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

2158 ET - Sterlite Technologies could benefit from a persistent optical-fiber cable supply deficit, Nomura analysts Umesh Raut and Aritra Banerjee say in a note. Limited glass-preform capacity, raw-material bottlenecks and constrained ex-China capacity have created a supply deficit, pushing hyperscalers into multiyear agreements and opening opportunities for STL. Nomura estimates STL's revenue and Ebitda will grow at annualized rates of 50% and 89%, respectively, over FY26-29. The bank initiates coverage with a buy rating and a target price of 1,350 Indian rupees. Shares closed 4.8% higher at 999.60 rupees Monday. (venkat.pr@wsj.com)

2113 ET - YTL Power International could see upside from its expanding data-center and AI infrastructure, as well as renewed power-generation opportunities, says Hong Leong IB analyst Daniel Wong in a note. Its Kulai and Sedenak West hubs offer 2.4GW of potential data-center capacity, while its AI-GPU capacity could scale to 100MW or more and support a new services business. The procurement of seven gas turbines totaling 5.25GW also positions YTL for power-generation growth and supports its expanding data-center pipeline, he reckons. Higher water tariffs and planned treatment plants at its unit Ranhill Utilities should support earnings as Johor's water demand rises, he adds. Hong Leong raises its target price to 8.08 ringgit from 7.58 ringgit and keeps a buy rating. Shares are 1.4% higher at 5.62 ringgit. (yingxian.wong@wsj.com)

2010 ET - Oil is little changed in Asian trade. Brent crude oil futures are still holding above the psychologically-important $100-a-barrel level even though ship tracking data show a significant uptick in Middle Eastern oil exports to levels close to pre‑war levels, says Commonwealth Bank of Australia's Vivek Dhar in a note. The rise in Middle Eastern exports, lower Chinese imports and non-OPEC+ oil supply growth should see oversupplied conditions in crude oil markets, he says. Still, the market's hesitation to price in oversupply seems justifiable, as it likely considers the current upswing in Middle East exports to be unsustainable, he says. Front-month WTI crude-oil futures fall 0.1% to $89.32 a barrel; Brent is flat at $100.35 a barrel.(megan.cheah@wsj.com)

The price fetched by Amplitude Energy for its natural gas in 1Q should improve on the prior three months, supporting growth in revenue. That's the view of Bell Potter analyst Stuart Howe, who points to higher gas volumes in the quarter. Also, spot natural gas prices recovered to a quarterly average of A$9.77 per gigajoule, from A$8.42 per gigajoule in 4Q of FY26. Amplitude is due to report its 1Q performance on Oct. 19. Bell Potter retains a buy call and A$2.45/share price target on Amplitude, which ended Monday at A$1.74. (david.winning@wsj.com; @dwinningWSJ)

1557 ET - Natural gas futures settled up 1% to $3.066 per mmBtu for the day, with analysts anticipating that this week's EIA storage report will show smaller-than-usual builds in natural gas storage. "Supplies continue tightening, evidenced by the last 8 EIA weekly storage reports printing smaller than normal builds," says NatGasWeather.com in a note. "The streak is expected to extend to 9-weeks after this Thursday's EIA report prints another smaller than 5-year average build." The EIA reported a 64 bcf build in inventory last week. (kirk.maltais@wsj.com)

1543 ET - Businesses are looking for an alternative to Nasdaq and the New York Stock Exchange and increasingly turning to the Lone Star State, Texas Stock Exchange CEO James Lee says on CNBC. "The movement of primary listings out of New York and into Texas is underway," he says, following Energy Transfer's Monday TXSE debut. Sunoco, USA Compression, and Dillard's are also moving from NYSE to Texas. The young exchange has also raised $430 million in capital to date, Lee says. "I think we're on the verge of the largest transfer of listings in history," he says. (elias.schisgall@wsj.com)

1116 ET - The combination of Flávio Bolsonaro's surprise victory in the first round of Brazil's elections and the possibility of a Democratic sweep of the House of Representatives and Senate in the U.S. elections in November is seen as a source of support for markets, says Stephen Coltman of 21shares in a note. "Electoral politics are becoming impossible for investors to ignore," says Coltman. He also points out that rising bond yields in Europe carry the risk of "morphing into a credit contagion risk for euro zone sovereign bonds." Agricultural and precious metals futures are higher, as is the equity markets and base metals. Energy and cryptocurrencies are mixed in morning trade. (kirk.maltais@wsj.com)

1102 ET - Brazilian stocks rally following a conservative surprise in Sunday's general elections. Presidential candidate Flavio Bolsonaro carries momentum in the runoff against leftist incumbent Lula da Silva, while conservative candidates win seats across Congress and state governorships. The results are perceived as market-friendly, fueling bets on reduced government spending and privatization. State-controlled oil producer Petrobras rises 6% in local currency and state bank Banco do Brasil is up 11%. In the private sector, digital bank Nu Holdings rises 14%. The Ibovespa stock index climbs 7%. (paulo.trevisani@wsj.com; @ptrevisani)

1038 ET - Cenovus Energy is paying a fuller price for Athabasca Oil, but the cost of scaling up is likely worth it, according to TD Cowen's Menno Hulshof. In a report, the analyst says the company is paying a premium for "growth, resource depth and synergy potential." He says that the deal consolidates scalable thermal resources around Cenovus' Christina Lake area operations, with around C$85 million in synergies identified, which "CVE's upstream operating expertise could drive upside beyond." While the C$5.7 billion price tag is higher, Hulshof calls the cost inevitable "given it is one of the last remaining thermal plays and arguably carries a scarcity premium." (adriano.marchese@wsj.com)

1009 ET - A mild outlook for weather in the U.S. weighed on natural gas futures last week, and while that continues to be the case technical trading may be skewing futures toward the positive side, says BOK Financial in a note. "Quant funds have moved more to the short side, which could build a more bullish case longer term," says the firm in a note. "However without a real fundamental shift in demand the path of least resistance still looks lower." The most-active contract is up 0.3% in early trade. (kirk.maltais@wsj.com)

0955 ET - Crude oil futures are lower, with the market seen at a sort of tentative equilibrium, says Aaron Kildow of Sparta Commodities in a note. "An uneasy calm has spread over the market," says Kildow. "Flows from Hormuz continue to impress and news of either Iranian or U.S. forces striking oil tankers no longer seems to have the same impact on oil futures markets as it did before." The U.S. dollar continues to trend stronger, which is applying pressure to the commodities markets as a whole. WTI crude is down 1.6%, and Brent crude is off 0.6%. (kirk.maltais@wsj.com)

0900 ET - Treasury yields are little changed from the high levels they ended at last week. The U.S.-Iran standoff keeps Brent crude above $100, while odds of a Fed hold this month rise to 81% from 78% Friday. No major data points are on tap today. The Treasury will auction three-year notes tomorrow, followed by a 10-year auction Wednesday and 30-year on Thursday. Fed minutes are due Wednesday. The 10-year yield is at 5.276% and the two-year at 4.821%.