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

0953 ET - Natural gas futures are down 0.3% to $3.017 per mmBtu, with trading centered around the $3 mark. Weather across the country remains the main factor weighing on natural gas prices. "Cooling rains in Texas may create more physical market weakness, and Week 3 warming is lowering projected heating demand," says EBW Analytics in a note. The upcoming storage report from the EIA is projected to show an injection of 64 bcf, according to a survey of analysts by WSJ. A surprise in either direction may spark a stronger move for natural gas, says EBW Analytics. (kirk.maltais@wsj.com)

0943 ET - Crude oil futures are higher, with December Brent up 1.8% to around $100 a barrel. "Supply concerns remain under the microscope, with the conflict continuing to drag on despite improved traffic through the Strait of Hormuz," says Peter Cardillo of Spartan Capital Securities in a note. Brent crude is outpacing WTI crude futures which are up 0.2% to around $91 a barrel--exhibiting the premium between Brent and WTI on the possibility of renewed attacks on oil infrastructure. (kirk.maltais@wsj.com)

0628 ET - BofA reiterates a buy rating on Kongsberg with a NOK400 price target, implying 25% upside. The popularity of the company's Joint Strike Missile is key, not least given its role on the global F-35A rollout. There is a potential $13 billion procurement opportunity from initial missile sales. Its NASAM missile defense system is also positioned for Europe's air-defense rebuild, with a roughly EUR50bn MRAD procurement opportunity and EUR7bn revenue opportunity. (alistair.macdonald@wsj.com)

0620 ET - The U.K. manufacturing sector continued to record modest growth in September, although rising energy costs due to the Middle East conflict threaten to weaken the outlook, Matt Swannell at the ITEM Club says in a note. The S&P Global manufacturing PMI edged up to 51.9 in September from 51.7 in August, with new orders remaining relatively healthy. But challenges are likely to gather pace, with the sector expected to lose momentum ahead, Swannell says. "Demand for consumer goods will cool as the resilience we've seen in the retail sector fades and consumers' spending is squeezed by rising inflation." Elevated energy prices are likely to persist through the first half of next year, pushing up manufacturing costs and goods inflation, Swannell adds. (don.forbes@wsj.com)

0617 ET - Vestas Wind Systems' near-term demand fundamentals seem in good shape, and shares look attractive at current levels, JPMorgan analysts write. The company reported third-quarter large orders of 2.75 gigawatts, a decline of 31% on year. The weakness is at odds with the fundamentals and underlying market demand, in the bank's view. This could be explained by either Vestas deciding not to announce a few large U.S. orders, or some bookings moving to the fourth quarter amid continuing uncertainty on tariffs. The positive in orders: Australia coming back with around 1 gigawatt of orders announced on the final day of the quarter, it adds. The bank rates Vestas at overweight with a 295 Danish kroner price target. Shares fall 2.2% to 191.80 kroner. (dominic.chopping@wsj.com)

0523 ET - Indonesia could sustain its trade surplus through 2027, though it is expected to remain modest as imports continue to grow faster than exports, RHB economist Wong Xian Yong says in a note. Export growth is expected to strengthen gradually, supported by downstream metal and manufacturing shipments and higher prices of some commodities, he says. Coal exports will likely stay weak, while palm oil could benefit from higher domestic biodiesel demand. Broader market access, including the Indonesia-EU trade deal, could support export diversification from 2027, he adds. Greater oversight of strategic commodity exports is also expected to improve transparency without materially disrupting shipments, RHB says. (yingxian.wong@wsj.com)

0349 ET - Oil prices rise in early European trading as Middle East tensions remain elevated despite recovering crude exports from the Gulf. "U.S.-Iran negotiations have made little progress toward fully reopening Hormuz, while uncertainty persists over potential U.S. restrictions on diesel exports," says Soojin Kim from MUFG. Regional crude flows have returned to prewar levels, according to analysts, but refined-product supply remains significantly tighter. Meanwhile, the latest EIA data showed U.S. crude oil inventories rose last week as refineries ran at a slower pace, but distillate fuel stocks fell by 2.3 million barrels and were 14% below the five-year average for this time of year. The front-month Brent crude December contract rises 1.5% to $99.52 a barrel, while WTI futures are up 1.8% to $92.01 a barrel. (giulia.petroni@wsj.com)

0346 ET - Siemens Energy's fourth-quarter margins are projected to be in line with expectations, Citi analysts write after an investor call with management. The German energy equipment manufacturer guided for margins around the 11.6% it averaged over the first half of the year, the analysts say. Messaging on gas turbine demand was unchanged from previous call, they add. Additionally, there was no significant update on the soon-to-be-announced midterm targets, the say. Shares fall 0.7% to 141.80 euros. (adam.whittaker@wsj.com)

0319 ET - SSE's full year outlook has improved since the start of May owing to higher and more volatile gas and power prices, J.P. Morgan analysts write. The comments come after the power distribution company's first-half trading update, which was in line with expectations, the analysts say. With the key winter months ahead, SSE's ability to capture the higher and more volatile prices will depend on market conditions and renewables output, they say. Consensus expectations could rise if investors believe SSE can benefit further from market conditions, they say. Shares rise 0.8% to 2,502.00 pence.(adam.whittaker@wsj.com)

0305 ET - SSE posts a solid half-year update that shows the power-distribution company is on track, RBC Capital Markets analysts Alexander Wheeler and Ziyad Jasimuddin write. Full-year guidance is kept unchanged but remains subject to weather, market conditions and plant availability, with the key winter months yet to come, they write. Shares fall 0.8% to 2,470.00 pence. (adam.whittaker@wsj.com)

0232 ET - Nidec Corp.'s credit ratings could be cut by two notches as it may take longer to address governance issues, SMBC Nikko Securities' Hideki Matsumoto says in a note. Earnings figures, announced Wednesday, delivered no surprises but the auditor's declining to state its views on the results has negative implications, the senior credit analyst says. Nidec is expected to submit a report on internal control to the Tokyo Stock Exchange later this month. Developments around the filing and the exchange's evaluation need to be carefully watched, Matsumoto says. Nidec is rated AA- by Rating and Investment Information and #AA by Japan Credit Rating Agency. (kosaku.narioka@wsj.com; @kosakunarioka)

0150 ET - Nidec Corp.'s progress in re-establishing effective internal controls over financial reporting is going to be crucial following its disclosure of the results for the fiscal year ended March, says Ryosuke Kaneko at Mitsubishi UFJ Morgan Stanley Securities in a note. Nidec recorded a 632 billion yen impairment loss in its latest fiscal year, which was marred by an accounting scandal. While impairment doesn't involve cash outflow, a significant drop in shareholders' equity lowers the capacity to absorb losses and could lower its creditworthiness, the senior credit analyst says. The risk of credit rating cuts has increased, Kaneko says. A Nidec press conference later Thursday should offer a good opportunity to assess the new management's stance on rebuilding the company, he says.