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

1310 ET - U.S. natural gas futures move lower after testing resistance around $3 per million British thermal units. Prices retreated following the EIA's weekly storage report showing inventories posting a third consecutive below-average build for last week, with the 30 Bcf injection landing in line with market expectations. "The failure to breach resistance against the backdrop of an 'as-expected' storage report seems to have sapped some of the market's bullish sentiment," Andy Huenefeld of Pinebrook Energy Advisors says in a note. Front-month Nymex gas is off 0.5% at $2.942/mmBtu after falling as low as $2.885. (anthony.harrup@wsj.com)

1201 ET--Gold futures are higher with Treasury yields easing further and the dollar losing ground. "Lower U.S. Treasury yields and a weaker dollar are creating favorable conditions for gold, but this represents only a short-term improvement," XS.com market analyst Linh Tran says in a note. The near-term outlook will depend heavily on upcoming U.S. economic data, she adds. The recovery is expected to continue, although "the advance is unlikely to follow a straight line, particularly with several important U.S. employment and inflation reports approaching." Gold for December delivery rises 2.8% to $4,536.90 a troy ounce. Silver gains 3.2% to $67.54 a troy ounce. (anthony.harrup@wsj.com)

1130 ET - The Gulf's non-oil economy strengthened in August, although the recovery remained uneven across the region, Capital Economics says. Its GDP-weighted measure of Gulf whole-economy PMIs rose to 53.6 from 52.5 in July, suggesting the month marked further progress even though activity remains below prewar levels. The survey readings are encouraging given U.S.-Iran tensions prevailing during August, says Nicolas Crittenden, assistant economist at Capital Economics. Kuwait recorded a particularly sharp rebound, while Saudi Arabia's non-oil activity improved more modestly. Qatar remained the clear weak spot, with its PMI falling to 47.6 from 48.5 as constrained LNG exports weighed on the economy. Crittenden says the resumption of strikes in recent days could weigh on sentiment and complicate the recovery. (farhan.rafid@wsj.com)

1108 ET - U.S. natural gas inventories rose less than usual last week, reducing the storage surplus over the five-year average to 160 Bcf from 167 Bcf the week before, EIA data show. Underground stocks rose by 30 Bcf to 3,214 Bcf in the week ended Aug. 28, compared with an average 37 Bcf injection for the week over the 2021-2025 period. The storage deficit against the year-earlier level widened to 50 Bcf from 30 Bcf. Analysts in a WSJ survey had expected a 29 Bcf increase. Nymex natural gas is up 0.3% at $2.965/mmBtu.(anthony.harrup@wsj.com)

0951 ET - Legrand's organic growth dynamics are stronger than ever, Deutsche Bank analyst Gael de-Bray writes as the German bank raises its rating and target price on the stock. A recovery in the EU residential market should boost investor confidence in the company's growth trajectory, the analyst says. "We like the quality of Legrand's positioning, its defensive attributes and its ability to leverage the trend towards mass electrification," Gael de-Bray writes. Deutsche Bank raises its rating on the French infrastructure manufacturer's stock to buy from hold and its target price to 160 euros from 150 euros. Shares are up 1.9% at 137.15 euros. (ian.walker@wsj.com)

0933 ET - Forecasts for hot weather extending beyond Labor Day help lift U.S. natural gas futures as the market awaits the weekly inventory report from the EIA due at 10:30 a.m. ET. Analysts in a WSJ survey expect a 29 Bcf storage injection for last week, which would lower the inventory surplus over the five-year average to 159 Bcf from 167 the week before. "While the October natural gas contract may continue to test higher due to scorching hot weather, if winter contracts remain laggard on strong supply and risks of a milder-than-normal winter, substantial price upside may be difficult to realize," Eli Rubin of EBW Analytics says in a note. Nymex natural gas is up 1% at $2.985/mmBtu. (anthony.harrup@wsj.com)

0925 ET - Treasury yields are on pace for a second consecutive daily decline, as markets trim odds of an interest rate increase this month to 50% from 63%. The drop in yields happens even as the factors driving them to recent highs remain in place. Crude futures rise 1%, with Brent reaching $96, keeping inflation fears alive. The U.S. trade deficit widens less than forecast in July, to $88.6 billion. Weekly jobless claims are little changed, at 206,000. The WSJ Dollar Index falls 0.5% as the greenback weakens 2% against the yen amid intervention chatter. The 10-year yield drops to 4.744% from 4.781% overnight. The two-year slips to 4.317% from 4.376%. (paulo.trevisani@wsj.com; @ptrevisani)

0855 ET - The rise in oil prices stretches into a fourth day with the resumption of fighting in the Middle East rekindling concerns about tight global supplies for longer. "Some measure of comfort had gradually been developing as increased ships were reportedly exiting the Strait of Hormuz," Ritterbusch & Associates says in a note. But with a diplomatic solution seen far off "it is safe to say that there is no end in sight to this quagmire that is likely to keep petroleum prices much elevated through the end of this year." WTI is up 1.6% at $92.46 a barrel, and Brent gains 1.1% to $96.65 a barrel. (anthony.harrup@wsj.com)

0832 ET - ECB's interest-rate outlook is becoming harder to call, Andrew Kenningham at Capital Economics says in a note. A hike next week appears all but certain, and a jump in gas prices and strong economic activity mean further tightening can't be ruled out, he says. "However, other indicators suggest that the case for rate hikes is far from clear-cut," he says, citing limited second-round effects from higher energy costs. While markets are pricing in three more hikes in total, Capital Economics doesn't expect any more after next week. Regardless, the ECB will likely reverse course within a year or so, Kenningham says. "We think the eurozone is more likely to run the risk of under-shooting than over-shooting its inflation target in the medium term." (don.forbes@wsj.com)

0753 ET - Anglo American is progressing on its planned simplification and is well-positioned to create significant value, Jefferies analysts write. The London-listed miner is expected to complete its $53 billion merger with Canada-based Teck Resources by March 2027, but Jefferies believes it could close by the end of this year. "Overall, Anglo's plans and execution have been just what the doctor ordered for a recovery from the company's challenging 2023," the analysts say. Jefferies has a buy rating on the stock and atarget price of 50 pounds. Shares are up 1.1% at 41.78 pounds and 35% higher over the year to date. (ian.walker@wsj.com)

0737 ET - European natural-gas prices are forecast to end this year at 80 euros per megawatt-hour, before falling to 40 euros by the end of 2027 due to constrained LNG supply and low storage levels, according to Capital Economics. TTF prices, Europe's benchmark, currently trade at 73 euros a megawatt-hour. "Warmer-than-usual weather over the northern hemisphere winter could limit heating-related demand and help relieve upward pressure on natural gas and LNG prices in Europe and Asia," says David Oxley, chief commodities economist. "But any increase in attacks on ships using the Strait could feasibly result in flows of crude oil falling back again from current levels and further delay the normalization of energy shipments out of the Middle East." (giulia.petroni@wsj.com)

0727 ET - Brent crude futures rise to their highest level in six weeks as concerns over prolonged disruptions to Middle East flows keep the geopolitical risk premium high. In afternoon European trading, the global oil benchmark is up 1% to $96.62 a barrel after having topped $97, while WTI rises 1.6% to $92.44 a barrel. Both benchmarks are up more than 10% on the week following fresh strikes between the U.S. and Iran. Meanwhile, The Wall Street Journal reported that U.S. Defense Secretary Pete Hegseth is quietly extending troop deployments in the Middle East, signaling the conflict with Iran could drag into next year.