The latest Market Talks covering Energy and Utilities. Published exclusively on Dow Jones Newswires at 4:20 ET, 12:20 ET and 16:50 ET.
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)
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)
0855 ET - Treasury yields are little changed following President Trump's comments yesterday that Iran called him seeking a deal. Oil prices are also stable after Wednesday's rally triggered by the end of the U.S.-Iran ceasefire. Weekly jobless claims slip to 215,000 from an upwardly revised 217,000, compared with WSJ consensus forecast of 218,000. June existing home sales, due at 10 a.m. ET, are expected to cool down. The WSJ Dollar Index slips 0.1%. The 10-year yield is at 4.577%, after settling yesterday at 4.567%. The two-year declines to 4.189% from 4.200%. (paulo.trevisani@wsj.com; @ptrevisani)
0813 ET - BP CEO Meg O'Neill's first priority is to reduce lost cash flow spent on its liabilities, RBC Capital Markets analyst Biraj Borkhataria writes after attending an analyst meeting with her. The current macroeconomic environment is supportive of this and means the British energy company could meet its net debt target of $14 billion to $18 billion by end 2027 somewhere between the third and fourth quarter of this year, he writes. There is no "big splash" event expected this year where BP plans to set out new targets, he adds. Investor sentiment will be driven by net debt reductions and pruning of the portfolio, he adds. Shares fall 1.4% at 484.50 pence. (adam.whittaker@wsj.com)
0458 ET - BP is targeting safe, reliable, cost-efficient operations every day, CEO Meg O'Neill writes on her 100th day leading the British energy major. "Safety comes first, always," she writes. The company was found grossly negligent in the 2010 Deepwater Horizon oil-spill disaster and suffered a fire at an Ohio refinery that killed two workers in 2022. BP is targeting a strong performance, delivered consistently, every quarter, she adds. "I want us to be the most 'predictable' company out there," she says. Her other two priorities are sharper accountability and strong cost and capital discipline. Shares fall 1.6% to 483.25 pence. (adam.whittaker@wsj.com)
0407 ET - British energy major Shell should deliver exceptional second-quarter cash flow, which could return its quarterly buyback to $3.5 billion for a period, Berenberg analysts write. In May, it launched a $3 billion buyback. The cash flow will be driven by oil and gas trading, higher commodity prices and strong refining margins, they write. Shell shares have underperformed European peers in the past month and the pullback offers an attractive entry point for investors, they write. Shares fall 0.9% to 3,053 pence.(adam.whittaker@wsj.com)
2321 ET - Citicore Renewable Energy stands to benefit from visible execution of its pipeline and supportive industry tailwinds, Maybank Securities' Germaine Guinto says in a research report. The Philippine company has completed 1.2 gigawatts of renewable-energy capacity and is constructing an additional 2.2GW, which is expected to be commissioned by end-2026, the analyst notes. Also, the lower demand threshold for Philippines' retail electricity supply market and the brokerage's elevated spot electricity price outlook should support the renewable energy company's earnings growth. The brokerage raises the stock's target price to 5.20 pesos from 4.30 pesos, with an unchanged buy rating. Shares are 2.25% higher at 4.55 pesos. (ronnie.harui@wsj.com)
2158 ET - PTT Exploration and Production's 2Q earnings are likely to be strong, UOB Kay Hian analysts say in a research report as they maintain the stock's buy rating. The petroleum company's average selling price is expected to rise in line with higher Dubai crude oil prices, the analysts say. The Thai company's petroleum sales volume could grow 12.5% on year to 568,000 barrels of oil equivalent per day, partly supported by higher gas production from Gulf of Thailand projects. However, the brokerage lowers the stock's target price to 160.00 baht from 185.00 baht based on the average five-year regional forward P/E of 8.7X versus 10X previously. Shares last closed at 141.00 baht. (ronnie.harui@wsj.com)
1512 ET - Oil futures pull further away from pre-war levels as strikes resume between the U.S. and Iran and the U.S. cancels its sanctions waiver to allow for the sale of Iranian oil following Iran's attacks on tankers in the Strait of Hormuz. "This is bullish for the near term," Phil Flynn of the Price Futures Group says in a note. "With Iranian barrels now facing renewed restrictions, supply risks are back on the table, supporting prices even as global markets digest other factors." WTI settles up 4.4% at $73.52 a barrel after edging above $76, and Brent gains 5.2% to $78.02 after briefly returning to $80 a barrel. (anthony.harrup@wsj.com)
1447 ET - The EIA's report of a 3 million barrel build in crude oil stocks for last week would have been bearish but for the renewal of conflict in the Middle East that pushed prices up, Mizuho's Robert Yawger says in a note. "All moving pieces lined up on the bearish side of the ledger," he writes, noting crude production near an all-time high, a rise in imports, a drop in exports, and refineries easing off after running hard since early spring. "If Ayatollah Khamenei's funeral had not sparked a hardliner outburst in Iran over the past couple days, ultimately leading to attacks on shipping in the strategic chokepoint, then today's report would have been one more bearish data point in what was shaping up to be an oversupplied market." (anthony.harrup@wsj.com)
1423 ET - Oil futures are higher in a volatile session as the renewal of strikes between the U.S. and Iran threaten to again choke off Middle East supply, prompting short-covering. "Traders were caught offside, particularly in Brent," says Tracy Shuchart of NinjaTrader Group. "All the length had come out of that contract, most of it had come out of WTI, so the market was getting pretty short." An effort by President Trump to de-escalate later on wouldn't be surprising, she says. With stockpiles already depleted, the world no longer has the cushion it had at the start of the conflict and most countries want to replenish their strategic reserves. "We don't have that buffer any more even in the U.S.," Shuchart adds. WTI is up 4.5% at $73.62 a barrel and Brent is up 5.4% at $78.16. (anthony.harrup@wsj.com)
(END) Dow Jones Newswires
July 09, 2026 12:20 ET (16:20 GMT)
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