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

1214 ET - Oklo's 3Q results are another sign the company is setting the stage for nuclear energy to become more widely adopted over the next decade, Wedbush Securities analysts say in a note. The rapid buildout of artificial intelligence data centers is driving significant demand for new energy, with necessary computing power expected to grow by ten fold by 2030, the analysts say. Oklo is making progress to meet the demand, moving from a design phase to actually building out facilities including for its first commercial deployment, the analysts say. They back their outperform rating on the stock and $150 price target. Shares rise 5.9% to $110.32. (kelly.cloonan@wsj.com)

1116 ET - Oil futures extend losses as the market shows signs of slipping into contango, where the nearby months are cheaper than subsequent months. That's a "very bearish signal," suggesting demand destruction, excess supply, or both, says Mizuho's Robert Yawger. "You have the global economy struggling a bit, the tariff situation, the China situation," he says. On the supply side, OPEC barrels are piling up, floating storage is increasing in the Asia region and this week's EIA weekly report could show U.S. production at another all-time high, he adds. "There's crude oil everywhere." WTI for December delivery is down 3.5% at $58.90 a barrel. The January contract is off 3.4% at $58.89. (anthony.harrup@wsj.com)

1108 ET - OPEC estimates an oil supply surplus in the third quarter of this year after slightly raising its forecast for U.S. production in the period. The cartel now expects supply to have exceeded demand by 500,000 barrels a day in the quarter, and raised estimates for total U.S. liquids production in the period to 22.81 million barrels a day from 22.27 million barrels a day in the previous report. "Due to a modest downward revision of oil demand and higher non-OPEC+ supply in 3Q, the OPEC secretariat now also predicts a surplus for 3Q," says Giovanni Staunovo from UBS. "That said, it is still much smaller compared to EIA and IEA." (giulia.petroni@wsj.com)

1024 ET - Oil prices extend losses in afternoon trading, pressured by mounting concerns of an oversupplied market after OPEC+ forecast higher supply from rival producers. Brent crude is down 2.7% to $63.39 a barrel, while WTI falls 3% to $59.20 a barrel. The cartel kept its forecasts for oil demand steady for this year and next, but raised estimates for non-OPEC+ output next year. Meanwhile, the IEA said in its closely watched annual report that oil and gas demand could continue to grow until 2050 under a scenario based on existing policies. Still, further price losses are limited by progress on the reopening of the U.S. government and prospects of further rate cuts this year, which could spur economic activity and demand. (giulia.petroni@wsj.com)

0843 ET - U.S. natural gas futures are returning some gains as the season's first cold shot passes. The price spike at the front of the curve reflected the sharp increase to around 38 billion cubic feet a day in residential and commercial consumption, Andy Huenefeld of Pinebrook Energy Advisors says in a note. "For reference, these sectors had been averaging between 20 Bcf and 23 Bcf per day prior to the cold snap, so the recent readings were a dramatic jump in a very short period of time" and "a reminder how quickly natural gas demand can spike during cold weather events," he says. Nymex gas for December delivery is off 1.4% at $4.503/mmBtu.(anthony.harrup@wsj.com)

0815 ET - Oil futures retreat after rising the previous three sessions, although several geopolitical and demand factors leave the broader setup "tilted to the upside," Samer Hasn of XS.com says in a note. Russia sanctions and a possible rekindling of Israel-Iran tensions pose upside risk, as does the expected reopening of the U.S. government, he says. The shift in the IEA's long-term view, with the agency now projecting global oil demand could continue to rise until 2050, "underscores the persistence of oil's central role in the world economy and the political resistance slowing the energy transition," he adds. WTI is down 1.4% at $60.18 and Brent is 1.3% lower at $64.28. (anthony.harrup@wsj.com)

0659 ET - The Norwegian krone remains undervalued but its potential to rise looks limited even as the Norges Bank has signalled continued restrictive monetary policy, Commerzbank's Antje Praefcke says in a note. The Norges Bank is caught between relatively weak growth and inflation above target, she says. "This seems to be making it difficult for the krone to gain ground in the long term." Persistently high inflation means real rates adjusted for inflation remain low compared to Sweden. Moreover, oil prices are likely to stay fairly weak, she says. These factors could prevent the krone from leveraging its potential in coming quarters, she says. Commerzbank expects the euro to trade at 11.60 krone by year-end compared to 11.6460 currently. (renae.dyer@wsj.com)

0522 ET - RWE's data-center project sale helped its nine-month earnings to beat analysts' expectations, RBC Capital Markets analysts Alexander Wheeler and Ziyad Jasimuddin write in a note. The data-center sale, which brought a book gain of around $260 million was the key driver that put the German energy company ahead of consensus for its flexible-generation business, the analysts say. RWE's old sites in the U.K., Germany and the Netherlands, might be another avenue for value creation going forward, the analysts write. "We believe the company is actively working on other projects which are not included in long-term guidance," the analysts write. Shares are up 3.1% at 44.27 euros. (aimee.look@wsj.com)

0513 ET - SSE's 33 billion-pound investment plan has energized investors, AJ Bell investment director Russ Mould writes. The market is enthusiastic despite the dilution triggered by raising 2 billion pounds in new equity, he adds. The fact that a significant portion of the plan is funded by cash flow from existing assets gives the plan credibility, he says. Whilst eye-catching, implementing it will be challenging and investors will be looking for signs of delays and cost overruns, he adds. Shares trade up 9.2% at 21.57 pounds. (adam.whittaker@wsj.com)

0510 ET - E.ON delivered robust results for the first nine months of 2025, ING analysts write. Earnings in the German utility's energy networks unit rose 18% due to regulated asset base growth, higher volumes and lower redispatch costs in Germany, they write. Earnings in its energy infrastructure solutions unit grew 15% on normalized operations and higher asset availability, they say. However, within its energy retail unit, customer tariff shifts in the U.K., combined with weather-related factors, triggered an 18% fall in earnings, they add. Shares trade down 1.8% at 15.76 euros. (adam.whittaker@wsj.com)

0403 ET - RWE's reiteration of guidance for the year should prove reassuring to investors, analysts at Morgan Stanley write in a note. The German energy company's earnings fell for the first nine months of the year compared with the year prior, but it is sticking to its guidance and largely beat analyst earnings expectations, the analysts say. Shares are up 3.7% at 44.52 euros. (aimee.look@wsj.com)

0349 ET - E.ON delivered a solid set of results, RBC Capital Markets analysts write in a note. Earnings for the first nine months of the year were in line with consensus expectations, they add. The German energy company said its retail unit was hit by the timing of some nonperiodic results in Germany. However, the division remains on track to meet full-year targets, the analysis write. Shares trade down 1.3% at 15.83 euros. (adam.whittaker@wsj.com)

(END) Dow Jones Newswires

November 12, 2025 12:14 ET (17:14 GMT)

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