The latest Market Talks covering Energy markets. Published exclusively on Dow Jones Newswires throughout the day.
2116 ET - Oil falls in early Asian trade, after settling higher overnight. Vice President JD Vance is engaging one of Iran's most powerful hard-liners to revive peace negotiations even as President Trump threatens to restart the war after next week's midterm elections, the Wall Street Journal reported, citing U.S. officials and people familiar with the matter. Risks remain elevated for oil prices with Saudi Arabian energy infrastructure coming under repeated attacks from the Yemen-based Houthis, ANZ Research analysts say in a note. Front-month WTI crude-oil futures are down 0.7% at $102.10 a barrel, while front-month Brent is 0.6% lower at $114.60 a barrel, ICE data show.(amanda.lee@wsj.com)
1615 ET - Ford says it now expects a greater commodity costs this year, projecting headwinds approaching $2.5 billion. It previously assumed that headwinds would be just above $2 billion. The company has been working on reducing its overhead, and says it is on track to hit its full-year targets for adjusted earnings before interest and taxes. "As we close the year and look ahead to 2027, we are intensely focused on driving efficiencies throughout our business - enabling us to better perform in the face of rising inflationary costs - and improving capital efficiency through smarter investments, higher utilization of existing assets and strategic partnership," CFO Sherry House says. (elias.schisgall@wsj.com)
1613 ET - U.S.natural gas futures rise with the Nymex November contract expiring at $2.817/mmBtu, up 4.4% on the day. Although the strong expiration offset only a small part of recent losses, it helped to pull up deferred contracts, Ritterbusch & Associates says in a note. Gas for December delivery rises 0.9% to $3.032/mmBtu but could see a renewed downtrend if mild temperature outlooks extend much further, the firm adds.(anthony.harrup@wsj.com)
1555 ET - Oil futures recover most of the previous two days' losses as traders worry that the U.S. could renew military strikes against Iran following the midterm elections. The market is "one more headline from rallying to the next level and trading to the five-month high of $117.45 from Oct. 23," Mizuho's Robert Yawger says in a note. Brent settles up 1.3% at $115.32 a barrel. WTI rose 2.9% to $102.78, helped in part by a fourth straight weekly decline in U.S. crude stockspiles, which fell by 1.9 million barrels and were 4% below the five-year average for the time of year. (anthony.harrup@wsj.com)
1428 ET - U.S. production of ethanol rose by 25,000 barrels a day last week to 1.118 million barrels a day, the EIA reports. It was the highest average weekly production since the week of July 24, and at the high end of estimates in a Dow Jones survey of analysts which ranged from 1.082 million b/d to 1.12 million b/d. Ethanol inventories slipped by 35,000 barrels to 25.5 million barrels. Stocks estimates ranged from 23.8 million barrels to 25.6 million barrels. (anthony.harrup@wsj.com)
1338 ET - Gold futures slip as oil prices rise on Middle East escalation concerns, with the market waiting on the Fed for guidance on interest rates. "While no rate hike is expected, investors are likely to focus on whether the tone turns more hawkish than markets anticipate and what that signals for further increases this year and in 2027," Critical Metals CEO Tony Sage says in a note. Any dovish signs in PCE inflation and GDP numbers later this week could support gold, "while firm data could lift the dollar and weigh on the metal," he says. Front-month gold settles down 0.6% in New York at $4,036.00 a troy ounce. Silver falls 1.5% to $53.457 a troy ounce, its lowest close since Nov. 26, 2025. (anthony.harrup@wsj.com)
1329 ET - The EU needs to reverse the decline in European oil refining to help mitigate the impact of the energy crisis, Dan Jorgensen, the bloc's energy and housing commissioner, says. The energy crisis spurred on by the U.S. and Israel's war with Iran and Russia's war with Ukraine is a wake-up call, he says. Refineries have played a key role in ensuring supply security, he adds. "Over the last two decades, around a quarter of EU refineries were shut down, decreasing domestic refining capacities by around 10%." Divestments in Europe have accelerated, Jorgensen says. "We need to counter this trend and ensure that we have adequate and flexible refining capacity in Europe." (edith.hancock@wsj.com)
1128 ET - European natural-gas prices top 100 euros a megawatt-hour for the first time in nearly four years as markets fear renewed escalation between the U.S. and Iran. In afternoon trading, the benchmark Dutch TTF contract was up 4.6% to 100.24 euros a megawatt-hour, a level last seen during the 2022 energy crisis. Only limited volumes of LNG from the Persian Gulf are reaching the global market due to the Iran war, raising competition between European and Asian buyers. Meanwhile, traders fear lower temperatures will soon raise heating demand at a time when gas inventories across the EU sit well below the five-year average. (giulia.petroni@wsj.com)
1045 ET - Israeli stocks fall sharply Wednesday and the shekel weakens as preliminary election results point to a political deadlock. The benchmark TA-35 index drops around 3%, while the broader TA-125 loses more than 3% in intraday trading. The shekel falls 2.3% against the dollar to 3.1230, with financial and real-estate stocks among the biggest decliners. Neither major political bloc is projected to secure a parliamentary majority. Uncertainty surrounding the Israeli election adds to geopolitical risks as renewed U.S.-Iran tensions threaten diplomatic efforts, according to Saxo Bank, which warns that markets remain highly sensitive to developments in the region. (farhan.rafid@wsj.com)
1026 ET - Oil futures are rising with market concerns about a Middle East escalation overshadowing the flurry of diplomatic efforts in the region. The political deadlock following Israeli elections "introduces greater uncertainty at a particularly sensitive moment for U.S./Israel-Iran relations, with higher risk of renewed military escalation," Francesco Martoccia of Citi Research says in a note. Renewed escalation could drive a further increase in the geopolitical risk premium while credible progress toward a deal could unwind part of the existing premium, he says. "This election outcome does not alter our central case of a negotiated agreement by year-end, but raises the probability of a more volatile and potentially disruptive path." WTI is up 1.8% at $101.73 a barrel Brent is up 1% at $115 a barrel. (anthony.harrup@wsj.com)
0919 ET - U.S. natural gas futures are higher with the expiring November contract recovering for a second session. Mild near-term temperature forecasts have kept downward pressure on prices, while several months of below-average storage injections and strong LNG demand have provided support. "Despite some minor model disagreement, temperature forecasts continue to favor warmer-than-normal weather across key population centers well into the first half of November," Andy Huenefeld of Pinebrook Energy Advisors says in a note. "The market is maintaining the overall bearish outlook for the months ahead." Nymex natural gas is up 4% at $2.8059/mmBtu. (anthony.harrup@wsj.com)
0912 ET - GE Vernova CEO Scott Strazik says the company's $9 billion acquisition of Trench Group, a high-voltage grid equipment manufacturer, marks an important step forward in strengthening and scaling its electrification business in the high- and medium-voltage markets globally. The deal will be additive to earnings on day one and add to GE Vernova's portfolio "industry-leading technology to innovate into the future and serve this growing market," Strazik says on a call with analysts. GE Vernova estimates the global high-voltage market opportunity will reach $130 billion by the end of the decade. "Technology for high-voltage solutions will broaden our grid-equipment portfolio and expand our presence across product lines where we have a modest presence today," Strazik says.
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