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

1137 ET - Ballard Power Systems is accelerating its focus on service-based revenue. With thousands of fuel-cell units now operating in the field and more than 250 million kilometers of real-world runtime, the foundation has reached a scale where long-term support--such as training, operations monitoring and parts supply--is becoming increasingly lucrative. This growing aftermarket opportunity gives Ballard a steadier, recurring revenue stream and provides higher margins that complements new engine sales and reduces reliance on customer orders. The service supported a 37% rise in revenue in 4Q, with a strong performance in its heavy-duty segment, topping expectations. Shares are up over 12% to C$3.27. (adriano.marchese@wsj.com)

1115 ET - Demand for Nutrien's fertilizers are likely to increase due to the war in Iran, which is disrupting shipping routes and limiting exports from major producers. Nutrien climbs 6.6%, in step with other global fertilizer providers. The company produces potash, nitrogen and phosphate fertilizers. Since a large portion of fertilizers come through the Strait of Hormuz, the company is particularly leveraged to rising nitrogen and potash prices where any prolonged disruption could further strengthen its pricing power heading into the spring application season. While higher energy costs remain a risk, the supply shock could put more demand pressure on producers outside the conflict zone. (adriano.marchese@wsj.com)

1107 ET - U.S. natural gas inventories declined by a smaller-than-usual 38 billion cubic feet last week, reducing the storage deficit against the five-year average to 17 Bcf from 43 Bcf the week before, the EIA reports. The amount of gas pulled from underground caverns was less than the 64 Bcf average for the week over the 2021-2025 period. Analysts in a WSJ survey had expected a withdrawal of 46 Bcf. Mild March weather is seen limiting withdrawals in the remainder of the traditional withdrawal season. The EIA estimates that inventories will end the month at 1,840 Bcf. (anthony.harrup@wsj.com)

1101 ET - The IEA's announced 400 million-barrel emergency stock release covers about six weeks of typical Strait of Hormuz shipments, though its actual impact will depend heavily on timing and delivery logistics, Homayoun Falakshahi from Kpler says. The global market is currently losing roughly 12.5 million barrels a day of supply, a deficit that could narrow to around 9 million barrels a day as Saudi Arabia boosts shipments via Yanbu. If the full 400 million barrels are released within a month, they could offset between 32 and 45 days of disrupted supply, according to the analyst. Another limitation is inventory composition: IEA emergency stocks include both crude oil and refined products. "The headline 400 mbbls figure should not be interpreted as 400 mbbls of refinery-ready crude entering the seaborne market," Falakshahi says. (giulia.petroni@wsj.com)

1058 ET - Bitcoin prices have managed to stay relatively stable as the Iran conflict rages on, even with the surge in crude oil prices applying pressure to other higher-risk assets. Bitcoin has managed to trade fairly tightly around the $70,000-mark, after prices briefly dipped on the initial news of a strike. Maintaining this price level is unusual for bitcoin, says Nic Puckrin of Coin Bureau in a note. "In 2022, when the war in Ukraine began, bitcoin eventually plummeted as oil reached $120 (a barrel), albeit it took a while for this to happen," says Puckrin. "In 2020, during the Covid pandemic, bitcoin's price fell some 40%, along with other risk assets." In both cases, bitcoin later rallied to new all-time highs. (kirk.maltais@wsj.com)

1058 ET - The dollar could rise further even if Middle East tensions ease, Societe Generale's Kit Juckes says in a note. The conflict has boosted the dollar due to its safe-haven role and its position as an energy exporter as oil prices rise. Additionally, U.S. growth expectations for this year have been revised up to 2.5%. This contrasts with forecasts of eurozone growth of 1.2% and Japan growth of 0.8%. That means the dollar should strengthen in coming months even if it suffers a short-term bout of declines on any deceleration in the conflict, Juckes says. "If tensions don't ease and energy prices stay high for longer, the dollar will be even stronger." The DXY dollar index rises 0.4% to 99.634.(renae.dyer@wsj.com)

1052 ET - Yields on U.K. government bonds, or gilts, climb further due to worries about inflation as energy prices soar. The U.K. is seen as particularly sensitive to an energy-price shock, causing markets to price in elevated levels of inflation, AJ Bell's Danni Hewson says in a note. Money markets price in a 50% chance of the Bank of England raising interest rates by 25 basis points in 2026, LSEG data show. This marks a significant shift from the expected BOE rate cuts which were priced in prior to the Middle East War. Ten-year gilt yields climb 7.1 basis points to last trade at 4.771%, Tradeweb data show. (miriam.mukuru@wsj.com)

1036 ET - European investors are moving their investments away from credit risk exposure into safer positions due to concerns about inflation, Bank of America credit strategists say in a note. Concerns about a resurgence in inflation due to high energy prices have led to increased volatility in the sovereign bonds market and these developments are likely to lead to investment outflows from European credit funds, the strategists say. "We expect this [outflow] to be moderate as market participants have derisked markedly." (miriam.mukuru@wsj.com)

1021 ET - Sterling rises to a five-week high against the euro as markets price in the prospect of the Bank of England pivoting towards interest-rate rises. Higher energy prices resulting from the Iran war are expected to add to the U.K.'s already elevated inflation. Markets are now pricing in a small chance of a rate rise this year with a move nearly fully priced by end of 2027, LSEG data show. Before the war, markets expected two rate cuts this year. However, this repricing can only provide so much support to sterling, Societe Generale's Kit Juckes says in a note. "U.K. households are among the most vulnerable to rising energy prices." The euro falls to a low of 0.8616 pounds. (renae.dyer@wsj.com)

1021 ET - Refiners in the Gulf might soon have to slow the amount of crude they process and direct output solely to domestic markets as supplies become increasingly stranded, says Pankaj Srivastava from Rystad Energy. "Three key factors will determine the resilience of refining systems across the Gulf: bypassing the strait through alternate export routes, the balance of domestic product demand and refining capacity and product exports as a ratio of current refinery runs," the senior VP of commodity markets says. "Production shut-ins and refining cuts will likely continue across the region as the war rages on, severely threatening 2 million barrels per day of global oil supply if the strait remains impassable for the next six weeks." (giulia.petroni@wsj.com)

1020 ET - U.S. natural gas futures are modestly higher ahead of a weekly inventory report that is likely to show a smaller-than-usual withdrawal, narrowing the storage deficit to the five-year average. "A possible third-straight bullish EIA print today may pose further short-term upside," Eli Rubin of EBW Analytics says in a note. "Daily LNG feedgas is ticking higher and ultra-weak Permian pricing is likely to spur curtailments, offering further bullish fodder." The EIA is scheduled to release storage data at 10:30 a.m. ET. Nymex natural gas is up 0.8% at $3.234/mmBtu. (anthony.harrup@wsj.com)

1011 ET - Brent crude hovers just below $100 a barrel as the Middle East conflict escalates, with intensifying attacks on vessels in the Gulf and growing doubts that emergency stock releases could offset the supply hit. The international oil benchmark is up 8.3% to $99.63 a barrel, while WTI rises 7.3% to $89.57. Iran's new Supreme Leader, Mojtaba Khamenei, vowed to continue closing the Strait of Hormuz and attack U.S. bases in the Middle East. Meanwhile, President Trump said in a Truth Social post that the U.S. benefits when oil prices rise and that stopping Iran remains a higher priority. "Near $100/bbl Brent is still under-cooked," says Neil Crosby from Sparta Commodities. "SPR release sounded big but spaced over several months, it won't come anywhere near to solving things."(giulia.petroni@wsj.com)

(END) Dow Jones Newswires

March 12, 2026 11:37 ET (15:37 GMT)

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