The latest Market Talks covering Energy markets. Published exclusively on Dow Jones Newswires throughout the day.
1947 ET - Oil falls in early Asian trade on prospects that the U.S.-Iran tensions may be contained. There are "expectations of limited military attacks between the U.S. and Iran," ANZ Research analysts say in a research report. "Despite the U.S. ramping up attacks on military sites in Iran, the market drew some reassurance from the Trump administration's decision to avoid targeting Iranian energy infrastructure," the analysts add. Front-month WTI crude oil futures are 0.3% lower at $71.85 abarrel. (ronnie.harui@wsj.com)
1007 ET - Businesses in Germany have signaled an intention to scale back employee numbers amid low growth expectations and an elevated inflation outlook, according to S&P Global's Business Outlook survey for June. The net balance of firms expecting an increase in business activity fell to the lowest since October 2024, while plans for jobs cuts have risen to their highest level ever outside of the pandemic, S&P says. "The war in the Middle East has taken a toll on Germany's near-term growth prospects and put paid to some of the burgeoning optimism seen at the turn of the year." The manufacturing sector noted a particular focus on improving productivity to offset high costs and rising competition from abroad, S&P says. (don.forbes@wsj.com)
1008 ET - U.K. business confidence fell to its lowest level since February 2025 on waning service-sector optimism, according to S&P Global's Business Outlook survey for June. Profit forecasts soured while companies in the services sector turned more pessimistic on hiring and capital investment, the survey shows. "The dip in sentiment came amid a backdrop of concerns about political uncertainty, inflation, weak consumer confidence and geopolitical risks," S&P says. Manufacturing input-cost expectations rose to their highest in more than four years, though firms were confident of being able to pass on prices to customers. "Firms often reflected efforts to adapt to these challenges, including pivoting to new export markets, product diversification, AI adoption and increased cost controls." (don.forbes@wsj.com)
1516 ET - U.S. natural gas futures post their biggest single-day drop in more than three months as a larger-than-expected inventory build is followed by news of maintenance to be carried out at Freeport LNG in Texas. Last week's 61 Bcf storage injection increased the inventory surplus over the five-year average to 185 Bcf from 175 Bcf the week before. "Surpluses are expected to drop towards 150 Bcf or slightly under after the next several EIA reports account for the current hot U.S. pattern," NatGasWeather.com says in a note. "However, as we have seen with today's EIA report, wind generation can significantly alter anticipated build sizes." Nymex natural gas settles down 6.2% at $3.012/mmBtu. (anthony.harrup@wsj.com)
Oil futures retreat on hopes the U.S. and Iran could go back to talks after the current flare-up and exchange of strikes. Reports that Iran's foreign minister spoke with other regional leaders and Pakistani mediators raises hopes for a return to negotiations. "It appears the Iranians are reaching out to everybody who negotiated the original cease-fire deal in an effort to walk back the current state of affairs and get to some new normal that will kickstart negotiations and at the same time open the Strait of Hormuz to something approaching normal levels," Robert Yawger of Mizuho says in a note. "I look for a return to negotiations in coming days, and back to the threat of an oversupplied crude oil market shortly thereafter." WTI settles down 2% at $72.08 a barrel and Brent falls 2.2% to $76.30. (anthony.harrup@wsj.com)
1343 ET - U.S. natural gas futures are falling after a larger-than-expected storage build for last week, compounded by reports of planned maintenance at Freeport LNG in Texas. The unexpected maintenance at Freeport temporarily reduces confidence in LNG feedgas demand "at a time when the market needed exports to help offset strong production and elevated inventories," Gelber & Associates says in a note. Natural gas stocks increased by 61 Bcf last week, extending the surplus to 185 Bcf from 175 Bcf, despite the heat wave driving power-sector demand. Nymex natural gas is down 6.4% at $3.007/mmBtu.(anthony.harrup@wsj.com)
1127 ET - Oil futures turn lower with the market leaning toward expectations of a quick end to the latest military strikes between the U.S. and Iran. "We expect the renewed tension in the Middle East between the U.S. and Iran to be relatively short-lived because both countries are constrained by practical economic and political realities," Vikas Dwivedi of Macquarie Group says in a note. For the U.S., there's the risk of higher prices returning with fewer mitigation sources available, and the risk of Iran materially damaging the Middle East's oil infrastructure, he says. Iran has arguably negotiated a "great deal," Dwivedi adds, and "we would be surprised if they overplay a good hand and test President Trump's patience and restraint for minimal remaining gain." WTI is down 1.5% at $72.44 a barrel and Brent is off 1.3% at $77.03. (anthony.harrup@wsj.com)
1104 ET - U.S. natural gas futures deepen losses as the EIA reports a larger-than-expected build in inventories for last week, increasing the surplus over the five-year average. Gas in underground storage facilities rose by 61 billion cubic feet to 2,983 Bcf, expanding the surplus to 185 Bcf from 175 Bcf the week before. The inventory build was above the 51 Bcf average for 2021-2025 period, and larger than the 51 Bcf estimate in a Wall Street Journal survey of analysts. Nymex natural gas is down 4.7% at $3.061/mmBtu.(anthony.harrup@wsj.com)
1046 ET - Credit spreads on tech-linked corporate bonds are wider, on average, than credit spreads in different sectors due to increased AI-linked debt supply, Societe Generale's Juan Valencia says in a note. Investor concerns about possible overvaluation of AI companies have also caused their credit spreads to widen relative to peers, he says. Tech sector credit spreads could face higher volatility than credit spreads in other sectors if Middle East tensions worsen, Valencia says. (miriam.mukuru@wsj.com)
1000 ET - An interest rate hike by the ECB in July isn't off the table, Carsten Brzeski at ING says in a note. "Until earlier this week, we would have argued that lower energy prices had taken the rate hike option entirely off the table for the ECB's July meeting--but some members might feel tempted to use the latest resurgence in higher energy prices as a reason to get things done as quickly as possible," he says. Surprisingly low inflation in June and a drop in oil prices could have caused some officials to question the need for further tightening. "However, the recent rebound in oil prices amid renewed Middle East tensions serves as a reminder that the inflation outlook remains far from settled," Brzeski says. (don.forbes@wsj.com)
0940 ET - U.S. natural gas futures are lower, with ample supply and above-average storage keeping weather-driven rally attempts at bay. Bank of America Global Research raises its Henry Hub price forecast for 2H to $3.80/mmBtu from $3.60/mmBtu. "While gas production continues to grow, it has been more than offset by LNG feedgas demand and other factors like the power sector and Canadian imports," Clifton White and Francisco Blanch say in a note. "Gas prices have recovered since the April lows, and we believe Henry Hub has more room to run, especially if the forecasted heat shows up in the coming weeks." They keep their 2027 price estimate at $4/mmBtu. Nymex natural gas is off 2.3% at $3.139/mmBtu. (anthony.harrup@wsj.com)
0902 ET - Oil futures pull back from earlier highs as the market ponders whether strikes between the U.S. and Iran point to a resumption of the war. The market appears unconvinced by President Trump's comments that Iran reached out to make a deal after the latest U.S. attacks, Peter Cardillo of Spartan Capital says in a note. "This situation is likely to keep prices elevated, though significant upward movement may be limited." WTI is up 0.6% at $73.95 a barrel and Brent is gaining 0.8% to $78.65.(anthony.harrup@wsj.com)
(END) Dow Jones Newswires
July 09, 2026 19:47 ET (23:47 GMT)
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