U.S. Natural Gas Futures Hold Gains
1504 ET – U.S. natural gas futures hold on to the previous day's gains with some help from lower production. Approaching hot weather is supporting prices on the downside, while large weekly storage builds limit gains. Weather forecasts show heat steadily building for the second half of June, with temperature highs of 70s-90s for most of the northern U.S. and highs of 80s-100s in the South, NatGasWeather.com says in a note. Wind power generation, which can reduce natural gas use, has picked up from recent weakness and is seen strong the next few days. Nymex natural gas settles up 0.8% at $3.722/mmBtu. (anthony.harrup@wsj.com)
0957 ET – U.S. natural gas futures pull back from yesterday's rebound, but are still supported by forecasts for hotter weather as June progresses. 'We can still envision nearby futures lifting to above the $4.00 mark this month on first indication of an extreme heat wave,' Ritterbusch says in a note. Inventory builds remain a limiting factor, although the surplus is unlikely to stretch much beyond 125 Bcf to 130 Bcf by the end of the month, 'a comparatively small supply overhang that could easily be erased by a hot summer,' the firm adds. Nymex natural gas is down 1.7% at $3.632/mmBtu. (anthony.harrup@wsj.com)
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CNBC Transcript: U.S. Treasury Secretary Scott Bessent Speaks with CNBC's Morgan Brennan on 'Closing Bell: Overtime' Today
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We disagree, and we think that they discriminate against U.S. companies. But what Canada did here, as of Monday, they're going to implement a retroactive tax. And we think that -- we don't like the taxes. And, obviously, we think it's patently unfair to do it retroactive. This was something from the Trudeau years. So we were hoping, as a sign of goodwill, that the new Carney administration would at least put a brake on that during the trade talks. They seem not to have. President Trump has responded. And my inclination is that Ambassador Greer over at USTR will be starting a 301 investigation into the digital services taxes to determine the amount of harm to the U.S. companies and the U.S. economy in general. BRENNAN: Why is a Section 301 investigation the way to go? And what could that outcome potentially yield? Would that be broad-based, looking at Canada and the possibility of tariffs, or very targeted on certain industries? TREASURY SECRETARY BESSENT: Well, no, the president can impose tariffs based on IEEPA, which is an emergency economic powers act. The 301 is more durable and could last longer. BRENNAN: So, in terms of 301 being more durable and lasting longer, would this be more broad-based, looking across trade of goods and services with Canada more broadly, or would it be more targeted to certain industries? TREASURY SECRETARY BESSENT: No, it would be targeted across tariffs on Canadian products. And, again, we will have to see. We know the amount. I think it's about $2 billion of retroactive digital taxes, which seem patently unfair. We had been talking to the administration in Ottawa about this, and they decided to go ahead with it. BRENNAN: The European Union is doing something very similar in terms of a digital services tax. How is that factoring into negotiations there? TREASURY SECRETARY BESSENT: Oh, well, no, that's not right. The European Union does not have a digital service tax. 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So the U.S. implemented non-tariff countermeasures against the Chinese government. We believe that the rare earth magnets are starting to flow again under a licensing agreement that, or a licensing regime that the Chinese government implemented on April 4. And when we are certain that the magnets are flowing again, we will drop our countermeasures. BRENNAN: So, a lot of speculation out there about whether this July 9 deadline for trade deals is a hard line or whether there's some flexibility. Is there flexibility? TREASURY SECRETARY BESSENT: Again, it's going to be up to President Trump. We're going to follow his lead. What I would think is going to happen is, there will be a lot of smaller trading partners. We will just send them letters. There will be a group of deals that we will land before July 9, on or about. And, as Secretary Lutnick said yesterday, he believes there are 10 or 12 of those. And then there are probably another 20 countries where they could go back to the reciprocal tariff of April 2 as we work on the deal, or, if we think that they are negotiating in good faith, then they could stay at the 10 percent baseline. So, there are a lot of moving pieces here. A lot of it is based on the consistency of the negotiations. And, again, it will all be up to President Trump. BRENNAN: Historically, trade deals have taken years sometimes to craft. It's incredible how quickly you're moving here, when you're talking about 10 waiting in the wings and perhaps another 20 behind that here in the next couple of weeks, just to put it in context. TREASURY SECRETARY BESSENT: Yes. BRENNAN: Another thing that seems to be poised to move quickly here, at least in the next couple of days, is, the Republicans have reached a tentative deal regarding the state and local tax deduction, SALT. At least that's what we're hearing. That had been a sticking point. My colleague Emily Wilkins is reporting there are a few other key topics still being worked out, but can this big, beautiful bill make it to the president's desk by July 4? TREASURY SECRETARY BESSENT: I think there's a very good chance. And the only way to get there is for the Senate to start voting this weekend. I think there, I was just with the Senate Republicans, and I think they're going to start voting tomorrow. BRENNAN: Do you see potential roadblocks here over the next week? TREASURY SECRETARY BESSENT: Look, nothing's done until it's done. But President Trump's leadership has gotten us here at what people thought the, would not be a possible date. Leader Thune, Speaker Johnson have done an incredible job of holding small majorities together and getting the bill moving forward. So, I'm optimistic we could have a July 4 signing. BRENNAN: What does the bond market need to understand about this bill, what it's going to mean for government spending and the debt load? TREASURY SECRETARY BESSENT: Well, again, it is the largest cut in discretionary spending in – or non – excuse me – nondiscretionary spending in history. And the other thing too is, what do we care about? We care about growth, we care about spending. So if we can stabilize the spending and up the rate of growth, then that's how we start stabilizing the debt-to-GDP, this terrible situation we had, the deficit-to-GDP, 6.7 percent. We'd never seen anything like this when we weren't at war or in a recession. So this was a peacetime deficit, so we are going to slowly bring that down in a methodical way, and we will stabilize the debt-to-GDP level and start bending the curve down. BRENNAN: Interest rates are still elevated, even as the dollar continues to weaken against other major currencies. Do these market moves concern you? TREASURY SECRETARY BESSENT: Which market moves? BRENNAN: What we're seeing in the dollar as it weakens and the fact that interest rates are still elevated here. TREASURY SECRETARY BESSENT: Well, they – a couple of things there, Morgan, is, I'm not sure why it would concern me that it's natural for currencies to move around. I have traded currencies 35, 40 years. So currencies move up and down. The U.S. still has a strong dollar policy, and we're putting the economic factors in place to continue that. On the other hand, we are seeing for the first time, a real attempt at defense spending in Europe. We're seeing the Germans take off the debt brake. So more fiscal spend would tell you that the euro should appreciate. BRENNAN: If we stick with rates, and particularly here in the U.S., the Fed was slow to respond to spiking inflation a couple of years ago. We know the president's been very vocal in criticizing the Fed chair. Is it the president's concern that the Fed is behind the curve again? TREASURY SECRETARY BESSENT: Well, I – not my words, but the president's, he calls Chair Powell "Too Late Jay," and so he's obviously worried that the Fed's behind the curve again. And, Morgan, I would just point out that studies have shown that people who fall down then tend to look at their feet, which makes them fall down more. And the Federal Reserve fell down on the American people in 2022, let the great inflation get away from them. They should have been hiking sooner, so maybe that's what we're seeing here. BRENNAN: There's a lot of market chatter emerging right now about the possibility of a shadow Fed. How disruptive would the nomination of a new Fed chair this far out from the end of the term of the current one be for the market? TREASURY SECRETARY BESSENT: Well, look, I don't think anyone's necessarily talking about that. There will be two seats opening -- or there will be one seat definitely opening in the beginning of the year, when board member Kugler leaves, and then the chairmanship will open up in May, when Chair Powell leaves. So, Chair Powell doesn't have to leave. He could stay on the board, not as chair. So there is a chance that the person who is going to become the chair could be appointed in January, which would probably mean an October-November nomination. BRENNAN: Your name has been floated in some media reports as a possible replacement for Fed chair come next year. Your response? Is that a job you would consider taking? TREASURY SECRETARY BESSENT: Look, I will do what the president wants, but I think I have the best job in Washington. We're making meaningful change, working on the president's agenda every day. I get to work closely with the president. I think that, as I like to say, we have done peace deals, trade deals, and tax deals. We spent the first 100 days setting the table on those. Now we're going to be landing all those over the next 100 days. So I think that's going to be pretty exciting. BRENNAN: All three of those, we have been talking about this week. Finally, the idea, and I think this is really key -- and it kind of brings us back to the beginning of this conversation with trade and tariffs, but this idea of higher inflation tied to tariffs, case in point, this morning. We haven't really seen it show up in the hard data. The Fed and Wall Street economists think that that's something that's going to materialize this summer. How are you and the administration gaming this out and thinking about this inflation dynamic? TREASURY SECRETARY BESSENT: Well, look, as you said, it hasn't played out, and we're seeing very low numbers. And forget imported inflation, because, if we were to get it from tariffs, which has not happened, it doesn't have to happen, that's a small part of the inflation calculations. What we're seeing is service inflation drop. I think we're going to see the rent component drop and the overall housing component, which is implied owner's rents, drop. So, the Fed's measure of supercore inflation is way down. PCE year over year is down. So, it looks like the trends are quite good. We're at a four-year low in gasoline prices, so we're going to have a great summer travel season. And, Morgan, one thing. I heard you talking with your colleague earlier, where they talked about the April tariff panic. So we found out today this episode from April 3 to today is the fastest bounce-back after a 15 percent decline in S&P history, fastest bounce-back ever. So, we, the administration doesn't look at the stock market every day. What we tried to do was set in place economic fundamentals. And, presumably, the market had a chance to digest the panic and is looking forward. So I think it is telling you that the tariff panic, or, as I like to call it, tariff derangement syndrome, was overdone. We're seeing earnings growth. We're seeing a good path for interest rates. So I think the economy is looking pretty good. BRENNAN: And all of that has led to stocks at record highs today. Secretary Bessent, Scott Bessent, U.S. Treasury Secretary, great to speak with you. We covered a lot there. I do hope you will come back and join me again. Thank you so much. BESSENT: Thank you.
USA Today
21 hours ago
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Padraig Harrington, Stewart Cink beat weather delay, tie for lead at 2025 U.S. Senior Open
The 45th U.S. Senior Open features a couple of familiar names tied atop the leaderboard as well as some familiar afternoon summer weather at the Broadmoor. Padraig Harrington, who opened his second round Friday with three birdies on his first four holes, went on to post a 3-under 67. Meanwhile, Stewart Cink shot 4-under 66. Those two are tied for the lead at 6 under overall in Colorado Springs, Colorado. For Harrington, it's his second straight 67. He was the 18-hole leader alongside Mark Hensby, but Hensby isn't scheduled to tee off for his second round till 1:43 p.m. local time (4:34 p.m. ET) on Friday. Harrington is the 2022 U.S. Senior Open champ. Cink is competing in this event for the first time. They were in the same threesome the first two days alongside Justin Leonard. Harrington even got a read from Cink on the par-5 ninth hole, where Harrington drained a long putt. "The one on 9, I got a lovely read off Stewart. I don't think I would have given it as much break, so that was nice," he said. "We're seeing that a lot lately, aren't we, people getting reads? That was advantageous. They're the breaks you get when things are going well." Soon after they finished, the U.S. Golf Association suspended play due to dangerous weather in the area. Fans were told to exit the grandstands and take shelter immediately. The horns just sounded, halting play in the second round of the U.S. Senior Open at The guess on how long the delay will last. Being in the early wave and beating the weather delay is a bonus, according to Harrington. "This is the advantage of having a late-early tee time. It gives you an extra, I probably got close to 24 hours before my next round, so it's time to rest and get your head in place because it's going to be a long weekend from now for sure," he said. "When you're at the top of the leaderboard all week, it's always a stressful week." The Broadmoor is hosting the Senior Open for a second time. Earlier in the week, the USGA awarded the venue two future Opens. A year ago, the Senior Open went to a Monday finish due to dangerous weather during the final round in Newport Country Club in Newport, Rhode Island. Defending tournament champion Richard Bland is not in the field, as his commitment to LIV Golf has him in Dallas this week.
