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

1520 ET - U.S. natural gas futures settle lower, interrupting a three-day recovery from Monday's big selloff. LNG feedgas flows have recovered from the steep declines seen during winter storm Fern, but offset by a return in production levels. Prices found some support in a record 360 Bcf storage withdrawal that flipped inventories from a surplus to a deficit, with another above-average storage draw expected in next week's report. Warmer temperatures forecast for mid-February have kept a lid on the rebound. Nymex gas settles down 2.5% at $3.422/mmBtu, off 21% from a week ago. (anthony.harrup@wsj.com)

1347 ET - Operators of natural-gas pipelines, processing stations and liquefaction plants accounted for four of the 10 largest infrastructure deals announced worldwide last year, with total deal value in the subsector rising 36% compared to 2024 despite a drop in the number of transactions, according to Guggenheim Securities. That reflected a "flight to scale" by natural gas-infrastructure operators in response to rising demand for the fuel from power producers and LNG exporters. Unlike the shale booms, this cycle is driven by "demand pull...underpinned by multi-decade offtake contracts and geopolitical realities," Guggenheim says. Large operators also benefit from increased interest from insurers and credit providers looking to form joint ventures, it adds. "No longer are infrastructure funds the lowest cost form of equity capital for these large corporates." (luis.garcia@wsj.com; @lhvgarcia)

1334 ET - The number of rigs drilling for oil in the U.S. rose by one this week to 412, and was down by 68 from a year earlier, oil services company Baker Hughes reports. The U.S. has maintained record oil production despite the lower number of rigs, although output fell last week by an average of 481,000 barrels a day to 13.2 million b/d due to freeze-offs caused by winter storm Fern, according to the latest EIA data. Rigs directed at natural gas rose by five this week to 130, the most since November and 30 more than a year ago.(anthony.harrup@wsj.com)

1050 ET - Oil prices continue to trade higher as investors monitor developments in the Middle East after talks between the U.S. and Iran took place earlier on Friday. Brent crude rises 0.7% to $68.06 a barrel, while WTI is up 0.5% to $62.75 a barrel. Tehran stuck to its refusal to end enrichment of nuclear fuel, a core U.S. requirement, but signaled a willingness to keep working toward a diplomatic solution. Markets, however, remain on edge, as any potential escalation between the two countries could disrupt energy flows in the oil-rich region. Despite the uptick, crude benchmarks are still headed for a weekly decline. (giulia.petroni@wsj.com)

0858 ET -- U.S. natural gas futures extend their pullback from Monday's selloff with extreme cold expected this weekend across the Midwest and Northeast. "Demand would be more impressive Saturday-Monday if not for comfortable temperatures over much of the rest of the U.S. by mid-winter standards," NatGasWeather.com says in a note. The record 360 Bcf storage withdrawal reported for last week is expected to be followed by a bigger-than-normal draw in next week's report, increasing the inventory deficit over the five-year average, the forecaster adds. Nymex natural gas is up 3.2% at $3.623./mmBtu. (anthony.harrup@wsj.com)

0820 ET - Oil futures are trading sideways with the market focused on talks in Oman between the U.S. and Iran over Iran's nuclear program. "While negotiations could go either way and President Trump's threats of military action are real, we believe Iran will ultimately submit, paving the way for a nuclear agreement and avoiding regime collapse," Peter Cardillo of Spartan Capital says in a note. "Such an outcome would likely send oil prices sharply lower." WTI is off 0.2% at $63.19 a barrel and Brent is down 0.1% at $67.51. (anthony.harrup@wsj.com)

0630 ET - Orsted's fourth-quarter results mostly missed consensus, but the balance sheet has improved, Berenberg analysts write. The Danish renewable-energy company's results generally came in below consensus expectations for the quarter, the bank says. However, leverage has significantly improved following the 60 billion Danish kroner rights issue, which should remove any immediate investor concerns relating to the balance sheet, it adds. Guidance for 2026 and 2027 is in line with consensus expectations in terms of Ebitda and capex. "Overall, the Q4 numbers look disappointing versus consensus, but we note that guidance is in line and the balance sheet appears in much better shape following completion of the rights issue." Shares rise 1.2%. (dominic.chopping@wsj.com)

0627 ET - Aker Solutions delivered another strong report, with free cash flow, a clear upward adjustment of the 2026 guidance and strong order intake standing out, SB1 Markets analyst Erik Aspen Fossa writes. For 2026, Aker Solutions raised its revenue guidance to 45 billion-50 billion Norwegian kroner from 45 billion kroner previously. At the same time, the company is now guiding for an Ebitda margin of 7.0%-7.5%, in line with 2025 but above consensus of 6.8%. "The 2026 guidance indicates around 10% upside to consensus for EBITDA, while the company delivers an attractive dividend." However, the bank continues to believe that the market will be cautious in extrapolating the strong results for 2025-26 to 2027 and beyond. Shares rise 7.6%. (dominic.chopping@wsj.com)

0602 ET - Fundamentals for China's solar industry are largely unchanged, Morningstar's Cheng Wang says. Chinese solar photovoltaic stocks rallied this week following media reports that Elon Musk-linked delegations visited several companies, fueling speculation about potential collaborations on space-based solar PV projects. The analyst notes that while solar PV plays a critical role in meeting power demand, the estimated demand from data centers is limited relative to annual global solar additions. Given that space-based solar PV is still at an early stage, any potential partnerships are unlikely to materially boost solar producers' revenues. Morningstar maintains its fair-value estimates for the sector, with JA Solar seen as undervalued and TCL Zhonghuan as overvalued. It views Jinko Solar, Trina Solar, Longi, CSI Solar, Tongwei and Daqo as fairly valued. (jason.chau@wsj.com)

0543 ET - Orsted reported an uneventful set of results, UBS analyst Mark Freshney writes. There are incremental impairments, but they are in line with what was previously disclosed and there are no new negatives related to construction, which is important, he says. Fourth-quarter impairments were limited, with 500 million Danish kroner ($79.2 million) on the Sunrise project and 100 million kroner on the Revolution project, which relate to the lease suspensions in  December. On top of that, a 1.6 billion kroner impairment on the European onshore business was already communicated by the Danish renewable-energy company. The funds from operations to net debt ratio is at 42.9%, which is close to the 30% threshold for the credit ratings, Freshney adds. A ratio below around 30% can trigger a rating downgrade. Shares rise 3.1%. (dominic.chopping@wsj.com)

0510 ET - Orsted delivered a solid set of results, with in-line numbers and guidance reiterated, RBC Capital Markets analyst Alexander Wheeler writes. Full-year adjusted Ebitda came in at 25.1 billion Danish kroner versus consensus at 25.3 billion kroner, while reported Ebitda was 22.4 billion kroner versus consensus at 22.7 billion kroner. Ebitda guidance for 2026 is unchanged at more than 28 billion kroner. The ratio of funds from operations to net debt landed at 43% due to the renewable-energy company's rights issue and divestment proceeds. "There is a clear indication that the balance sheet is in a stronger position following the divestment program," Wheeler says. Focus of the investor call will center on U.S. projects following the successful appeals to continue construction on the Revolution and Sunrise projects. Shares rise 3.6%. (dominic.chopping@wsj.com)

0322 ET - Oil prices edge higher in early trading but are on track for their first weekly decline in several weeks, as markets focus on upcoming talks between the U.S. and Iran. Brent crude and WTI both rise 1.1% to $68.28 a barrel and $63.13 a barrel, respectively. The benchmarks, however, are down more than 1% for the week as negotiations between Washington and Tehran have eased concerns over potential U.S. military action that could threaten oil infrastructure in the region. Still, tensions remain elevated. "The two sides remain well apart," analysts at ANZ Research say. "This should see the geopolitical risk premium remain in place."(giulia.petroni@wsj.com)

(END) Dow Jones Newswires

February 06, 2026 15:20 ET (20:20 GMT)

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