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EMEA Natural Gas Update: Futures Mixed as Fresh US Strikes Against Iran Disrupt Peace Negotiations

European natural gas futures were mixed on Tuesday, as fresh US strikes against Iran quelled market optimism regarding a peace deal and a quick end to hostilities in the region.Front-month Dutch TTF contracts rose 4.49% to 47.470 euros ($55.21) per megawatt hour, while the UK NBP front-month contract declined 2.67% to 115.310 British pence ($1.55) per therm.US forces conducted "self-defense" strikes in Southern Iran on Monday, according to Captain Tim Hawkins, a spokesperson for the Centcom, who said that the strikes mainly targeted "missile launch sites and Iranian boats attempting to emplace mines."Abolfazl Shekarchi, a spokesperson for Iran's armed forces, has since warned of a "far more severe" retaliation against such aggressions, threatening to attack beyond the region's borders, according to a report by Al Jazeera.This has crushed hopes of a quick resolution to the conflict, with US Secretary of State Marco Rubio saying that a lasting deal to end the war could "take a few days," due to a lot of back-and-forth discussions, while speaking to reporters during his visit to India on Tuesday.Meanwhile, the Strait of Hormuz, which handled one-fifth of global LNG flows, remained effectively closed for the 13th week running, with 33 vessels transiting over the past 24 hours, according to the Hormuz Strait Monitor.While this marks a major uptick in traffic compared to the low-to-mid single-digit figures in recent weeks, it is still significantly below the typical daily average of 138 vessels before the conflict began.QatarEnergy has reportedly told its major European customer, Edison, that it was canceling five additional LNG cargoes that were set for delivery between July and mid-August 2026, extending its force majeure notice, according to a Reuters report.Geopolitical strategist Cyril Widdershoven argued on Tuesday that the markets were "celebrating far too early," noting that even with a successful peace agreement, the Hormuz would require extensive mine-clearing operations, while insurers would continue to remain cautious, keeping risk premiums elevated.This comes at a critical juncture for European markets, with gas inventories depleted at 38.21% of capacity, compared to 45.95% during the corresponding period a year ago, according to data from Gas Infrastructure Europe.Inventory levels were also significantly below the five-year average for this period, at 52.2%, according to the Swiss Federal Office of Energy.To make matters worse, Europe is currently at the center of "a historic, record-shattering heatwave," with temperatures soaring between 12 and 16 degrees Celsius above the long-term climatological norms, leading to higher cooling gas and power burn demand, according to Severe-Weather EU.

Wire50d ago

Dropbox Names Ashraf Alkarmi as Co-CEO

$DBX

Oil & Energy50d ago

EMEA Oil Update: Crude Recovers as US Strikes Shake Peace Optimism

Oil benchmarks rebounded on Tuesday after targeted US military strikes against Iranian missile and mine-laying assets derailed brief market optimism over a Middle East peace deal.Brent crude futures gained over 3% to $99.18 per barrel, while Murban oil futures added 2% to $94.76/bbl.Brent futures fell to its lowest in more than a month on Monday after US President Donald Trump and other officials said there had been some progress towards a basic peace deal with Iran.Today's market reversal follows subsequent US military intervention in the Persian Gulf.US Central Command forces launched targeted strikes against active missile launch sites in southern Iran and intercepted several fast-attack boats allegedly attempting to plant naval mines, experts noted.While Washington continues to publicly insist that backstage peace negotiations in Qatar remain active, the strikes gave energy markets renewed reason for skepticism.Compounding the geopolitical friction, Israeli forces simultaneously intensified cross-border offensives against Iran-backed Hezbollah units in Lebanon.Saxo Bank analysts emphasized that even if diplomats successfully ink a peace treaty in Doha, the commercial recovery for energy infrastructure will be slow.Saxo Bank analysts said, "While differences between the parties have narrowed, any eventual peace deal would likely lead only to a gradual reopening, meaning the current tight supply outlook could take months to normalize.

Mining & Metals50d ago

TSX Down 150 Pts After Hitting Record Highs on Monday

S&P/TSX CompositeS&P/TSX Composite

Equities50d ago

BP's Sale of Gelsenkirchen Refinery to Klesch Group Approved by European Commission

BP's (BP) proposed sale of its refinery and related businesses in Gelsenkirchen, Germany, to Klesch Group has been approved by the European Commission, the regulator said Tuesday.The oil and gas major announced the proposed sale in March, and said at the time that it expected the deal to increase its structural cost reduction target by around $1 billion to a range of $6.5 billion to $7.5 billion by 2027.The Commission said it believes the deal would not raise competition concerns due to the companies' "limited combined market position resulting from the proposed transaction and the companies' limited market positions."Shares of BP were down 4.5% in early trading Tuesday.

$BP

Oil & Energy50d ago

Rising Energy Shocks Drive Capital Flight, Says IEEFA

The ongoing disruption in the Strait of Hormuz has laid bare severe structural vulnerabilities within the global energy architecture, marking the second major fossil fuel shock in just four years following the Russia-Ukraine war, the Institute for Energy Economics and Financial Analysis said on Monday.When supply disruptions hit, the economic fallout rapidly escapes the energy sector to propagate across the wider global economy, the IEEFA said.Spikes in oil and gas prices instantly feed into global inflation, forcing central banks to halt or aggressively reverse planned interest rate cuts, it added.Consequently, asset classes re-rate globally, growth expectations soften, and standard portfolio diversification strategies fail to shield institutional investors from macroeconomic downside.The global shockwaves of these crises are disproportionately borne by emerging markets that rely heavily on imported fossil fuels.South Asian economies face extreme vulnerability. India imports nearly 89% of its crude oil, while Bangladesh, India, and Pakistan collectively import almost two-thirds of their liquefied natural gas directly through the blockaded Strait of Hormuz.As regional risk escalates, institutional capital swiftly retreats from these higher-risk jurisdictions to safer havens, it said.During the current crisis, the MSCI Emerging Markets Index shed more than $1 trillion in market capitalization in less than a week.This rapid capital flight triggers a devastating second-order effect, driving severe currency depreciation and driving up domestic borrowing costs at the exact moment that capital-intensive clean energy solutions become most urgent, IEEFA noted.While the technology costs of wind, solar, and battery storage have plummeted, cheaper hardware does not automatically solve financing constraints during a broader credit squeeze.Renewables are highly sensitive to tightening financial conditions due to their steep upfront capital expenditures.

Research50d ago

Research Alert: CFRA Maintains Strong Buy Opinion On Shares Of Copart, Inc.

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We maintain a 12-month target of $50, based on a FY 27 (Jul.) P/E of 28.6x, a justified discount to CPRT's five-year average forward P/E of 32.4x. We lower our adjusted EPS estimates to $1.60 from $1.65 for FY 26 and to $1.75 from $1.80 for FY 27. Following a much better-than-expected earnings release from CPRT, we are lowering our estimates but maintaining a Strong Buy and $50 price target. In our view, the biggest positive was CPRT's aggressive buyback activity ($1.41B of stock repurchased in the Apr-Q, a sharp increase from $218M in the prior two quarters) and the fact that both segments posted top-line growth following a quarter in which both service and vehicle sales were lower on a Y/Y basis. The share count reduction should help fuel stronger EPS going forward and set the stage for stronger bottom-line results. Importantly, CPRT's balance sheet still possesses $4.1B of net cash, and we think aggressive buybacks are likely to continue in the near-term. Meanwhile, fundamental headwinds appear to be easing.

$CPRT

Sectors50d ago

Sector Update: Energy Stocks Decline Premarket Tuesday

Energy stocks were declining premarket Tuesday, with the State Street Energy Select Sector SPDR ETF (XLE) 1.1% lower.The United States Oil Fund (USO) was down 3.5% and The United States Natural Gas Fund (UNG) was 1.5% higher.Front-month US West Texas Intermediate crude oil was 3.9% lower at $92.80 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil rose 3% to $99.04 per barrel, and natural gas futures were up 2% at $2.97 per 1 million British Thermal Units.BP (BP) stock was down more than 4% after the company said its board unanimously decided to remove Albert Manifold as chair and director.Baker Hughes (BKR) said it has extended its contract with Petrobras (PBR) to provide integrated well construction services in Brazil's Santos Basin. Petrobras shares were down more than 2% premarket.Northern Oil and Gas (NOG) said it is acquiring a 25% stake in Canadian oil-producing assets for about 350 million Canadian dollars ($254 million). Northern Oil and Gas stock was down more than 1% pre-bell.

$BKR$BP$NOG$PBR$UNG$USO$XLE

Mining & Metals50d ago

Azimut Exploration Reports Drill Results from Rosa Gold Zone in Quebec

Azimut Exploration (AZM.V) reported Tuesday results of its second diamond drilling campaign on the Rosa gold zone within its Wabamisk property in Quebec.Highlights include 46.41 grams per tonne gold over 3.50 meters, including 155 g/t gold over 1.0 metres, the company said.The results confirmed two subparallel gold-bearing structures along a 1.4-kilometer strike within a 100-meter-wide corridor, which remains open in all directions. District-scale exploration potential was demonstrated along a 30-km strike, it added.These highly prospective new gold and/or antimony-gold targets will be subject to significant work during the 2026 field season, Azimut said.

$AZM.V

Oil & Energy50d ago

Elevated LNG Charter Rates Driven by Trading Optionality, Says Vortexa

With Asian buyers ramping up purchases of LNG cargoes from the Atlantic basin due to the disruption in the Strait of Hormuz, demand for longer-haul shipping has been rising and freight prices with them, according to a report by Vortexa.This comes amid warmer-than-normal weather across Asia and a predicted hot summer ahead, raising demand for gas to produce power for air conditioning. At the same time Europe has not been refilling its gas reserves quickly for next winter, which would otherwise add additional pressure on global supplies.Global LNG fleet tonne-mile demand has risen, and Vortexa sees room for further upside, with rates still below Q4 2025 levels.Spot LNG charter rates, which surged after the conflict began, have recently softened but remain elevated, indicating that the market is not facing a physical shortage of vessels.Instead, traders are reserving shipping capacity to have the option to move cargoes, the report said, in anticipation of stronger Asian demand, which is supporting spot LNG charter rates.Market players are increasingly prioritizing their ability to deliver cargoes into premium markets over vessel optimization, the report said.For instance, QatarEnergy is not "aggressively" subletting its idle vessels despite the higher charter rates, owing to the uncertainty surrounding the duration of the Iran war.If the blockade in the Hormuz is lifted, the company will be expected to resume production and deliveries right away and before a current estimate of resumption by August after Iranian strikes on the major Ras Laffan LNG production facility.Vortexa said structural oversupply in LNG shipping is expected to persist through the remainder of the decade as vessel deliveries outpace growth in liquefaction supply capacity.

Sectors50d ago

Natural Gas Rises as Forecast Expect a Hot Start to June

Natural gas prices rose early Tuesday as long-term forecasts warm.Gas for June delivery was last seen up $0.04 to US$2.94 per million British thermal units.The rise comes as long-term forecasts from the National Weather Service expect hotter than seasonal temperatures for most states other than the Southeast over its six to 10 day outlook, keeping cooling demand high.Still, high inventories of the fuel are weighing on prices, with the Energy Information Administration last week reporting gas stocks stood at 6.6% above the five-year average, keeping prices rangebound."Storage levels are adding to the bearish sentiment as LNG export terminals remain in maintenance allowing us to inject a little extra and hold a surprise surplus to both last year and the 5 year average levels for this time of year," Gary Cunningham, Director of Market Research at Tradition Energy, wrote.

$NGM6$UNG

Treasury50d ago

Bank of Canada Continues to View Ongoing Structural Change as Limiting Its Ability to Stimulate Economy, says Desjardins

Most of Bank of Canada Deputy Governor Nicolas Vincent's Tuesday speech in Quebec was devoted to highlighting the weakness in the country's labor market, including the 'low-hire, low-fire nature', the elevated youth unemployment and the record average length of joblessness amongst those looking for work, said Royce Mendes over at Desjardins.But all of that is well known among market participants, and the most relevant takeaway from the speech focused on the BoC's reaction function to this weakness, he added.Monetary policymakers see much of the labor market slack as being part of a broader structural change within the economy, said Mendes, noting that Vincent said "while monetary policy can, to some extent, help the economy transition during periods of restructuring, it cannot compensate for lower supply caused by factors such as trade friction or population aging."Vincent, Mendes also noted, added, "if we were to stimulate demand when the issue is more structural, we could create inflationary pressures while also delaying necessary restructuring in the economy." Those are sentiments BoC Governor Tiff Macklem has conveyed before.The view of Desjardins is similarly nuanced. If structural change, such as the trade friction with the United States lowers productivity, and by extension lowers investment and raises savings, then a lower equilibrium interest rate may be necessary in the short-term to prevent economic slack from accumulating, Mendes said. "In other words, lower rates wouldn't be stimulating the economy as they would simply be stemming the bleeding."That said, as Vincent points out, policymakers need to be careful when measuring the appropriate dose, Mendes said. Although markets are preoccupied with the inflationary fallout from the conflict in the Middle East, this debate could become more of a focus should oil prices continue to slide, it added.

$CXY

Equities50d ago

PBF Energy Plans $500 Million Senior Notes Offering Due 2034

PBF Energy's (PBF) subsidiary PBF Holding plans to offer $500 million of senior notes due 2034 in a private placement, the company said Tuesday.The company said the proceeds, together with cash on hand, will be used to fully redeem its 6.00% senior notes due 2028.

$PBF

Sectors50d ago

Sector Update: Financial Stocks Edge Higher Premarket Tuesday

Financial stocks were edging higher premarket Tuesday, with the State Street Financial Select Sector SPDR ETF (XLF) up 0.3%.The Direxion Daily Financial Bull 3X Shares (FAS) was up 0.9% and its bearish counterpart Direxion Daily Financial Bear 3X Shares (FAZ) was 1.1% lower.FinVolution (FINV) shares were up more than 5% after the company reported Q1 adjusted earnings and net revenue that exceeded analysts' expectations.Robinhood Markets (HOOD) has received Canadian Investment Regulatory Organization approval to acquire WonderFi Technologies under a statutory plan of arrangement, WonderFi said. Robinhood Markets stock was up more than 1% pre-bell.Mitsubishi UFJ Financial (MUFG) is exploring options for its majority stake in PT Bank Danamon Indonesia, Bloomberg reported, citing people with knowledge of the matter. Mitsubishi UFJ Financial shares were 0.1% higher premarket.

$FAS$FAZ$FINV$HOOD$MUFG$XLF

Commodities50d ago

Exchange-Traded Funds, Equity Futures Rise Pre-Bell Tuesday Amid Renewed Hopes Around Middle East Peace Deal

The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was up 0.7% and the actively traded Invesco QQQ Trust (QQQ) was 1% higher in Tuesday's premarket activity amid renewed hopes of peace between the US and Iran after President Trump said talks are "proceeding nicely."US stock futures were higher, with S&P 500 Index futures up 0.7%, Dow Jones Industrial Average futures advancing 0.6%, and Nasdaq futures gaining 1% before the start of regular trading.The Chicago Federal Reserve Bank's monthly National Activity Index rebounded to a reading of 0.14 in April from minus 0.15 in March, compared with expectations for a smaller gain to minus 0.03 in survey of analysts compiled by Bloomberg as of 7:30 am ET.The Philadelphia Federal Reserve Bank's monthly nonmanufacturing activity index declined to minus 23.6 in May from minus 16.5 in the previous month, compared with the expectations for an increase to minus 13 in a survey compiled by Bloomberg, indicating more widespread contraction in the sector.The Case-Shiller National Home Price index rose by 0.7% in March before seasonal adjustment following a 0.3% increase in February.Consumer confidence data for May is due at 10 am ET.The Dallas Fed's manufacturing reading for May will be released at 10:30 am ET.In premarket activity, bitcoin was down by 0.1%. Among cryptocurrency ETFs, the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 1.8% higher, Ether ETF (EETH) advanced 2.9%, and Bitcoin & Ether Market Cap Weight ETF (BETH) retreated by 0.4%.Power Play:IndustrialThe State Street Industrial Select Sector SPDR ETF (XLI) advanced 0.7%, while the Vanguard Industrials Index Fund (VIS) lost 0.03%, and the iShares US Industrials ETF (IYJ) was flat.Elbit Systems (ESLT) stock was up more than 10% before the opening bell after the company reported higher Q1 non-GAAP earnings and revenue.Winners and Losers:FinancialThe State Street Financial Select Sector SPDR ETF (XLF) advanced 0.4%. Direxion Daily Financial Bull 3X Shares (FAS) was up 1.2%, while its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), was 1.1% lower.FinVolution (FINV) shares were up more than 5% pre-bell after the company reported higher-than-expected Q1 adjusted earnings and net revenue.ConsumerThe State Street Consumer Staples Select Sector SPDR ETF (XLP) was up 0.1% and the Vanguard Consumer Staples Index Fund ETF Shares (VDC) gained by 0.02%. The iShares US Consumer Staples ETF (IYK) was down 0.6%. The State Street Consumer Discretionary Select Sector SPDR ETF (XLY) increased by 0.6%. The VanEck Retail ETF (RTH) was inactive, while the State Street SPDR S&P Retail ETF (XRT) was 0.3% higher.Ferrari (RACE) shares were down more than 3% pre-bell a day after the company said it has launched a new all-electric Luce sports car, expanding its lineup with a dedicated electric platform.TechnologyThe State Street Technology Select Sector SPDR ETF (XLK) increased by 1.5%, and the iShares US Technology ETF (IYW) was 1.2% higher, while the iShares Expanded Tech Sector ETF (IGM) was up 1.5%. Among semiconductor ETFs, the State Street SPDR S&P Semiconductor ETF (XSD) gained by 4.1%, while the iShares Semiconductor ETF (SOXX) rose by 2.8%.WeRide (WRD) shares were up more than 1% in premarket activity after the company said it will operate its autonomous Robobus at the Roland-Garros for a third consecutive year with Renault Group.EnergyThe iShares US Energy ETF (IYE) was flat, while the State Street Energy Select Sector SPDR ETF (XLE) was down by 1.2%.Eni (E) stock was down more than 2% before the opening bell a day after falling 1.4% at the prior close. The company and its partners, Petroci and Vitol, approved the final investment decision for Cote d'Ivoire's Baleine Phase 3 project, advancing development of the country's largest hydrocarbon discovery.Health CareThe State Street Health Care Select Sector SPDR ETF (XLV) advanced 0.4%, the Vanguard Health Care Index Fund (VHT) was up 0.6%, while the iShares US Healthcare ETF (IYH) gained by 0.9%. The iShares Biotechnology ETF (IBB) was 0.4% higher.Eli Lilly (LLY) stock was up more than 1% premarket after the company said it agreed to acquire Curevo, LimmaTech Biologics and Vaccine in deals worth up to nearly $3.83 billion in total.CommoditiesFront-month US West Texas Intermediate crude oil advanced by 1.2% to $97.49 per barrel on the New York Mercantile Exchange. Natural gas was down 1.2% at $2.98 per 1 million British Thermal Units. The United States Oil Fund (USO) retreated by 0.7%, while the United States Natural Gas Fund (UNG) was 0.9% lower.Gold futures for July retreated by 0.5% to $4,521.20 an ounce on the Comex. Silver futures declined by 0.8% to $76.09 an ounce. SPDR Gold Shares (GLD) was down by 0.4%, and the iShares Silver Trust (SLV) fell by 1.3%.

Dow JonesNasdaq CompositeS&P 500$BETH$BITO$E$EEM$EETH$ESLT$EXI$FAS$FAZ$FINV$GLD$IBB$IGM$IGV$IPK$IVV$IWM$IYE$IYH$IYJ$IYK$IYW$LLY$PMR$QQQ$RACE$RTH$SLV$SOXX$SPY$UNG$USO$VDC$VHT$VIS$WRD$XLE$XLF$XLI$XLK$XLP$XLV$XLY$XRT$XSD

Sectors50d ago

Sector Update: Healthcare Stocks Advance Premarket Tuesday

Healthcare stocks were advancing premarket Tuesday, with the iShares Biotechnology ETF (IBB) 0.4% higher and the State Street Health Care Select Sector SPDR ETF (XLV) up 0.2%.Eli Lilly (LLY) has agreed to acquire Curevo, LimmaTech Biologics, and Vaccine Company in deals worth up to nearly $3.83 billion in total, expanding its presence in infectious disease prevention, the company said. Shares of Eli Lilly were up more than 1% pre-bell.Natera (NTRA) stock was up more than 2% after the company said it has upgraded its Panorama non-invasive prenatal test using SNP-informed deep sequencing to improve accuracy in samples with low fetal fraction.Jade Biosciences (JBIO) has dosed the first participant in its phase 2 trial of experimental therapy, JADE101, for immunoglobulin A nephropathy, or IgAN, the drugmaker said. Shares of Jade Biosciences were up more than 5% premarket.

$IBB$JBIO$LLY$NTRA$XLV

Sectors50d ago

Sector Update: Consumer Stocks Edge Higher Premarket Tuesday

Consumer stocks were edging higher premarket Tuesday, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) inactive and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) up 0.5%.AutoZone (AZO) shares were down more than 5% even after the company posted higher fiscal Q3 net income and net sales.Starbucks' (SBUX) Korean unit has suffered a "very significant" drop in sales following a controversial marketing campaign, Reuters and other media outlets reported. Starbucks shares were marginally advancing premarket.Miniso (MNSO) stock was 0.2% lower after the company reported a decline in Q1 adjusted earnings.

$AZO$MNSO$SBUX$XLP$XLY

Asia50d ago

Market Chatter: Indonesian Prosecutors Investigate Palm Oil Export Manipulation

Indonesia's Attorney General's Office is planning to scrutinize crude palm oil exporters over alleged export price manipulation, The Jakarta Globe reported Tuesday."We are currently in the investigation stage regarding alleged manipulation or transfer pricing practices," the newswire said citing Syarief Sulaeman Nahdi, director of investigations at the Attorney General's Office.The probe, which has been ongoing for a month, recently found 10 firms potentially involved in the manipulation of palm oil export transactions based on data from Finance Minister Purbaya Yudhi Sadewa, according to the report.Purbaya has earlier reportedly said an inquiry has been ongoing for a few months and the government is waiting for findings from the Attorney General's Office and auditors regarding the suspected malpractices."I selected the 10 largest companies for examination, but in total, we have reviewed more than 15 companies. That is only in the [crude palm oil] sector. We have also found interesting indications in the coal sector," Purbaya said and The Jakarta Post reported.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

^JKSE

Sectors50d ago

Sector Update: Tech Stocks Rise Premarket Tuesday

Technology stocks were rising premarket Tuesday, with the State Street Technology Select Sector SPDR Fund (XLK) up 1.7% and the State Street SPDR S&P Semiconductor ETF (XSD) advancing by 3.7%.Pony AI (PONY) stock was up 20% after the company raised its 2026 Robotaxi revenue target to more than 3.5 times 2025 levels from a previous target of 3 times, and its year-end Robotaxi fleet size target to more than 3,500 units from 3,000 units.Ouster (OUST) will equip ARGUS Interception's A1-Falke net-based interceptors with its digital sensors, the companies said. Ouster shares were up more than 9% pre-bell.Ituran Location and Control (ITRN) shares were up more than 4% after the company posted higher Q1 earnings and revenue.

$ITRN$OUST$PONY$XLK$XSD

Sectors50d ago

Sector Update: Energy

Energy stocks were declining premarket Tuesday, with the State Street Energy Select Sector SPDR ETF (XLE) 1.1% lower.The United States Oil Fund (USO) was down 3.7% and the United States Natural Gas Fund (UNG) was 1% higher.Front-month US West Texas Intermediate crude oil was 3.8% lower at $92.97 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil rose 3.1% to $99.16 per barrel, and natural gas futures were up 1.8% at $2.96 per 1 million British Thermal Units.BP (BP) stock was down more than 4% after the company said its board unanimously decided to remove Albert Manifold as chair and director, effective immediately.

$BP

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Commodities50d ago