The latest Market Talks covering Energy markets. Published exclusively on Dow Jones Newswires throughout the day.
0241 GMT - Naura Technology could face component supply constraints inthe near term due to strong demand, Daiwa analysts say in a research note. Daiwa expects its revenue to increase to 12 billion yuan in 3Q and 15.8 billion yuan in 4Q. Revenue could be weighted toward 4Q due to the time needed to validate locally sourced chip equipment components, they say. "We expect Naura to continue gaining market share among its key leading-edge fab clients, supported by portfolio expansion," they note. The brokerage raises Naura's target price to 715.00 yuan from 685.00 yuan. However, given the around 40% appreciation in its share price so far this year, Daiwa downgrades Naura to outperform from buy. Shares are last at 621.50 yuan. (sherry.qin@wsj.com)
0139 GMT - Maiden output from Woodside Energy's Scarborough natural-gas project in Australia is the major swing factor for the company's 2H production, Macquarie says. Woodside has signaled it will ship a first cargo of liquefied natural gas from Scarborough some time between October and December. Macquarie forecasts production of some 900,000 tons of LNG from Scarborough in 4Q, but acknowledges limited visibility currently. Macquarie has a neutral call on Woodside and raises its price target by 1.5% to A$32.90/share to reflect stronger oil and LNG commodities price forecasts. Woodside is unchanged at A$31.48. (david.winning@wsj.com; @dwinningWSJ)
0136 GMT - Amplitude Energy's decision to move ahead with the East Coast Supply Project represents another positive step, says Euroz Hartleys. The final investment decision on the ECSP is "a major derisking milestone," analyst Declan Bonnick says. Amplitude has also provided greater visibility around the scope of the project, the development schedule and costs. First output of natural gas from the ECSP is forecast in 2028. "The A$190 million-A$210 million development cost remains consistent with prior capex expectations and appears in-line with consensus," Euroz Hartleys says. It has a buy call and A$2.80/share price target on Amplitude, which is down 1.8% at A$1.685. (david.winning@wsj.com; @dwinningWSJ)
0104 GMT - Tenaga Nasional's absorption of an estimated 120 million-150 million ringgit in fuel surcharges for September-December 2026 could be manageable and non-recurring, Hong Leong IB analyst Daniel Wong says in a note. The costs stem from the government's decision to raise the threshold for fuel surcharges and other electricity charges to 800kWh a month from 600kWh. The utility could remain well positioned to benefit from strong data center demand, with potential power-supply commitments reaching about 13GW as of June, he says. Grid upgrades and new generation capacity should support rising demand, while major investments are expected in 2027-2030, he adds. Wong sees the recent share-price sell-off as an attractive entry point. Hong Leong maintains its buy rating and 18.15 ringgit target price. Shares are 0.6% higher at 12.80 ringgit. (yingxian.wong@wsj.com)
0015 GMT - Oil prices are mixed in early Asian trade but may be weighed by signs of production recovery. Crude output from Saudi Arabia's East-West pipeline is going through more swiftly than anticipated, analysts say. Saudi Arabia's exports increased to 5.8 million barrels per day in September, the highest since February 2026, ANZ Research analysts say in a report. "The kingdom also resumed loading vessels at the Red Sea port of Yanbu via its East-West pipeline," the analysts add. Front-month WTI crude oil futures are little changed at $89.34 a barrel, while front-month Brent crude oil futures are 0.4% higher at $103.02 a barrel. (ronnie.harui@wsj.com)
2054 GMT - The decision to push ahead with phase two of the Canada LNG operation in Western Canada is a sign the country is again building big, Prime Minister Mark Carney says. He tells an audience that the more than C$30 billion investment to double LNG production will make LNG Canada the second-largest facility of its kind in the world. It also will create some 4,000 jobs at the peak of construction, he adds. will create over thousands of new jobs. And the Shell-led venture's final investment decision, TC Energy will move ahead with a multi-billion-dollar second phase of the Coastal GaslLink pipeline, which Carney says will create more than 2,000 jobs. Shell CEO Wael Sawan says the investment go-ahead reflects confidence in Canada as a place to invest and do business for the long-term. (robb.stewart@wsj.com; @RobbMStewart)
1936 GMT - Natural gas futures are slowly approaching the $3 per million British thermal units threshold - falling by 3.1% to $3.011 per mmBtu in the first day of the November contract being the front-month contract. It's also the third day in a row that natural gas futures have finished lower. Mild weather continues to be the primary factor keeping pressure on natural gas futures, with cooler-than-normal temperatures expected in the eastern half of the country through the next two weeks. (kirk.maltais@wsj.com)
1833 GMT - TD Cowen weighs in on Monday's investor presentation by WSP Global. Analyst Michael Tupholme says the global engineering and services firm reiterated the significant opportunity across power and energy "supported by broad structural demand drivers beyond the AI & data center build-out." Importantly, he notes management stressed that "growth is not dependent on any single demand driver." Tupholme says WSP reaffirmed it's on track to achieve its overall 2027 financial targets including a 40% surge in net revenue and a 50% rise in adjusted Ebitda, all versus 2024 levels. (adriano.marchese@wsj.com)
1824 GMT - Doubling Canada's electricity supply and introducing more clean energy could offer significant benefits for the economy, new economic modeling suggests. A report from New Economy Canada and the Canadian Chamber of Commerce compares an electrified-economy with a business-as-usual future based on current policies and measures. It finds that leaning into electrification could add a cumulative C$3 trillion to the economy by 2050 and support 1.6 million additional jobs by that year, while delivering C$5 in economic benefits for every C$1 invested in the power sector versus business as usual. (robb.stewart@wsj.com; @RobbMStewart)
1615 GMT - Demand for Carnival's cruises is strong and broad-based, CEO Josh Weinstein says on a call with analysts. After experiencing a disruption in bookings earlier this year, trends rebounded meaningfully over the past three months, he says: "With 2026 largely on the books, our attention is turning to 2027 and beyond." For 2027, Carnival is already halfway booked, with both occupancy and pricing at record levels, according to Weinstein. "2028 is also off to an excellent start at higher occupancy and even higher prices year-over-year, and our booking curve is further out than it has ever been at this point in the year," he adds. (connor.hart@wsj.com)
1613 GMT - Carnival CEO Josh Weinstein says strong demand and operational improvements have fully offset higher fuel costs. "Yes, fuel can be a volatile input cost, with a track record of prices going up and down," Weinstein says on a call with analysts. "But amidst that noise, let's not lose sight of our underlying operational improvement." The cruise operator is generating more demand, with strong booking trends and pricing power. At the same time, the company has netted more than $150 million in operational improvements since its last quarterly readout in June, Weinstein says. Taken together, Carnival has fully offset the impact of higher fuel prices that are currently expected, according to Weinstein. Carnival jumps 12%. (connor.hart@wsj.com)
1534 GMT - Saudi Arabia leads major Gulf stocks lower Tuesday, with the Tadawul All Share Index falling 1.2%. Qatar's QE Index loses 1.1%, Abu Dhabi's benchmark index declines 0.3% and the Dubai Financial Market General Index slips 0.2%. Risks from the Middle East conflict remain elevated despite recovering regional oil flows. S&P Global Market Intelligence says its base case no longer assumes a clear end to the war, with Gulf exports likely to fluctuate as security conditions affect ships' willingness to transit the Strait of Hormuz. It expects only gradual improvement through 2027, with energy, freight, insurance and logistics costs remaining elevated.
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