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

0248 GMT - Palm oil rises in early Asian trade. Sentiment is seen to be supported by Malaysia's strong export performance recently. Shipments for Sept. 1 to 20 rose between 8.3% and 8.7% on month, according to two key cargo surveyors, says Phillip Nova commodities strategist Darren Lim in a note. This is an improvement from mid-month estimates and a sign that external demand remains firm ahead of the festive period as buyers stock up, Lim says. The Bursa Malaysia Derivatives December contract is 60 ringgit higher at 4,439 ringgit a ton.(amanda.lee@wsj.com)

0246 GMT - Pertamina Geothermal Energy is likely a prime proxy for bets on geothermal energy, Bahana Sekuritas' Jeremy Mikael says in a research report. The Indonesian renewable energy company offers baseload electricity generation, making it more reliable compared to other renewable sources, the analyst says. Also, the company's valuation is more reasonable than that of other listed geothermal peers in Indonesia, reinforcing a scarcity value. The Indonesian company is on track to add 1.1GW over next decade with planned capacity additions totaling 280MW for 2027-2028, while its total capital expenditure for 2025-2034 is expected to reach $4.3 billon. The brokerage initiates coverage of the stock with a buy rating and a target price of IDR1,700.00. Shares are 0.7% lower at IDR1,370.00. (ronnie.harui@wsj.com)

0213 GMT - Iron ore falls in early Asian trade despite seeing a recent rebound alongside steel prices. Fundamentals suggest a weak outlook, unless China announces new infrastructure or property support measures, ANZ Research analysts write in a report. Leading property market indicators also remain downbeat, signaling that a significant improvement in steel consumption is unlikely, they say. The most-traded iron-ore contract on the Dalian Commodity Exchange is 0.4% lower at CNY800.5 a ton. (amanda.lee@wsj.com)

0118 GMT - Infratil's CDC data-centers business just took a big step toward derisking a target of doubling Ebitda across FY 2025-2027, Forsyth Barr says. CDC has signed an additional 100MW of contracts. This means it now has 95% of FY 2027 revenue contracted. "We increase our FY 2027 Ebitda estimate 7% due to this higher contracting, and are now in line with its A$660 million target," analyst Ben Crozier says. The contracts were signed just in time, according to Forsyth Barr. To achieve the Ebitda target, CDC needs most of its FY 2027 contracts to start generating revenue early in the year. Infratil's FY 2027 period starts in six months, and Forsyth Barr says the time from contract signing to revenue generating appears to sit at around 3-6 months. (david.winning@wsj.com; @dwinningWSJ)

0006 GMT - Oil futures fall in early Asian trade on a possible technical correction after they posted back-to-back gains overnight. However, losses may be limited by re-emerging worries over Russian supply, analysts say. U.S. President Trump recently said that NATO nations should shoot down Russian aircraft, CBA's Vivek Dhar says in a research report. Also, Trump's remarks that Europe needs to reduce its energy purchases from Russia have boosted worries over Russian oil and refined product flows, the analyst adds. Front-month WTI crude oil futures are 0.5% lower at $64.68/bbl; front-month Brent crude oil futures are 0.4% lower at $69.05/bbl. (ronnie.harui@wsj.com)

2259 GMT [Dow Jones]--Amplitude Energy's A$150 million capital raising looks sensible to Bell Potter. That's because Amplitude's capex commitments will rise after management expanded a drilling program to support its East Coast Supply Project and signaled the potential restart of the Patricia Baleen field in southeastern Australia. Bell Potter says drilling a fourth well, specifically to target the Nestor deposit, could take ECSP capex to A$485 million-A$580 million. "We see the Nestor option further de-risking the ECSP through a portfolio effect," analyst Stuart Howe says. Bell Potter retains a buy call on Amplitude, and trims its price target by 3.4% to A$0.28/Share. Amplitude ended Wednesday at A$0.235. (david.winning@wsj.com)

1910 GMT - U.S. natural gas futures settle slightly higher after flitting between gains and losses in a rangebound session. "Daily swings in production and exports have generally been offsetting as the market awaits further guidance from tomorrow's weekly storage report and Friday's expiration of the October gas contract," Ritterbusch says in a note. Analysts in a Wall Street Journal survey expect the EIA to report a 75 Bcf injection into storage for last week, which would leave the inventory surplus practically unchanged at 203 Bcf above the five-year average. Natural gas for October delivery settles up 0.2% at $2.858/mmBtu. (anthony.harrup@wsj.com)

1900 GMT - Crude futures post back-to-back gains amid rising tensions over Russia, with continuing Ukrainian attacks on Russian oil infrastructure raising concerns about supply. "The Russian bid continues to support crude oil prices," Mizuho's Robert Yawger says in a note. On the fundamental side, prices got additional support from the EIA's report of a 607,000 barrel decline in U.S. crude stocks, adding to the previous week's big drawdown even as imports rose and exports were lower. U.S. gasoline and diesel stocks also fell. WTI and Brent settle up 2.5% at$64.99 and $69.31 a barrel, respectively. (anthony.harrup@wsj.com)

1809 GMT - Risks to Bloom Energy's triple-digit rally skew to the downside given limited visibility into growth after next year, Jefferies analysts say in a note. The stock's valuation is pricing in aggressive growth and tough to justify, with no visibility into what 2027 and beyond looks like, the analysts say. Management of the fuel cell maker has noted it has long-term visibility, hence its moves to add capacity, but recent orders seem to be back filling its 2025 guidance, the analysts say. "Need to see significantly incremental company-specific data points to justify current levels," the analysts say, downgrading their rating on the stock to underperform from hold. (kelly.cloonan@wsj.com)

1745 GMT - Energy companies will likely remain focused on returning capital to investors next year even as they seek to expand their assets, according to Wood Mackenzie. "Oil-and-gas companies are caught between competing pressures as they plan for 2026. Near-term price downside risks clash with the need to extend hydrocarbon portfolios," Tom Ellacott, senior vice president for corporate research at the energy-focused consulting firm, says in a report. "Meanwhile, shareholder return of capital and balance sheet discipline will constrain reinvestment rates." Ventures aimed at reducing carbon emissions are one area in which energy companies look to trim spending, Wood Mackenzie says. "Most large international oil companies and national oil companies will converge on allocating 10-20% of overall budgets to low-carbon initiatives," it says. "Capital allocation will swing back towards upstream investments." (luis.garcia@wsj.com; @lhvgarcia)

1623 GMT - Bloom Energy investors are riding a wave of AI-driven euphoria and overlooking the stock's fundamentals, BofA Securities analysts say in a note. The company has notched wins with AEP and Oracle and delivered fast deployments, fueling a triple-digit stock rally over the last year, the analysts say. "But in our view, fundamentals don't justify the move," they say, noting both of those deals left its guidance unchanged, and the company is expanding capacity even as one of its facilities runs at less than 50% utilization. Bloom's valuation assumes it can grow revenue an average of 30% to 35% each year through 2030,but it's never grown more than 25% in a single year as a public company, they say, reiterating their underperform rating on the stock. Shares fall 13%.(kelly.cloonan@wsj.com)

1542 GMT - Oil prices rise further in afternoon trade, with Brent crude topping $68 a barrel as traders weigh demand trends in the U.S. and Russian supply risks. The international oil benchmark is up 1.7% to $68.12 a barrel, while WTI rises 2.1% to $64.73 a barrel. The latest EIA report showed weekly U.S. crude stockpiles fell more than expected by 607,000 barrels, while gasoline inventories were down by 1.1 million barrels. Meanwhile, investors continue to monitor developments in the Russia-Ukraine war following President Trump's shift in tone at the United Nations. According to DNB, Russian seaborne crude exports on a four-week moving average basis are at a 16-month high, up 500,000 barrels a day on year following a series of Ukrainian attacks on Russian infrastructure. "The attacks on refineries are lowering refinery runs, and Russia is diverting more crude to exports," analysts at the firm say. (giulia.petroni@wsj.com)

(END) Dow Jones Newswires

September 24, 2025 22:48 ET (02:48 GMT)

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