Rubber Rises to 1-Month High

U.S. natural gas futures fall going into the long weekend with its risks of shifts in weather forecasts that could alter demand expectations. "The weather data is decently hot for most of the next 15 days but with much of the heat focused over the western half of the U.S.," NatGasWeather.com says in a note. Among weather risks is a low-pressure system off Florida likely to bring cooling showers up the mid-Atlantic Coast, the forecaster adds. The 55 Bcf weekly storage build reported by the EIA was slightly above expectations and slightly below average, prompting a loss of early upward price momentum. Nymex natural gas settles down 2.3% at $3.409/mmBtu. (anthony.harrup@wsj.com)

Brent crude oil futures dipped by 0.4% to settle at $68.8 per barrel on Thursday, trimming gains from the previous session as investors weighed the impact of possible renewed US tariffs on global fuel demand.

The decline came ahead of an expected OPEC+ decision to increase output by 411,000 barrels per day.

Prices had risen Wednesday after Iran suspended cooperation with the UN nuclear watchdog, heightening geopolitical tensions.

While a preliminary US-Vietnam trade deal offered some support, unresolved tariff negotiations with key partners like the EU and Japan added to uncertainty.

Pressure also came from weakening Chinese services activity and a surprise 3.85 million barrel build in US crude inventories—the largest in three months—defying expectations for a drawdown.

The increase raised fresh concerns about softening demand in the world’s top oil consumer.

Meanwhile, strong US job growth in June may delay Fed rate cuts, reinforcing a cautious monetary stance.