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

1752 ET - Maxeon Solar Technologies' issues with its manufacturing network come at a challenging time for the solar panel industry. The company is trying to transform its business to better compete in the U.S., the only country where it operates after the sale of its non-U.S. business late last year. However, the solar market remains challenging and the company faces near-term headwinds, CEO George Guo says. Nationally, residential solar installations declined by 26% in 2024, according to research from energy analyst Wood Mackenzie. It attributed the downtick to customer uncertainty and higher interest rates, among other factors. In the latest quarter, Maxeon reported revenue of $88.6 million, down from $227.6 million for the same period a year earlier. (sabela.ojea@wsj.com; @sabelaojeaguix)

1747 ET - Maxeon Solar Technologies seems to have given up on its Asian supply chain after the U.S. Customs & Borders Protection denied its protests on the detained shipments of Maxeon 3, Maxeon 6 and Performance 6 solar panels. The shipments remained in customs since July, under the Biden administration. President Trump's latest round of tariffs seem to have triggered the decision to close deals with domestic vendors in the U.S. Maxeon's supply chain restructuring would be costly for the company, which has already lost 99% of its market value over the past 12 months and most recently disclosed a cash position of $51.2 million as of Sept. 29 from $190.2 million as of Dec. 31, 2023. Shares rise 3.3% to $2.89 in post-market trading. (sabela.ojea@wsj.com; @sabelaojeaguix)

1556 ET - American Rebel Holdings shares have been active since Wednesday's announcement about a meeting with potential investors at Mar-a-Lago and Florida growth plans. The company that describes itself as "America's Patriotic Brand" is known for products including gun safes and an expansion into beer. Shares closed up 343% on Wednesday and declined 37% the next day. American Rebel peaked at $20.89 Friday. The stock pared some gains after announcing a private placement of up to $11 million, but was still up 302% for the day, at $15.93. Volume topped 79 million shares, compared with a 65-day average of 1.4 million. (josh.beckerman@wsj.com)

1532 ET - Oil futures fall to a nearly four-year low in a second day of heavy selling after China retaliated against U.S. tariffs with duties of its own, adding to concerns about loss of demand. "This pullback reflects market uncertainty and could weigh on global crude prices in the near term, particularly if trade tensions hinder economic growth in key oil-consuming regions," Joseph Dahrieh of Tickmill says in a note. "Volatility is likely to increase as markets digest the full implications of the tariffs." WTI falls 7.4% to $61.99 a barrel, its lowest settle since late April 2021. Brent falls 6.5% to $65.58 a barrel. (anthony.harrup@wsj.com)

1511 ET - Hitherto resilient U.S. natural gas futures fall as the global market selloff extends to a second day and weather-driven demand eases going into the mild shoulder season. Natural gas benefited from buyers looking to diversify in an uncertain macro environment, but "the market is now pricing in the possibility that U.S. LNG exports may be affected by retaliatory measures of countries that have been hit with President Trump's latest round of tariffs," Gelber & Associates says in a note. Declines across the curve into next winter could provide value for participants looking to hedge upside price exposure, the firm adds. Nymex natural gas settles down 7.3% at $3.837/mmBtu. (anthony.harrup@wsj.com)

1400 ET - U.S. sanctions against Iranian and Venezuelan crude oil should compensate OPEC+'s decision to speed up the unwinding of output cuts in May, Societe Generale's head of commodities research Benjamin Hoff says in a note. "The more muscular implementation of U.S. sanction policy vis-à-vis Iran and also Venezuela is removing precisely the heavier, sourer grades from the market, that the world is currently short," he says. "This creates space for OPEC barrels to return." The OPEC+ decision added fuel to this week's tariff-induced selloff in oil. Hoff expects OPEC+ to manage further increases tactically. "Depending on price impact it is entirely possible that we will see a delay of the return of further barrels in June." (anthony.harrup@wsj.com)

1331 ET - The number of rigs drilling for oil in the U.S. rose by 5 this week to 489, and was down by 19 from a year ago, oil services firm Baker Hughes reports. Rigs directed at natural gas fell by 7 to 96, or 14 fewer than a year ago. Higher oil prices over time tend to lead to greater drilling, and while the U.S. has maintained record oil and gas production with lower rig counts, the current price drop is likely to limit growth. Crude futures sank to four-year lows in a rout prompted by U.S. global trade tariffs and China's retaliation. U.S. benchmark WTI is off 7.8% at $61.72 a barrel after hitting $60.45 earlier in the session. (anthony.harrup@wsj.com)

1203 ET - Canadian commodities producers were among the hardest hit on the Toronto indexes amid a US-China trade war-led selloff. In 2023, Canada's minerals and metals sector exports totalled C$150.7 billion and accounted for 21% of all Canadian merchandise exports, with metals making up 77% of the exports in the category, according to Statistics Canada. In the session, Capstone Copper, First Quantum Minerals, Aya Gold & Silver, and Canadian mining giant Teck Resources, down 13%, 12%, 10%, and 9.8%, respectively. (adriano.marchese@wsj.com)

1128 ET - In a speech Friday, Fed Chair Jerome Powell says that tariffs are likely to generate temporary inflation, which could possibly become more persistent. To avoid that, the Fed needs to make sure that longer-term inflation expectations stay in check, Powell says. So far, so good, at least in markets: While one- and two-year market-based inflation expectations have climbed since the tariffs were announced, expectations beyond the next couple years are more or less compatible with the Fed's 2% target, according to data from the CPI swaps market. "Our obligation is to keep longer-term inflation expectations well anchored and to make certain that a one-time increase in the price level does not become an ongoing inflation problem," Powell says in prepared version of the remarks. (matt.grossman@wsj.com, @mattgrossman)

1051 ET - Canadian energy producers are among the worst performers in the session marked by global stock selloffs from fears around the ongoing tariff war. China today said it will impose an additional 34% tax on all U.S. goods from April 10. Baytex Energy, Vermilion Energy, MEG Energy and Cenovus are among the worst decliners in their sector and on the TSX, down between 12% and 14%. According to a report by the Canadian Association of Petroleum Producers, combined, crude oil, NGLs, and natural gas exports accounted for C$152 billion in 2023, roughly 20% of total Canadian exports. Roughly 80% of Canada's oil supply went to the US that year. (adriano.marchese@wsj.com)

0918 ET - Fundamental oil market signals are no help in predicting a price bottom for oil in the "highly unusual market environment that has been self-inflicted via the Trump tariffs," Ritterbusch says as futures sink for a second day after China responded with a 34% duty on U.S. goods. "Technically oversold indicators also become virtually irrelevant," the firm says. A weaker Chinese economy due to the tariffs is "a major negative" for global demand growth and will likely lead to cuts in expectations. WTI is off 7.5% at $61.95 a barrel, and Brent is down 6.7% at $65.41 a barrel. (anthony.harrup@wsj.com)

0906 ET - U.S. natural gas futures are lower while showing resistance to the global market rout and plunge in oil as China hits back at U.S. tariffs with a 34% tariff on imports of U.S. goods. "Lower oil could reduce associated gas supply growth, a tailwind for U.S. natural gas prices. Gas demand is also less sensitive to economic activity than oil," analysts at Morgan Stanley say in a note. "We reiterate our defensive bias and preference for natural gas exposure over oil." Nymex natural gas is off 3.3% at $4.003/mmBtu, while WTI crude is off 7.4% after a 6.6% loss yesterday. (anthony.harrup@wsj.com)

(END) Dow Jones Newswires

April 04, 2025 17:53 ET (21:53 GMT)

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