The latest Market Talks covering Energy markets. Published exclusively on Dow Jones Newswires throughout the day.
0254 GMT - The risk for higher oil prices is expected to linger, Goldman Sachs' Commodities Research says in a research report. GS now assumes a normalization in Persian Gulf exports by end-June instead of mid-May, as well as slower regional production recovery. GS estimates 14.5 million barrels per day of Persian Gulf crude production losses are driving global oil inventories to draw at a record pace of 11 million-12 million barrels per day in April. GS raises its Brent crude oil price forecast for 4Q to $90 from $80 a barrel, and its WTI crude oil price projection for 4Q to $83 from $75 a barrel. Front-month Brent oil futures are 1.2% higher at $106.63 per barrel; front-month WTI oil futures are 1.1% higher at $95.46 a barrel. (ronnie.harui@wsj.com)
0245 GMT - Palm oil prices rise in Asian trading, supported by bullish market sentiment as stronger vegetable oil demand for biodiesel blending in major exporting countries is expected to underpin prices, AmInvestment Bank says in a note. Technical analysis suggests crude palm oil futures remain in positive territory and are likely to extend their upward momentum to test the next resistance level at around 4,680 ringgit a ton, it says. AmInvestment Bank pegs resistance at 4,644 ringgit a ton and support at 4,531 ringgit a ton. The Bursa Malaysia Derivatives contract for July delivery is 17 ringgit higher at 4,614 ringgit a ton. (yingxian.wong@wsj.com)
0240 GMT - Malaysia's energy sector appears a defensive play if Middle East tensions persist and trigger a risk-off market mode, RHB IB's Max Koh and John Liew say in a note. Tenaga Nasional and other power producers have faced a limited impact from rising energy prices, as higher fuel costs are largely passed on to consumers through the monthly adjustment mechanism, the analysts say. The sector is also relatively insulated from higher gas prices, with unsubsidized gas--the fuel most closely linked to Brent crude oil--accounting for about 9% of Malaysia's power generation fuel costs, they add. RHB maintains the sector's overweight rating. Its top picks are Tenaga Nasional, YTL Power, Solarvest and Samaiden. (yingxian.wong@wsj.com)
0219 GMT - Near-term bullish oil-price risks are skewed to upside as the second round of U.S.-Iran peace talks fail to materialize, Citi Research's Max Layton says in a report. The U.S. and Iran are still far apart on their "red lines" regarding negotiations, says the global head of commodities research, as Citi pushes back its base case for when the Strait of Hormuz is expected to reopen to end-May from mid-late April. It reiterates Brent crude oil price's bullish target for up to three months at $120 per barrel. Front-month Brent crude oil futures are 1.7% higher at $107.08 per barrel. (ronnie.harui@wsj.com)
0124 GMT - Elevra Lithium's bull at Macquarie highlights a key advantage over rival miners: its use of renewable energy. Diesel accounts for only 5% of Elevra's operating costs. Instead the company relies on hydropower at its processing plant. Macquarie says this gives it "a key structural cost advantage versus other Western Australia-based lithium peers." It retains an outperform call on Elevra, and raises its price target by 13% to A$11.60/share, citing an improved earnings outlook. Elevra is up 8.3% at A$13.04 today. (david.winning@wsj.com; @dwinningWSJ)
2333 GMT - Oil rises in early Asian trade amid ongoing Middle East tensions. President Trump said that he decided not to send U.S. envoys to Pakistan for peace talks and that negotiations could happen over the phone instead. This move "came after Iran's Foreign Minister Araghchi departed Islamabad without meeting with the U.S.," says Fawad Razaqzada, market analyst at FOERX.com, in commentary. "This means that stalemate continues, Strait of Hormuz remains shut, and this should keep oil prices supported," Razaqzada adds. Front-month WTI crude oil futures are 1.9% higher at $96.18 per barrel; front-month Brent crude oil futures are 2.05% higher at $107.49 per barrel. (ronnie.harui@wsj.com)
(END) Dow Jones Newswires
April 26, 2026 22:54 ET (02:54 GMT)
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