The latest Market Talks covering Energy markets. Published exclusively on Dow Jones Newswires throughout the day.
1126 ET - The province of Alberta shows an accelerated power buildout and large new data center loads, TD Cowen's John Mould says. Pembina Pipeline's final investment decision on the Greenlight Electricity Centre highlights "further progress for the broader data center opportunity." Mould notes investors are now looking for an end-customer final investment decision and clarity on ramp-up timing. Despite this, Greenlight power plant's C$4.3 million per megawatt capital cost "highlights the value of existing steel in the ground," particularly TransAlta's underutilized coal-to-gas fleet. He also points to Capital Power's 250 megawatt offtake agreement beginning in 2028, which could benefit from tightening Alberta power pricing. (adriano.marchese@wsj.com)
0904 ET- Alberta's new data-center and power market frameworks create meaningful upside for TransAlta and Capital Power, with TransAlta positioned to benefit the most. CIBC's Mark Jarvi notes the Alberta Electric System Operator Phase 2a rules and new "bridging options," which enable data centers to come online faster and allow underused assets to serve demand. The analyst notes this shift "accelerates timelines and shifts part of the opportunity toward earlier, capital-light monetization," especially for TransAlta given the scale of its coal-to-gas fleet. He points to TransAlta's identified capacity that could be repositioned and says tightening Alberta power pricing supports both companies. Jarvi sees "material upside" for both TransAlta and Capital Power as data center commitments develop. (adriano.marchese@wsj.com)
0834 ET - Portugal's Galp stands out as the most defensive mid-major European energy stock, Morgan Stanley analysts write as they lower their commodity price forecasts. They upgrade Galp to overweight from equalweight. Galp has high-quality upstream and downstream assets and can generate cash in a weaker oil price environment, they write. Additionally, it has a lighter pipeline of projects that require capital expenditure, they say. The stock has near-term catalysts including a potential merger with Spanish refiner Moeve, they write. Shares rise 1.7% to 19.045 euros. (adam.whittaker@wsj.com)
0704 ET- Algonquin Power is building a regulatory momentum that is setting the course for a "back-to-basics" turnaround. National Bank of Canada's Baltej Sidhu trims his estimates slightly to reflect timing adjustments, but says that the quarter was active on the regulatory front, with new rate filings across New York Water, Empire Electric, and EnergyNorth Gas. Sidhu notes these proceedings now represent around $250 million in pending revenue requests, supporting Algonquin's focus on timely capital recovery and improved return on equity. Farther on the horizon, Sidhu says he sees "attractive growth opportunities through AQN's regulated capital program, including transmission investment and data center-related load growth." (adriano.marchese@wsj.com)
0527 ET - The Philippine economy recovery will be slow as the Strait of Hormuz gradually reopens, Maybank analysts say in a report. Transport costs in the Philippines are expected to decline, with the waterway reopening and oil prices falling. However, the macro recovery will likely take about two to three quarters, even with petroleum prices returning near preconflict levels. That is because the Philippines is still recovering from the lingering second-round effects of war-related supply shocks, including higher food prices, Maybank says.(amanda.lee@wsj.com)
0410 ET - Siemens Energy should report solid third-quarter results with gas orders coming in strong, Citi analysts write. Gas orders will continue to be the most-watched segment when the German maker of energy equipment reports results next month, they write. Orders should be healthy and will offer some near-term reassurance to market watchers fearing a slowdown, they add. Currently, there is no clear catalyst for the stocks to outperform, they write. Shares are up 0.5% to 166.68 euros. (adam.whittaker@wsj.com)
0335 ET - Oil prices are broadly stable as markets move toward a short-term supply glut. Brent crude rises 0.3% to $72.02 a barrel, while WTI contracts for August delivery are flat at $68.73 a barrel. Oil prompt spreads are in contango--where oil futures are more expensive than spot prices--signaling ample near-term supply, MUFG's Soojin Kim writes. "The recovery in Gulf exports, together with rising oil volumes of Iranian oil held offshore, continues to add to short-term supply." Risks to supply remain however, as key issues between the U.S. and Iran remain unresolved, including the future governance of the Strait of Hormuz, the analyst adds.(josephmichael.stonor@wsj.com)
0335 ET - London's miners rise after a weaker-than-expected U.S. jobs report eases expectations that the Federal Reserve will hike rates, pushing gold prices up. Higher interest rates typically weigh on nonyielding assets like gold and silver. The metal also continues to benefit from renewed concerns over the central bank's independence as President Trump continues to criticize it, MUFG's Soojin Kim writes. In New York, gold futures rise 1.4% to $4,185.30 a troy ounce and silver rises nearly 3% to $62.85 an ounce. Precious-metal miners Fresnillo and Hochschild Mining both rise around 2.2%. Anglo American gains 1.4% and commodities giant Glencore is up 1%. (adam.whittaker@wsj.com)
0229 ET - Maersk still has some short-term positive catalysts, despite midterm supply concerns, Citi analyst Arthur Truslove writes. The Danish shipping company earlier this week upgraded its full-year EBIT guidance to $2 billion-$4 billion and Ebitda guidance to $8 billion-$10 billion. Citi raises its Ebitda estimate to $9.8 billion from $8.6 billion, mainly reflecting an increase to the bank's third quarter ocean unit EBIT estimate to $1.57 billion from $724 million versus consensus at $800 million. This is driven by modeling a quarter-on-quarter freight-rate increase of 12% versus 5% before. Following Citi's increased forecasts, the bank lifts its target price on the stockto 17,543 Danish kroner from 17,078 kroner and retains its neutral rating. Shares closed at 16,335 kroner. (dominic.chopping@wsj.com)
0205 ET - The U.S. employment report for June takes some pressure off the Federal Reserve to raise interest rates in the near term, Janus Henderson Investors' Bradford Smith writes in a note. That said, Fed Chairman Kevin Warsh commented at his first press conference that jobs data only becomes meaningful after the third revision and by then becomes "echoes of history," the portfolio manager notes. With oil-price inflation moderating, some softness on the jobs front will likely keep the Fed on hold, at least for the next meeting, Smith says. The U.S. economy added 57,000 jobs in June, fewer than the 115,000 expected by analysts in The Wall Street Journal's poll. (emese.bartha@wsj.com)
0119 ET - Sembcorp Industries' 1H result is likely to be weighed by the Middle East conflict driving up energy prices and a challenging operating environment in India, says Citi analyst Luis Hilado in a note. The U.S.-Iran conflict pushed upstream gas suppliers to raise prices, resulting in margin pressure for the Singapore energy and urban solutions provider, he says. Weather disruption and currency weakness are also dragging down Sembcorp's renewables business in India, he says. He cuts his 2026-2028 recurring and reported profit projections by 6%-11% and 10%-14%, respectively. Citi adds a negative 30-day catalyst watch on Sembcorp's shares and cuts its target price to 6.92 Singapore dollars from S$7.02. It retains its buy rating. Shares drop 3.7% to S$5.96. (megan.cheah@wsj.com)
0117 ET - The dominant theme across global markets next week will again likely be the evolving narrative around the Iran war and the trajectory of the still tenuous U.S.-Iran peace talks, First Abu Dhabi Bank's Simon Ballard says in a note. "The technical talks in Qatar are ongoing, with markets taking an increasingly optimistic view on a permanent ceasefire and the restoration of Strait of Hormuz shipping flows," the chief economist says. However, First Abu Dhabi Bank would caution that success is anything but guaranteed at this stage. (emese.bartha@wsj.com)
(END) Dow Jones Newswires
July 03, 2026 11:27 ET (15:27 GMT)
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