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.
0730 GMT - London's oil and gas stocks fall in their first trading day since the U.S. and Iran signaled progress over the weekend on a deal that could open the Strait of Hormuz. Oil prices fell Monday on optimism an agreement could be reached and pulled European oil stocks lower. U.K. listed shares weren't traded as the market was closed for a public holiday. Oil prices gain around 3% Tuesday after the U.S. attacked targets in southern Iran. BP shares fall 1.4% while Shell slips 0.6%. Harbour Energy is down 3.5% and Ithaca falls 2.4%. Brent crude is up 3% to $96.16 a barrel, while WTI futures rise 2.9% to $92.53 a barrel. (adam.whittaker@wsj.com)
0208 GMT - Tenaga Nasional could be largely insulated from higher fuel costs arising from the Iran war, TA Securities analyst Hafriz Hezry says in a note. This is supported by the monthly tariff automatic fuel adjustment mechanism and fuel cost pass-through arrangements for its generation business, he says. The utility giant's outlook could remain supported by grid upgrade needs under Malaysia's energy transition blueprint, he reckons. He also expects further earnings contribution from a newly awarded 1.4GW gas plant in Terengganu and continued income from the extended Kenyir hydro power purchase agreement. TA Securities maintains a buy rating on Tenaga and keeps target price at 18.00 ringgit. Shares are 1.5% lower at 14.24 ringgit. (yingxian.wong@wsj.com)
0014 GMT - Oil futures are mixed early Tuesday in Asia as traders assess Middle East developments. On the one hand, progress toward a U.S.-Iran deal to end the conflict between the two countries slowed Monday and a media report cited U.S. Central Command as saying that American forces conducted self-defense military strikes in southern Iran to protect troops. On the other hand, the U.S. and Iran still appear to be working toward a memorandum of understanding to end the fighting. Front-month WTI crude oil futures are down 5.3% at $91.50 per barrel, while front-month Brent crude oil futures are up 1.8% at $97.90 a barrel. (ronnie.harui@wsj.com)
2345 GMT - Infratil's share price falls 3.9% to 15.35 New Zealand dollars following its annual result, cooling a rally that had seen the stock rise more than 40% since the start of last month. Citi had anticipated the shares would be weaker Tuesday as Infratil's FY27 earnings guidance missed consensus hopes by some 13%. Citi estimates Infratil's guidance is equivalent to NZ$1.055 billion-NZ$1.120 billion of Ebitda. Analyst Suraj Nebhani says lower forecast earnings in telecom business OneNZ and Infratil's radiology businesses help to explain the guidance miss. Infratil also signaled higher corporate costs and development spending. Citi had a buy call and NZ$15.70/share price target on Infratil ahead of the FY26 result. (david.winning@wsj.com; @dwinningWSJ)
2326 GMT - Amplitude Energy's East Coast Supply Project had become less certain after recent drilling failures. But a deal to buy the Artisan natural-gas field has shored up concerns. Amplitude is buying Artisan from Beach Energy for A$58.3 million upfront and a production royalty. Macquarie said the ECSP, and specifically volumes to feed the Athena gas plant, had increasingly become dependent on exploration success. "Artisan transaction mitigates this substantially," Macquarie says. Other benefits to Amplitude include an ability to blend Artisan gas with volumes from the Annie field to bring carbon-dioxide levels within a range required by pipelines. The Artisan field is also only 10 miles or so to Amplitude's existing pipeline infrastructure, Macquarie has an outperform call on Amplitude. Its price target rises 7.1% to A$3.00/share. Amplitude ended Monday at A$1.715. (david.winning@wsj.com; @dwinningWSJ)
2314 GMT - Beach Energy's sale of the Artisan natural-gas discovery to Amplitude Energy is a sensible win-win deal, says Macquarie. That's rare in the oil and gas sector. Beach is prioritizing value over volume, Macquarie says. Benefits of the deal to Beach go beyond the A$130 million post-tax deal value. "This transaction allows Beach to divest a capex-intensive asset to a party that can achieve stronger returns," Macquarie says. Capital that would have been allocated to the Otway basin, including drilling the La Bella 2 well, can now be used on acquisitions. Macquarie raises its price target by 13% to A$0.88/share, although it retains an underperform call. Beach ended Monday at A$1.115. (david.winning@wsj.com; @dwinningWSJ)
1415 GMT - Oil futures are lower on optimism about a U.S.-Iran agreement that could reopen the Strait of Hormuz to tanker traffic, but the market remains cautious. "With the two sides still publicly contradicting each other on basic facts, the distance to a binding agreement is considerable," Ahmad Assiri of Pepperstone says in a note. For energy markets, the main concern is uncertainty about the strait. "A verified deal delivers meaningful downside in crude; a breakdown or simply a prolonged stalemate keeps the geopolitical risk premium firmly embedded." WTI is down 5.1% at $91.67 a barrel. Brent falls 4.9% to $98.46. (anthony.harrup@wsj.com)
0855 GMT - European energy stocks fall in morning trade as oil prices slip on optimism that the U.S. and Iran could reach a deal that opens the Strait of Hormuz. Nevertheless, President Trump said in a Truth Social post on Sunday that he was in no hurry to agree to a deal. "Both sides must take their time and get it right," he said. Brent crude falls 4.7% to $95.52 a barrel, while WTI futures are down 4.9% to $91.86 a barrel. This pushes Spain's Repsol 2.25% lower and Italy's Eni down 1.9%. France's TotalEnergies is 1.7% down. Norway's Equinor slips 1.4%. U.K. markets are closed. (adam.whittaker@wsj.com)
(END) Dow Jones Newswires
May 26, 2026 04:20 ET (08:20 GMT)
Copyright (c) 2026 Dow Jones & Company, Inc.
Comments