Energy

• Wartime Coal Demand Reversing: Japan and South Korea's emergency pivot to coal during the Gulf disruption is unwinding as natural gas supply chains normalize.

• Uranium Consolidating Near $85: Yellowcake prices have traded in a narrow range since April, settling after an earlier speculative rally cooled amid muted utility spot buying.

• Spread Stability Amid Volatility: The WTI-Brent spread has remained within its typical range even as both benchmarks fall sharply, confirming a globally driven rather than regional price shock.

• Indirect Negotiating Framework: Iran has ruled out direct talks with the US, opting for indirect Doha-based negotiations that introduce additional complexity and risk to a durable resolution.

• Weather-Driven Price Pullback: Cooling forecasts have reduced expected air-conditioning and power-sector natural gas demand, pulling prices down from a recent three-week high.

• Golden Pass Ramp-Up: Record feedgas activity at the Texas facility has been the single largest contributor to the rise in Gulf Coast LNG export volumes in June 2026.

• Quarterly Gains Intact: Natural gas remains up approximately 10% for Q2 2026 despite the recent monthly pullback driven by cooling weather forecasts.