ASX today – The ASX is expected to fall sharply this morning as oil prices surge, with energy markets again shaping the local open and adding to pressure from offshore trading.

A sharp rise in crude oil costs weighed on Wall Street overnight, sending US stocks lower. The pressure was also compounded by rising bond yields. The Dow fell more than 400 points, while the US 10-year Treasury yield reached its highest level since January 2025.

Brent crude is moving back toward US$100 a barrel after the US launched new strikes against Iran. The jump in oil prices is likely to keep traders focused on how higher input costs and broader risk aversion feed through to equities, currencies and rate-sensitive sectors.

The S&P/ASX 200 closed lower yesterday, slipping 9.30 points, or 0.10%, to 9,066.70. Over the past five days, the index has fallen 1.07% and remains 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 the Middle East or Russia.

Speaking at a special ceremony marking the first flow of commercial gas from the Northern Territory 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?” Abbott said.

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. The forecast adds to the broader backdrop for gas and electricity suppliers, with demand growth from data centres becoming a larger theme in energy markets.

On the market news front, leading New Zealand 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 start 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 at the Chilalo deposit. Australian Gold and Copper (ASX: AGC) has confirmed a high-grade precious and base metals discovery at Evergreen. Geopacific Resources (ASX: GPR) has drilled significant high-grade gold intercepts at Woodlark Island in PNG.

In forex, the Australian dollar is buying US$0.7144.

In commodities, all quoted in US dollars, iron ore was up 3.41% to $99.33 per tonne in Singapore today, Brent crude was up 5.23% to $95.220 per barrel, gold was selling at $4328.43, and US natgas futures were up 0.29% to $2.9435 per gigajoule.

That’s HotCopper’s Market Open, I’m Colin Sandell-Hay – happy trading.

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