The latest Market Talks covering Energy markets. Published exclusively on Dow Jones Newswires throughout the day.
1953 ET - Oil futures fall on a likely technical correction following solid gains in futures overnight. However, futures' declines may be limited by concerns over the passage of oil tankers through the Strait of Hormuz. Iran's Islamic Revolutionary Guard Corps attacked a Singapore-flagged cargo ship Thursday in the Strait, according to two senior U.S. officials. "This comes as several commercial ships turned around while attempting to transit the strait, raising fresh doubts over the continued recovery of oil supply that had emerged following the reopening of the key waterway," ANZ Research analysts say in a research report. Front-month WTI crude oil futures are 0.6% lower at $71.52 per barrel. (ronnie.harui@wsj.com)
1627 ET - The hydropower sector worldwide added 28 gigawatts in new capacity last year, including a record 11.7 GW from pumped-storage projects, according to the International Hydropower Association. Pumped-storage systems store water in reservoirs at different elevations, releasing water to generate electricity but catching it in downhill basins, then pumping it back up during periods of low power demand. The additions lifted the world's total pumped-storage capacity to 201 GW, surpassing 200 GW for the first time, the trade group says. China accounted for roughly 12.2 GW of total capacity additions last year and dominates the sector with more than 300 GW under construction, including a 217.5 GW of pumped storage alone, the IHA adds. In comparison, the U.S. added about 0.5 GW in hydropower capacity last year. (luis.garcia@wsj.com; @lhvgarcia)
1504 ET - Crude futures settle higher after reports of an Iranian attack on a cargo ship in the Strait of Hormuz raise concerns about how smooth the reopening of the waterway will be. Oil prices fell briefly to pre-war levels early in the session as the increasing number of tankers crossing the strait eases tight global supplies. "I don't see a scenario where the war in Iran resumes even after the 60-day negotiating period is over because there is too much to lose on both sides," Mizuho's Robert Yawger says in a note. WTI settles up 2.2% at $71.92 a barrel. Front-month Brent rises 2.1% to $75.26 a barrel. (anthony.harrup@wsj.com)
1502 ET - U.S. natural gas futures extend their winning streak to three sessions as forecasts show weather heating up and driving electricity-sector demand for gas. "The demand side is where the more constructive argument sits, as power burn is expected to rise sharply next week and LNG feedgas continues to hold near strong operating levels," Gelber & Associates says in a note. The EIA reported a 76 Bcf storage build for last week, practically in line with the five-year average but above the 70 Bcf estimate in a WSJ survey of analysts. "The miss is not large enough to reset the broader market narrative by itself, but it does reinforce that the storage cushion remains meaningful even as summer demand begins to build," Gelber & Associates says. Nymex natural gas settles up 3.8% at $3.343/mmBtu.(anthony.harrup@wsj.com)
1252 ET - U.S. natural gas futures are higher following a slightly bigger-than-expected inventory build for last week. The 76 Bcf net injection into storage reported by the EIA "carries a bearish lean" but wasn't a significant surprise to the market, Andy Huenefeld of Pinebrook Energy Advisors says in a note. "Next week's report will reflect the mild weather experienced in recent days and should show a larger storage build," he adds. But as much hotter weather settles in "we should see the strongest cooling demand of the season and much lighter injections in the weeks that follow." Nymex natural gas is up 1.5% at $3.269/mmBtu. (anthony.harrup@wsj.com)
1249 ET - Crude futures turn higher after testing pre-war levels on optimism about the returning flow of oil through the Strait of Hormuz. "I think we bounced off a low because we'd been down four days in a row," says Phil Flynn of the Price Futures Group. The trend is still lower and "my base case is that we're going to go down before we start to go back up again." Oil prices could rally after the selloff because of the need to replenish stocks, Flynn adds. "Over the next couple of months I think you'll see a lot of production. And that is raising hopes that our empty strategic inventories and our supplies are going to be filled up pretty nicely." WTI is up 1.7% at $71.57 a barrel after falling as low as $68.90. Most active Brent is up 1.5% at $74.98. (anthony.harrup@wsj.com)
1056 ET - U.S. natural gas inventories posted a close-to-normal build last week, leaving the storage surplus against the five-year average virtually unchanged, according to EIA data. Gas stored in underground facilities increased by 76 billion cubic feet to 2,835 Bcf, which was 152 Bcf or 5.7% above the 2021-2025 average for the time of year. The net injection was smaller than for the same week last year, widening the deficit against the year-earlier level to 49 Bcf from 29 Bcf. Analysts in a Wall Street Journal survey had predicted a 70 Bcf increase in storage for last week. Nymex natural gas sheds gains in the wake of the report and is down 0.5% at $3.205/mmBtu.(anthony.harrup@wsj.com)
0937 ET - U.S. natural gas futures are higher as weather models overnight add a little more heat to the near-term outlook, lifting expected cooling demand. The immediate focus is on the EIA's weekly inventory report due at 10:30 a.m. ET, which is expected to show a 70 Bcf injection into storage, according to a WSJ survey of analysts. That would be below the 75 Bcf average build for the week and trim the surplus over the 2021-2025 average to 146 Bcf from 151 Bcf the previous week. Nymex natural gas is up 2.6% at $3.304/mmBtu.(anthony.harrup@wsj.com)
0908 ET - Treasury yields and the dollar fall as U.S. indicators send mixed signals while oil prices slip below pre-war levels. May PCE inflation meets WSJ consensus, accelerating to 4.1% from 3.8%. Falling energy costs are expected to cool future inflation. May durable goods orders fall 4.5%, versus consensus of a 4% contraction. A third estimate raises 1Q GDP growth to 2.1% from 1.6%, compared to estimates of 1.7%. Weekly jobless claims slip to 215,000 from an upwardly revised 227,000, versus consensus of 223,000. The WSJ Dollar Index drops to 97.69 from 97.83 before the data. The 10-year yield declines to 4.371% from 4.414% earlier. The two-year slips to 4.107% from 4.162%. (paulo.trevisani@wsj.com; @ptrevisani)
0855 ET - Oil futures are toying with pre-war levels as the market reacts to the quick movement of oil through the Strait of Hormuz under the U.S.-Iran agreement. Brent for September delivery is trading above the August contract--a condition known as contango--which "would be much more typical of a huge supply surplus instead of the exceptionally low global stockpiles that currently exist," Ritterbusch & Associates says in a note. "This seeming anomaly forces a reminder that commodity futures are anticipatory, and it is obvious that the speculative entities are expecting an elimination of the large crude deficit that currently exists." WTI is down 1% at $69.62 a barrel. August Brent falls 1.2% to $72.87 and the most active September contract is off 0.8% at $73.27 a barrel.(anthony.harrup@wsj.com)
0742 ET - The Canadian dollar's losses against the U.S. dollar seem overdone, Commerzbank's Michael Pfister says in a note. The Canadian dollar is hit by lower oil prices as Canada is a major oil exporter. Its weakness also reflects increased bets for interest-rate rises by the Federal Reserve. "We strongly believe that both of these factors are exaggerated," Pfister says. The oil market is reacting too euphorically to the reopening of the Strait of Hormuz as it will take time before depleted stockpiles are replenished and trading normalizes, he says. The Fed is also unlikely to raise rates, he says. The U.S. dollar rises 0.1% to 1.4248 Canadian dollars, matching the 14-month high reached Wednesday, according to LSEG.(renae.dyer@wsj.com)
0342 ET - European energy stocks open slightly lower as oil prices fall back to prewar levels. Tanker traffic through the Strait of Hormuz is picking up and boost hopes that supplies from the region will bounce back. Brent crude falls 1% to $73.14 a barrel, while WTI futures are down 0.8% to $69.94 a barrel. Italy's Eni slides 1%. In London, BP drops 0.8% while Shell inches 0.5% lower. France's TotalEnergies is 0.7% lower.(adam.whittaker@wsj.com)
(END) Dow Jones Newswires
June 25, 2026 19:53 ET (23:53 GMT)
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