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.

0606 GMT - Equinor's earnings are in line with consensus expectations, RBC Capital Markets analysts Biraj Borkhataria and Adnan Dhanani write. The Norwegian energy company's EBIT is right in line with expectations but adjusted net income is 5% below prior views, they write. Capital expenditure is around $600 million ahead of the analysts' expectations. Overall, Equinor's net debt rose less than expected, they write. Shares closed Tuesday at 261.40 Norwegian Krone. (adam.whittaker@wsj.com)

0451 GMT - Uranium producer Paladin Energy's 4Q realized pricing and FY 2026 cost guidance disappoint Citi analyst Samuel Schubert. The stock slides 13% to A$7.13/share. Schubert says Paladin's average realized price, at US$55.60/pound, falls well short of the US$69/pound Citi expected. Paladin's cost guidance of US$44-US$48/pound is higher than Citi's estimate of roughly US$38/pound. That said, "strong quarterly production print should be a relief to the market," he says. Citi has a buy rating and A$10.10 target on the stock. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

0346 GMT - Details of Malaysia's long-awaited RON95 fuel subsidy reforms will be announced by end-September, Prime Minister Anwar Ibrahim says in a speech. Under the new system, RON95 fuel will be priced at MYR1.99 per liter, down from the current MYR2.05, benefiting around 18 million drivers and motorcyclists, including gig workers and youths from age 16, he says. Foreigners, however, will need to pay market rates, he adds. The move aims to better allocate national resources and reduce subsidy wastage. In 2023 and 2024, RON95 subsidies alone cost the government nearly MYR20 billion annually, Anwar says. Malaysia's fuel subsidy changes are being closely watched for their potential impact on inflation. (yingxian.wong@wsj.com)

0244 GMT - PTT Global Chemical is likely to post a 2Q net loss of THB3.5 billion on two headwinds, UOB Kay Hian analysts say in a research report. For the entire 2025, the brokerage forecasts a net loss of THB8.0 billion versus an earlier projection of a THB5.5 billion net profit. Ebitda from the company's olefins and polymer business is expected to fall 32% on quarter in 2Q, mainly owing to a 4% decline in high-density polyethylene prices, the analysts say. The petrochemical company also likely recorded a stock loss of THB1.8 billion in 2Q. The brokerage cuts its 2026 net profit forecast to THB6.0 billion from THB9.0 billion. It lowers the stock's rating to sell from buy and the target price to THB20.00 from THB21.00. Shares last closed at THB21.40. (ronnie.harui@wsj.com)

1914 GMT - Oil futures fall for a third consecutive session with the market turning its focus to the deadline for U.S. tariffs to go into effect and the next OPEC+ meeting to decide on production levels for September. "The August 1 tariff deadline looms large on the horizon as a possible demand destruction event," Mizuho's Robert Yawger says in a note. Meanwhile, OPEC+ needs to add 281,000 barrels a day in September to complete the unwinding of 2.2 million b/d, but "there is speculation the OPEC 8 will add even more barrels. There is zero speculation they will add less," he adds. August WTI goes off the board at $66.21 a barrel, down 1.5%, and the September contract falls 1% to $65.31. Brent settles down 0.9% at $68.59. (anthony.harrup@wsj.com)

1807 GMT - The decision by eight OPEC+ countries to speed up the unwinding of 2.2 million barrels a day in voluntary output cuts was neither a policy pivot nor an effort to appease the Trump administration with lower oil prices, says Benjamin Hoff of Societe Generale. Rather, the group is returning output at the time of year with the strongest demand, which "allows barrels to re-enter the market without immediately overwhelming balances, reducing the risk of price collapse." The additional cuts were a successful effort to tighten post-Covid balances, Hoff says in a note. "The question was always when, not if, these barrels would return." The rollback also allows room for cutting again if economic or demand conditions deteriorate, and sets up "a cleaner conversation," on the future of cuts made prior to the 2.2 million b/d, which remain in place, he adds. (anthony.harrup@wsj.com)

1408 GMT - Oil futures are lower for a third session with prospects of increased output and easing demand keeping buyers at bay. Ritterbusch sees inventories rising "appreciably" as OPEC production increases become more visible "at a time when the U.S. tariffs will be having a larger impact, even if they are watered down or further delayed." Smaller than expected long trader positions in WTI, however, could accentuate the response to any bullish headlines, the firm adds in a note. WTI for August delivery is down 1% at $66.56 ahead of today's expiration. Brent is off 0.9% at $68.60. (anthony.harrup@wsj.com)

1310 GMT - Galp Energia's second-quarter results reflect its robust performance and operational resilience, HSBC analysts write. The results point to a promising outlook across its upstream, midstream, and commercial divisions, they write. Galp's replacement-cost net profit of 373 million euros was 67% above a company-gathered consensus, while a strong performance in its industrial and midstream unit contributed to the earnings beat, they write. Its midstream unit benefited from three liquefied natural-gas cargoes from Venture Global, which nearly doubled its gas trading volumes on quarter, they write. It also benefited from healthy refining margins, they add. Shares trade up 0.15% at 16.175 euros.(adam.whittaker@wsj.com)

(END) Dow Jones Newswires

July 23, 2025 04:20 ET (08:20 GMT)

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