The latest Market Talks covering Energy markets. Published exclusively on Dow Jones Newswires throughout the day.
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)
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)
0854 ET - Renewed tensions in between the U.S. and Iran could drive up inflationary pressures and keep gilt yields elevated, Validus Risk Management's Harry Woolman says in a note. This could worsen U.K. debt affordability. "Higher inflation expectations are likely to keep rates elevated, ensuring debt-servicing costs remain structurally higher than they were before the pandemic," he says. U.K. government finances are stretched due to high borrowing costs and weak economic growth. Ten-year gilt yields fall 2.6 basis points to 4.940%, having hit a seven-week high of 4.980% on Wednesday, Tradeweb data show. (miriam.mukuru@wsj.com)
0821 ET - Comet Holding's sales should grow rapidly through to 2028 as the group benefits from the build-out in memory-chip manufacturing capacity, Bank of America analysts write. Switzerland-based Comet makes components used in the manufacturing of memory chips. As companies respond to AI-driven demand and develop new memory-chip factories, Comet will benefit given its large capacity to handle new orders, the analysts say. BofA raises its revenue and margin expectations for Comet through to 2028 earnings. Comet shares lead the Stoxx 600 risers, climbing nearly 12%.(josephmichael.stonor@wsj.com)
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)
0620 ET - Palm oil ended lower. Prices are likely to stay range-bound in the near term, according to Hualian Futures in a research note. Investors are closely monitoring developments in the Middle East, as Trump's recent comments signaled renewed tension between U.S. and Iran. Production of palm oil in Malaysia has been solid in June, they note. The Bursa Malaysia Derivatives contract for September delivery falls 15 ringgit to 4,594 ringgit a ton. (tracy.qu@wsj.com)
(END) Dow Jones Newswires
July 09, 2026 13:44 ET (17:44 GMT)
Copyright (c) 2026 Dow Jones & Company, Inc.
Comments