The latest Market Talks covering Energy markets. Published exclusively on Dow Jones Newswires throughout the day.
1350 ET - Movement in energy prices is supporting the turnaround seen in grain futures this afternoon, says Oliver Sloup of Blue Line Futures. "I think you see strength in the energy complex; oil, heating oil, RBOB also offering support," says Sloup. Light crude is up 2.5%, to $85.28 a barrel, according to LSEG data, with Brent crude oil up 2.2%, to $91.19 a barrel. Grains like corn have been riding waves with energy prices, due to the usage of it in renewable fuels like ethanol. Most-active CBOT corn is up 0.6%, while wheat rises 0.5% and soybeans fall 0.3%. (kirk.maltais@wsj.com)
1201 ET - Now that Tidewater Midstream and Infrastructure's restructuring has taken hold, National Bank of Canada analyst Patrick Kenny thinks the company is poised to move into a growing phase. "Management's attention is shifting towards offence," Kenny says, pointing to the sanctioning of its $1.2 billion Sustainable Aviation Fuel project, growing field gas throughput at Brazeau River Complex, and restarting Ram River in 2H. He figures that these together represent about C$30 a share of "unrisked valuation upside," which would more than double current valuations. National Bank upgrades the stock to outperform from sector perform with a C$25 price target, up from C$17 previously. Shares are up 6.7% to C$20.82, and are up nearly fourfold this year. (adriano.marchese@wsj.com)
1140 ET - Gulf stock markets close mixed, with Saudi stocks lower but others slightly higher amid uncertainty over the Middle East conflict. Qatar's QE Index rises 0.2%, the Dubai Financial Market General Index gains 0.3% and Abu Dhabi's benchmark index adds 0.4%, while Saudi Arabia's Tadawul All Share Index is down 0.4%. Qatar has floated a 10-day ceasefire and a halt to shipping restrictions in the Strait of Hormuz. Stable oil prices, resilient corporate fundamentals and expectations of solid second-quarter earnings are also helping sentiment, particularly in banking and large-cap names, says XTB MENA's Milad Azar. Attractive valuations supporting selective buying in U.A.E. stocks, while Saudi Arabia's weaker performance reflects concerns about potential Red Sea disruptions, he says. (farhan.rafid@wsj.com)
1122 ET - Global oil markets are facing the biggest pressure from tighter product supplies as the U.S. and Iran escalate hostilities, analysts at Commerzbank say. In the U.S., the gap between crude oil costs and fuel prices has widened sharply, climbing to almost $70 a barrel. Gasoline prices have risen back above $4 per gallon, while stockpiles are nearly 8.5% below seasonal norms as demand remains strong, the analysts say. Refiners operated at exceptionally high capacity levels in the second quarter, prioritizing jet fuel production for international markets over gasoline output. Analysts warn that pushing refineries too hard for too long could increase the risk of refinery outages later in the year. Meanwhile, China is adding to global product market tightness, with June production of jet fuel, diesel, and gasoline all declining sharply from year-ago levels, according to Commerzbank. (giulia.petroni@wsj.com)
1046 ET - Oil prices gain more than 2.5% as fresh attacks between the U.S. and Iran and threats of a naval blockade by Yemen's Houthis lift Brent crude above $91 a barrel. Efforts by mediators to broker a new ceasefire between Washington and Tehran have provided some relief to markets, but the wide gap between the two sides leaves investors skeptical about the prospects for a lasting agreement. Maritime traffic through the Strait of Hormuz has virtually halted, while any disruption to the Bab al-Mandab Strait by the Houthis would deal a significant blow to energy markets at a time when global oil inventories are tighter, analysts say. In early U.S. trading, Brent rises 2.6% to $91.55 a barrel, while WTI is up 2.6% to $84.66 a barrel. (giulia.petroni@wsj.com)
0933 ET - U.S. natural gas futures are little changed in early trading, with triple-digit heat in Texas likely to support power-sector demand. The possible impact of tropical storm Bertha is mixed as the system moves along the Gulf coast, with potential for offshore production declines but also risks to LNG exports and cooling rains, Eli Rubin of EBW Analytics says in a note. Offshore natural gas production loss from the storm could be between 4.4 Bcf and 6 Bcf, according to estimates by Earth Science Associates. The consulting firm estimates lost oil production between 1.4 and 5.4 million barrels. Nymex natural gas is off 0.1% at $2.858/mmBtu.(anthony.harrup@wsj.com)
0912 ET - Crude futures are higher as the U.S. continues its strikes on Iranian targets and Iran attacks U.S. bases and other sites around the Gulf. Adding to supply concerns are Houthi threats against Saudi shipping in the Red Sea and Ukraine's attacks on Russian energy infrastructure. Price advances with the latest escalation have been contained by expectations there could be a return to talks at any time. "Like everyone else I am gunshy on being overly bullish considering the headline risks that can be generated at any moment that will send oil down $5 when the market is clearly long," Scott Shelton of TP ICAP says in a note. WTI for August delivery is up 1.9% at $84.79 ahead of today's expiry and Brent is up 1.7% at $90.76.(anthony.harrup@wsj.com)
0903 ET - Bitcoin rallies to a five-week high as U.S. stock futures rise, with the tech-heavy Nasdaq leading gains ahead of earnings from major tech companies. Bitcoin is also supported by renewed institutional demand, with spot bitcoin exchange-traded funds recording two consecutive weeks of net inflows, Trade Nation's David Morrison says in a note. Bitcoin rises to a high of $66,602, LSEG data show. The next big upside target is $70,000, while chart support stands at $65,000, Morrison says. (renae.dyer@wsj.com)
0701 ET - Hapag-Lloyd trades at an unjustified premium to historical multiples and compared to peers, UBS analyst Cristian Nedelcu writes. The analyst says the industry order book is at a historically high level of around 40% of the current fleet while Hapag-Lloyd's EBIT margins have underperformed versus peers over recent years. "In the context of supply exceeding demand by 2027/28, we expect free cash flow burn across the industry." Hapag-Lloyd upgraded full-year guidance last week and UBS lifts its Ebitda estimates for 2026, 2027 and 2028 mainly to reflect higher volumes and rates. The bank lifts its price target on the stock to 102 euros from 96 euros. Shares rise 0.9% to 124.30 euros. (dominic.chopping@wsj.com)
0616 ET - Palm oil futures closed lower, weighed by a pullback in rival soy oil and potential profit taking overnight, Kenanga Futures analysts said in a note. The downside was likely cushioned by concerns over the possible impact of a super El Nino on future supply and expectations of strong demand from India ahead of the festive season, it added. Kenanga Futures pegs the support and resistance for the October contract at 4,560 ringgit a metric ton and 4,665 ringgit a ton, respectively. The Bursa Malaysia Derivatives contract for October delivery ended 34 ringgit lower at 4,609 ringgit a ton. (amanda.lee@wsj.com)
0602 ET - U.S. Treasury yields and the dollar trade steady amid hopes that diplomatic talks between the U.S. and Iran could be revived and a ceasefire put in place, Kudo.com's Konstantinos Chrysikos says in a note. "Progress on that front would limit the demand for safe-haven assets, weighing on the greenback," he says. However, falls in the dollar and Treasury yields could remain limited after Yemen's Iran-aligned Houthi movement declared a naval blockade on Saudi Arabia. Meanwhile, military operations continue in the region and disruptions to maritime traffic persist, Chrysikos says. The 10-year U.S. Treasury yield is steady at 4.598%, according to Tradeweb. The DXY dollar index is stable at 100.926. (emese.bartha@wsj.com)
0526 ET - John Healy's appointment as treasury chief is a positive development for U.K. manufacturers, Emily Sawicz at RSM UK says in a note. Alongside Wes Streeting as defense secretary, the move signals a focus on delivering defense investment, placing stronger emphasis on supporting U.K.-based producers and supply chains, she says. "This could provide a meaningful boost for domestic industry, helping to strengthen manufacturing capacity, support skilled jobs and encourage investment and innovation across the wider industrial base." Still, increased spending will need to be combined with investment in technological advancement, production capacity and workforce development, Sawicz adds. With the industry facing a lack of skills availability and significant order backlogs, a stable pipeline of defense projects will be needed to boost business confidence, she says. (don.forbes@wsj.com)
(END) Dow Jones Newswires
July 21, 2026 13:50 ET (17:50 GMT)
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