The latest Market Talks covering Energy and Utilities. Published exclusively on Dow Jones Newswires at 4:20 ET, 12:20 ET and 16:50 ET.

0726 GMT - Shares in European oil companies slide in opening trade as crude prices fall on expectations of increased OPEC+ supply. Brent crude and WTI trade down 0.5% at $67.66 and $63.13 a barrel, respectively. The fall continues for a second day after Reuters reported that the group could increase production by at least 137,000 barrels a day. Spain's Repsol leads the losses, trading down 1.2% while France's TotalEnergies slides 1.1%. In London, BP falls 0.7% and Shell 0.3%. Italy's Eni is down 0.6%. (adam.whittaker@wsj.com)

0221 GMT - Malaysia's oil and gas sector is expected to remain resilient, CGS International analyst Raymond Yap says in a note. The UN recently reimposed sanctions on Iran, but that isn't likely to affect global oil supply, prices or shipping rates, as China--Iran's main crude oil buyer--might continue to import despite the measures, he says. Although OPEC+ raised output, steady demand from China has kept oil prices in the high-$60s/bbl, he adds. This backdrop supports companies with upstream operations, such as Hibiscus Petroleum and Dialog, as well as oilfield services companies, with exploration and production spending likely to continue, Yap adds. CGS maintains an overweight rating on Malaysia's oil and gas sector, pegging Dialog as its top pick as it could secure several major tank terminal contracts. (yingxian.wong@wsj.com)

0032 GMT - Investors should pay more attention to Lotus Resources as commercial production at the Kayelekera uranium mine in Malawi nears, Ord Minnett says. The recent rally by the spot uranium price bolsters this view. Lotus is Ord Minnett's top pick among Australian uranium miners and developers. "Of the peers, the Boss Energy investment case is unclear until it completes a new study by the end of the year, while Paladin Energy has rallied strongly and its multiples now look stretched," analyst Matthew Hope says. "Lotus has remained largely overlooked but is now entering production on a derisked mine with past production." Initial production should be high cost at about US$50-60/lb in 2026, but this should fall as Lotus's acid plant starts up and grid power is connected, Ord Minnett says. (david.winning@wsj.com; @dwinningWSJ)

0022 GMT - Citi trims earnings forecasts for Australia's energy companies after becoming less positive about the oil price outlook. Citi expects the Brent oil price to average US$62/bbl in 2026, compared to a prior expectation of US$65/bbl. It expects the OPEC+ group of countries to unwind some 1.6 million b/d of production cuts. At the same time, output from outside this group will rise strongly. "China's stockpiling and OECD inventory builds provide partial support, moderating our bear case," Citi says. It lowers core earnings forecasts for Woodside Energy in 2026 by 8% to US$761 million, and for Karoon Energy by 17% to US$122 million. Citi says Karoon remains its "top value play with plenty of potential near-term positive catalysts." (david.winning@wsj.com; @dwinningWSJ)

1413 GMT - TotalEnergies' updated strategy doesn't change its fundamental investment case, RBC Capital Markets analysts Biraj Borkhataria and Adnan Dhanani write. The updated plans look broadly in line with what the French energy major has presented in the past, they add. It appears to be preparing for a weakening oil price environment and is looking to preserve cash by cuttings costs, they say. However, the plans outlined on Monday are modest and mean it may find it challenging to keep gearing below 20% unless commodity prices continue to hold closer to current levels, they write. Shares trade down 1.9% at 53.23 euros. (adam.whittaker@wsj.com)

1342 GMT - Crude oil futures are off 2.9%, bringing the price down below the $64 a barrel mark. "The complex is starting the week under downside pressure on reports that OPEC is considering another 137,000 b/d production hike ahead of next Sunday's meeting," says Ritterbusch and Associates in a note. It's part of a bigger push and pull in the oil supply and demand picture, says the firm. "The battle between loosening global oil balances and an occasional need to inject geopolitical risk premium will continue," says the firm. Geopolitical uncertainty continues to drive market sentiment, as does concerns about a looming government shutdown. (kirk.maltais@wsj.com)

(END) Dow Jones Newswires

September 30, 2025 04:20 ET (08:20 GMT)

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