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

1523 ET - Oil futures post minor gains after being buffeted by news on the tariff front--President Trump agrees to put off tariffs on Mexico and Canada for another month--and reports of U.S. plans to tighten enforcement of sanctions against Iranian oil. Benchmark crudes settled at six-month lows yesterday after a string of losses on OPEC+ plans to start unwinding output cuts, tariff uncertainty and a big build in U.S. crude stocks. "While tariff adjustments may provide near-term relief, global demand uncertainties and rising supply levels suggest that crude oil prices could remain under pressure, limiting the potential for a sustained recovery," Exness market strategist Terence Hove says in a note. WTI edges up 0.1% to $66.36 a barrel and Brent rises 0.2% to $69.46 a barrel. (anthony.harrup@wsj.com)

1456 ET - U.S. natural gas futures snap a three-day winning streak as warmer weather contributed to a smaller-than-expected storage draw of 80 Bcf last week. Still, the 2,171 Bcf taken from storage since the start of November makes this the second-strongest withdrawal season since 2010, Andy Huenefeld of Pinebrook Energy Advisors says in a note. "We would expect to see a larger draw in next week's report covering the week ending March 7, but from there mild weather forecasts suggest a series of lighter storage deductions heading into the spring." Inventories as of last week were 224 Bcf below the five-year average, and 585 Bcf below their year-ago level. The Nymex front month settles down 3.3% at $4.302/mmBtu. (anthony.harrup@wsj.com)

1150 ET - European gas prices slump in volatile trading. The benchmark Dutch TTF contract trades drops 9.3% to 37.66 euros a megawatt hour, and sits down nearly 30% on-month. Gas continues to slide after the European Commission Wednesday held off on releasing a plan to phase out Russian fossil fuels. The bloc had set a target in 2022 of weaning itself off Russian gas by 2027. The decline has been exacerbated by the EU's executive arm proposal to introduce greater flexibility in filling gas storage this year. The Commission plans to extend requirements to fill storage to at least 90% by November for two years, but said the framework to meet this goal should be flexible and that interim targets are "indicative."(joseph.hoppe@wsj.com)

1054 ET - U.S. natural gas futures head lower as the EIA reports a smaller-than-expected inventory withdrawal for last week. Gas in underground storage fell by 80 billion cubic feet to 1,760 Bcf, compared with expectations of a 98 Bcf draw in a Wall Street Journal survey of analysts. The deficit against the five-year average narrowed to 224 Bcf from 238 Bcf the week before, but widened against the year-ago level to 585 Bcf from 561 Bcf. The Nymex front month is down 2.8% at $4.325/mmBtu. (anthony.harrup@wsj.com)

1003 ET - Oil futures are a bit higher after a four-session rout carried them to six-month lows on prospects of higher OPEC+ output, tariff concerns and a large build in U.S. crude stocks. "Still, crude oil storage remains well below the five-year averages and OPEC may be slow to raise production given the latest selloff in prices," Dennis Kissler of BOK Financial says in a note. And while moves are afoot for a meeting between President Trump and Russia's Vladimir Putin, a peace deal to end the Russia-Ukraine war "could be many months away," he adds. WTI is up 0.6% at $66.72 a barrel, and Brent is up 0.4% at $69.57 a barrel. (anthony.harrup@wsj.com)

0914 ET - U.S. natural gas futures are holding their ground after settling at a more than two-year high, with the market looking beyond weaker near-term fundamentals such as warmer weather, higher production and an easing in LNG demand. "Instead, trader repositioning and short-covering for the 2025 injection season has played a role" in the rally, Eli Rubin of EBW Analytics says in a note. "Traders seem to be increasingly recognizing the bullish long-term fundamentals for winter 2025-26." The EIA's storage report for last week is expected to show a 98 Bcf withdrawal, according to a Wall Street Journal survey of analysts. The Nymex front month is off 0.5% at $4.428/mmBtu.(anthony.harrup@wsj.com)

0832 ET - Oil prices rise, with Brent crude up 0.4% at $69.58 a barrel and WTI up 0.5% at $66.64 a barrel. The increase hasn't offset recent losses, with Brent down 5.4% on week, and WTI down 5.3%. Prices have sharply declined since the U.S. imposition of tariffs on Canadian and Mexican imports, coinciding with major producers increasing output quotas for the first time since 2022, JPMorgan analysts say in a note. OPEC+ unexpectedly said on Monday that it will start raising output in April. That said, Brent is now trading below its fair value and short-term technical trading indicators have entered oversold territory, analysts say. JPM expects the price of Brent to average $73 a barrel in 2025, before slipping to $61 a barrel in 2026.(joseph.hoppe@wsj.com)

0611 ET - European gas prices slide in volatile trading. The benchmark Dutch TTF contract trades 3.15% lower at 40.17 euros a megawatt hour. Positioning data shows investment funds have cut their positions in TTF to the smallest level since July, ING analysts say in a note. The negative outlook has been compounded by the European Commission's delay to the release of a plan to phase out Russian fossil fuels, ING says. The market may have understood this as a hint that a partial resumption of Russia pipeline gas is possible under a Ukraine peace deal, analysts write. The EU has also said it will allow some flexibility in meeting gas storage targets, taking some pressure off of demand, though member states should still aim for storage to be 90% full by Nov. 1, ING adds. (joseph.hoppe@wsj.com)

0544 ET - Hunting PLC's outlook remains positive, particularly in the oil country tubular goods and subsea businesses, RBC Capital Markets analyst Victoria McCulloch says in a research note. The two businesses performed above management's 15% Ebitda target and attractive tendering opportunities this year should boost the order book, McCulloch says. The British energy-industry supplier posted 2024 results that are in line with consensus expectations. Shares trade 4.4% lower at 293.50 pence. (nina.kienle@wsj.com)

0422 ET - Oil prices are broadly flat, with Brent crude and WTI around $69.26 a barrel and $66.26 a barrel respectively, despite the dollar index sliding to near four-month lows. Sentiment is persistently negative in the oil market, with Brent falling nearly 2.5% on Wednesday's session, ING analysts say in a note. Increasing OPEC supply--with prospects for further supply hikes--combined with constant uncertainty around tariffs and trade have pushed the market lower, ING says. Recent price weakness is making it difficult for U.S. producers to drill--the calendar 2026 price for WTI is around $63 a barrel, reducing incentives for producers to raise drilling activity, analysts write. Producers need a $64 a barrel price level to drill a new well profitably, according to the Dallas Federal Reserve Energy Survey. (joseph.hoppe@wsj.com)

0319 ET - Harbour Energy's full-year results were in line with prior guidance, Shore Capital analyst James Hosie writes. The oil and gas company's 2025 production target of between 450,000 and 475,000 barrels of oil equivalent per day is also in line with its January trading update, Hosie writes. Harbour will publish its updated strategy Thursday at its Capital Markets Day. Going forward, acquisition activity will remain a core part of its plan but there could be portfolio optimization through the divestment of non-core assets, Hosie adds. Shares trade down 3.7% at 206.0 pence, (adam.whittaker@wsj.com)

(END) Dow Jones Newswires

March 06, 2025 15:24 ET (20:24 GMT)

Copyright (c) 2025 Dow Jones & Company, Inc.