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

0857 ET - U.S. natural gas futures are little changed with production recovering and milder late October weather forecasts limiting the heating demand outlook. "Recovering post-Isaias Gulf of America production supports higher national readings," Eli Rubin of EBW Analytics says in a note. "Aside from the brief cold front into this weekend, mild late-October weather forecasts support moderating gas prices." Nymex natural gas is off 0.1% at $3.164/mmBtu. (anthony.harrup@wsj.com)

0850 ET - Treasury yields bounce from early lows but remain below Friday levels, as U.S. bond markets start a shortened week bracing for key inflation data. September CPI, due tomorrow, is expected to accelerate, with annual inflation at 3.6%, up from August's 3.4%. Markets still price a Fed hold this month, however. Oil slips 2%. Declining yields and oil prices weigh on the dollar. The WSJ Dollar Index falls 0.2%. The 10-year Treasury yield falls to 5.189% from 5.243% Friday. The two-year slips to 4.778% from 4.789%. (paulo.trevisani@wsj.com; @ptrevisani)

0617 ET - Inflation expectations have fallen this month to their lowest level since January 2025, Bank of America's global fund manager survey shows. A net 5% of investors in October expect lower global inflation in 12 months' time, compared to 4% in September. This reflects expectations that Brent crude prices will ease by year-end to $94 a barrel from $104 currently. (renae.dyer@wsj.com)

0616 ET - Investors increased allocations to bonds in October, according to Bank of America's monthly global fund manager survey. They also find that pessimism on bond yields fell to the lowest since May 2025. "Just net 1% of FMS [fund manager survey] investors expect higher long-term rates, down from 15% in September," the survey finds. Investors have also increased allocation to Japanese and U.K. stocks, as well as utilities, the survey says. They reduced allocation to banks, U.S. stocks and consumer discretionary. (emese.bartha@wsj.com)

0610 ET - The dollar eases as Treasury yields fall and the global bond selloff loses momentum, BankPro's Paolo Broccardo says in a note. Lower oil prices also weigh, moderating the inflation impulse that has supported Federal Reserve tightening expectations. The dollar could remain under mild pressure until Wednesday's inflation data provides clearer direction, he says. A firmer reading could boost near-term Fed tightening expectations, lifting yields and the dollar. A softer print could challenge the December rate-rise currently priced, lowering yields and the dollar, he says. The DXY dollar index falls 0.3% to 102.302 after reaching an 18-month high of 102.607 Monday. Ten-year Treasury yields fall 5.2 basis points to 5.192%, according to Tradeweb. (renae.dyer@wsj.com)

0604 ET - Italian energy major Eni's refining margin tripled quarter-on-quarter and sets the scene for an extraordinary dividend, Jefferies analyst Mark Wilson writes. More than $900 million could be returned via the special dividend, which follows two buyback increases, he says. Shares are flat at 25.41 euros. (adam.whittaker@wsj.com)

0514 ET - Qatar and Kuwait are expected to record the steepest economic contractions among Gulf states this year as disruptions to the Strait of Hormuz constrain hydrocarbon exports, Citi Research says. Qatar's economy is forecast to shrink 13.5%, with hydrocarbon output falling 38.8%, while Kuwait's GDP is projected to decline 12.2% as oil activity contracts 27.7%. Neither country has an alternative overland route for crude exports, leaving them particularly exposed to shipping restrictions. Citi also expects Qatar's fiscal deficit to widen to 8.0% of GDP and Kuwait's to 22.1%, highlighting the pressure on government finances from reduced hydrocarbon production. (farhan.rafid@wsj.com)

0456 ET - BP posts a solid operational performance but impairments continue to come, RBC Capital Markets analyst Biraj Borkhataria writes. The British energy major flagged another $3 billion to $4.5 billion of impairments, which combined with prior write downs total nearly $10 billion of charges in the transition businesses, he says. This represents around 10% of BP's equity prior to the pandemic and demonstrates how much financial damage BP's pivot into renewable energy caused, he says. "We would imagine the house is now clean... but we also thought that last quarter...," he writes. Shares 1.1% to 594.70 pence. (adam.whittaker@wsj.com)

0432 ET - Jardine Matheson's acquisition of Balfour Beatty's stake in their Gammon Construction joint venture could modestly boost earnings per share within the first year, says Macquarie Capital's Jayden Vantarakis in a note. The Hong Kong-based conglomerate plans to buy the 50% stake for 250 million pounds, payable in three tranches through December 2028. Gammon, a steady contributor to Jardine's earnings, is part of its engineering division which accounts for around 7% of the company's gross estimated net asset value, the analyst notes. He continues to find Jardine's Singapore-listed shares attractively valued, with an outperform rating and a $80.00 target price on its shares, which are last 1.8% higher at $56.85. (megan.cheah@wsj.com)

0424 ET - BP's strong third-quarter performance update should push consensus expectations higher, Jefferies analyst Mark Wilson writes. The update paves the way for the British energy major's strategy update in December, he writes. Overall, expectations for underlying RC EBIT and net income should move more than 10% higher on the back of the update, he adds. Shares rise 1.4% to 596 pence. (adam.whittaker@wsj.com)

0417 ET - BP's planned strategy update in December is earlier than expected, Barclays Lydia Rainforth writes. It will give investors a clearer view of CEO Meg O'Neill's approach after eight months in the role come December, she writes. The British energy major's third-quarter update demonstrates the strength of its trading arm and integrated model, she says. Following the update, Barclays increases its full-year replacement-cost operating profit estimate by around 5% to $11 billion and its adjusted net income estimate by around 20% to $6.5 billion. Shares rise 1.4% to 596 pence.(adam.whittaker@wsj.com)

0412 ET - BMI raised its average copper price forecast for this year to $13,500 a metric ton from $12,700 a ton, citing tariff-related market disruptions and persistent supply constraints. "For the remainder of 2026, we expect copper prices to remain volatile and highly sensitive to tariff-policy developments, with the eventual Washington decision likely to set the near-term market direction, while broadly intact structural tightness should temper the extent of any correction," analysts at the firm say. Over the longer term, copper prices are expected to be supported by a persistent supply deficit and rising demand as the energy transition gathers pace. BMI forecasts copper prices reaching $17,000 a ton by 2035, driven by electrification and investment in clean-energy infrastructure. In early trading, three-month copper futures on the LME are flat at $14,624.50 a ton.