The latest Market Talks covering Energy and Utilities. Published exclusively on Dow Jones Newswires at 4:20 ET, 12:20 ET and 16:50 ET.
0832 GMT - Tenaga Nasional could post higher 4Q profit due to a lower effective tax rate, RHB IB analysts Max Koh and John Liew say in a note. They forecast 4Q net profit at 1.3 billion ringgit, sequentially 30% stronger and 81% higher on year. They also lift Tenaga's 2025-2027 earnings forecasts by 6% a year after lowering the effective tax rate assumption to 26% from 30% on tax credit recognition, and expect contingency capital expenditure to accelerate in 2026-2027 following the government's approval of a revenue recovery mechanism. RHB raises Tenaga's target price to MYR16.50 from MYR15.60 and maintains a buy rating on the stock. Shares are 0.7% lower at MYR13.98. (yingxian.wong@wsj.com)
0733 GMT - Brent crude oil's rapid rise has gathered considerable momentum, based on the daily chart, says Quek Ser Leang of UOB's Global Economics & Markets Research in a research report. Brent crude oil has soared after a clear break above $66.80/bbl, the markets strategist notes. If Brent breaks above last September's high of $70.75/bbl, focus will shift to the July high of $73.63/bbl, the strategist says. For Brent to extend gains further, it must hold above the 55-day exponential moving average, which is now at $63.80/bbl, the strategist adds. Front-month Brent crude oil futures are 1.4% higher at $69.38/bbl. (ronnie.harui@wsj.com)
0116 GMT - Oil rises in the morning Asian session amid tensions over Iran. President Trump on Wednesday ramped up pressure on Iran, warning that a "massive armada" was headed to the Middle East and that time was running out for Tehran to reach a nuclear deal. This development has raised the spectre of disruptions to Iran's oil supply, ANZ Research analysts say in a research report. This also follows threats of U.S. intervention amid a crackdown on protests in Iran earlier this month, the analysts add. Front-month WTI crude oil futures are up 0.8% at $63.71/bbl; front-month Brent crude oil futures are 0.7% higher at $68.87/bbl. (ronnie.harui@wsj.com)
0037 GMT - Ampol's convenience retail business in Australia stood out for Jefferies in the fuel refiner and marketer's 4Q update. Ampol said the Australia Convenience Retail business delivered mid-single digit percent Ebit growth in 2025. Analyst Michael Simotas says that's a credible outcome given tough trading conditions experienced last year. Moreover, the earnings result "gives us confidence in Ampol's ability to extract upside from the proposed EG transaction," Jefferies says. Ampol last year agreed to buy EG Australia for A$1.1 billion, in a move that expands its direct ownership of gas stations around Australia. The deal is being reviewed by Australia's competition regulator. Ampol is down 4.3% at A$27.89. (david.winning@wsj.com; @dwinningWSJ)
2248 GMT - Was Woodside Energy's maiden production guidance for 2026 negative or just conservative? That's the question posed by Jarden after Woodside's output forecast of 173 million-186 million BOE missed consensus expectations by 3% at the midpoint. Analyst Nik Burns notes Woodside upgraded its 2025 output guidance twice during the year and then beat its final forecast. "We suspect caution over Scarborough start-up (lessons learnt from watching Barossa LNG's commissioning challenges?) and rate of Sangomar natural field decline" could be behind Woodside's forecasts, Jarden says. It retains an overweight call on Woodside. (david.winning@wsj.com; @dwinningWSJ)
2220 GMT - Woodside Energy's maiden production guidance for 2026 disappoints UBS. Woodside forecast output of between 172 million and 186 million BOE this year, down from the 198.8 million BOE achieved in 2025. Analyst Tom Allen says it missed consensus hopes by 4% at the midpoint of the range. The guidance points to weaker oil output than the market expected, with liquefied natural gas production in line. "We believe the key driver of an implied 13% cut to consensus 2026 oil production forecasts (to meet midpoint of guidance) is a faster decline rate at Sangomar followed by natural field decline in Australian oil assets," UBS says. Its price target falls 1.7% to A$23.10/Share. Woodside ended Wednesday at A$24.98. (david.winning@wsj.com; @dwinningWSJ)
1905 GMT - Oil futures post back-to-back gains with geopolitical risk keeping a bid in the market against a bearish fundamental backdrop. Despite builds in global onshore crude stocks so far this year, "geopolitical risk premium and physical supply losses have created a strong floor," Macquarie Group's Vikas Dwivedi says in a report. "Multiple factors have impeded the downward price action that we anticipated based on fundamentals." Among risks supporting prices are possible U.S. action against Iran and continuing Ukrainian strikes on Russia export infrastructure, he says. "Iran strikes, even if highly telegraphed and choreographed, would raise [Strait of] Hormuz blockage concerns." WTI settles up 1.3% at $63.21 a barrel and Brent rises 1.2% to $68.40 a barrel. (anthony.harrup@wsj.com)
1320 GMT - GE Vernova posted higher-than-expected orders in 4Q, with quarterly records across the Power and Electrification segments, JPMorgan analysts say in a research note. Overall, though, the results were mixed. Ebitda came in below the Wall Street consensus, hurt by larger-than-expected losses in its wind division. The analysts attributed the miss to offshore wind contract losses and lower onshore wind equipment volumes. GE Vernova is off 0.75% premarket.(connor.hart@wsj.com)
1307 GMT - GE Vernova warns its wind division could be hurt by the Trump administration's efforts to halt offshore wind projects. The wind division recorded higher-than-expected losses during 4Q, CFO Ken Parks says on an analyst call, after the U.S. government in December issued a stop-work order targeting the Vineyard Wind 1 project, located off Martha's Vineyard. A federal judge ruled Tuesday that construction could continue, and if that happens quickly, Parks says the company can complete scheduled work at the site by the end of March. Time is of the essence, though. "At the end of March, we'll lose access to the vessel required to complete installation of the remaining turbines," Parks says. "If we're unable to complete the installation of the remaining 11 turbines, 2026 wind revenue could be negatively impacted by approximately $250 million." (connor.hart@wsj.com)
1255 GMT - Oil futures add to the previous session's gains as President Trump keeps up U.S.-Iran tensions posting that a "massive Armada" is heading to Iran, larger than the one sent to Venezuela. "The advance of U.S. military equipment toward Iran has pumped in at least $1-$1.50 of geo-risk into the crude futures while lack of progress regarding a cease-fire or peace agreement between Ukraine and Russia continues to offer background support," Ritterbusch and Associates says in a note. The loss of U.S. production and refinery disruptions because of the winter storm appears more extensive than expected, adding to short-covering, the firm adds. WTI is up 1% at $63.04 a barrel and Brent is up 0.8% at $68.12. (anthony.harrup@wsj.com)
(END) Dow Jones Newswires
January 29, 2026 04:20 ET (09:20 GMT)
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