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.

0750 GMT - BP's first-quarter trading update looks better than expected, with the performance of the U.K. energy giant's oil trading and downstream business being the key driver, Citi analysts say. "BP's [first-quarter] trading statement looks incrementally positive versus our expectations and, as such, we raise our earnings forecast for the quarter by 20%," the analysts say in a research note. The downstream business is set to gain from an exceptional oil-trading result, supply optimization, higher refining margins and lower turnaround activity, according to Citi. While there is a weaker picture in the upstream business due to timing effects on the realization of oil and gas prices, flat volumes compared with the fourth quarter look better than expected, the analysts add. Shares are up 0.5%. (adria.calatayud@wsj.com)

0556 GMT - Southeast Asia and India may only have 7-15 days of strategic oil reserve coverage left, PGIM says in a note. Disruptions through the Strait of Hormuz continue to squeeze global reserves of crude oil and derivatives, says the asset management arm of Prudential Financial. The Philippines has already declared a national energy emergency--and elsewhere in Asia-Pacific, major economies such as Japan and South Korea have around 4 to 10 weeks of coverage, says PGIM. Despite ongoing tensions between the U.S. and Iran, PGIM assigns a roughly 70% probability to a negotiated settlement or cease-fire extension, citing the economic and political ramifications for both sides. (megan.cheah@wsj.com)

0525 GMT - Rising energy costs and persistent inflation are hitting U.S. households at a time when real income growth is already diminishing, resulting in consumption losing momentum, says Generali Investments' Paolo Zanghieri in a note. Generali Investments expects consumption to grow by just 1.7% in 2026, around one percentage point below 2025, the senior economist says. "The most significant contributor to slower consumption growth is the deterioration of the labor market," he says. Private sector job creation has effectively stalled, hiring is at its lowest since April 2020, and the decline in the quit rate signals slower wage growth ahead, he says. Generali Investments lowers its GDP growth forecast to 2.3%. (emese.bartha@wsj.com)

0517 GMT - The Middle East cease-fire remains intact, and that is positive, even as last weekend's peace talks between the U.S. and Iran concluded without a deal, Columbia Threadneedle Investments' Anthony Willis says in a note. "Intermediaries are still working hard behind the scenes to make sure that both sides continue to communicate," the senior economist says. Despite ongoing wranglings, both sides appear interested in reaching a deal, but even when a deal is reached, resuming normal service in the Strait of Hormuz will take a long time, he says. "When traffic begins to flow we will likely see a fall back in oil prices, but supply stresses will persist as it will take time for oil and gas to reach their final destinations." (emese.bartha@wsj.com)

0500 GMT - Oil prices are increasingly driven by diplomatic signals amid the Middle East tensions, Phillip Nova's Priyanka Sachdeva says. Each sign of renewed dialogue has pushed prices lower, as traders unwind the war premium built into crude earlier this month, the senior market analyst says. Diplomatic progress and assurances of uninterrupted tanker movement through the Strait of Hormuz could pull Brent back toward the $80 zone, though residual geopolitical risk limits the downside, Phillip Nova adds. Front-month WTI crude oil futures are up 0.5% at $91.71 per barrel; front-month Brent crude futures are 1.0% higher at $95.74 per barrel.(tracy.qu@wsj.com)

0442 GMT - Crude oil's recent correction reflects investors "transitioning from a state of panic over potential supply chain disruptions to a more cautious and calculated stance amid the multifaceted developments in both field operations and macroeconomics," XS.com says. The U.S. Navy's presence at the Strait of Hormuz has mitigated fears regarding the disruption of 20% of global supply, reassuring the market that non-Iranian supply remains fluid, says analyst Linh Tran. However, this correction doesn't necessarily signal a sustained bearish reversal and crude oil remains in a sensitive state, Tran says in a research note. Front-month Brent crude oil is 0.5% higher at $95.27 a barrel while front-month WTI crude is down 0.15% at $91.14 a barrel. (sherry.qin@wsj.com)

0359 GMT - Huaneng Power International's operating environment is turning less supportive, Daiwa Capital Markets analysts say in a report. The power producer faces tariff pressure, with management expecting an average tariff decline of less than 0.03 yuan per kilowatt hour for 2026, the analysts note. Daiwa expects the blended tariff cut of around 0.03 yuan per kilowatt hour to weigh on margins this year, leading to over 20% drop in the company's core earnings. The brokerage cuts its rating on the stock to underperform from outperform and lowers the target price to HK$5.20 from HK$5.80. Shares are 1.3% higher at HK$6.25. (ronnie.harui@wsj.com)

2352 GMT - Macquarie expects a solid 1Q performance from Woodside Energy, driven by liquefied natural gas output that likely beat market forecasts. Macquarie pencils in 1Q production of 43.7 million barrels of oil equivalent, ahead of consensus hopes of 42.5 million barrels. It points to data suggesting LNG output from the North West Shelf facility was strong in January, with the Pluto plant strong in March. "Focus will be on Woodside's ability to capture the commodity cycle (coming at a highly opportune time), and any offsets that could exist," Macquarie says. It retains a neutral call on the stock. "Meaningful upside in Woodside from here would require significant escalation in war impacts," Macquarie says. Woodside ended Tuesday at A$33.96. (david.winning@wsj.com; @dwinningWSJ)

1921 GMT - Oil futures fall as the market keeps up hope for U.S.-Iran negotiations while the cease-fire in the Persian Gulf holds despite the breakdown of talks over the weekend. The IEA said it now expects global oil demand to fall by 80,000 barrels a day this year, including a drop of 800,000 b/d in March from the year-earlier month and 2.3 million b/d in April. "Demand destruction will spread as scarcity and higher prices persist," the agency said. "It remains unclear whether the cease-fire will turn into a lasting peace and a return to regular shipping flows through the Strait of Hormuz." WTI settles down 7.9% at $91.08a barrel, and Brent falls 4.6% to $94.79. (anthony.harrup@wsj.com)

1731 GMT - Oil futures extend their retreat with the market reflecting optimism that the U.S. and Iran will resume talks aimed at settling the conflict. "The past 24 hours have been a reminder that crude is currently trading the headline probability tree more than the slow-moving balance," Gelber & Associates says in a note. The market is pricing de-escalation rather than escalation, the firm says. "Even with physical conditions still far from normal in the region, the market is discounting a scenario where flows gradually improve and tanker activity becomes less constrained, and that has been enough to trigger profit-taking after the prior surge." WTI is down 6.6% at $92.50 a barrel and Brent is off 4.1% at $95.26 a barrel.(anthony.harrup@wsj.com)

1432 GMT - Grain futures rise as markets focus on potential de-escalation in the Middle East. Hopes that U.S. and Iran officials will continue to negotiate a peace deal weigh on oil prices. Meanwhile, U.S. soybean planting progresses at a record pace, with 6% of total crop already seeded, AgResource says in a report. The firm says farmers expect seeding to be "active throughout the week as rain chances hold to western crop areas." Geopolitical risks loom, however. "New investment capital is not flowing into CBOT grains," AgResource says. On the CBOT, soybeans rise 0.3%, and both wheat and corn are up nearly 1%. (paulo.trevisani@wsj.com; @ptrevisani)

1255 GMT - Oil futures are lower in early U.S. trade with the market keeping alive hopes the U.S. and Iran will return to the negotiating table. Meanwhile, the Strait of Hormuz remains virtually closed to traffic, extending the more than monthlong supply disruption. The drop as much as $10 a barrel from yesterday's highs reflects "the possibility of renewed talks that could lead to a nuclear deal that would eventually spur a reopening of the strait," Ritterbusch & Associates says in a note. "Even a glimmer of negotiating progress can easily spark a dramatic price decline." WTI for May delivery is off 3.2% at $95.87 a barrel, and June Brent is down 1.5% at $97.90. (anthony.harrup@wsj.com)

(END) Dow Jones Newswires

April 15, 2026 04:20 ET (08:20 GMT)

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