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.
0514 GMT - Thai Oil's gross refining margin is likely supported by diesel supply tightness in Asia, CGS International's Amornrat Cheevavichawalkul says in a research report. Ukraine's drone strikes on Russian refineries have led to unplanned outages, causing supply tightness, the analyst notes. The Thai refiner's 2Q crude cost will probably be manageable, underpinned by low-cost inventory carried over from earlier purchases. The brokerage lifts its 2026-2028 EPS estimates for Thai Oil by 3.9%-15.2% to reflect higher market assumptions for gross refining margin. It upgrades the stock's rating to add from hold and raises the target price to 59.50 baht from 51.00 baht. Shares are 6.3% higher at 54.50 baht. (ronnie.harui@wsj.com)
0229 GMT - Malaysia's energy sector will likely remain supported by stable oil prices and a stronger focus on energy security, Kenanga IB analyst Lim Sin Kiat says in a note. Brent crude is forecast to average $80 a barrel in 2026 and $74 a barrel in 2027, as easing Middle East tensions are expected to keep supply disruptions contained, he writes. Lim expects higher investment in upstream oil and gas projects from next year, thanks to the energy-security theme. Near-term earnings could remain under pressure, as spending typically lags behind oil-price movements. Kenanga maintains an overweight rating on Malaysia's oil and gas sector. It names Petronas Dagangan as its top pick, citing attractive valuations after concerns about fuel-subsidy reforms eased following the reinstatement of diesel subsidies.(yingxian.wong@wsj.com)
0200 GMT - Malaysia's utilities sector is expected to get more supporting 2H from investment in new power plants, electricity grid upgrades and gas infrastructure, TA Securities analyst Hafriz Hezry says in a note. Rising electricity demand, the energy transition and efforts to diversify fuel sources following the Iran conflict are expected to drive spending across the sector, he says. Data-center expansion, including potential investment redirected from the Middle East, could provide an additional boost to power demand, he adds. TA Securities maintains an overweight rating on the Malaysian utilities sector, pegging Tenaga Nasional, Samaiden and Malakoff as top picks.(yingxian.wong@wsj.com)
0117 GMT - Amplitude Energy's share price is up 2.6% to 1.38 Australian dollars after reporting new production records at its Orbost gas-processing plant in Australia. That leads it to outperform other ASX-listed energy stocks in early trading. Amplitude said Orbost this month set a new seven-day production record of 73.8 terajoules per day. Ord Minnett says this is a positive indicator of FY27 guidance. Amplitude's net debt position of A$37 million at the end of June was also lower than Ord Minnett expected. "This suggests either better cost controls or potentially positive working capital movements compared to our estimates," analyst Tim Elder says. Further detail on net debt should come at Amplitude's annual result next month. Ord Minnett had a A$2.60/share price target on Amplitude ahead of the 4Q update. (david.winning@wsj.com; @dwinningWSJ)
2351 GMT - Oil rises in early Asian trade amid Iran's attacks on shipping in the Strait of Hormuz, a key waterway through which one-fifth of the world's oil is transported. Iran's attacks on three crude oil supertankers overnight are grinding the "shuttle run" tanker operations in the strait to a halt. The barrage of missiles and drones hit ships that specialize in short voyages in and out of the Persian Gulf, known as "shuttle runs." The recent attacks on ships are making journeys through the strait increasingly risky, say ANZ Research analysts in a research report. Front-month WTI crude oil futures are 0.7% higher at $79.91 a barrel. (ronnie.harui@wsj.com)
1918 GMT - Oil futures add to yesterday's gains but settle off the day's highs after President Trump withdrew a plan to charge a 20% fee to cover the cost of protecting ships through the Strait of Hormuz. "That was exponentially higher than the $1 per barrel that the Iranians were charging," says Mizuho's Robert Yawger. "That cost-of-carry issue is out the window and you see prices coming off accordingly." Yawger expects the U.S. would lift its blockade of Iranian ports when a certain number of ships are seen crossing the strait unmolested by Iran. That could mean 20 to 40 ships a day, well below pre-conflict levels, he says. "That's the new reality until we get some kind of bad deal that everybody can live with." WTI rises 1.5% to $79.34 a barrel and Brent gains 1.7% to $84.73. (anthony.harrup@wsj.com)
1348 GMT - Iberdrola is on track to deliver on expectations and could raise guidance again when it reports first-half results on July 22, J.P. Morgan says in a research note. The Spanish utility should report a sharp slowdown in adjusted net income growth due to positive one-offs in 2Q last year but that shouldn't mask strong underlying performance, J.P. Morgan says. According to the bank, Iberdrola is well on track to deliver on its analysts' estimate of full-year adjusted net income of 6.8 billion euros. Shares trade 0.5% higher at 21.24 euros. (sarah.sloat@wsj.com)
1336 GMT - The U.S.-Iran war is driving up oil prices, raising inflation risk and the possibility of interest rates staying high, eToro's Lale Akoner says in a note. This could be bad news for bonds and stocks such as property, utilities and expensive growth stocks, she says. "Unless oil supplies are hit more seriously, the biggest market impact is likely to stay focused on oil prices, inflation expectations and investments most exposed to interest rates," Akoner says. Investors price in 42 basis points of interest-rate rises by the Bank of England in 2026, LSEG data show. (miriam.mukuru@wsj.com)
1147 GMT - Oil futures add to yesterday's gains as the U.S. continues military strikes against Iranian targets and Iran attacks vessels crossing the Strait of Hormuz. "I believe we are now in a round of negotiating under fire, following the failure at the table after the signing of the recent Memorandum of Understanding," Samer Hasn, senior market analyst at XS.com says in a note. A return to a ceasefire with more precise language concerning management of the Strait of Hormuz isn't unlikely, he says. But President Trump's assertions that the U.S. will charge a 20% fee on cargos crossing the strait to cover costs of protection "cannot be taken seriously because they are completely unrealistic." WTI is up 2% at $79.72 a barrel and Brent is up 3.3% at $86.04. (anthony.harrup@wsj.com)
1050 GMT - BP delivered a solid quarterly performance that reflects how it can capture gains in prices through its operating businesses and in volatility through its trading arm, BNP Paribas analysts say in a research note. The U.K. energy major had another exceptional quarter in oil trading, and expects an uplift of about $2.5 billion from prices, according to BNP Paribas. This is helping BP reduce its net debt to between $22 billion and $23 billion, the analysts say. In a positive sign, the expected debt reduction comes despite working-capital inflows being lower than BNP Paribas had estimated, they add. This points to a reduction of between $6 billion and $7 billion in financial liabilities, BNP Paribas says. BP shares rise 2.3%.(adria.calatayud@wsj.com)
0939 GMT - BP's better-than-expected performance in the second quarter and a large decline in net debt bode well for its shares ahead of the company's next strategic developments, Santander analysts say in a research note. The U.K. energy major's second-quarter update showed a strong performance across all divisions, the analysts say. Continued volatility in energy prices could remain a source of trading opportunities for BP in the coming months, they add. The situation in the Middle East and its implications for BP's strategy, alongside any guidance from new CEO Meg O'Neill on next moves, will be at the top of investors' minds when the company reports full earnings on Aug. 4, according to Santander. BP shares rise 2.3%. (adria.calatayud@wsj.com)
0852 GMT - A quarter of the European Union's electricity generation came from solar power in June, a new monthly high for the renewable source, according to a study published by think-tank Ember. That made solar the largest single source of power for the month, ahead of nuclear and gas, Ember says. Solar has grown from just 10% of the total in the same month five years ago as EU members step up the pace of solar-panel installation, the study shows. In sunny Spain, a European leader in solar and other renewables, sun-power produced more than a third of electricity last month, Ember adds. "In just a few years solar has gone from a small player to an essential part of Europe's power system, as governments and citizens look for low-cost, quick-to-install domestic power sources," Ember analyst Chris Rosslowe says. (joshua.kirby@wsj.com; @joshualeokirby)
(END) Dow Jones Newswires
July 15, 2026 04:20 ET (08:20 GMT)
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