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.
0816 GMT - Norsk Hydro is well-placed to take advantage of elevated aluminum prices, RBC analyst Marina Calero writes. With the Middle East conflict showing no signs of de-escalating, supply risks are mounting. The region is home to 9% of global production, and the closure of the Strait of Hormuz makes it challenging, if not impossible, to export production and import raw materials. RBC now assumes no production at Norsk Hydro's Qatar joint venture this year. However, the Norwegian company is blessed with low-cost hydropower, stands to benefit from higher aluminum prices and European premiums, and its energy division could see windfall prices. RBC upgrades its rating on Norsk Hydro to outperform from sector perform and lifts its price target to 95 Norwegian kroner from 85 kroner. Shares rise 2.9% to 88.04 kroner. (dominic.chopping@wsj.com)
0732 GMT - As the Middle East conflict continues to disrupt energy flows via the Strait of Hormuz, RBC Capital Markets strategists are watching for any signs that the Houthis may enter the fray, imperiling the alternative Red Sea export route. For now, the Houthis have stayed on the sidelines, unlike in 2019 when they targeted the East-West pipeline and joined the Iranian strike on Abqaiq following the termination of exemptions for importers of Iranian oil by the U.S., the commodity strategy team says. "If the Yemeni group does become an active participant, we think it would materially alter risk perceptions about the Red Sea exports," they write. Even a few missiles or drones fired into the Bab el-Mandeb Strait would push oil prices several legs higher in the current environment. (fabiana.negrinochoa@wsj.com)
0712 GMT - Power Assets' investors should watch how the company plans to use proceeds from the sale of its stake in UK Power Networks, its largest British asset, says Morningstar's Lorraine Tan in a note. The Hong Kong-based utilities-investment company's priority is to reinvest the cash, she says. However, the company's track record shows that it previously paid out some the proceeds from a 2014 deal as dividends as it was unable to find a suitable target, the director notes. She reckons a special dividend is more likely, but prefers an acquisition that could provide growth, given that the company's shares and valuation could fall after the potential special dividend is paid. Morningstar raises its fair-value estimate to HK$59.00 from HK$53.00. Shares are down 0.8% at HK$61.675. (megan.cheah@wsj.com)
0434 GMT - Hindustan Petroleum would be hit the hardest by elevated crude prices, followed by Indian Oil, if retail fuel prices remain unchanged, Jefferies analysts say in a note. Diesel and gasoline marketing margins turn negative at Brent prices of $75 and $82 a barrel, respectively, with current margins at minus 53.3 rupees and 28.3 rupees as of March 19, the bank notes. Among Indian oil marketing companies, Bharat Petroleum is seen as the most resilient, Jefferies says. (venkat.pr@wsj.com)
0352 GMT - Reliance Industries could be a beneficiary of Middle East supply disruptions via higher refining margins if India doesn't reimpose windfall taxes on diesel and petrol, Jefferies said. Every $1-a-barrel increase in refining margins would boost its annualized Ebitda by about $500 million, or roughly 2% of FY 2027 consolidated Ebitda. Jefferies doesn't expect the government to reinstate the tax, citing last year's Oilfields Development Bill, which stipulates that petroleum lease terms should remain stable and not be altered to the disadvantage of the lessee. (venkat.pr@wsj.com)
0329 GMT - The 2022 energy crisis seems to be haunting central bankers' decisions, Maybank analysts say. The Iran war fallout is echoing conditions seen when Russia invaded Ukraine, sending energy prices spiraling. A slew of central bank decisions this week shows policymakers are keeping an eye on the current situation. Gold and silver prices fell precipitously in light of the hawkish shifts observed in most major banks--including the RBA and the Fed--Maybank says. "We could be witnessing another leg of position unwinding as central banks act to stay ahead of the curve this time," the analysts say, recalling the criticism many faced in 2022 for leaving policy settings too loose for too long on expectations that the energy shock would be transitory then. This time, central banks are taking a more pre-emptive approach. (fabiana.negrinochoa@wsj.com)
0010 GMT - Oil falls in early trade. Treasury Secretary Bessent said the U.S. could remove sanctions in the coming days from Iranian oil already at sea to ease pressure from rising prices during the Middle East conflict. Meanwhile, President Trump said, "we're not putting troops anywhere" when asked about the movement of forces toward Iran. Soothing comments from Trump and Bessent have helped bring oil prices down, says Kristina Clifton, senior economist and senior currency strategist at CBA, in a note. Front-month WTI crude oil futures are down 1.6% at $94.64 a barrel; front-month Brent crude oil futures are 2.0% lower at $106.46 a barrel. (ronnie.harui@wsj.com)
2159 GMT - Canaccord Genuity lowers its target on Boss Energy after the uranium miner's mineral resource update, showing more resources but lower grades at the Gould's Dam and Jason's deposits. "Clearly these satellite deposits, like East Kalkaroo, lack continuous high-grade mineralization," the broker says. It cuts its target to A$2.55 from A$2.80. The broker keeps a speculative buy rating. Boss Energy ended Thursday down 6.8% at A$1.52. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)
1440 GMT - There seems to be a hands-off mentality among traders in CME live cattle futures, with that most-active contract down 0.7%. "Open interest has been going down," says ADM Investor Services in a note. "There is too much uncertainty of outside markets from the war in Iran, higher energy prices, the strike at JBS and Friday's Cattle on Feed report." Analysts surveyed by WSJ forecast total fed cattle inventories down 0.8 percentage points versus this time last year. New placements are expected to slide 1 point, and marketings are seen dropping nearly 8 points. Lean hogs are also down 0.7%. (kirk.maltais@wsj.com)
1321 GMT - State-owned QatarEnergy says Iranian missile strikes caused "extensive further damage" on the Ras Laffan complex in Qatar, home to the world's largest liquefied-natural-gas export facility. The attack followed another Iranian strike at the site on Wednesday that also inflicted significant damage. The attacks are pushing up crude oil futures, with Brent crude up 5.4% to $113.34 a barrel. "Oil markets, already at $110 per barrel, would likely breach $120 in the immediate aftermath, with further upside depending on the severity of the damage sustained," says Rystad Energy in a note. WTI crude is up 1.3% to $96.74 a barrel. (kirk.maltais@wsj.com)
1250 GMT - Confidence among small businesses in Canada has taken a hit, as worries about higher fuel costs and supply chains build. The Canadian Federation of Independent Business's monthly barometer shows a sharp 9.5 points drop in the March longterm business confidence index to 55.8 points, following gradual improvement over much of the past year. Short-term optimism also deteriorated significantly. The share of business worried about fuel costs jumps to 50% this month from 36% in February. As well, CFIB says 57% of small businesses report challenges with insufficient demand, up from 50%. Still, staffing plans are steady, with 17% of firms looking to hire and 12% planning to lay off staff, a third straight month of positive net staffing intentions. (robb.stewart@wsj.com)
1107 GMT - Energy shares have jumped since the start of the Middle East conflict but still look undervalued relative to future fossil fuel demand, Citi's Alastair Syme writes. However, these stocks aren't simply a proxy for oil prices, he says. Energy equities outperformed falling oil prices by 30% in 2025, meaning oil prices aren't the universal drive of share performance, he says. Investors chose to ignore the importance of oil to the economy in 2021-22 during the transition toward green energy and they still don't fully recognize it now, he says. (adam.whittaker@wsj.com)
(END) Dow Jones Newswires
March 20, 2026 04:20 ET (08:20 GMT)
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