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

2155 ET - Nidec's large impairment may have implications for the Japanese electric-motor maker's credit ratings, Daiwa Securities' Hiroki Uchida says in a note. Nidec booked a bigger-than-previously-flagged impairment loss of 632 billion yen for the fiscal year ended March. It cites a deterioration in its electric-vehicle motor business and excessive competition for motors used in household appliances in China, among other reasons. Still, excluding the one-off effect of impairment loss, the company likely booked a fiscal-year operating gain, suggesting demand for its motors is unlikely to have fallen significantly, the Daiwa credit analyst says. Concerns about liquidity to redeem existing bonds continue to be limited, Uchida says. Nidec is rated AA- by Rating and Investment Information and #AA by Japan Credit Rating Agency. (kosaku.narioka@wsj.com; @kosakunarioka)

2010 ET - Oil prices edge lower in early Asian trade on signs of rising crude exports from the Middle East. Exports from the Persian Gulf have been growing strongly over the past week, with some estimates putting the flows nearing levels before the U.S.-Iran conflict, ANZ Research analysts say in a research report. Satellite tracking firm Kpler estimates that shipments reached 12.5 million barrels per day during the week ended Sept. 27, just 1 million barrels per day below the pre-conflict baseline, the analysts noted. Front-month WTI crude oil futures are 0.2% lower at $90.20 per barrel; front-month Brent crude oil futures are 0.1% lower at $97.96 a barrel. (ronnie.harui@wsj.com)

1943 ET - The rise in long bond expectations has ended a short-term trade where investors rotated into infrastructure stocks, viewing them as a safer bet than other assets. RBC Capital Markets says market concerns now reflect global macro uncertainty and longer-term inflation concerns. It notes the U.S. 10-year Treasury yield is above 5% for the first time since 2007. As a result, infrastructure stock valuations have begun to fall. RBC moves to reset its yield forecasts, driving cuts to price targets for six infrastructure stocks in Australia and New Zealand. They include a 20% fall in RBC's price target for Atlas Arteria to A$3.60/share, and a 13% decline for Infratil to NZ$13.75/share. Atlas Arteria ended Wednesday at A$3.95. Infratil is down 2.1% at NZ$13.86 early on Thursday.(david.winning@wsj.com; @dwinningWSJ)

1938 ET [Dow Jones]--Macquarie retains an outperform call on Amplitude Energy following its decision to advance the East Coast Supply Project in Australia. Still, it thinks investors may want to see results from drilling the Nestor natural-gas prospect and progress in development work before factoring in the full value of the project. "We have risked Nestor at 50% for now," Macquarie says. Amplitude says there's an 81% chance of geological success at Nestor. Macquarie notes there was a 84% probability applied to the Juliet prospect with similar characteristics to Nestor. Juliet was a natural-gas discovery, and flow testing has shown a reservoir of excellent quality. Macquarie retains an outperform call on Amplitude and A$2.50/share price target. Amplitude ended Wednesday at A$1.735. (david.winning@wsj.com; @dwinningWSJ)

1902 ET [Dow Jones]--Investors are likely to become more bullish about Amplitude Energy's cash flow outlook as the East Coast Supply Project advances, signals Ord Minnett. Amplitude's decision to proceed with the ECSP follows success with the Juliet-1 well. Analyst Tim Elder views Amplitude's plan to drill the Nestor prospect as a sound decision because it makes best use of the available Transocean Equinox rig. The developments materially derisk Ord Minnett's forecast for 57% production growth by FY30. "We expect this should encourage investors to look more favorably on Amplitude's capacity to significantly grow free cash flow by FY29-30, even if there are some near-term risks to exploration (i.e. Nestor) and net debt will increase to A$300 million in FY27," Ord Minnett says. (david.winning@wsj.com; @dwinningWSJ)

1712 ET - Natural gas futures settled 3Q 2026 in negative territory, falling 7.6% to $3.026 per million British thermal units. It's the fourth quarter out of the past six that natural gas futures have decreased. Year-to-date, natural gas remains 18% lower, according to FactSet data. The end of the quarter came with news of supply disruptions both domestically and overseas, although the LNG pipeline in West Virginia has since reopened. "Today seems like a digestion day after prices spiked 50 cents [per mmBtu] mid-last week, then sold off nearly 35 cents the prior three sessions," says NatGasWeather.com in a note. For the day, natural gas futures rose 0.5%. (kirk.maltais@wsj.com)

0946 ET - Natural gas futures have fallen below the $3 per million British thermal units threshold. Futures are looking for support, says EBW Analytics in a note. But it being the end of the month, natural gas futures may soon stop their slide, EBW says. "Day-to-day production readings remain volatile and imprecise," says the firm. "Phantom first-of-month declines are probable tomorrow." But how long natural gas prices continues to fall depends on how long the weather stays warmer than normal in the eastern U.S. Natural gas futures are down 0.7% to $2.99 per mmBtu. (kirk.maltais@wsj.com)

0934 ET - Oil prices rebound as tensions in the Middle East remain high despite a recent pickup in exports that calmed supply fears. Brent crude November futures were up 0.9% to $103.52 a barrel, while the more-active December contract climbs 2.3% to $98.37 a barrel. Front-month West Texas Intermediate traded 1.8% higher at $90.99 a barrel. Brent is headed for a monthly ​gain of around 16%, while WTI is on track for a 9% rise. The U.K. Maritime Trade Operations said Wednesday that it received a report that a tanker transiting through the Strait of Hormuz was struck by an unknown projectile. Meanwhile, in Israel, Prime Minister Benjamin Netanyahu held an emergency meeting with security officials over the incident involving a FlyDubai flight that made an emergency landing in Saudi Arabia after one of the pilots was reportedly stabbed. (giulia.petroni@wsj.com)

0932 ET - Rising energy costs due to the war in Iran are now beginning to feed through to food and services prices in the eurozone, Jack Allen-Reynolds at Capital Economics says in a note. Inflation in the currency bloc's four largest economies exceeded consensus forecasts in September, pointing to a rise in headline eurozone inflation to 3.7% from 3.2% in August, he says. "We warned last week that higher energy costs might start to show up in other components of the inflation basket in September." Higher agricultural prices have pushed up food costs, while soaring jet fuel prices have lifted transport inflation, with core inflation expected to creep up in the coming quarters. Allen-Reynolds expects the European Central Bank to hold rates in October before raising in December. (don.forbes@wsj.com)

0924 ET - Crude oil futures are higher after trading lower Tuesday. Reports of potential sanctions relief being offered to Russia were a factor dragging oil down, says the Hightower Report in a note. "President Trump later denied those reports, which helped crude oil regain strength early in today's action," says the firm. Oil traders will also be looking for the EIA's weekly report, which analysts expect will show decreased inventories for U.S. crude oil and distillates. WTI crude is up 1.1% to $90.32 a barrel, while Brent crude futures rise 0.6% to $103.19 a barrel. (kirk.maltais@wsj.com)

0757 ET - The effects of higher energy costs on Johnson Matthey should be contained, and the business is well placed for sustainable shareholder returns, Jefferies analysts Helena Xu and Marcus Dunford-Castro write. The chemicals firm produces catalytic converters for combustion engines, and higher energy prices accelerate the shift to electric vehicles. "We believe the risk to JMAT is contained, given its underweight exposure to China where the acceleration is likely most pronounced," the analysts write. Jefferies reiterates its buy rating on the stock and ups its price target to 26.60 pounds from 23.30 pounds. Shares are 1.7% higher at 24.20 pounds but are down 17% year to date. (joseph.wilkins@wsj.com)

0516 ET - The Kuala Lumpur Composite Index is set to have a wider buffer around its expanded 50-stock gauge, CIMB Securities' Ivy Ng Lee Fang says in a note. With inclusion and deletion thresholds revised to 40th and 61st, respectively, from 25th and 36th, the risk of frequent index turnover is reduced, the analyst writes. The changes will take effect with the December review as the KLCI expands to 50 constituents from 30. Based on Sept. 28 market-cap data, Ng says Unisem and Kelington could enter the index, replacing Genting Malaysia and Malayan Cement. Westports, United Plantations, Vitrox and Sime Darby are among others that could be included, she adds. The final list will be based on market-cap data as at Nov. 23.