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.
1551 ET - Regulatory approval for NextEra Energy's deal to buy Dominion Energy could be challenging, given Dominion's relationships with regulators in Virginia remain shaky, Seaport Research Partners analyst Angie Storozynski says in a note. While all three commissioners from the State Corporation Commission in Virginia are new, the regulator could retaliate against Dominion after what Storozynski calls "more than two decades of legislative abuse of the Commission by the utility." The SCC will likely require upsized customer bill credits, and could also require credit ringfencing of Dominion Energy Virginia, Storozynski says. "The financing benefit of the merger would then disappear, but with few alternatives, NEE would still likely go along with the acquisition," Storozynski says. (kelly.cloonan@wsj.com)
1506 ET - Oil futures post back-to-back losses as President Trump says the U.S. is in the final stages of negotiations with Iran, raising hopes of a deal to end the conflict and reopen the Strait of Hormuz. Still, Trump adds that failure to reach a deal meant a resumption of military action. "Typical Trump style, but the market is buying into the possibilities," says Mizuho's Robert Yawger in a note. Hopes for an agreement led the market to overlook a bullish EIA inventory report showing U.S. commercial crude stocks down by 7.9 million barrels last week, although distillate stocks rose for a second straight week. WTI settles down 5.7% at $98.26 a barrel and Brent falls 5.6% to $105.02.(anthony.harrup@wsj.com)
1349 ET - Comments from President Trump that negotiations to reach a peace accord with Iran are in the final stages are weighing on grains. Traders are removing the risk premium and are also responding to lower crude futures--with oil and grains related due to biofuels. Hope for a reopened Strait of Hormuz is triggering some liquidation, says AgResource in a note, even though the prospect of peace remains uncertain. "We have all seen this movie before, but we hope that this time will be different," says AgResource. CBOT corn falls 2.2%, wheat is down 1.5%, and soybeans are off 1%. (kirk.maltais@wsj.com)
1235 ET - Oil futures extend losses as the market focuses on hopes for a deal to end the U.S.-Iran conflict and reopen the Strait of Hormuz. The fact prices could fall further following a bullish U.S. crude stock drawdown for last week "tells me it's more likely than not some kind of negotiation is happening," says BOK Financial's Dennis Kissler. "The market is anticipating some sort of agreement." The EIA reported a 7.9 million barrel decline in commercial crude stocks, along with a 9.9 million barrel release from the Strategic Petroleum Reserve. WTI is off 5.2% at $98.75 a barrel and Brent falls 5.5% to $105.16 a barrel. (anthony.harrup@wsj.com)
1222 ET - Canada PM Mark Carney lays out in Vancouver, British Columbia three prerequisites before he agrees to formally back a new crude-carrying pipeline connecting the Alberta energy patch to the Pacific Coast. Missing among the three is the requirement for a private-sector investor to lead the project. The province of Alberta is for now is the project's proponent, on the belief that private investors will jump in once political risk is mitigated. Some energy-industry watchers have warned that private companies are unlikely to emerge unless there is heavy financial backing from both the federal and Alberta governments. The Canadian government already owns the Trans Mountain pipeline, an existing Alberta-to-British Columbia crude corridor. (paul.vieira@wsj.com, @paulvieira)
1115 ET - Treasury yields and the dollar deepen their decline as oil prices fall. Brent and WTI are down about 4%, reflecting hopes that the Strait of Hormuz could reopen soon. Meanwhile, U.S. crude inventories plummeted by 7.9 million barrels last week, compared to WSJ consensus of a 3 million draw, keeping inflation concerns top of mind in Wall Street. Investors are likely to scrutinize Fed minutes this afternoon for clues on potential rate hikes. A 20-year Treasury auction is on tap this afternoon. The 10-year yield is at 4.603%, down from 4.653% earlier. The two-year falls to 4.066% from 4.112%. The WSJ Dollar Index slips 0.3%. (paulo.trevisani@wsj.com; @ptrevisani)
1049 ET - Jeff Bezos is bullish on space, but not so bullish that he sees space-based artificial-intelligence data centers being built within three years, as Elon Musk has suggested. Space-based innovation is happening quicker than many realize, but the three-year horizon is "a little ambitious," he says in a CNBC interview. "The question, 'Are data centers in space realistic?' The answer is, 'Yes,'" Bezos says. "The timeline is harder to answer. Some of the timelines you hear are very short. They're probably not right." Musk would probably respond that an ambitious, aspirational timeline is important, Bezos says, but launch costs first need to fall and the proportion of data-center spending on energy needs to rise for the investment to make sense. "Exactly how long it will take, I don't think anyone knows, but it is real, it will happen," Bezos says. (elias.schisgall@wsj.com)
0910 ET - Crude futures lose ground with the market holding out hope for an end to the U.S.-Iran conflict, while reports of some tanker transit through the Strait of Hormuz and the UK's easing of restrictions on Russian diesel and jet fuel offer some relief. Oil prices will likely continue to zig-zag as the continued blockage of the strait contains downward corrections, while "creative methods" for skirting the strait to get oil out limits upside, Ritterbusch & Associates says in a note. "But our stance remains bullish as we still see a big gap between the U.S. and Iran regarding the nuclear issue." WTI is down 2.3% at $101.80 a barrel as the July contract moves to the front of the curve. Brent is down 2.4% at $108.58.(anthony.harrup@wsj.com)
0428 ET - Energean cut its dividend of 10 cents per share but is likely to return to 30 cents per share from the second quarter, Berenberg analysts write. The cut should save just under $40 million, they add. The oil-and-gas company, which has operations in the Eastern Mediterranean, cut the dividend due to impact of the shutdown in Israel, where the conflict stopped production at the Karish gas field for 41 days, they say. Shares fall 1.5% to 873 pence. (adam.whittaker@wsj.com)
0403 ET - Severn Trent's full-year earnings beat expectations as the company upgrades its 2028 guidance, Jefferies analysts Ahmed Farman and Arturo Murua write. Profit before interest and taxes was 2% ahead of consensus while adjusted earnings per share were 4% ahead, they say. Strong delivery over 2026 and confidence in its roughly 150 million pounds of cost efficiencies through 2030 seem to drive the U.K. water company's earnings upgrade, the analysts write. Severn Trent now sees 2028 adjusted EPS of at least 250 pence from 224 pence previously, which implies 5% upside to current market expectations of 238 pence, they write. Shares rise 2.6% to 3,092 pence.(adam.whittaker@wsj.com)
0348 ET - Uniper shares jump 12% in opening trade after the German government federal government said it would slash its stake. The country was forced to bail out the energy company after Russia's full-scale invasion of Ukraine. Uniper was left in the lurch after Germany stopped importing Russian natural gas. Uniper had been the country's largest importer of natural gas from Russia. The government said Tuesday that it would cut its more-than 99% stake to no more than 25%, plus one share, by the end of 2028 at the latest. Uniper welcomed the announcement. Shares trade at 54 euros. (adam.whittaker@wsj.com)
0319 ET - PTT stands to benefit from higher earnings at its gas operations and subsidiaries, Maybank Securities (Thailand)'s Chak Reungsinpinya says in a research report. Its core operations are likely to turn around strongly with 36% gas Ebitda growth expected in 2026, mainly thanks to higher profit at its gas separation plant, the analyst says. The Thai oil and gas company should also enjoy strong earnings contribution from subsidiaries Thai Oil, PTT Exploration & Production, and PTT Global Chemical this year. The brokerage now prefers PTT over PTT Exploration & Production as its energy large-cap exposure. It raises the stock's rating to buy from hold and the target price to 41.00 baht from 31.00 baht. Shares are 0.7% higher at 36.75 baht. (ronnie.harui@wsj.com)
(END) Dow Jones Newswires
May 20, 2026 16:50 ET (20:50 GMT)
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