The latest Market Talks covering Energy markets. Published exclusively on Dow Jones Newswires throughout the day.
0913 GMT - The International Energy Agency approved Nigeria to join as an association country, expanding its ties with one of Africa's largest oil producers, the Paris-based organization says. "Nigeria is a major producer of oil and natural gas and is one of the continent's most dynamic renewable energy markets," the agency says. According to the IEA's latest monthly report, Nigeria's crude oil production averaged 1.47 million barrels a day in May. The IEA has 32 member countries, all of which are also part of the OECD, while its association program allows it to work more closely with selected emerging economies. Nigeria is not a member of the OECD. (giulia.petroni@wsj.com)
0904 GMT - Second-quarter results from Europe's energy companies should reflect strong refining margins, UBS analyst Joshua Stone writes. Repsol, Galp and OMV are set to be key beneficiaries, Stone says. The bank's refining margin indicator for Europe jumped 70% on quarter to an average of $25 a barrel, he writes. Margins are likely to remain elevated over the near term given the need to repair and restart refineries in the Middle East, he adds. Additionally, wider crude spreads and continued outages in Russia support the outlook, he says. Spain's Repsol rises 1% to 22.33 euros. Portugal's Galp rises 0.2% to 18.645 euros. Austria's OMV rises 2.5% to 56.20 euros. (adam.whittaker@wsj.com)
0848 GMT - Second-quarter results from Europe's energy companies will be characterized by higher oil and gas prices, elevated refining margins and good trading performances, UBS analyst Joshua Stone writes. Oil prices are falling, though. Market watchers are shifting their attention to the prospects of a supply glut next year as the Strait of Hormuz quickly opens up, he writes. Brent crude should average $80 a barrel over the remainder of the year and $75 a barrel in 2027, he writes. Oil's price floor has been structurally raised given the need to refill global inventories, he adds. (adam.whittaker@wsj.com)
0825 GMT - European natural-gas prices climb on concerns over regional storage levels ahead of winter and lingering uncertainty over LNG supplies from the Persian Gulf. In early European trading, the benchmark Dutch TTF contract is up 2.4% to 44.04 euros a megawatt-hour. Although global LNG exports increased in June to their highest level since March, according to ANZ analysts, QatarEnergy recently extended force majeure on some LNG shipments, fueling market nervousness. Meanwhile, EU gas storage facilities are about 49% full ahead of the heating season, leaving the market sensitive to any further supply disruptions and supporting prices. (giulia.petroni@wsj.com)
0822 GMT - The euro could extend its recent losses against the dollar in coming weeks before recovering later in the year, ING's Chris Turner says in a note. While lower energy prices are a welcome development for the euro, expected U.S. interest-rate rises will be the dominant theme this summer, he says. The euro could attempt to break below $1.1300 in the near term if the market shifts towards pricing 50 basis points of U.S. rate rises this year. "But based on a house view that the Federal Reserve does not hike, we are looking for the euro to trade back into the $1.16-$1.18 range into November/December," Turner says. The euro last trades up 0.35% at $1.1415. (renae.dyer@wsj.com)
0811 GMT - Base metals trade lower in early European hours, with three-month aluminum futures falling 1.3% to $3,050.50 a metric ton and copper down 0.9% to $13,215.50 a ton. Aluminum has slumped 18% on the month as the reopening of the Strait of Hormuz boosted expectations that supplies from Persian Gulf producers will normalize, easing concerns over disruptions from a region that accounts for more than 10% of global output. Copper also edged lower after a firmer U.S. dollar softened investor appetite for dollar-denominated commodities. Traders are also awaiting signals from Washington on refined copper imports, with any policy changes likely to influence trade flows and market sentiment in the near term. (giulia.petroni@wsj.com)
0745 GMT - Oil prices fall 1% on signs of progress in indirect U.S.-Iran negotiations. A Qatar Foreign Ministry spokesperson said in a post on X that Qatari and Pakistani mediators had concluded separate meetings with U.S. and Iranian negotiators in Doha, with positive progress made on issues related to the memorandum of understanding. "Oil prices are likely to remain under downward pressure as supply continues to normalize and geopolitical risk premiums unwind, although setbacks in negotiations or renewed security incidents could still trigger periods of volatility," says Soojin Kim from MUFG. In early European trading, Brent crude slides 1% to $70.87 a barrel, while WTI futures are down 1% to $67.86 a barrel. (giulia.petroni@wsj.com)
0742 GMT - Spanish energy major Repsol should continue to benefit from tight oil products markets and elevated refining margins into next year, RBC Capital Markets analyst Biraj Borkhataria writes. Second-quarter margins will likely be around $22 a barrel, he says. The company's intention to keep its distribution framework of returning 30% to 40% of operating cash flow to shareholders is an encouraging sign, he adds. Shares rise 0.5% to 22.21 euros. (adam.whittaker@wsj.com)
0713 GMT - National Grid's $1.75 billion investment in U.S. integrated power solutions company Joulent makes strategic sense, Jefferies analyst Ahmed Farman writes. Joulent provides energy solutions for artificial-intelligence data centers. The deal gives the U.K. company exposure to the growing U.S. data-center sector and access to a multi-gigawatt pipeline, he adds. However, disclosure on the investment remains limited and the key project will only become free-cash-flow positive in the early 2030s, he writes. Shares fall 0.4% to 1,206.50 pence. (adam.whittaker@wsj.com)
0631 GMT - The dollar edges lower ahead of the U.S. nonfarm payrolls report at 1230 GMT as investors look for evidence on whether the Federal Reserve should raise interest rates as markets expect. With the U.S. and Iran signing a memorandum of understanding in June to end the war, the U.S. labor market comes into more focus for foreign exchange markets, Commerzbank's Volkmar Baur says in a note. However, this data will have less importance than in the past as new Federal Reserve Chair Kevin Warsh hasn't spoken much about the labor market and recent payrolls figures seem to be somewhat more volatile than previously, he says. The DXY dollar index falls 0.1% to 101.304. (renae.dyer@wsj.com)
(END) Dow Jones Newswires
July 02, 2026 05:13 ET (09:13 GMT)
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