The latest Market Talks covering Energy markets. Published exclusively on Dow Jones Newswires throughout the day.

2026 ET - Woodside Energy's share of construction costs of its newly approved Louisiana LNG project in the U.S. is some $2 billion higher than Citi expected. Announcing a final investment decision on Louisiana LNG, Woodside said its share of the $17.5 billion project costs is some $11.8 billion. Analyst Paul McTaggart says the higher cost can partly be explained by capex coming in at $960/ton of LNG. That is at the top end of Woodside's previously stated $900-$960/ton range. McTaggart also points to higher contingency costs and a management reserve component that contains allowances for tariffs and business unit costs. Still, Woodside is pursuing deals to reduce its equity in the project, which would reduce the burden on its balance sheet and cut risks. (david.winning@wsj.com; @dwinningWSJ)

2006 ET - Oil declines amid concerns over the U.S.-China trade conflict. Treasury Secretary Bessent said in an interview with CNBC that it's "up to China" to de-escalate trade tensions with the U.S. "Recent developments in U.S. trade policy as well as the escalating tit-for-tat between U.S.-China on the trade front do not bode well for global growth," three members of OCBC's Global Markets Research say in a research report. When economic growth in the U.S. and China slows, areas including industrial activity will be impacted, putting downward pressure on oil demand, they add. Front-month WTI crude oil futures are down 0.3% at $61.86/bbl; front-month Brent crude oil futures are 0.4% lower at $65.61/bbl. (ronnie.harui@wsj.com)

1516 ET - Oil futures settle lower after gaining the previous two sessions, kept back by concerns about imminent output increases by OPEC+ and lack of visibility on trade relations between the U.S. and China. OPEC+ may unwind supply cuts even at the expense of short-term price stability while positioning for longer-term gains once trade deals materialize, Razan Hilal of Forex.com says in a note. But "a sustainable upturn likely still hinges on progress in trade talks and supportive economic data." WTI falls 1.5% to $62.05 a barrel, and Brent settles down 1.5% at $65.86 a barrel. (anthony.harrup@wsj.com)

1452 ET - U.S. natural gas futures rise sharply as the May contract expires with the market still awaiting hotter summer weather to drive up demand. Meanwhile, expectations are that the storage deficit against the five-year average will shift to a surplus in coming weeks, "implying to me that today's rally may be a short-lived expiration phenomenon," Mizuho's Robert Yawger says in a note. Nymex gas for May delivery goes off the board up 7.9% at $3.170/mmBtu, and the June contract rises 7.4% to $3.343/mmBtu. (anthony.harrup@wsj.com)

1438 ET - As major airlines withdraw guidance this earnings season, cruise lines may give a better look into travel demand under a tougher macro environment, Bank of America Securities analysts say in a research note. The analysts say the longer booking curves of cruise lines give greater visibility, and they expect management teams to remain constructive while acknowledging macro uncertainty. They think Royal Caribbean Group may raise the low end of its net yield outlook for the year while Norwegian Cruise Line Holdings is likely to maintain its net yield outlook. Cruise spend held steady through March, but Norwegian recently launched fare sales for its Oceania brand's sailings through March 2026, the analysts add. (kelly.cloonan@wsj.com)

1418 ET - Artificial intelligence's fuel needs are keeping coal in business longer. Alliance Resource Partners Chief Executive Joe Craft says on an analyst call that data centers for AI are driving up energy demand. "What is clear in our conversations with utilities is this demand for electricity for data center construction is real," Craft says. "Every one of our customers is trying to determine exactly how fast that electricity can come online." Craft says President Trump signed four executive orders in April to expand domestic coal-fired generation, citing the need for grid stability ahead of growing demand. (katherine.hamilton@wsj.com)

1247 ET - U.S. natural gas futures are solidly higher after four consecutive weeks of declines that carried prices to levels seen as oversold on weak weather-driven demand and signs of increased production. "Front-month and summer futures pricing may have overshot to the downside, given that production growth is still tentative and storage inventories remain well below last year's levels," Andy Huenefeld of Pinebrook Energy Advisors says in a note. Nymex gas for May delivery is up 5.6% at $3.102/mmBtu ahead of today's expiration. The June contract is up 6.8% at $3.327/mmBtu. (anthony.harrup@wsj.com)

1203 ET - Ford Motor is incorporating more electric-vehicle technology in lieu of 'flex-fuel' vehicles, which use motor fuel blended with ethanol. Fuel pumps across the Corn Belt have been offering blends of gasoline with ethanol, up to 85% ethanol blended in gas. For corn growers, flex-fuels and usage of ethanol in general have been a sizable consumer of U.S. corn in recent years. "Ford has moved away from a proven technology in favor of electric vehicles-despite the limited practicality and infrastructure available for EVs in rural areas," says the letter, authored by a coalition of corn growers across Corn Belt states in the Midwest. The removal of a flex-fuel options from the company's F-series line is sparking the most ire. Most-active CBOT corn is down 0.3% today. (kirk.maltais@wsj.com)

1012 ET - Oil prices fall 1% in afternoon trade in Europe as traders weigh the latest geopolitical developments and prospects of rising supply from OPEC+ members. "Market participants are waiting for more clarity over the conflicting signals from the ongoing U.S.-China trade talks," analysts at ING say. Concerns about the impact of tariffs on the global economy continue to dominate investor sentiment, and a potentially more aggressive supply increase from OPEC+ members in June could further cloud the outlook. Brent crude is down 1% to $65.13 a barrel, while WTI trades 0.9% lower at $62.42 a barrel. Still, the market is also facing heightened geopolitical risks following a massive explosion at Iran's Bandar Abbas port, which is strategically located along the key oil transit route of the Strait of Hormuz. (giulia.petroni@wsj.com)

0945 ET - Crude futures are little changed at the start of the week with the market focusing on OPEC's production plans and watching U.S.-Iranian nuclear talks that could add supply if agreement is reached and sanctions eased. "On the positive side, China continues to be hungry for global oil as their biggest refineries are processing the most oil in over a year," BOK Financial's Dennis Kissler says in a note. WTI is up 0.1% at $63.07 a barrel, and Brent is up 0.1% at $66.92 a barrel. (anthony.harrup@wsj.com)

0938 ET - Natural gas futures gain slightly after four straight weeks of losses with weak weather-driven demand continuing and the market expecting the storage deficit to switch to a surplus as early as this week. "While the fundamental outlook remains soft into May as weather fades further and Permian pipeline maintenance subsides, natural gas is technically oversold--and a relief rally is possible within 7-10 days after the June contract assumes the Nymex front-month position," Eli Rubin of EBW Analytics says in a note. The May contract is up 0.3% at $2.946/mmBtu and gas for June delivery is up 1.1% at $3.147/mmBtu. (anthony.harrup@wsj.com)

0657 ET - Indian shares closed higher, supported by banks and auto companies, as investors continued watching for any further updates on Trump's tariff policies and companies' latest quarterly earnings. Reliance Industries was the benchmark index's best performer. Shares of the conglomerate jumped 5.3% after it reported higher 4Q profit, beating analysts' expectations. Among other top gainers, State Bank of India added 2.4% and Axis Bank climbed 2.35%. Mahindra & Mahindra and Tata Motors rose 2.3% and 2.1%, respectively. Meanwhile, HCL Technologies led losses, falling 1.9%, and Nestle India shed 0.4%. The Sensex rose 1.3% to end at 80218.37. (jiahui.huang@wsj.com; @ivy_jiahuihuang)

(END) Dow Jones Newswires

April 28, 2025 20:26 ET (00:26 GMT)

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