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

2037 ET - Oil falls in early Asian trade on expectations that the U.S.-Iran talks will continue next week. Although latest round of talks over Iran's nuclear program ended on Thursday without a deal, Oman's foreign minister and a U.S. official said the two sides had made progress and would likely meet again for talks. The Omani said negotiations at the level of technical experts will continue in Vienna next week. This has allayed worries over imminent U.S. military action, ANZ Research analysts say in a note. However, it also "leaves little time to reach a deal before President Trump's deadline of 1-6 March," the analysts add. Front-month WTI crude oil futures are 0.3% lower at $65.03/bbl; front-month Brent crude oil futures are 0.4% lower at $70.48/bbl. (ronnie.harui@wsj.com)

1944 ET - Worley loses in bull in Barrenjoey after its 1H profit result. Engineering giant Worley faces "a number of near-term overhangs limiting share price upside," says Barrenjoey analyst Megan Kirby-Lewis. That includes professional-services earnings headwinds and increasing exposure to construction work that typically attracts a lower multiple than engineering, Kirby-Lewis says. The Australian investment bank downgrades Worley to neutral from overweight. It cuts its target price on the stock to A$13.10/share from A$16.45. Worley falls 6.4% to A$10.96, adding to a 10% loss Thursday. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

1544 ET - U.S. natural gas settles lower with the April contract moving to the front of the curve. The below-average 52 Bcf weekly inventory withdrawal reported by the EIA reduced the storage deficit against the 5-year average to 7 Bcf from 123 Bcf the week before. "Storage now sits near the five-year baseline and reduces the urgency for additional risk premium in the prompt months," Gelber & Associates says in a note. LNG exports are doing "the heavy lifting" on the demand side, "but warmer temperature forecasts across broad portions of the country are limiting incremental heating load," the firm adds. Nymex gas for April delivery falls 1.4% to $2.827/mmBtu. (anthony.harrup@wsj.com)

1513 ET - Crude futures settle lower in a volatile session as the U.S. and Iran wind up a day of talks in Geneva. Prices saw wide swings as the market weighed the bearish impact of an eventual agreement against the effect that military action could have on supply. Oman's foreign minister, who's mediating the talks, said there was "significant progress" and that talks would resume soon. Technical discussions will take place next week in Vienna, he said. Brent slips 0.1% to $70.21 a barrel after trading as high as $72.61. WTI trades between $63.60 and $66.71 before settling at $65.21 a barrel, off 0.3%. (anthony.harrup@wsj.com)

1236 ET - Oil futures pick up from early losses amid market jitters during talks between the U.S. and Iran seen by some as a last chance to reach a nuclear agreement and avoid military action. "Oil prices are very much dependent on what happens with the situation between the U.S. and Iran," says Ajay Parmar of energy intelligence firm ICIS. ICIS estimates an $8 to $10 premium in the oil price, not just the possibility of a U.S. strike but also Iran's potential response. A blockade of the Strait of Hormuz would be "very much a last resort," Parmar says. A deal, or significant progress toward a deal, could bring about a reasonably sharp drop in price, he adds. "That's the reason why we've seen prices basically bob up and down." WTI is up 1.7% at $66.53 a barrel and Brent is up 1.9% at $72.22.(anthony.harrup@wsj.com)

1116 ET - U.S. natural gas inventories fell by 52 billion cubic feet last week to 2,018 Bcf, the EIA reports. The smaller-than-usual decline reduced the storage deficit over the five-year average to 7 Bcf from 123 Bcf the week before, and put inventories 141 Bcf above their year-earlier level. Analysts in a WSJ survey had predicted a 53 Bcf draw for the week. Nymex natural gas for April delivery--the new front month--is down 1.9% at $2.814/mmBtu, but above earlier lows.(anthony.harrup@wsj.com)

0911 ET - U.S. natural gas futures are lower awaiting weekly storage data due at 10:30 a.m. ET, while weather forecasts point to warmer weather for the first half of March. The milder outlook is pressuring futures prices through the summer "as we are more likely to exit winter with above-normal amounts of gas in storage," Tradition Energy's Gary Cunningham says in a note. "Domestic gas production is back to firing on all cylinders and imports from Canada are returning to normal," he adds. Nymex gas is down 3% at $2.782/mmBtu as the April contract debuts at the front of the curve.(anthony.harrup@wsj.com)

0901 ET - Oil futures lose ground as U.S. and Iranian officials hold talks in Geneva on Iran's nuclear program. "Geo-risk will continue to rise and fall in response to latest U.S./Iran headlines, but global oil supplies are increasing appreciably as floating shadow inventories are moving into more transparent regions of the world," Ritterbusch and Associates says in a note. The energy complex is also losing support from diesel futures "as the heating season winds down amid a broad-based warming trend across the U.S. during the next couple of weeks," the firm adds. WTI is down 1.7% at $64.28 a barrel and Brent is off 1.4% at $69.84 a barrel. (anthony.harrup@wsj.com)

0517 ET - Geopolitical risks that push oil prices higher also create upside for gas, as some long-term LNG and pipeline supplies to Europe are linked to crude, Rabobank analysts say. Key triggers include a sharp crude rally boosting oil-indexed LNG or Iranian attacks on Gulf energy infrastructure-particularly Qatari LNG. A partial disruption through the Strait of Hormuz could lift TTF toward 50 euros a megawatt hour,while full impairment of key infrastructure could send it above 100 euros, though such extreme scenarios are seen as low probability. A more limited Middle East flare-up could instead add 5 euros-10 euros a megawatt hour to TTF. Rabobank's base-case outlook remains 26 euros for 2Q and 29 euros for 2026 as a whole, but any escalation affecting oil-linked contracts could push prices into the 40s through spring and summer. (giulia.petroni@wsj.com)

0457 ET - Veolia posted a strong set of full-year results, RBC Capital Markets' Joseph Pepper says in a research note. The French waste-management company exceeded the top-end of its Ebitda guidance, driven particularly by a strong fourth quarter, which saw efficiency improvements in France. While foreign exchange rates remained a headwind, this was previously flagged at the third-quarter results, Pepper says. Guidance for 2026 organic Ebitda growth is in line with the company's strategic plan, GreenUp, he adds. Shares trade broadly flat at 35.7 euros. (nina.kienle@wsj.com)

0448 ET - Drax's Ebitda comes in slightly ahead of consensus and its outlook for 2026 aligns with expectations, RBC Capital Markets analysts Alexander Wheeler and Ziyad Jasimuddin write. Its 2025 performance was driven by record levels of biomass generation, pellet production and earnings from its hydro unit, they say. The U.K. power-generation company is comfortable with 2026 Ebitda expectations of 662 million pounds, the analysts add. Shares rise 3% to 909 pence. (adam.whittaker@wsj.com)

0438 ET - Italian energy major Eni had a strong end to the year as net income beat consensus expectations by 25%, RBC Capital Markets analysts Biraj Borkhataria and Adnan Dhanani write. Quarterly production is also well ahead of market expectations, they add. While guidance is limited due to its upcoming capital markets day, Eni's capital spending outlook does look lower than anticipated, they say. This reflects the closure of an Indonesian joint venture by the middle of the year. Additionally, production looks set to continue growing, they add. Shares trade up 1.1% to 19.09 euros. (adam.whittaker@wsj.com)

(END) Dow Jones Newswires

February 26, 2026 20:37 ET (01:37 GMT)

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