The latest Market Talks covering Energy markets. Published exclusively on Dow Jones Newswires throughout the day.
0214 GMT - Iron ore prices are lower in early trade following China's weak monthly economic data for May. China's crude steel output continues to fall as the property sector shows no signs of recovery, ANZ Research analysts say in a note. China's crude steel output in May fell 2.7% on year to 84.35 million tons, bringing year-to-date volumes to 415.53 million tons, down 3.9% on year, they note. However, they reckon there's hope that India may offset some of this weakness as it increases infrastructure spending. The most-traded iron ore contract on the Dalian Commodity Exchange is down 1.5% at 756.00 yuan a ton. (sherry.qin@wsj.com)
2333 GMT - Oil futures rise in early Asian trade on a likely technical recovery after futures fell for a fourth consecutive session on Tuesday. While the U.S.-Iran memorandum of understanding to end the conflict is "clearly positive, we need to see evidence that it holds," members of HSBC Global Investment Research say in a report. "Even if traffic of navigation is restored, normalising flows [through Strait of Hormuz] will take time," they say. "Under an optimistic scenario, we would not expect meaningful normalisation of [Strait of] Hormuz commercial traffic before late July, and near-full restoration of oil output before end-September," they add. Front-month WTI crude oil futures rise 0.6% to $76.54 per barrel. (ronnie.harui@wsj.com)
1921 GMT - Oil futures fall for a fourth straight session as the U.S.-Iran agreement raises expectations of a quick recovery in oil flows out of the Middle East. Reports that Qatar could restore much of its lost LNG production in a couple of months "may be a signal that damage to infrastructure in the war might not be as bad as some feared," Phil Flynn of the Price Futures Group says in a note. Across the region, "much disruption stemmed from logistics/shipping fears rather than irreparable physical destruction." Downward price pressure from returning barrels would be offset by expectations of demand recovery "and the reality that any supply flood won't be unlimited," Flynn adds. WTI settles down 5.8% at $76.05 a barrel and Brent falls 5.1% to $78.96. (anthony.harrup@wsj.com)
1914 GMT - Oil futures fall for a fourth straight session as the U.S.-Iran agreement raises expectations of a quick recovery in oil flows out of the Middle East. Reports that Qatar could restore much of its lost LNG production in a couple of months "may be a signal that damage to infrastructure in the war might not be as bad as some feared," Phil Flynn of the Price Futures Group says in a note. Across the region, "much disruption stemmed from logistics/shipping fears rather than irreparable physical destruction." Downward price pressure from returning barrels would be offset by expectations of demand recovery "and the reality that any supply flood won't be unlimited," Flynn adds. WTI settles down 5.8% at $76.05 a barrel and Brent falls 5.1% to $78.96. (anthony.harrup@wsj.com)
1858 GMT - U.S. natural gas futures rise for a third straight session with support from higher LNG feedgas flows post-maintenance. "That support is helping offset a still mixed weather setup, where heat in parts of the South and West is being balanced by milder conditions across much of the eastern half of the country," Gelber & Associates says ina note. The rally still faces pushback from healthy supply and storage levels that are above the historical average, the firm adds. Nymex natural gas for July delivery settles up 2.9% at $3.239/mmBtu.(anthony.harrup@wsj.com)
1755 GMT - Analysts surveyed by Dow Jones this week are anticipating an uptick in the amount of ethanol barrels in inventories reported by the EIA in its weekly petroleum report tomorrow. Surveyed analysts expect stocks to land between 24.4 million barrels and 24.8 million barrels, versus 24.45 million barrels reported last week. A majority of analysts said that they expected stocks on the higher-end of forecasts. Most-active CBOT corn is down 0.4% in afternoon trading, to $4.14 a bushel. Crude oil is down 5.9% to around $76 a barrel. (kirk.maltais@wsj.com)
1622 GMT - Crude futures extend losses on optimism that Middle East oil supply will recover quickly with the reopening of the Strait of Hormuz. The market's rapid response to the U.S.-Iran agreement suggests there was a lot of fear and uncertainty priced in, says John Deal, managing director of capital markets at Post Oak Group. "It's really encouraging that oil has dropped so quickly," he says. "But I don't think it's going to drop much further. We're going right into the summer season so we've got summer travel, airline demand, and also the requirement to refill the storage that's been drawn down." WTI is down 6% at $75.89 a barrel and Brent falls 5.1% to $78.93. (anthony.harrup@wsj.com)
1407 GMT - The reopening of Hormuz could see an early surge in tanker activity as around 118 laden vessels trapped inside the Gulf could be the first to exit, generating a sharp but temporary spike in transits over the first 10-15 days, according to Kpler's analysts. The key uncertainty is how quickly new vessels will re-enter the region. In a fast-return scenario, flows could rebound rapidly and even briefly exceed pre-war levels if security concerns fully dissipate, though this outcome is considered unlikely, Matt Wright and Panagiotis Krontiras say. In the base case, recovery will be more gradual, with transits rising from around 15 per day initially to 40 by month-end, with tankers accounting for around 60%. (giulia.petroni@wsj.com)
1346 GMT - U.A.E. stocks rise as local markets reopen after the U.S.-Iran deal announcement. Easing tensions could support the Gulf Cooperation Council markets through stronger foreign inflows, improved confidence and a more supportive earnings backdrop, says Milad Azar of XTB MENA. The Dubai Financial Market General Index rises 1.7% and Abu Dhabi's benchmark index gains 1.6%. The two U.A.E. markets were closed Monday for a public holiday. Saudi Arabia's Tadawul All Share Index is up 0.5%. (farhan.rafid@wsj.com)
1322 GMT - U.S. natural gas futures are holding their ground, helped by recovering LNG feedgas flows and some warming in weather outlooks. "Although another test higher is possible, particularly if late June turns hotter, recovering supply appears the next shoe to drop--likely limiting near-term upside potential and threatening an erosion of summer risk premiums over the next 30-45 days," Eli Rubin of EBW Analytics says in a note. Analysts also note a storm brewing along the Texas coast that could limit near-term demand and LNG shipments. Nymex natural gas is up 0.1% at $3.151/mmBtu. (anthony.harrup@wsj.com)
1252 GMT - Most investors continue to expect below-trend growth and above-trend inflation, known as stagflation, in the global economy over the next 12 months, according to Bank of America's global fund manager survey for June. Some 58% of investors expect stagflation in this month's survey, although this compares to 69% in May. The survey shows 36% expect a "boom" scenario of above-trend growth and inflation, up from 25% in last month's survey. Just 2% anticipate a "goldilocks" scenario of above-trend growth and below-trend inflation, unchanged from May. Stagnation, or below-trend growth and below-trend inflation, is expected by 1% of respondents, compared to 0% last month. The survey was carried out between June 5 and June 11, BofA says. (renae.dyer@wsj.com)
1238 GMT - Crude futures continue their retreat on expectations the U.S.-Iran memorandum of understanding will lead to more oil flowing soon through the Strait of Hormuz. The market appears to be pricing a "quick and sustainable opening" of the strait, Ritterbusch & Associates says in a note. "For now, a major vote of confidence is being applied to the success of this plan with limited regard to thorny issues such as financial compensation, sanctions and especially a satisfactory nuclear deal that was largely the reason behind the war." WTI is down 4% at $77.49 a barrel and Brent is off 3.8% at $80.01. (anthony.harrup@wsj.com)
(END) Dow Jones Newswires
June 16, 2026 22:14 ET (02:14 GMT)
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