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

1923 ET - Amplitude Energy could be conservative again when setting expectations for its natural gas production, suggests Jarden. Amplitude has overcome problems at its Orbost Gas Processing Plant, which is now producing some 68 terajoules of gas per day. Analyst Nik Burns forecasts an improvement to some 74 TJ/day in FY 2026 for total production of 4.4 million barrels of oil equivalent. "We note that Amplitude set very conservative production guidance in FY25 (then upgraded twice), so may follow suit once more," Jarden says. Amplitude is due to report its FY 2025 result on Aug. 19. Jarden also hopes for updates to costs and schedule of Amplitude's East Coast Supply Project and the timing of increasing nameplate capacity of the Orbost plant. It retains a "buy" call on Amplitude. (david.winning@wsj.com; @dwinningWSJ)

1909 ET - No news from Monadelphous is likely good news, says Jefferies. Monadelphous hasn't updated on trading since its 1H result in February. Analyst Tom Chapman thinks Monadelphous is therefore on track for its FY 2025 targets of high-single-digit-revenue growth with improved operating margins. That's in line with Jefferies's forecasts for 8% revenue growth and a 30 bps expansion in margins. Monadelphous is due to report its annual result on Aug. 19. "All eyes will be on the contract pipeline for FY 2026, particularly after the acquisition of High Energy Service," Jefferies says. It downgrades Monadelphous to "underperform," from "hold," citing a lofty valuation. Its price target moves up 6.3%, to A$17.00/share, still below Monadelphous's closing price on Thursday of A$20.39. (david.winning@wsj.com; @dwinningWSJ)

1509 ET - Crude oil futures fall for a sixth consecutive session in choppy trade amid uncertainty about the impact of U.S. tariffs, Russia sanctions, and output increases by OPEC+. Reports of positive talks between the U.S. and Russia on the Ukraine war and a possible meeting between Presidents Trump and Putin "increase the chances of a ceasefire, and perhaps even an eventual peace deal, though talks could remain tricky and the outcomes uncertain," Eric Lee of Citi Research says in a note. "Our base case forecast remains for Brent to head toward the low-$60s/barrel by end-year amid softening markets" even if talks are slow, India partially reduces purchases of Russian oil and China picks up more discounted barrels, he says. "U.S. appetite to enforce could remain low due to worries about high oil prices." Brent falls 0.7% to $66.43 a barrel and WTI settles down 0.7% at $63.88. (anthony.harrup@wsj.com)

1452 ET - U.S. natural gas futures slip as loss of weather-driven demand outweighs the boost from a below-estimate inventory build. A revision to late month forecasts "removed much of the expected heat from the Northeast," Tradition Energy's Gary Cunningham says in a note. "This puts the market back into the previously established band between $3.00 and $3.10." The EIA reported a 7 Bcf injection into storage for last week which reduced the surplus over the five-year average to 173 Bcf from 195 Bcf the week before. "Overall sentiment continues to lean bearish as storage levels are in a very healthy range already, so the small injection report today will have little impact on late-year estimates of around 3.9 Tcf of gas in the tanks," Cunningham adds. Nymex natural gas settles down 0.3% at $3.067/mmBtu. (anthony.harrup@wsj.com)

1210 ET - Oil prices slip into negative territory after a Kremlin adviser said Russia was planning for the summit between President Trump and Russian President Vladimir Putin in the coming days. Brent crude falls 0.3% to $66.67 a barrel, while WTI is down 0.4% to $64.10 a barrel. The news sent positive signals to the market, with Putin saying he could meet Trump in the UAE. Earlier, Trump had said there was a "good chance" he would meet with the Kremlin leader after the idea was raised by Russia during a meeting with U.S. envoy Steve Witkoff. "Depending on how things play out, concerns over secondary tariffs may fade," ING analysts say. (giulia.petroni@wsj.com)

1108 ET - The price of Russia's flagship export oil to India has been discounted as pressure from the U.S. and the EU on buyers of Russian oil hits demand, according to data provider Kpler. "Lower demand from Indian refiners is starting to have a strong effect, particularly from state-owned refiners, which are reportedly considering a full pause in imports of Russian oil," says Homayoun Falakshahi, head of crude oil analysis. "On the other side, private players are still scooping barrels, but at a lower pace." The Urals oil price is more than $5 a barrel cheaper than North Sea Dated--a physical crude price index historically based on a basket of North Sea grades--Kpler says. Two weeks ago, the price difference was almost zero. (giulia.petroni@wsj.com)

1107 ET - The price of Russia's flagship export oil to India has been discounted as pressure from the U.S. and the EU on buyers of Russian oil hits demand, according to data provider Kpler. "Lower demand from Indian refiners is starting to have a strong effect, particularly from state-owned refiners, which are reportedly considering a full pause in imports of Russian oil," says Homayoun Falakshahi, head of crude oil analysis. "On the other side, private players are still scooping barrels, but at a lower pace." The Urals oil price is more than $5 a barrel cheaper than North Sea Dated--a physical crude price index historically based on a basket of North Sea grades--Kpler says. Two weeks ago, the price difference was almost zero. (giulia.petroni@wsj.com)

1101 ET - U.S. natural gas inventories saw their smallest weekly increase of the 2025 injection season so far, rising by 7 billion cubic feet to 3,130 Bcf on Aug. 1, the EIA reports. The increase in underground storage was below the 29 Bcf five-year average for the week and below the 18 Bcf average estimate in a WSJ survey of analysts. It reduced the surplus over the five-year average to 173 Bcf from 195 Bcf the week before. Nymex natural gas is up 1.2% at $3.115/mmBtu. (anthony.harrup@wsj.com)

1009 ET - U.S. natural gas prices flit between gains and losses ahead of the EIA's inventory report, which is expected to show a below-average injection for last week. This year's hot summer "has been no match for loose gas balances," Bank of America's Francisco Blanch and Clifton White say in a research note. While summer LNG demand has averaged 3.3 Bcf a day more than last year, "it has been dwarfed by production and power looseness," they add. BofA now expects natural gas to average $3/mmBtu in the remainder of the year "as recent rig adds put natural gas stocks on pace to exceed 3.9 Tcf this fall." They lower their 2026 price estimate to $4 citing higher expected production. Nymex natural gas is off 0.5% at $3.061/mmBtu. (anthony.harrup@wsj.com)

0920 ET - Oil futures are modestly higher after a five-session losing streak driven by OPEC+ plans to raise output and concerns that U.S. tariffs, which take effect today for dozens of countries, will eventually crimp demand. Market views differ on whether India will or won't stop buying Russian crude, although the additional 25% U.S. tariff is still weeks away and Russia says Presidents Trump and Putin are expected to meet in coming days. Additional increases in OPEC production are the "overriding negative consideration," Ritterbusch says in a note. WTI is up 0.3% at $64.56 a barrel and Brent is 0.3% higher at $67.12. (anthony.harrup@wsj.com)

0800 ET - Canadian Natural Resources' 2Q performance was as straight down the fairway as could be hoped for, and it continues to deliver, Raymond James' Michael Barth says. As such he view the quarter as neutral, with production in line with his and the consensus forecast and a 3% beat on adjusted funds from operations. Raymond James has an outperform call on the shares, which were last at C$43.12, down 2.8% year-to-date. (robb.stewart@wsj.com)

0517 ET - BP's fortunes are starting turn around after the energy giant delivered significantly stronger results along with positive news about a potential discovery in Brazil's Bumerangue field, Berenberg analysts write. They upgrade their rating on the stock to buy from hold and raise its target price to 500 pence from 385 pence. The oil major's outlook has been boosted by stronger free cash flow after it cut costs and lowered capital expenditure, they add. The incoming chairman will also review costs further while examining its portfolio. As net debt falls, BP should continue attractive buybacks in 2026, they add. Shares trade down 0.3% at 428.95 pence.(adam.whittaker@wsj.com)

(END) Dow Jones Newswires

August 07, 2025 19:23 ET (23:23 GMT)

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