The latest Market Talks covering Energy markets. Published exclusively on Dow Jones Newswires throughout the day.
1538 ET - U.S. natural gas futures relinquish intraday gains and settle fractionally lower despite a 32 Bcf weekly inventory build that landed at the low end of market estimates. "With today's supportive storage report and temperature forecasts looking conducive to even stronger power burn in the coming weeks, the market appears to have found a near-term bottom," Andy Huenefeld of Pinebrook Energy Advisors says in a note. "Hot weather in Texas, against a backdrop of waning wind generation output, is likely to drive stronger natural gas demand during the periods covered by the next several storage reports." Nymex natural gas for August delivery settles down 0.3% at $2.916/mmBtu, while contracts further out post gains.(anthony.harrup@wsj.com)
1509 ET - Crude futures extend gains with Brent settling above $100 a barrel for the first time in two months as Iran-backed Houthis said they attacked Saudi tankers in the Red Sea, threatening a key alternative shipping route to the Strait of Hormuz. "This has a double hit. It further reduces exports from the Middle East, but it also means the alternative route for cargoes traveling to Europe (around South Africa) is significantly longer," Ellen Fraser, an energy analyst at consulting firm Baringa says in a note. The added threat to supply comes as global stocks are low, including in the U.S. Strategic Petroleum Reserve, she adds. "Globally oil could go higher ... and that's quite likely unless things calm soon." Brent rises 7% to $100.69 a barrel, its highest close since May 22. WTI settles up 6.2% at $92.19, the highest since June 4. (anthony.harrup@wsj.com)
1311 ET - Canadian National Railway's positive agreements with Union Pacific puts it in a stronger competitive position against rival Canadian Pacific Kansas City, according to TD Cowen in a note. Analyst Cherilyn Radbourne says one agreement grants CN operating rights over Union Pacific's line between Memphis and the Eagle Pass gateway to Mexico. A second settlement agreement would expand CN's access in the key U.S. Midwest. She notes that access to Mexico "should move ahead as soon as possible," while the settlement agreement "depends on STB [Surface Transportation Board] approval and completion of the Union Pacific-Norfork Southern merger." (adriano.marchese@wsj.com)
1248 ET - Brent crude's rise above $100 could prompt leaders to seek de-escalation, Lombard Odier's Nannette Hechler-Fayd'herbe says. Rational actors in the U.S. and Iran will push both sides toward the negotiating table, with U.S. Republicans wary of midterm elections, and Tehran eager to ease economic sanctions, the investment strategist says. "Everyone has their own perennity in sight." Lombard Odier continues to expect the Federal Reserve to avoid a rate hike this year, and the latest escalation in the Gulf hasn't changed the investment group's oil outlook. Brent crude oil trades 6.6% higher at $100.26 a barrel, while WTI rises 5.9% to $91.91 a barrel. (josephmichael.stonor@wsj.com)
1216 ET - The backwardation in crude oil futures as WTI moves above $90 a barrel points to a retreat from current highs once military action in the Middle East ends, says Pavel Molchanov, investment strategy analyst at Raymond James. "The oil market's futures curve is, once again, steeply downward-sloping," he says. "WTI's November contract is below $85, January 2027 below $80, and May 2027 below $75." Raymond James's base case is for the fighting to end by mid-August, and "we expect all of these prices to shift further down," Molchanov adds. Front-month WTI is up 5.8% at $91.90 a barrel and Brent gains 6.6% to $100.26.(anthony.harrup@wsj.com)
1156 ET - The falling availability of oil from the Persian Gulf is likely to support crude prices in coming weeks, although immediate demand seems to have been met with the supply surge that occurred under the U.S.-Iran Memorandum of Understanding, Vikas Dwivedi of Macquarie Group says in a note. "The reintroduction of geopolitical risk premium has driven the recent rally along with a short squeeze propelled by historically high short interest prior to the ceasefire's collapse," he says. Macquarie assigns a "medium probability" of modest escalation from here, "but a low probability for a return to a large-scale conflict, absent a serious miscalculation by either side." WTI is up 6.5% at $92.44 a barrel and Brent is up 6.8% at $100.82.(anthony.harrup@wsj.com)
1117 ET - Canadian energy companies are among the top gainers on Toronto's indexes as oil surges back higher, with Brent crude reaching $100 a barrel before easing amid renewed Middle East tensions flaring up. Crude jumped after Tehran-backed Houthi militants claimed attacks on two Saudi oil tankers in the Red Sea, threatening another key shipping route and reviving fears of a broader return to confrontation with Iran. Canada's energy companies have already benefited from higher prices and renewed investor interest during the early weeks of the conflict as limited movement in the key shipping lane of the Strait of Hormuz threatened global supplies. Among the top gainers in the session are Vermilion Energy, Athabasca Oil, Cenovus and Suncor. (adriano.marchese@wsj.com)
1106 ET - RTX and Lockheed Martin shares are climbing despite a wider selloff hitting the broader market. The defense contractors just reported strong 2Q earnings bolstered by hefty spending for the White House's military actions in Iran, particularly for missile systems. RTX shares are up over 7% and on pace for their largest percent increase in nearly two years. Lockheed shares are up nearly 11%and on pace for their largest percent increase in more than six years. The rest of the market is getting crushed as global oil prices climb back to $100 a barrel from Tehran-backed Houthi militant attacks on Saudi tankers. (dean.seal@wsj.com)
1051 ET - U.S. natural gas inventories rose by 32 billion cubic feet last week, an increase that was roughly in line with the five-year average and with expectations. At 3,056 Bcf, gas in underground storage was 183 Bcf above the 2021-2025 average and 16 Bcf below the year-earlier level, the EIA reports. The weekly increase--the smallest so far of the current injection season--landed between the 30 Bcf average for the week and the 34 Bcf estimate in a WSJ survey of analysts. Nymex natural gas futures are up 0.5% at $2.940/mmBtu.(anthony.harrup@wsj.com)
1050 ET - U.A.E. stocks end higher as major banks rise, while Saudi Arabia also gains, supported by index heavyweight Saudi Aramco. This comes as President Trump says the U.S. would hold Iran responsible for future attacks by Houthi militants after the group fired on two Saudi tankers in the Red Sea. First Abu Dhabi Bank and Emirates NBD, the largest listed banks on their respective exchanges, support gains in Abu Dhabi and Dubai after both lenders reported resilient earnings in 2Q, a period marked by war-related disruptions. Healthy loan growth and solid capital levels are improving confidence in the banking sector, says Mazen Abou Ismail, head of trading desk at FFA Private Bank Dubai. Abu Dhabi's benchmark index gains 0.7%, Saudi Arabia's Tadawul All Share Index rises 0.3%, the Dubai Financial Market General Index adds 0.2% and Qatar's QE Index falls 0.3%. (farhan.salehrafid@wsj.com)
1028 ET - U.S. natural gas futures are modestly higher ahead of the EIA's weekly inventory report, with the market also keeping watch on Tropical Storm Bertha as it makes its way along the Louisiana coast toward Texas. Analysts in a WSJ survey predict a 34 Bcf storage injection for last week, which would increase slightly the surplus over the five-year average. The EIA report is due at 10:30 a.m. ET. Nymex natural gas is up 0.1% at $2.929/mmBtu. (anthony.harrup@wsj.com)
1003 ET - While European Central Bank President Christine Lagarde dodged all questions about what policymakers are likely to decide in September, the bank is clearly worrying about upside risks to inflation, Pantheon Macroeconomics' Claus Vistesen says in a note. After the decision to hold rates steady, Lagarde acknowledged the uncertainty surrounding the path of energy prices since the June staff projections, he says. That reveals that the decision will to a large extent depend on the trajectory of oil prices and conditions in the Middle East. That points to a quarter-point rate increase in September as the ECB's inflation forecasts will remain well above the prewar path, supporting a shift in policy towards the upper end of neutral, Vistesen says. (edward.frankl@wsj.com)
(END) Dow Jones Newswires
July 23, 2026 15:38 ET (19:38 GMT)
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