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

1735 ET - Fed governor Stephen Miran says the economy could bear additional support for the labor market from monetary policy at the Digital Asset Summit in New York. Amid the ongoing conflict in Iran, he says there has been zero bleed through of negative supply shocks of oil prices into inflation expectations further out in time. He added the Fed should continue to make policy that is set for 12 to 18 months from now. (jessica.coacci@wsj.com; jessica_coacci)

1525 ET - Oil futures settle lower as the U.S. presents a proposal for a negotiated end to the war with Iran, but losses are curtailed by Iran's initial rejection. Volatile headline-driven moves in prices are keeping traders on edge. "Some in the market thought this was going to be a very temporary war, and that's what kept oil prices below $100 per barrel for a good number of days after it began," says Ajay Parmar of energy intelligence firm ICIS. Iran has held on a lot longer than many people expected, he adds. China's buildup of reserves, which helped prop up the oil market last year, is likely contributing to keep prices down during the current supply crunch. "That has dampened the price spike to some degree," as has the IEA-organized emergency oil release and the U.S. waiver of sanctions on Russian and Iranian oil, Parmar adds. WTI settles down 2.2% at $90.32 a barrel and Brent falls 2.2% to $102.22 a barrel. (anthony.harrup@wsj.com)

1516 ET - U.S. natural gas prices settle a fraction higher in rangebound trade ahead of the EIA's weekly storage report that's expected to leave inventories slightly above the five-year average. "Natural gas is in shoulder-season slumber," says Phil Flynn of the Price Futures Group. "We're now firmly in the spring shoulder period, where heating demand has largely faded but cooling demand hasn't yet kicked in--keeping overall U.S. consumption relatively subdued." Analysts polled by The Wall Street Journal expect inventories to have fallen by 51 Bcf in what could be the last weekly withdrawal of the 2025-2026 winter season. Nymex gas settles up 0.3% at $2.952/mmBtu. (anthony.harrup@wsj.com)

1332 ET - CBOT corn is up 0.7% after the EPA said sales of E15--motor fuel blended with 15% ethanol---would once again be allowed this summer. President Trump as well as President Biden granted waivers to allow E15 sales for several consecutive summers. E15 sales had been prohibited in summer because of smog concerns. Sales of E15 come as gasoline prices surge due to the war in Iran. In a news release, agriculture secretary Brooke Rollins commented that year-round E15 remains a focus for the farm economy, calling on Congress to "find a common sense solution." (kirk.maltais@wsj.com)

1236 ET - Damage to Qatar's Ras Laffan LNG complex has removed 12.8 million metric tons a year of supply for three to five years, likely forcing exposed buyers into spot markets and tightening global balances, says JP Lacouture from Kpler. India's Petronet is the most exposed, with 7.5 mtpa of long-term contracts linked to the affected facilities and limited diversification beyond Qatar. Taiwan's CPC also faces significant risk, with about 27% of its LNG portfolio exposed. In Europe, France's EDF and Italy's Edison are the most impacted, with roughly 80% of long-term LNG supply sourced from Qatar, according to Kpler. Lacouture says buyers with high Qatari exposure will likely boost spot market activity, tightening prompt supply and supporting prices, while some--particularly state-owned firms--might turn to demand management or fuel switching to offset shortages. (giulia.petroni@wsj.com)

1203 ET - Oil prices trim earlier losses after reports that Iran has rejected a U.S. proposal to end the war, but remain pressured by diplomatic efforts in the Middle East. Tehran "responded negatively" to the U.S. proposal to end the war and set out its conditions for any ceasefire--including recognition of Iranian sovereignty over the Strait of Hormuz and financial compensation for damages caused by the conflict--according to Iran's state broadcaster Press TV. However, mediators from Turkey, Egypt and Pakistan are pushing for a meeting between U.S. and Iranian officials. According to the head of the International Atomic Energy Agency, negotiations could start in Pakistan as early as this weekend. Brent crude falls 2.9% to $97.36 a barrel, while WTI is down 2.3% to $87.69 a barrel. (giulia.petroni@wsj.com)

1159 ET - Municipal bonds issued to prepay for natural gas supply are among the rising stars in the marketplace, Baird Funds' Lyle Fitterer says. "The number of obligors that are bringing deals in that market continues to expand," he says, referring to private-sector gas suppliers typically involved in these deals. Obligors require added attention from investors used to deals that rely almost exclusively on municipal and state authorities, he says. "That just is a different dynamic, more volatile component from a credit perspective." Separately, Fitterer said munis financing single-family and multi-family home have attracted "a tremendous amount of demand," as they can result in lower mortgage rates and provide affordable housing. (paulo.trevisani@wsj.com; @ptrevisani)

1150 ET - The fact that non-fuel import prices increased so much is a wake-up call for policymakers, and will keep the Federal Reserve on pause longer than expected, writes Raymond James Chief Economist Eugenio Aleman. Excluding fuel, imports rose 1.1% after a revised 0.8% increase in January. Overall, U.S. import prices saw their largest monthly increase since March 2022. The Fed will closely monitor any indications of higher price gains as the Middle East conflict has sharply increased oil prices. On the positive side, export prices were also strong during the month, benefiting American exporters, Aleman writes.(jessica.coacci@wsj.com; @jessica_coacci)

1124 ET - Soybean futures are up 0.6% in morning trade, as the market looks to Friday's National Agriculture Day events at the White House. The event is expected to include the announcement of new rules for renewable fuels producers in the U.S. -- potentially increasing the demand for soybean oil and the underlying row crop. This has been supportive for CBOT futures, and appears to be keeping soybeans in positive territory even as it's no longer fresh news. "I would suspect by now the entire world is widely expecting an announcement about biofuel mandate targets on Friday," says Brian Pullam of Linn & Associates. Pullam notes that war-related headlines and next week's Prospective Planting report are the other main drivers for grains. Corn rises 0.1% and wheat slides 0.2%. (kirk.maltais@wsj.com)

0952 ET - A sustained oil-price shock resulting from the Iran war would probably prove ultimately dollar negative, TD Securities strategists say in a note. America's energy independence should delay the impact on the U.S. compared to the EU and Asia, allowing growth and relative rate differentials to temporarily move in the dollar's favor, they say. "Eventually even the U.S. and the Fed will not be spared from the growth and macro implications of an extended disruption to energy markets." If the Fed continues to cut rates at the end of this year, the dollar should weaken over the medium term, they say. Concerns about U.S. deficits could also rise on the back of increased defense spending. (renae.dyer@wsj.com)

0932 ET - U.S. natural gas futures are lower partly in reaction to moves in the oil market. "Nymex natural gas continues to be influenced by Iran headlines despite lacking a short-term fundamental connection, and suggests bearish medium-term risk as fundamentals and prices eventually recouple," Eli Rubin of EBW Analytics says in a note. "While our short-term bias remains lower, volatility risks are elevated into the weekend." Nymex gas for April delivery is off 1.7% at $2.893/mmBtu.(anthony.harrup@wsj.com)

0918 ET - Oil futures are lower on U.S. efforts to negotiate an end to the conflict with Iran, although the sides are seen far apart in their demands. "If it was hard holding positions last week, this week is proving ridiculous," Neil Crosby of Sparta Commodities says in a note. Monday's price plunge on President Trump's postponement of threatened attacks on Iranian power plants was followed by a rebound yesterday as Israel and Iran continued to exchange strikes. "It is very hard to know whether what any side says publicly has anything to do with their real position or intentions," Crosby says. WTI is off 4.8% at $87.94 a barrel Brent is down 4.9% at $99.39. (anthony.harrup@wsj.com)

(END) Dow Jones Newswires

March 25, 2026 17:35 ET (21:35 GMT)

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