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.

1300 ET - Alimentation Couche-Tard CEO Alex Miller says higher prices at the pump often mean consumers buy a little less fuel, but it doesn't necessarily affect overall demand. On an analyst call, Miller notes that even when gasoline approaches $5 a gallon, most driving remains essential, so customers still visit stores regularly. While elevated prices can strain household budgets, Couche-Tard hasn't seen a "direct correlation between higher fuel price and in-store traffic or in-store performance." Instead, he says that "thus far during this event, our in-store and our merch is performing quite well." Alimentation Couche-Tard trading 3.6% lower at C$79.97. (adriano.marchese@wsj.com)

0846 ET - Crude oil futures are near unchanged with WTI at $95.69 a barrel. The short-term shock of the Strait of Hormuz being effectively closed appears to have worked its way through crude oil prices, but is now being felt further downstream. "Instead of being fully reflected in outright crude prices, it is now visible in elevated refinery margins, stronger product prices, regional dislocations, and the steepness of the forward curve," says Ole Hansen of Saxo Bank in a note. Hansen says that the market is not showing normalization after the shutdown of the Strait of Hormuz, but that the effects of it are rippling further out into the supply chain. (kirk.maltais@wsj.com)

0526 ET - China's suspension of refined oil product exports amid the prolonged Strait of Hormuz disruption is a pre-emptive move to guard against potential domestic fuel shortages stemming from the Iran conflict, Nomura's Harrington Zhang and Ting Lu say in a note. Under an extreme scenario of a full fuel export ban, and assuming similar measures by others except Russia, the economists estimate that China could reduce crude imports by 2.8% without affecting domestic fuel supply while increasing strategic petroleum reserves to about 109 days of imports from 100 days. A halt in jet-fuel exports, China's main refined product, could have a notable impact on global markets given near-term supply tightness. Meanwhile, fuel imports from Russia could remain stable due to its ample supply and close bilateral ties. (jason.chau@wsj.com)

0457 ET - Lower power prices now and ahead make Verbund an unattractive investment, analysts at Citi say after the Austrian utility guided for a continued slide in financial performance this year. Earnings before interest, taxes, depreciation and amortization should fall to at most 2.5 billion euros this year from nearly 2.8 billion euros in 2025, itself a 21% drop from a year earlier, the company said in an earnings release Wednesday. That fall came amid lower power prices and high windfall taxes, Citi notes. Verbund also looks exposed to European rule changes that will affect carbon prices, the bank says. "The combination of these factors makes it difficult to make a constructive investment case on Verbund in the short term," Citi says, keeping a sell rating and a 62-euro target on the Vienna-listed stock. Shares lose 3.1% to 65 euros. (joshua.kirby@wsj.com; @joshualeokirby)

0411 ET - Ithaca Energy is moving forward with material projects in the U.K. North Sea and upgraded its payout policy, Jefferies analysts write. Its 2025 earnings release is positive despite the energy-profits levy hitting net income, the analysts write. The U.K.-listed energy company says it is benefiting from increased regulatory and fiscal clarity. This aligns with the analysts' positive view on U.K. North Sea producers, they write. The company is now targeting shareholder returns between 20% and 35% of post-tax cash flow from operations, up from its previous range of 15% to 30%. Shares fall 5% to 257.5 pence.(adam.whittaker@wsj.com)

0403 ET - Verbund investors might be keen to hear more details on weak hydropower output, RBC Capital Markets says after the Austrian utility guided for a continued drop in earnings this year. Verbund's net profit and earnings before interest, taxes, depreciation and amortization fell last year a little more sharply than expected, and the group said it expects a further drop this year. Much of that weak performance has to do with lower hydro generation, RBC's Alexander Wheeler and Ziyad Jasimuddin write in a note. "Guidance for 2026 [is] based on an average generation year for hydro and this may be a key point on the call as to the current impact year-to-date," they say. Verbund shares are down 5% at 63.70 euros. (joshua.kirby@wsj.com; @joshualeokirby)

0335 ET - China Resources Power's net profit and dividend per share likely peaked in 2025, say Citi analysts Pierre Lau and Bella Tian in a note. While its profit in 2025 slightly beat estimates, its earnings and dividend were likely to fall in 2026 thanks to narrower margins at its thermal-power business, they say. This business faces potentially higher coal costs due to the ongoing Middle East conflict, the analysts add. Citi retains its neutral rating and HK$19.00 target price on the stock, which is 2.85% higher at HK$19.50.(megan.cheah@wsj.com)

0143 ET - Sembcorp Industries appears well-protected from a rise in global gas prices, say CGS International's Lim Siew Khee and Meghana Kande in a note. This comes as the Singapore energy-solutions provider's long-term power contracts include fixed margins and cost-pass-through mechanisms, they say. Its piped natural gas import contracts with Indonesia and Malaysia could be leveraged for Sembcorp's own power generation or for sale to others affected by limited liquefied natural gas, the analysts add. Gas optimization moves within Sembcorp and potential higher-than-expected spreads between the market price of electricity and the cost of natural gas could offer gains for the company's overall earnings, they add. CGS International maintains its add rating and S$7.68 target price. Shares rise 3.25% to S$6.04. (megan.cheah@wsj.com)

0053 ET - NTPC Green Energy seems positioned to capture quickening renewable energy demand in India, HDFC Securities analysts say, citing the company's capacity addition plans backed by its parent's proven execution. The Indian renewable energy arm of NTPC plans to expand its renewable energy operating capacity to 60 gigawatts by FY 2032 from around 8GW as of December 2025, the analysts say in a note. Alignment with India's 500GW renewable energy plan target by FY 2030 provides a substantial growth path, while a clear focus on profitable growth and disciplined capital allocation enhances NTPC Green Energy's investment appeal. The brokerage initiates coverage of the stock with a buy rating and a target price of INR121.00. Shares are 1.1% higher at INR97.23. (ronnie.harui@wsj.com)

2337 ET - Oil markets will likely remain volatile, says Phillip Nova's Priyanka Sachdeva in a note. Brent and WTI oil prices have been soaring as investors focus on Iran-Israel-U.S. frictions, supply-route bottlenecks, rising war-risk premiums and an extended escalation in key oil-producing Gulf countries. "Headline-driven volatility, steep intraday fluctuations, and a foundation of disrupted supplies are driving oil prices for now," the senior market analyst says. Concerns about intermittent loading delays at key Gulf export terminals could also tighten near-term oil supply availability. (amanda.lee@wsj.com)

2323 ET - China Aviation Oil (Singapore) could increase its dividend payout once controlling shareholder-related constraints are lifted, says DBS Group Research's Jason Sum in a note. The jet-fuel trader's 2025 final dividend implied a yield of around 2.0% despite its earnings beat and stronger net cash position, the analyst notes. However, the company said the continuing restructuring involving its controlling shareholder has limited flexibility around near-term dividends, he says. Once the restructuring is completed, likely this year, the company could boost returns and introduce an interim dividend, the analyst says. He raises his 2026 and 2027 earnings forecasts by 12% and 9.0%, respectively. DBS increases its target price to S$2.50 from S$1.75 and maintains a buy rating. Shares rise 5.9% to S$2.15. (megan.cheah@wsj.com)

2009 ET - Korea Electric Power's earnings could be hit by the Middle East conflict, Daiwa Capital's Mike Oh and Daeho Son say. The recent surge in oil prices could lead to higher-than-expected fuel costs from 2H 2026 at the South Korean state utility, the analysts write in a note. They cut their 2026-2027 EPS estimates for the company by 22%-23% to reflect the rise in fuel costs. Daiwa expects South Korea, which currently sources 15% of its LNG imports from Qatar, to gradually reduce its reliance on Middle Eastern energy by increasing supplies from the U.S. (kwanwoo.jun@wsj.com)

(END) Dow Jones Newswires

March 18, 2026 16:50 ET (20:50 GMT)

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