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.
0753 GMT - Galp Energia's industrial and midstream unit reports a 13% on-year decrease in processed raw materials but middle distillate cracks give some support, Berenberg analysts write. The drop in processing is largely the result of operational constraints caused by severe weather in Portugal earlier in the year, they say. Despite this, the Portuguese energy company benefits from stronger distillate cracks--notably diesel and jet fuel--as the war in the Middle East upends energy markets, they add. Shares rise 2.45% to 19.68 euros. (adam.whittaker@wsj.com)
0654 GMT - Galp Energia's upstream unit drives a first-quarter beat to consensus expectations, RBC Capital Markets analysts Biraj Borkhataria and Adnan Dhanani write. Growth in oil volumes coincides with higher prices. This means quarterly upstream EBIT at 598 million euros is well ahead of the 482 million euros that was expected, they say. Shares in the Portuguese oil-and-gas producer closed Friday at 19.21 euros. (adam.whittaker@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)
(END) Dow Jones Newswires
April 27, 2026 04:20 ET (08:20 GMT)
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