Global Energy Roundup: Market Talk

The latest Market Talks covering Energy markets. Published exclusively on Dow Jones Newswires throughout the day.

1632 ET - Transat A.T. finalizes agreement with the Canadian government to secure up to C$150 million in financing to help offset higher fuel prices. The travel company had signaled last month its intention to apply for financing under a new credit line the federal government set up to help airlines deal with the rapid rise in energy costs. Transat says it is receiving C$125 million up front, with the possibility of additional drawdowns depending on the hit from fuel. It adds the loan has a four-year maturity and carries an annual interest rate of 3.91%. (paul.vieira@wsj.com)

1539 ET - U.S. natural gas futures settle lower for a fourth consecutive session as the summer progresses with solid production and inventories weighing against weather-driven demand. Signals suggest the August contract will see a weak expiration tomorrow, Ritterbusch Associates says in a note. "With the rollover to the September futures, the weather factor will begin to lose some bite at this later stage of the summer when the market will be forced to look ahead to the low-demand shoulder period." Short-term risk appears heavily tilted downward, the firm adds. Nymex gas for August delivery settles down 3.8% at $2.662/mmBtu and the September contract falls 3.1% to $2.701/mmBtu. (anthony.harrup@wsj.com)

1521 ET - Oil futures extend their slide to three sessions as the pause in U.S. strikes on Iranian targets keeps alive expectations for a return to negotiations and a reopening of the Strait of Hormuz. Disputes over control of the strait has been at the center of the recent flare-up. "For now the market is pricing a temporary calm," Phil Flynn of the Price Futures Group says in a note. "Any credible path toward de-escalation and freer flows through Hormuz would ease one of the biggest risk premiums hanging over crude." WTI settles down 4.1% at $79.26 a barrel, and Brent falls 4.8% to $84.09. (anthony.harrup@wsj.com)

1434 ET - Gold and silver prices settle lower, as sentiment improves thanks to a lull in fighting between the U.S. and Iran. Petros Pantzari of Monaxa says easing tension is "draining the geopolitical risk premium from markets, helping push Brent and gold lower as traders unwind both supply-disruption fears and defensive safe-haven positions." Crude oil is down around 5%. Front-month gold settles off 0.9% to $4,036.30 a troy ounce, while silver finishes 2% lower at $57.296/oz. (kirk.maltais@wsj.com)

1349 ET - Oil futures steepen losses as the market clings to hopes for talks with the break in military strikes holding. "There's enough signaling that hostilities are on pause for now," says John Kilduff of Again Capital. "I think there's a realization that military operations aren't necessarily the best way to go here, and the U.S. squeezing Iran economically has gotten currency again." Some oil has been getting out of the Persian Gulf, and there's a lot of supply that can come onto the market, he says. "That's why we keep seeing these pullbacks on any ray of hope." WTI is down 4.3% at $79.10 a barrel and Brent is off 5% at $83.92.(anthony.harrup@wsj.com)

1320 ET - Analysts surveyed by Dow Jones this week forecast that the EIA will report inventories of U.S. ethanol to rise from the prior week. Surveyed analysts forecast stocks rising as high as 25 million barrels, which would be up roughly 500,000 barrels from the previous report. If they rise that high, then it would be the highest stocks have been reported since the first week of May. It would also be the third consecutive week that ethanol stocks have accumulated. CBOT corn futures are up 1.5% in afternoon trading, turning higher throughout the day. Soybeans are up 0.7%, after starting the day lower, and wheat is flat for the day. (kirk.maltais@wsj.com)

1301 ET - It will be difficult but not impossible for Canada to double the level of exports to non-U.S. markets by 2035, says Oxford Economics in a note. "But it won't occur organically, and it's unlikely without strategic and timely infrastructure investments," says the forecasting firm. Investments are needed at Canada's existing ports, and the construction of new terminals, the firm says. Both the Bank of Canada and PM Mark Carney are warning the country's marine terminals have fallen behind global peers in terms of shipping and efficiency. Oxford notes the vast majority of goods destined for non-US destinations travel by ship. (Paul.Vieira@wsj.com; @paulvieira)

1135 ET - Celestica is "lifting the fog" on multi-year AI demand with its 2027 growth targets, says TD Cowen's John Shao. By signaling that 2027 revenue growth will "accelerate beyond the 65%" rate expected for 2026, the analyst says Celestica is providing rare long-term visibility that buck fears of AI infrastructure spending peaking. Shao says that by applying this bottom-end to Celestica's upgraded forecast implies 2027 revenue of $33.8 billion and adjusted EPS of $20.64, far outpacing Street consensus of $27.1 billion and $15.08. "The new explicit FY27 growth visibility offers much-needed confidence amid market turmoil," Shao says. Shares are up 3.2% to C$464. (adriano.marchese@wsj.com)

1057 ET - The impact of Europe's wildfires depends not only on the severity of the hazard itself, but also on industries in its path, Oxford Economics senior economist Daniel Parker says. Around Bordeaux, Gironde's wine industry, agrifood production and logistics networks mean local disruption quickly ripples through supply chains and exports, he says. In Spain, Valencia's concentration of manufacturing, tourism, agriculture and logistics leaves much of its economy dependent on physical assets and transport infrastructure. Near Madrid, fires create impacts beyond the immediate hazard zones on agriculture and transport. "As wildfire seasons become longer and more intense, the effects are increasingly felt through disruptions to production, tourism flows, transport, and supply-chain bottlenecks that extend far beyond the areas directly affected." (edward.frankl@wsj.com)

0954 ET - U.S. natural gas futures are lower with the market continuing to shrug at summer heat while focusing on strong production, abundant inventories and soft LNG feedgas. High renewable power generation is also seen limiting the amount of gas that would be used to meet air conditioning demand, despite temperatures reaching triple digits in Texas and elsewhere. "Where temperatures are comfortable is across portions of the Great Lakes and Northeast," NatGasWeather.com says in a note. "However, even with hot weather patterns, power burns have been under-performing." Nymex natural gas is down 1.4% at $2.728/mmBtu. (anthony.harrup@wsj.com)

0902 ET - CBOT grain futures continue to take their cue from crude this week, with both sliding as optimism builds for a diplomatic solution to end the U.S.-Iran conflict. Because row crops like corn and soybeans are used as feedstock for renewable fuels, they're exposed to crude oil price moves, making today's 2% fall in oil futures a pressure point. "Trump says the U.S. and Iran are having good talks and optimism towards a peace deal being worked out has increased," say analysts with AgMarket.net in a note. CBOT soybeans are down 0.4% premarket, and wheat falls 0.8%, while corn remains up 0.3%. (kirk.maltais@wsj.com)

0856 ET - Gulf economies are receiving near-term support from elevated oil prices, but prolonged regional uncertainty threatens longer-term private-sector growth. Higher oil prices are supporting fiscal and external revenues in Saudi Arabia, the United Arab Emirates and Oman despite risks that prolonged uncertainty could weaken business confidence, private-sector activity and foreign direct investment, SP Global Ratings says in a report. The ratings agency says easing export obstructions could also benefit Kuwait, Bahrain and Qatar, while Oman is well-positioned to capture trade through more secure maritime routes and Dubai's Jebel Ali port could face higher operating costs. (farhan.rafid@wsj.com)

(END) Dow Jones Newswires

July 28, 2026 16:32 ET (20:32 GMT)