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

1221 ET - The possible return of Venezuelan oil to the market could have implications for long-term capital expenditure in the Latin American oil space, Rystad Energy says in a release. Argentina, Guyana and Brazil are set to lead regional oil production growth this year adding more than 700,000 barrels a day and "will continue to outcompete Venezuela through at least 2030," the firm says. The lifting of sanctions and changes to Venezuela's hydrocarbons law support U.S. efforts to market Venezuelan oil. "In the short term, 300,000 barrels a day of Venezuelan supply could be added to the market, but the likelihood of shifting investment from current Latin American powerhouses to beleaguered Venezuelan infrastructure amid an uncertain business environment remains limited." (anthony.harrup@wsj.com)

1102 ET - Enphase's differentiated technology will help the company successfully offset the decline in residential solar demand from the end of a key tax credit last year, say Oppenheimer analysts. "We continue to believe ENPH's power management and controls capabilities uniquely meet the complex challenges of an overtaxed grid," the analysts say. The company's product roadmap is positioning it for improved margins and the value proposition for customers, while its bidirectional charging technology is well-suited for 800V data center applications, according to the analysts. The company is set up to gain share and outperform expectations as it introduces its new products at an accelerated pace, the analysts add. Enphase surges 38% after a beat and raise 4Q. (nicholas.miller@wsj.com)

1033 ET - Solar equipment maker Enphase Energy jumps 40% after 4Q results beat top and bottom-line expectations and the company raises 1Q revenue guidance. The fortunes of Enphase are starting to turn a corner with U.S. solar demand picking up, say Susquehanna's Charles Minervino and Eric Clay. "Overall, we think 1Q will likely mark trough levels for ENPH, as a number of tailwinds including new product introductions, rising utility rates, and prepaid leases drive a recovery beginning in the 2H of the year," the analysts say. Higher utility rates will improve the value proposition of solar, the analysts add, as prepaid leases gain greater adoption to offset declines from the end of a residential solar tax credit last year. (nicholas.miller@wsj.com)

1001 ET - New proposed regulations for the 45Z tax credit was welcomed by U.S. agriculture, with the stipulations such as requiring feedstocks to be grown in North America seen as a good sign for domestic crop demand. But with nothing set in stone, U.S. farmers remain cautious, says Zippy Duvall of the American Farm Bureau Federation. "This is just the first step," says Duvall. "The Departments of Agriculture and Energy must now finalize guidance and resources for calculating carbon intensity scores so that the full range of Congressionally mandated improvements to the credit can be realized." CBOT grains are mostly lower in morning trade, although soybeans are virtually unchanged amid a 1% uptick in soyoil futures. (kirk.maltais@wsj.com)

0952 ET - Crude futures are flitting between small gains and losses with the market attentive to talks scheduled for Friday between the U.S. and Iran. Headline risks remain high after the U.S. shot down an Iranian drone approaching an aircraft carrier, keeping WTI and Brent near six-month highs, Razan Hilal of Forex.com says in a note. But there's risk of a sharp reversal "should supply glut concerns resurface, in line with 2026 IEA forecasts and recent neutral OPEC forecast adjustments." WTI is up 0.1% at $63.26 a barrel, and Brent is up 0.2% at $67.49. (anthony.harrup@wsj.com)

0924 ET - U.S. natural gas futures are recovering more after Monday's big losses which some see as overdone with plenty of cold weather left to the tail end of winter. "Winter risk remains prominent over the next four weeks, with the possibility of a return to extreme cold still on the table through the end of the month," Andy Huenefeld of Pinebrook Energy Advisors says in a note. The market is also looking to tomorrow's storage report which could show a record weekly withdrawal reflecting high demand and loss of production during winter storm Fern. "Forecasts suggest the magnitude of storage draws will fall off sharply beyond this week, but any colder shift in the outlook would materially impact end-of-season storage expectations," Huenefeld adds. Nymex natural gas is up 1.9% at $3.375/mmBtu.(anthony.harrup@wsj.com)

0858 ET - Credit assets are likely to cope well in the current environment of high uncertainty, making them more attractive than equities and commodities, TwentyFour Asset Management's Jakub Lichwa says in a note. Geopolitical tensions, trade conflicts, and uncertainty around global economy have caused considerable volatility in equities and commodities. Credit spreads, however, have stayed fairly stable during the eventful start to 2026, Lichwa says. "We see [credit] as weathering broader uncertainty favorably." (miriam.mukuru@wsj.com)

0829 ET - SSE has seen the generation output from its renewables unit increase, boosted by its construction program, analysts at Goldman Sachs write in a note. Output from SSE Renewables was 7% higher for the first nine months, compared with the same prior-year period, which shows how capacity has risen, the analysts say. In a recent update, the company has secured five transmission planning decisions since November, and will continue to focus on securing remaining consents for its projects. Meanwhile, SSE continues to chug forward amid mixed weather conditions and consistent profit expectations. Shares are up 3.4% at 25.18 pounds. (aimee.look@wsj.com)

0632 ET - U.S. Treasury yields rise slightly ahead of data and the Treasury's quarterly refunding announcement. ISM services PMI is due at 1500 GMT and investors could be anticipating another strong reading after Monday's better-than-expected ISM manufacturing PMI data. Meanwhile, market watchers don't expect changes in the Treasury's note and bond auction sizes at the refunding announcement due later Wednesday, but they will look for initial information about likely higher auction volumes in the coming quarters. The two-year Treasury yield rises 1.2 basis points at 3.582%; the 10-year yield is up 0.7 basis points at 4.279%; while the 30-year yield is up 0.1 basis point at at 4.907%, according to LSEG data. (emese.bartha@wsj.com)

0354 ET - Equinor's slight beat to EBIT expectations was largely driven by a roughly $300 million arbitration gain in the Norwegian energy company's marketing, midstream and processing unit, RBC Capital Markets analysts write. Underlying cash flow from operations was also higher than expected, due to increased underlying pretax earnings, they say. Shares rise 1.8% to 256.4 Norwegian kroner. (adam.whittaker@wsj.com)

0411 ET - Equinor cut its share buyback by more than expected, J.P. Morgan analysts write. The Norwegian energy company reset its buyback to up to $1.5 billion over 2026. This is below expectations of between $2 billion to $2.5 billion, the analysts say. The cut is consistent with prior concerns about the company's ability to fund sector-competitive distributions, they say. (adam.whittaker@wsj.com)

0407 ET - Oil prices steady as traders closely monitor developments in Iran after renewed tensions in the region. The U.S. shot down an Iranian drone aimed at the aircraft carrier USS Abraham Lincoln, and a U.S.-flagged ship outran an attempt by armed Iranian gunboats to force it to stop, though negotiations with Washington are still expected this week. "Uncertainty about how talks will play out means the market will likely continue to price in some risk premium," analysts at ING say. Brent crude and WTI settled more than 1.5% higher in the previous session, though they now trade0.3% and 0.1% lower at $67.11 and $62.07 a barrel, respectively. Separately, traders await weekly inventory data from the EIA to assess the impact of a massive winter storm that recently hit parts of the U.S. (giulia.petroni@wsj.com)

(END) Dow Jones Newswires

February 04, 2026 12:21 ET (17:21 GMT)

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