The latest Market Talks covering Energy markets. Published exclusively on Dow Jones Newswires throughout the day.
1624 ET - U.S. natural gas futures settle lower, falling for a third consecutive week as the first significant cold weather of the season has yet to show up. "Exceptionally mild near-term weather forecasts and expectations for a warmer-than-normal winter have overwhelmed otherwise supportive fundamentals, including record LNG exports approaching 21 Bcf per day and a tighter storage balance," says Andy Huenefeld of Pinebrook Energy Advisors. "The path of least resistance appears to be firmly to the downside at this point in the season." Nymex natural gas settles down 1.8% at $2.898/mmBtu for a 5% weekly loss. (anthony.harrup@wsj.com)
1415 ET - U.S. operators continue to add oil rigs as the conflict drags on in the Middle East, keeping crude prices high. Oil rigs increased by two last week to 462, and were up by 48 from a year ago, Baker Hughes reports. With increased anticipation of oil prices staying high, "there's just a lot more interest in exploration," says Andrejka Bernatova, CEO of Dynamix Corporation III, an energy-focused SPAC. "There's a sort of realization that you cannot rely on Russia and the Middle East at this point," she says. There is more focus on the U.S. and a lot of interest in places like Venezuela and Argentina, she adds. Natural gas rigs slipped by two this week to 130, or five more than a year ago. (anthony.harrup@wsj.com)
1409 ET - Precious metals futures fall as conflicts in the Middle East and Russia-Ukraine push oil prices higher, fueling concerns about inflation and higher interest rates. Front-month gold falls 3.3% in New York to $3,885.70 a troy ounce, its lowest close since Oct. 3, 2025. Silver falls 5.9% to $49.097 a troy ounce, its lowest since Nov. 7 of last year. The selloff could be "partly emanating from the crypto hack, which is triggering a flight to cash and putting additional selling pressure on the metals," Peter Cardillo of Spartan Capital says in a note. (anthony.harrup@wsj.com)
1248 ET - The breaches at Binance and Polymarket will make recovery spending a budget priority, presenting a potential boon for Rubrik's identity and data recovery products, Wedbush analyst Steven Wahrhaftig says in a research note. The increasing frequency of attacks widens the set of buyers for whom recovery is a necessity rather than an option, and rising incident costs are boosting the value of platforms that can provide clients with a clean restore, the analyst says. He expects Rubrik's annualized recurring revenue from net new subscriptions, and its count of customers spending $100,000 or more, will accelerate over the next two quarters as more breach-driven recovery budgets are approved. Rubrik shares are down 10% at $119.28. (dean.seal@wsj.com)
1241 ET - Gold and silver futures accelerate losses as rising oil prices raise inflation concerns with implications of higher interest rates. "Expectations of tighter monetary policy continue to weigh on the non-yielding asset," Bas Kooijman of DHF Capital says ina note. "Firmer oil prices are compounding the pressure by sharpening concerns over persistent inflation." A pullback in oil prices could ease pressure on gold, while further supply disruption or a stronger-than-expected U.S. October jobs report "would likely reinforce the case for tighter policy and keep bullion under pressure." Gold for December delivery is down 3% in New York at $3,909.20 a troy ounce. Silver slides 5.9% to $49.285 a troy ounce. (anthony.harrup@wsj.com)
1146 ET - ExxonMobil CEO Darren Woods says the company plans to invest more than $100 billion through 2030 to bolster global energy supplies, with roughly 10% of that focused on its refining business. "No other international oil company has invested more to grow crude production and refined product production," Woods says during an appearance on CNBC. The investment will span Exxon's upstream, refining and chemical businesses across its global footprint, he says.(kelly.cloonan@wsj.com)
1145 ET - With fuel prices rising amid geopolitical tensions, ExxonMobil CEO Darren Woods says the company is focused on churning out diesel. "Frankly, diesel is the key crunch point here because it is so critical to economic growth and [has] very inelastic demand," Woods says during an appearance on CNBC. "The demand for diesel remains high despite the capacity." Woods says the company is at record levels of utilization for its refineries, and the yield of diesel across its global refining footprint is at record levels. In North America, the company is producing record diesel volumes, he adds. "It's all been a function of trying to drive more product into the marketplace to meet that demand and to drive costs down." (kelly.cloonan@wsj.com)
0904 ET - The mild weather outlook for the first half of November is keeping downward pressure on U.S. natural gas futures, with the December contract retreating further from the $3 level. "The oversized injection report yesterday, combined with inconsistent LNG feed gas data, sent the market tumbling yesterday and has December still trying to find its footing at the top of the gas board this morning," Tradition Energy's Gary Cunningham says in a note. The weather is providing little if any support, he says. "We are still in a very bearish trough with some slight support down around $2.85." Nymex gas for December delivery is off 2.5% at $2.878/mmBtu.(anthony.harrup@wsj.com)
0901 ET - Oil futures are higher in a jittery market ahead of next week's U.S. midterm elections. Attacks on tankers in the Strait of Hormuz, Houthi strikes on Saudi targets and a resumption of Ukrainian attacks on Russian refineries are driving the rise, Peter Cardillo of Spartan Capital says in a note. "The present situation is looking bleaker than ever, potentially putting additional pressure on President Trump to take action," he says. "The escalating tensions could push oil prices, even if only briefly, to new yearly highs." WTI is up 2.2% at $104.23 a barrel and Brent is 2.1% higher at $117.33 a barrel. (anthony.harrup@wsj.com)
0725 ET - An important factor for the euro's outlook is whether energy prices remain high and feed into broader price pressures, Commerzbank's Norman Liebke says in a note. If energy prices stay elevated and signs of second-round effects increase, the market could price in more interest-rate rises by the European Central Bank, supporting the euro, he says. If price pressures remain largely confined to energy, the bar for further rate hikes after a likely move in December will remain high, he says. In this case, the euro's upside potential will be limited, particularly as energy inflation could partly decline again next year due to base effects, he says. The euro rises 0.2% to $1.1201. (renae.dyer@wsj.com)
0706 ET - BP delivered against elevated expectations, UBS analyst Joshua Stone writes. Operating earnings came in 10% ahead of consensus and adjusted net income beat by 15%, Stone notes. One of the most important elements from Friday's release was the intention to settle the remaining liabilities from the Deepwater Horizon oil spill in full, which is equivalent to around $5 billion post-tax, he says. Shares rise 0.4% to 626.70 pence. (adam.whittaker@wsj.com)
0635 ET - BP's net debt could fall even further as it awaits the "imminent" arrival of $6 billion from the disposal of Castrol, J.P. Morgan's Matthew Lofting writes. Total financial obligations have fallen by $9.3 billion, or 20% over the period, as the company prioritizes its balance sheet, he says. Shares trade 0.5% higher at 627.20 pence.
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