ASX today – The ASX is expected to fall sharply this morning with oil prices surging.
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A big jump in the cost of crude oil made Wall Street nervous overnight, leading to it closing lower
The downward momentum was also pushed by surging bond yields.
The Dow fell more than 400 points while the US 10-year treasury yield hit its highest level since January 2025.
The Brent crude price is heading back towards US$100 a barrel after the US launched new strikes against Iran.
The S&P/ASX 200 closed lower yesterday, dropping 9.30 points or 0.10% to 9,066.70. The index has lost 1.07% for the last five days but sits 2.47% below its 52-week high.
Meanwhile, Tamboran CEO Todd Abbott has described the Beetaloo Basin as the largest non-associated gas field in the world outside of the Middle East or Russia.
Speaking at a special ceremony celebrating the first flow commercial gas from the NT field, he said it was a globally significant resource.
“If the Beetaloo Basin is producing five to six BCF a day – which it can do for well over a century – that’s enough gas to power every home in Sydney 20 times over, right?”
Globally, Wood Mackenzie has forecast that China’s data centres will quadruple their electricity consumption to 774 TWh by 2030, as rapid growth in AI workloads drives a structural increase in computing-related power demand.
On the market news front:
Leading NZ utility Genesis (ASX: GNE) has secured additional third-party gas supply for the period from March 2027 to December 2029 to strengthen its fuel portfolio;
Tamboran Resources (ASX: TBN) has reported the commencement of Shenandoah South Pilot commissioning activities in the Beetaloo Sub-basin in the NT;
Evolution Energy Minerals (ASX: EV1) has received initial results from natural graphite test work from the Chilalo deposit:
Australian Gold and Copper (ASX: AGC) has confirmed the high-grade precious and base metals discovery at Evergreen; and
Geopacific Resources (ASX:GPR) has drilled significant high-grade gold intercepts at Woodlark Island in PNG.
Buck and ore
Now – in forex, the Oz dollar is buying US $0.7144
Looking at commodities, all in the greenback,
Iron Ore was up 3.41 per cent to $99.33 per tonne in Singapore today,
Brent Crude was up 5.23 per cent to $95.220 per barrel,
Gold was selling at $4328.43,
US natgas futures were up 0.29 per cent to $2.9435 per gigajoule.
That’s HotCopper’s Market Open, I’m Colin Sandell-Hay – happy trading.
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