a note. "Keep in mind that global stockpiles remain relatively low and will take time to rebuild, which should provide underlying support for prices." WTI is down 2.7% at $85.39 a barrel and Brent is off 2.3% at $88.30. (anthony.harrup@wsj.com)
0832 ET - Kongsberg Gruppen has delivered new financial goals, including a margin target that came in below expectations, Bank of America Securities analysts write. Kongsberg is targeting 100 billion Norwegian kroner of revenue in 2029 and 150 billion kroner in 2033, with an EBIT margin of over 16%. This is an upgrade versus previous targets, which had included the recently spun-off maritime business. The 2029 revenue target is roughly in line with consensus while the margin is below it, though management said this is a floor rather than a ceiling. "We think management is being cautious, particularly on the margin given performance over the past few years," the analysts say. BofA lifts its price objective to 465 kroner from 425 kroner and keeps its buy rating on the stock. Shares fall 1.3% to 298.10 kroner. (dominic.chopping@wsj.com)
0457 ET - Crude oil futures fall below $90 a barrel after President Trump cancelled planned strikes on Iran, signalling a potential deal could come as soon as the weekend, say Societe Generale strategists in a note. Oil prices had been climbing this week amid renewed geopolitical tensions in the Middle East, where a conflict has effectively closed the crucial Strait of Hormuz through which one-fifth of the world's oil is typically transported. In particular, Brent prices are trading below $90 a barrel for the first time since the latter half of April, they add. Front-month Brent crude-oil futures fall 4.3% to $86.52 a barrel, while front-month West Texas Intermediate futures fall 4.3% to $83.91 a barrel. (megan.cheah@wsj.com)
0455 ET - Market hopes of a U.S.-Iran deal get a further lift in the Asian afternoon session as fresh headlines signaled progress in negotiations. Mehr News Agency, which is affiliated with Iranian security services, reports that major parts of the U.S.-Iran peace agreement have been finalized, citing the country's Foreign Ministry spokesman. Oil extends declines, gold erases losses and U.S stock futures are higher. Front-month Brent crude oil futures fall 4.3% to $86.50 a barrel, and front-month WTI crude futures are 4.5% lower at $83.76 a barrel. Gold is last up 0.1% at $4,216.34 a troy ounce. The eMini Nasdaq 100 futures rises 0.2%, the eMini S&P 500 futures gains 0.3% and the eMini Dow futures is 0.6% higher. (sherry.qin@wsj.com)
0429 ET - The dollar is unlikely to fall much further even if the U.S. and Iran reach a deal on peace talks, ING's Chris Turner says in a note. The legacy issue of this crisis is the substantial loss of energy supplies and its inflationary shock worldwide, he says. Unless crude starts shipping freely in the Strait of Hormuz soon, oil prices probably won't fall much, he says. The market continues to price in nearly 20 basis points of Federal Reserve interest rates this year. "It is hard to see that being unwound ahead of next Wednesday's Fed meeting, where a new-look statement and a new set of forecasts could prove dollar supportive." The DXY dollar index falls 0.1% to 99.701. (renae.dyer@wsj.com)
0322 ET - European stock indexes opened higher, following U.S. and Asian markets, after President Trump canceled planned attacks on Iran on Thursday and said the final points of a peace plan had been approved by all parties. The Europe-wide Stoxx 600 index is up 1.2%, led by consumer and industrial stocks, although the index was weighed down by energy stocks due to lower oil prices. Repsol, TotalEnergies, Galp and BP shares were all down around 3%. Germany's DAX was up 1.2%, while London's FTSE 100 index and France's CAC 40 were up 0.7% and 1.4% respectively. (ian.walker@wsj.com)
0313 ET - Gold prices rise more than 2% after President Trump's decision to call off strikes against Iran pushed crude below $90 a barrel and boosted investor risk appetite. "With oil prices coming down sharply, alongside hopes that the Strait of Hormuz will reopen, that's seen investors price out the chance of rapid rate hikes this year," analysts at Deutsche Bank say. In early European trading, New York gold futures are up 2.1% to $4,200.40 a troy ounce. Despite the rebound, the metal remains on track for a weekly loss of nearly 7%. The precious metal has been under pressure due to stronger fears that rising energy costs could spur inflation, prompting central banks to keep interest rates higher and raising the opportunity cost of holding the non-yielding metal. (giulia.petroni@wsj.com)
(END) Dow Jones Newswires
June 12, 2026 13:46 ET (17:46 GMT)
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