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.

0734 GMT - Adani Power is likely a pure stock play in India's thermal-power space, InCred Equities' Ishan Verma says in a research report. The thermal-power producer has transformed via regulatory wins, such as the Supreme Court of India's approval regarding compensatory tariffs for the company's Mundra plant, the analyst says. Also, Adani Power's growth strategy targets a 75% capacity increase to 30.67 gigawatts by FY 2030, outpacing peers like NTPC and JSW Energy, the analyst says. The brokerage forecasts an 11% Ebitda CAGR for Adani Power over FY 2025-2028. It initiates coverage of the stock with an add rating and a target price of INR649.00. Shares are 1.1% higher at INR556.75. (ronnie.harui@wsj.com)

2245 GMT [Don Jones]--Infratil expects to get more than NZ$1 billion of proceeds from selling assets that it doesn't think will grow enough under its ownership. That's prompted Macquarie to assess what the New Zealand-based infrastructure investor could put on the block. It names part or all of Infratil's diagnostic imaging business as a candidate for sale, along with RetireAustralia. "Market may see portfolio refinement as catalyst for closure of price-to-net-asset-value discount," Macquarie says. It adds that management is keen to improve its free cash flow. Infratil is unchanged at NZ$10.60 today. (david.winning@wsj.com)

2237 GMT [Dow Jones]--Infratil flagging a delay in data-center contracts doesn't surprise Jefferies, given commentary by hyperscalers. Infratil says its CDC Data Centres business in Australia hasn't yet contracted all of the 400MW expressed nearly a year ago. However, it "sees demand moving rather than disappearing." Jefferies analyst Roger Samuel cites Australian rival NextDC as an illustration of how contracts eventually come around. "We are still comfortable with CDC doubling earnings in FY 2027 (A$660 million, using FY 2025 as a baseline), as demand is still very strong and the new contracts are ramping up quicker in terms of billing," Jefferies says. (david.winning@wsj.com)

1933 GMT - Oil futures rebounded from the previous day's selloff as the OPEC and non-OPEC ministerial meeting ended with agreement to keep quotas in place through 2026. The meeting came ahead of Saturday's OPEC+ meeting, in which the eight countries that made additional voluntary cuts are expected to return another 411,000 barrels a day in July. The decision to create a new mechanism to define production baselines from 2027 on "aims to mitigate internal tensions and enhance the effectiveness of its production cut policies, which are crucial for maintaining stability in the global crude oil market," Antonio di Giacomo of XS.com says in a note. The market "reacted positively to these announcements, interpreting the agreements as a sign of cohesion and control by the cartel," he adds. WTI settles up 1.6% at $61.84 a barrel, and Brent rises 1.3% to $64.90 a barrel. (anthony.harrup@wsj.com)

1651 GMT - Commodity futures may be out of immediate danger, as long as tensions over tariffs don't have a surprise flare-up, says Kieran Tompkins of Capital Economics in a note. Even so, the prospects for commodities are expected to be impacted by the economic shake-up that has already taken place with President Trump's aggressive approach towards tariffs, says Tompkins. "Although the global tariff environment now appears to be heading towards a far more benign environment… it still represents a demand shock that will prove a headwind to commodity demand and prices," he says. "Against an already fairly weak demand backdrop, we are comfortable with our forecasts for most commodity prices to fall in the coming years." Agricultural futures are mostly lower, while energy futures are largely higher and metals slide. (kirk.maltais@wsj.com)

1316 GMT - Oil picks up from the previous day's selling with the market juggling opposing geopolitical and supply scenarios. Recent sideways trading reflects changing expectations around supply and demand, George Pavel of Naga.com Middle East says in a note. The U.S. blocking Chevron from exporting Venezuelan crude has tightened supply, and the prospect of further U.S. sanctions on Russian energy exports reinforces the potential for a rebound. That's offset by expectations of another large OPEC+ output increase for July and U.S.-Iran nuclear talks that hold potential for a return of Iranian barrels, he adds. "Production increases over recent months, combined with a build-up in U.S. crude inventories, indicate a market increasingly leaning toward surplus." WTI is up 1.4% at $61.75 a barrel and Brent gains 1.3% to $64.91. (anthony.harrup@wsj.com)

1255 GMT - National Grid remains an attractive investment but its strong performance is baked into its current share price, RBC Capital Markets analysts write. The analysts downgrade the stock to sector perform from outperform, but raise its target price to 1,175 pence a share from 1,150 pence. The company has no imminent catalyst that is likely to lead to a revision to its earnings per share profile, they write. There are some regulatory risks related to RIIO-T3 determinations--which involve the examination of energy providers' business plans by regulator Ofgem--later this summer, they add. Shares trade down 0.6% at 1,078.50 pence.(adam.whittaker@wsj.com)

(END) Dow Jones Newswires

May 29, 2025 04:20 ET (08:20 GMT)

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