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.
0331 GMT - Thailand will likely be able to manage the energy-supply crunch despite its heavy reliance on the Middle East for oil and gas imports, Maybank Securities (Thailand)'s Chak Reungsinpinya says in a research report. The country could mitigate the problem by using its existing reserves, securing supplies from other areas, boosting its domestic output and increasing its use of renewable fuels, the analyst says. The government should also be able to slow energy price hikes for at least four months, helped by potential subsidies from state-owned energy companies. Given its deflation, Thailand "could tolerate more price increases than other economies," he says. (amanda.lee@wsj.com)
2350 GMT - It's natural for the market to be skeptical about the next phase of Amplitude Energy's East Coast Supply Project, says Canaccord Genuity. Amplitude yesterday said the natural-gas discovery by the Isabella-1 well couldn't be developed commercially. Next on its drill list: the Juliet and Nestor targets. Amplitude says both have simpler geology. Still, analyst James Bullen notes that Nestor needs approval from Amplitude's JV partner. "We have adjusted for the result at Isabella and increased our risking for the ECSP and associated exploration," Canaccord says. "We retain our buy recommendation, noting that the core value at the Orbost Gas Processing Plant remains, but lower our sum-of-the-parts based price target to A$3.00 (from A$3.65)." Amplitude is up 0.9% at A$1.705, but still near two-year lows. (david.winning@wsj.com; @dwinningWSJ)
2158 GMT - Euroz Hartleys thinks Amplitude Energy was sold off too sharply after it said the natural-gas discovery by the Isabella-1 well couldn't be developed commercially. Amplitude's share price plunged to A$1.69, its lowest level in around two years, following the results of a flow test that signaled a small pool of natural gas. Still, analyst Declan Bonnick is confident about the success of the remainder of Amplitude's East Coast Supply Project. Even if the ECSP program continues without success, Euroz Hartleys assesses Amplitude's valuation at A$2.20/share. "In other words, meaning that at the current share price, there is no value for growth and the existing base business is being discounted by 25%," Euroz Hartleys says. It retains a buy call on the stock. (david.winning@wsj.com; @dwinningWSJ)
1925 GMT - Oil futures settle lower as the U.S. presents a proposal for a negotiated end to the war with Iran, but losses are curtailed by Iran's initial rejection. Volatile headline-driven moves in prices are keeping traders on edge. "Some in the market thought this was going to be a very temporary war, and that's what kept oil prices below $100 per barrel for a good number of days after it began," says Ajay Parmar of energy intelligence firm ICIS. Iran has held on a lot longer than many people expected, he adds. China's buildup of reserves, which helped prop up the oil market last year, is likely contributing to keep prices down during the current supply crunch. "That has dampened the price spike to some degree," as has the IEA-organized emergency oil release and the U.S. waiver of sanctions on Russian and Iranian oil, Parmar adds. WTI settles down 2.2% at $90.32 a barrel and Brent falls 2.2% to $102.22 a barrel. (anthony.harrup@wsj.com)
1636 GMT - Damage to Qatar's Ras Laffan LNG complex has removed 12.8 million metric tons a year of supply for three to five years, likely forcing exposed buyers into spot markets and tightening global balances, says JP Lacouture from Kpler. India's Petronet is the most exposed, with 7.5 mtpa of long-term contracts linked to the affected facilities and limited diversification beyond Qatar. Taiwan's CPC also faces significant risk, with about 27% of its LNG portfolio exposed. In Europe, France's EDF and Italy's Edison are the most impacted, with roughly 80% of long-term LNG supply sourced from Qatar, according to Kpler. Lacouture says buyers with high Qatari exposure will likely boost spot market activity, tightening prompt supply and supporting prices, while some--particularly state-owned firms--might turn to demand management or fuel switching to offset shortages. (giulia.petroni@wsj.com)
1318 GMT - Oil futures are lower on U.S. efforts to negotiate an end to the conflict with Iran, although the sides are seen far apart in their demands. "If it was hard holding positions last week, this week is proving ridiculous," Neil Crosby of Sparta Commodities says in a note. Monday's price plunge on President Trump's postponement of threatened attacks on Iranian power plants was followed by a rebound yesterday as Israel and Iran continued to exchange strikes. "It is very hard to know whether what any side says publicly has anything to do with their real position or intentions," Crosby says. WTI is off 4.8% at $87.94 a barrel Brent is down 4.9% at $99.39. (anthony.harrup@wsj.com)
1304 GMT - Rystad Energy estimates the cost to restore damaged energy infrastructure in the Middle East at $25 billion so far, and says it will likely rise further. But repairs will take more than just money, the firm's head of supply chain research Audun Martinsen says in a note. "The Gulf region's recovery will be defined less by financial capital and more by structural constraints," he says. Production backlogs at the few global suppliers of the gas turbines needed to repair Qatar's LNG plant at Ras Laffan, for example, means a full recovery could take up to five years. "While some assets may be restored within months, others could remain offline for years." (anthony.harrup@wsj.com)
(END) Dow Jones Newswires
March 26, 2026 04:20 ET (08:20 GMT)
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