The latest Market Talks covering Energy markets. Published exclusively on Dow Jones Newswires throughout the day.
0931 ET - Siemens Energy shares' sharp drop following GE Vernova's quarterly results isn't justified, JPMorgan analysts write. Shares in the gas turbine manufacturer fell by as much as 9% as investors worry about whether the orders its U.S. peer announced are binding, the analysts say. The read-across to Siemens Energy is unwarranted as the German group is more focused on confirmed orders, they say. Moreover, GE Vernova's expanded capacity has raised concerns about oversupply--but JPMorgan analysts continue to see demand outstripping supply through 2028. "Evidently, demand is still very strong and supply is still materially too low versus demand, for now at least." Siemens Energy pares losses to fall 4.8%, while GE Vernova shares fall 5% premarket. (josephmichael.stonor@wsj.com)
0928 ET - U.S. natural gas futures gain in early trading, while are still holding in a range under $3 per million British thermal units. "This apparent standoff between the bulls and the bears reflects short-term temperature outlooks that are only slightly skewed in a bullish direction," Ritterbusch & Associates says in a note. The weather-driven cooling demand isn't enough to offset an expected expansion in the storage surplus which could reach 200 Bcf, the firm adds. "But we are also leaving open the possibility of a significant tightening in supply next month if LNG exports can pick up again amid what could still prove to be an exceptionally hot summer." Nymex natural gas is up 1.3% at $2.903/mmBtu. (anthony.harrup@wsj.com)
0920 ET - HSBC retains its end-2026 forecast for the 10-year German Bund yield at 2.80%, strategist Chris Attfield says in a note. The current level is 3.185%, according to LSEG. Ten-year Bund yields are more likely to track moves in two-year German debt than in 10-year U.S. Treasurys, he says. As such, European Central Bank policy will be crucial for this expectation of lower 10-year German yields, "although yields will doubtless continue to be buffeted by developments in the Middle East," Attfield says. "In our view the curve will continue to be driven from the short end in the coming month." (emese.bartha@wsj.com)
0917 ET - GE Vernova's explosive order growth in 2Q from its power and electrification businesses are counterbalancing a slowdown in its wind unit tied to tariff uncertainty. Orders in the wind unit were down 40% organically, sinking segment revenue by 10%. The U.S. market for new onshore equipment remains soft, and the company is still watching to see what happens with President Trump's 232 tariffs that would weigh on wind development, CEO Scott Strazik says on a call with analysts. It remains difficult to forecast when U.S. orders will turn around in light of the tariff situation and persistent permitting delays faced by customers, CFO Ken Parks says. (dean.seal@wsj.com)
0848 ET - The dollar could remain little affected by the latest bout of U.S. trade uncertainty in the near term, MUFG Bank's Derek Halpenny says in a note. President Trump's plans for new tariffs should broadly replicate the Section 122 tariffs which are due to expire on Friday, meaning the currency implications should be limited, he says. Moreover, it comes at a time when markets are pricing in U.S. interest-rate rises and Middle East risks are higher, providing some support to the dollar, he says. However, if trade uncertainty becomes more pronounced, dollar selling could re-emerge as investors become more concerned over unpredictable policies and the damage to the U.S. economy, he says. The DXY dollar index trades flat at 101.135. (renae.dyer@wsj.com)
0834 ET - Oil futures extend their gains as the U.S. and Iran continue strikes and U.S. Secretary of State Marco Rubio said Iran isn't serious about peace talks. His comments come after President Trump said Tuesday that the U.S. isn't interested in a meeting until Iran is ready to meet in a meaningful way. "This, combined with the opening of new fronts, will likely prompt a wave of speculators to chase prices higher, potentially pushing Brent crude above the triple-digit levels," says Peter Cardillo of Spartan Capital. WTI is up 3.2% at $87.06 a barrel and Brent is 3.6% higher at $94.29. (anthony.harrup@wsj.com)
0833 ET - Little evidence of indirect energy effects in the U.K's inflation print suggests the Bank of England will keep rates on hold next week and likely beyond, HSBC economist Chris Hare says in a note. Inflation fell to 2.6% in June from 2.8% in May, driven by motor-fuel prices and particularly diesel, although core inflation held steady at 2.6%, above consensus expectations. The first evidence of indirect energy effects would come into food inflation, which eased, and there is no evidence of higher wages and price setting emerging so far, he says. However, for the BOE, higher oil-and-gas prices in recent weeks pose additional upside risks to the inflation outlook, he says. (edward.frankl@wsj.com)
0809 ET - Bitcoin edges marginally lower as it appears to be consolidating after a strong run since the start of the month, Trade Nation's David Morrison says in a note. Bitcoin has been supported by renewed institutional demand and has made gains even as the dollar resumed its rally on safe-haven demand as U.S.-Iran hostilities escalate, he says. In another boost to cryptocurrencies, U.S. Treasury Secretary Scott Bessent said Tuesday the Clarity Act digital assets regulation bill is on the "one-yard line" for passage in the Senate. Bitcoin falls 0.5% to $66,027 but stays near the five-week high of $66,919 reached on Tuesday, LSEG data show. (renae.dyer@wsj.com)
0609 ET - Infrastructure debt continues to be a reliable source of stable, defensive income, Schroders Capital CIO Nils Rode says in a note. "It represents a compelling allocation within private credit and real assets portfolios, delivering income that diversifies overall corporate exposure," he says. Infrastructure debt benefits from structural tailwinds. The global need for investment across energy, digital, transport and social infrastructure is expanding, alongside demand for financing options to meet ambitious spending and development plans, Rode says. Infrastructure debt is also "one of the most effective ways" to combine a stable yield with a defensive asset that provides protection during market selloffs. Junior infrastructure debt now offers double-digit returns for investors seeking higher returns, Rode adds. (emese.bartha@wsj.com)
0556 ET - The euro rises against the dollar as higher oil prices prompt investors to price in more aggressive interest-rate increases compared to the Federal Reserve, ING's Chris Turner says in a note. However, it's hard to see the market pricing in even higher European Central Bank rates, regardless of the language delivered at Thursday's policy decision and press conference, he says. "Barring a near-term move towards another ceasefire between the U.S. and Iran, our bias remains for the euro drift back to $1.1380 and then take its cue from tomorrow's ECB meeting." The euro rises 0.1% to $1.1408. (renae.dyer@wsj.com)
0540 ET - U.S. Treasury yields trade steady on the day, with the 10-year yield close to an earlier two-month high, while the dollar is marginally lower. Investors remain cautious as oil prices rise and Middle East tensions continue, leaving a risk that yields and the dollar could rise. "The pullback [in the U.S. dollar] could prove limited, however, as Treasury yields remain at elevated levels and geopolitical tensions could continue to fuel safe-haven demand," DHF Capital S.A's Bas Kooijman says in a note. Brent crude rises 3.5% to $94.19. The 10-year Treasury yield is last up 0.2 basis points at 4.630%, having earlier hit a high of 4.642%, according to Tradeweb. The DXY dollar index falls 0.1% to 101.102, having hit a one-week high of 101.210 overnight. (emese.bartha@wsj.com)
0511 ET - The cost of insuring euro-denominated credit against default climbs as investors take precaution due to the ongoing U.S.-Iran war. The Middle East conflict is driving up oil prices, raising inflation risk and increasing the prospects of major central banks hiking interest rates in the coming months. The iTraxx Europe Crossover index of euro high-yield credit default swaps rises 1 basis point to 257bps, S&P Global Market Intelligence data show. (miriam.mukuru@wsj.com)
(END) Dow Jones Newswires
July 22, 2026 09:32 ET (13:32 GMT)
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