Welcome to Markets Desk, your midday read on the stories moving markets right now.
Natural gas is catching a bid today, with front-month Nymex contracts settling nearly three percent higher, driven by above-normal summer temperatures across the US and a surge in LNG export demand. That tailwind gets a harder edge from QatarEnergy, which has extended its force majeure declaration, withholding four additional liquefied natural gas cargoes through September. That supply disruption adds a floor under prices and signals the LNG tightness could linger well into the third quarter.
Meanwhile in equities, Philip Morris International is getting a meaningful regulatory catalyst. The FDA has issued its first-ever Modified Risk Tobacco Product orders for twenty variants of ZYN nicotine pouches, a designation that allows the company to market ZYN as presenting lower risk than traditional cigarettes. For Philip Morris, this is a significant commercial unlock as it pivots away from combustible tobacco toward smokeless alternatives.
And on the earnings front, Nike posted quarterly numbers that topped Wall Street expectations, with North America showing particular strength under returning chief executive Elliott Hill. The real test ahead, though, is whether Nike can convert its World Cup sponsorship into sustained global momentum, especially as the brand fights to rebuild retailer and athlete relationships it let erode in recent years.
That's the tape. Markets Desk, signing off the floor.
