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

1157 ET - Cameco and Brookfield Renewable Partners' investment in Westinghouse Electric Company provided a little boost to adjusted Ebitda. The two companies bought the nuclear services business in late 2023, with Cameco owning 49% and Brookfield Renewable owning the other 51%. Nuclear energy has become the darling of big tech and countries looking to upgrade their power output especially with the rise of EVs and AI infrastructure. The expected increase is tied to Westinghouse's participation in the construction project for two nuclear reactors at the Czech Republic. Cameco shares are up 11% to C$92.30 while Brookfield Renewable rises 6.5% to C$34.98. (adriano.marchese@wsj.com)

1018 ET - OPEC+'s recent oil output boost has yet to translate into a significant production increase, according to Morgan Stanley's data. Eight key members of the alliance agreed to raise production by 138,000 barrels a day in April and 411,000 barrels a day for both May and June. However, notwithstanding the roughly 1 mb/d increase in production quota between March and June, an actual increase in production is hard to detect in the data, analysts at the bank say. Morgan Stanley's analysis is mainly based on refinery throughput, sea and pipeline exports, and stockpiling data. Nevertheless, analysts expect the OPEC+ members to increase production by around 420,000 barrels a day between June and September and continue to forecast a market surplus going forward. (giulia.petroni@wsj.com)

1003 ET - Oil futures start the week trading both sides of even, with optimism about U.S.-China trade talks and expectations of tighter U.S. supply partly offset by concerns about Chinese crude demand. Falling U.S. rig counts and higher seasonal travel demand are supportive of prices, while OPEC+ crude output is lagging behind estimates, BOK Financial's Dennis Kissler says in a note. "The end game in tariffs will likely be negotiated soon, and while it will be a cost to China, it's very probable it will not be near as bad as currently being promoted," he adds. WTI is down 0.2% at $64.47 a barrel and Brent is down 0.1% at $66.41. (anthony.harrup@wsj.com)

0939 ET - U.S. natural gas futures are lower after rising the previous two weeks on longer-term expectations for a tighter market. Near-term bearish factors are piling up with weak weather-related demand, LNG maintenance, higher production and rising storage, Eli Rubin of EBW Analytics says in a note. But "bullish momentum has appeared indefatigable," with the argument that mid-summer conditions will tighten rapidly as LNG booms and production stagnates still intact, he adds. Nymex natural gas is down 4.1% at $3.628/mmBtu. (anthony.harrup@wsj.com)

0910 ET - Banks tell the Federal Reserve that perceived negative perception, or stigma, has restrained them from using the standing repo facility, which lets banks borrow overnight against Treasury collateral at the top end of the Fed's interest-rate range. "Low uptake" is another reason cited in the survey, showing that banks don't want to be the only one reaching out for funds, analysts at Wrightson write. It may "be the case that funding desks would be less reluctant to seek management approval for SRF loans if other institutions had already paved the way," Wrightson says. If the Fed moves to central clearing of its Treasury trades, its possible the Fed could choose to report only its direct exposure to the clearinghouse, sparing banks the public disclosure. (matt.grossman@wsj.com; @mattgrossman)

0723 ET - European natural gas prices slip in afternoon trade but remain higher on week, with investors focused on storage levels and supplies. The benchmark Dutch TTF contract is down 1.2% to 35.81 euros a megawatt-hour, although it is up more than 2% week-on-week. According to industry group Gas Infrastructure Europe, inventories across the EU are now over 50% full, but still lag behind levels seen last year and the five-year average. "This leaves the region with a fairly big task to hit storage targets," ING analysts say. Meanwhile, flows of liquefied natural gas through the summer season will require close monitoring as competition with Asia heats up. (giulia.petroni@wsj.com)

0658 ET - The narrowing of the Brent-WTI spread is supported by a combination of increased OPEC+ output and modest U.S. crude supply growth, analysts at ING say. Historically, the U.S. oil gauge has traded at a discount to Brent. But in recent days the gap has narrowed significantly, with the increase in OPEC+ production weighing on Brent and U.S. prices rising due to slowing drilling activity and supply disruptions caused by Canadian wildfires. "The U.S. market has been more constructive recently," Warren Patterson and Ewa Manthey say. Baker Hughes data shows that last week the oil rig count fell for a sixth consecutive week, marking the longest period of declines since mid-2023, according to the firm. In midday trade, Brent and WTI are both up 0.3% at $66.67 and $64.77 a barrel, respectively. (giulia.petroni@wsj.com)

0434 ET - Samsung SDI is expected to report a third consecutive quarter of losses in 2Q, iM Securities analyst W.S. Chung writes in a note. The South Korean battery maker is likely to suffer from weaker-than-expected shipments of electric-vehicle batteries due to sluggish demand from its major clients such as BMW in Europe and Stellantis in the U.S., Chung says. The analyst expects Samsung SDI to post a 2Q operating loss of 231 billion won, sharper than a market consensus forecast of a 91 billion won loss. Weakness in EV battery shipments may be partially offset by an expected increase in shipments of batteries for electrical tools, he adds. (kwanwoo.jun@wsj.com)

0350 ET - Oil prices tick lower following weak Chinese data, but remain broadly supported by optimism surrounding trade talks between Beijing and the U.S. In early trading, Brent crude and WTI slip 0.6% to $66.09 and $64.22 a barrel, respectively. China's exports grew 4.8% in dollar-denominated terms in May from a year earlier, falling short of expectations and down from April's 8.1% increase. Meanwhile, oil imports declined from the previous year, as weaker refinery operating rates and tighter U.S. sanctions on Iranian oil contributed to lower shipments, according to market watchers. U.S. and Chinese officials are now set to meet in London later on Monday to discuss a path forward on trade, with investors hoping a deal could boost the global economic and crude demand outlooks. Focus is also shifting to Wednesday's U.S. inflation data, which could offer crucial cues for the Federal Reserve's next moves. (giulia.petroni@wsj.com)

0240 ET - Indorama Ventures is likely to benefit from robust demand outlook for polyester including polyethylene terephthalate, UOB Kay Hian's Arsit Pamaranont says in a research report. The global market for polyester is expected to grow at CAGR of more than 4% between 2025 and 2030, as highlighted at the Asia Petrochemical Industry Conference 2025, the analyst notes. The Thai polyester producer seems well-placed to capitalize on improving PET and polyester fundamentals and production-capacity discipline across the petrochemical chain. Strong growth of PET demand will likely be supported by the product's critical role in textiles, packaging, home furnishings and industrial applications. The brokerage maintains a buy rating and a target price of THB24.00 on the stock, which is 1.5% lower at THB20.00.(ronnie.harui@wsj.com)

0200 ET - Mahanagar Gas appears focused on sales volume growth, based on its meeting with analysts, HDFC Securities analysts say in a note. The natural-gas distributor forecasts double-digit percentage growth over the next two to three years, driven by factors including higher volumes from new geographical markets in India, the analysts note. The Indian company is likely to increase the number of its retail outlets and expand its customer base in the industrial segment. Also, Mahanagar Gas' competitive compressed natural gas prices versus auto fuels should support robust volume growth of 10% CAGR over FY 2025-2027. The brokerage has a buy rating and a target price of INR1,960.00 on the stock, which is 4.7% higher at INR1,392.00. (ronnie.harui@wsj.com)

0118 ET - Delta Electronics (Thailand) stands to benefit from demand for liquid cooling in various subsystems of data centers, CGS International's Thanapol Jiratanakij says in a note. Research firm SemiAnalysis sees liquid cooling demand surging nearly six-fold to almost 6,000 megawatts in 2025 from 2024 and rise to 11,000 megawatts in 2026 and 12,500 megawatts in 2027, the analyst says. Delta Electronics' liquid cooling production in Thailand could ramp up by 4Q once its new facilities in Wellgrow industrial estate come online. The brokerage raises the stock's target price to THB68.00 from THB52.00, and keeps a reduce rating. Shares are up 2.4% to THB97.75. (ronnie.harui@wsj.com)

(END) Dow Jones Newswires

June 09, 2025 11:57 ET (15:57 GMT)

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