The latest Market Talks covering Energy markets. Published exclusively on Dow Jones Newswires throughout the day.
0325 GMT - The markets are caught between U.S.-Iran deal hopes and long weekend risks, OCBC Group Research's Christopher Wong says in a research report. "Softer oil and a modest pullback in UST yields helped ease the defensive tone, but investors remain wary of overpricing U.S.-Iran deal optimism before there is confirmation," the foreign-exchange strategist says. With the U.S. and the U.K. both having holidays on Monday, there is also "less appetite to add risk aggressively into the long weekend," Wong says. "The near-term setup is therefore less about a decisive directional break and more about positioning risk around the next headline." (ronnie.harui@wsj.com)
0325 GMT - Iron ore is higher in early Asia trading. The supply-demand dynamic for iron ore remains largely unchanged, according to Baocheng Futures analysts in a research note. Steel mills are actively maintaining production and rigid demand remains robust, providing solid support for iron ore prices, they note. However, prices are unlikely to rise further given the high valuation, they note. The most-traded iron-ore contract on the Dalian Commodity Exchange is 0.3% higher at 795.0 yuan a ton. (tracy.qu@wsj.com)
0247 GMT - Energi Mega Persada's Bentu gas-producing asset has a promising outlook, UOB Kay Hian says in a research report. The asset benefits from having secured long-term gas offtake agreements with Indonesian government-owned PLN as well as industrial customers, they say. It also benefits from shared infrastructure with the Korinci Baru field that supports operational efficiency and lower costs. Its key short-term drivers include the development of the Central East Napuh field and the start-up of the North Segat Deep condensate separation plant. The brokerage raises the stock's target price to 1,870.00 rupiah from 1,700.00 rupiah to reflect valuation roll-over, with an unchanged buy rating. Shares are 2.5% higher at 1,250.00 rupiah. (ronnie.harui@wsj.com)
0246 GMT - Palm oil prices are higher on bargain hunting. Crude palm oil sentiment may remain volatile as weaker competing edible oils weigh on sentiment, AmInvestment Bank says. However, concerns over Indonesia's export restructuring and firmer biodiesel demand could help cushion downside risks as it benefits Malaysia's palm oil sector. The near-term outlook remains mixed, with a sideways to mildly bearish bias, it adds. AmInvestment Bank sees resistance at 4,520 ringgit a ton and support at 4,390 ringgit a ton. The Bursa Malaysia Derivatives contract for August delivery is 3 ringgit higher at 4,461 ringgit a ton. (yingxian.wong@wsj.com)
0157 GMT - CSE Global's earnings growth drivers are likely still intact, led by an expected 1.5 billion U.S. dollars worth of orders from Amazon.com over the next five years, RHB Research's Alfie Yeo says in a note. The technology company continues to grow its electrification segment by strengthening its position in data centers through the addition of new industrial space, purchase of property, and construction of buildings. RHB Research raises the stock's target price to 1.94 Singapore dollars from S$1.48 to partly reflect a valuation roll-over and maintains a buy rating. Shares are 8.4% higher at S$1.68.(ronnie.harui@wsj.com)
0111 GMT - Bumi Armada's balance sheet is showing significant improvement, with sharply reduced systemic risk as net debt fell to multi-year lows of 849 million ringgit in 1Q, from more than 9.0 billion ringgit in 2018, Maybank IB analyst Jeremie Yap says in a note. The stronger financial position could support future floating production storage and offloading vessel bids, acquisitions and development of its Indonesian assets, he says. A new FPSO contract win could serve as a key re-rating catalyst for Bumi Armada, he adds. However, Maybank lowers Bumi Armada's target price to 0.35 ringgit from 0.37 ringgit as its 1Q earnings still missed street expectations, and maintains a hold rating. Shares are unchanged at 0.34 ringgit. (yingxian.wong@wsj.com)
0022 GMT - Oil rises in early Asian trade amid high Middle East tensions that could keep supply disruptions elevated. "Iranian President Masoud Pezeshkian said the country won't back down in talks" with the U.S., ANZ Research analysts say in a research report. "Issues at stake remain the location of Iran's uranium stockpile and control over the Strait of Hormuz," the analysts say. The Strait of Hormuz is a key waterway through which one-fifth of the world's oil is typically transported. Front-month WTI crude oil futures are 1.4% higher at $97.67 per barrel; front-month Brent crude oil futures are 1.9% higher at $104.49 a barrel.(ronnie.harui@wsj.com)
2330 GMT - Napier Port loses a bull in Forsyth Barr, which views its valuation as fair when adjusted to reflect current bond rates. Forsyth Barr downgrades Napier Port to "neutral," from "outperform." It expects pricing growth, which has supported earnings in recent years, to moderate from FY27. Meanwhile, the near-term cargo volume backdrop is mixed, with a positive outlook for containers and downside risk for logs. "Log volumes, which make up 80% of bulk cargo, are likely to decline through the second half due to the impact of higher diesel prices," analyst Andy Bowley says. Napier Port is down 0.6%, at NZ$3.63, today. (david.winning@wsj.com; @dwinningWSJ)
1943 GMT - Crude futures settle lower in an up-and-down session with conflicting expectations for an agreement to end the U.S.-Iran stalemate. Prices spiked early on a report that Iran insists on keeping its enriched uranium, but hopes for a deal were rekindled late in the session with Pakistani mediators in Tehran for meetings. Talk of an imminent deal has proven false on several occasions, sending oil prices back up, Ritterbusch & Associates says in a note. "This scenario could continue to play out in the coming weeks until some framework of a deal is achieved that could, at least, provide for a partial reopening of the Strait of Hormuz." WTI settles down 1.9% at $96.35 a barrel and Brent falls 2.3% to $102.58 a barrel. (anthony.harrup@wsj.com)
1933 GMT - U.S. natural gas futures settle modestly higher following a slightly larger-than-expected inventory build. The EIA reported a 101 Bcf storage injection for last week, putting supplies 149 Bcf or 6.6% above the five-year average. "The heat wave that began late in the week did not drive significant increases in power burn until after the cutoff for today's report and will be reflected in next Thursday's release," Andy Huenefeld of Pinebrook Energy Advisors says in a note. "There appears to be significant support surrounding $3.00 per mmBtu for the prompt-month contract, which was tested and held in the minutes following the report." Nymex gas settles up 0.5% at $3.018/mmBtu. (anthony.harrup@wsj.com)
1740 GMT - The longer the U.S.-Iran war drags on, and the longer the Strait of Hormuz remains closed, makes a return to normalcy in energy that much more complicated. While oil prices are expected to draw back considerably if a peace deal is made, the process of clearing the logjam of ships attempting to enter and leave the Strait looks to be extensive, says David Oxley of Capital Economics in a note. "At best, it could take weeks for ships to reposition themselves," says Oxley. "At worst, a lack of shipping could be a constraining factor for months and delay production timetables." The movement of oil prices has been a key factor dictating how other commodities move, which is why many agricultural futures and metal futures have added war premium. (kirk.maltais@wsj.com)
1622 GMT - A free trade agreement between the U.K. and the Gulf Cooperation Council countries, a bloc which includes Saudi Arabia and the U.A.E., is a win-win for both sides, says Junaid Ansari of Kuwait-based Kamco Invest. It will help strengthen trade and business ties while opening doors in technology, life sciences, pharma, logistic, AI and financial services, he notes. It could help the Gulf economies offset U.S. tariff pressure and the Middle East war-related disruptions, Ansari says. (farhan.rafid@wsj.com)
(END) Dow Jones Newswires
May 21, 2026 23:25 ET (03:25 GMT)
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