The latest Market Talks covering Energy markets. Published exclusively on Dow Jones Newswires throughout the day.

1012 ET - The arbitration panel decision clearing Chevron to acquire Hess with its 30% stake in Guyana's Stabroek block may prove to be "a blessing in disguise" for Exxon Mobil and the government of Guyana, Carlos Bellorin of Welligence says in a note. Exxon's dominant presence has been a political flashpoint for the opposition in Guyana, and Chevron's entry could dilute "the perception of a single foreign operator wielding outsized influence," he says. Chevron will have to carefully navigate the situation with neighboring Venezuela, which has territorial claims on waters administered by Guyana, given Chevron's "significant footprint in Venezuela and its status as the country's most important commercial partner," Bellorin adds. (anthony.harrup@wsj.com)

0929 ET - The oil market's reaction to the latest EU sanctions on Russia hasn't been significant as previous efforts to target the Kremlin's flows have done little to curb exports, according to Capital Economics. "Market participants, nor we, seem convinced that the lower price cap, or any other measures introduced will be able to do any more to limit Russian exports," says economist Lily Millard. "The Brent crude price is on track to finish the week basically in line with close last week." The tepid reaction could also be attributed to OPEC's spare capacity and the prospect of further supply coming online over the coming months. Brent is up 0.9% at $70.13, while WTI rises 1% to $66.89 a barrel in afternoon trade. (giulia.petroni@wsj.com)

0912 ET - U.S. natural gas futures are higher and heading for a weekly gain as summer heat supports power-sector demand. "The late-July heat wave and sense of a fundamental inflection point may drive a further test of resistance short-term," Eli Rubin of EBW Analytics says in a note. The storage surplus at 178 Bcf over the five-year average is close to peaking but may be slow to erode of the next two months, "likely keeping bullish pressures in check," he adds. Nymex natural gas is up 1.8% at $3.605/mmBtu. (anthony.harrup@wsj.com)

0910 ET - New EU sanctions on Russian energy are lifting crude futures and having a bigger impact on diesel prices given already tight global stocks of the fuel. "Concerns over a tight global distillate supply have been revived by the possibility of curtailed Russian availability, continued low inventory levels within the eastern region of the U.S. and a stronger than expected U.S. economy that appears to be seeing steady demand from the U.S. industrial and freight sectors," Ritterbusch says in a note. "Diesel premium against crude and gasoline is stretching into new wide territory." Nymex diesel is up 3.7%, adding to yesterday's 3.3% rise, and gasoil on ICE Futures Europe is up 6.1%. WTI and Brent are up 1.5% and 1.2%, respectively. (anthony.harrup@wsj.com)

0834 ET - Oil prices extend gains in afternoon trade after the EU agreed to impose fresh sanctions on Russia, including a revised oil price cap. Brent crude rises 1.7% to $70.71 a barrel, while the U.S. oil gauge is up 1.9% to $67.48 a barrel. The 18th package of sanctions lowers the price cap on Russian oil exports to $47.60 a barrel from $60 to target the Kremlin's oil revenue. It also bans EU operators from using the Nord Stream pipelines--the offshore system built to channel Siberian gas from Russia to Germany beneath the Baltic Sea. Oil prices are also supported by signs of near-term supply tightness and supply disruptions in the Middle East following recent drone strikes on oilfields in Iraq's Kurdistan region. (giulia.petroni@wsj.com)

0619 ET - Singapore's benchmark stock index notched its 10th straight record close, following U.S. stock futures higher. Banks were among the biggest advancers. Index heavyweight DBS Group climbed 0.7% to end at a new high. OCBC added 1.5% and UOB rose 0.6%. The S&P 500 and Nasdaq hit new records overnight, buoyed by strong results from major companies amid optimism that they can navigate tariff and trade uncertainties. The STI's top gainers were Seatrium and Yangzijiang Shipbuilding, up 5.8% and 2.1%, respectively. The FTSE Straits Times Index closed 0.7% higher at 4189.50 after hitting an intraday high of 4192.19. (kimberley.kao@wsj.com)

0511 ET - European natural-gas prices dip slightly in early trade, with the benchmark Dutch TTF contract down 0.5% to 34.65 euros a megawatt hour. EU storage levels are nearly 64% full, the lowest seasonal level in the last three years. However, a potential cooler weather pattern towards the end of July and into August could soften demand from air conditioning, analysts at ANZ Research say. Prices rose above 35 euros earlier this week partly due to unplanned outages at Norway's Nyhamna and Kollsnes processing plants and growing competition with Asia for LNG cargoes. Meanwhile, the EU approved a fresh sanctions package on Russia that includes a ban on Nord Stream gas pipelines. (giulia.petroni@wsj.com)

0441 ET - Vestas offers an attractive risk/reward profile given an improved earnings outlook, JPMorgan analysts write. The stock has underperformed in the past 18 months due to earnings cuts and multiple compression, both of which the bank now considers largely complete. Looking forward, wind installations excluding China could grow at a double-digit compound annual growth rate through 2030. In addition, U.S. subsidies will remain in place until mid-2030 which should drive higher order activity. In offshore, risks are receding, while price and cost management is more disciplined and should drive margins higher. JPMorgan upgrades Vestas to overweight from neutral and lifts its price target to 161 Danish kroner from 126 kroner. Shares rise 11% to 116.45 kroner. (dominic.chopping@wsj.com)

0411 ET - Oil prices rise in early trading, buoyed by concerns over supply disruptions following drone strikes on oilfields in Iraq's Kurdistan region and fresh EU sanctions targeting Russia's energy sector. Brent crude and WTI both gain 0.5% to $69.85 and $66.58 a barrel, respectively. EU's new sanctions include a ban on Nord Stream pipelines and a lower oil-price cap, EU's foreign policy chief Kaja Kallas says in a post on X. Meanwhile, attacks on Kurdish oilfields have shut down more than 200,000 barrels a day of production, according to the Association of the Petroleum Industry of Kurdistan. Prices are also supported by near-term fundamentals pointing to a fairly tight market through the quarter. "Despite OPEC+ steadily unwinding supply curbs, near-term contracts for crude and gasoil remain in backwardation[when prices for immediate delivery are higher than those in the future], signalling supply constraints," says MUFG's Soojin Kim. (giulia.petroni@wsj.com)

0331 ET - European oil companies trade up in opening trade after getting a boost from rising oil prices. Brent crude prices are up 0.8% at $70.08 a barrel as seasonal travel demand provides some support to prices, head of equity research at Hargreaves Lansdown Derren Nathan writes. In London, BP trades up 1.5% and Shell rises 1.2%. France's TotalEnergies rises 0.9%; Italy's Eni, Spain's Repsol and Portugal's Galp rise around 1%. Consumption in July is edging slightly above last year's levels to 105.2 million barrels a day, Nathan writes. However, tariff uncertainty and the prospect of a glut of oil supply means markets haven't managed to fully erase losses seen earlier in the week, he adds.(adam.whittaker@wsj.com)

0141 ET - Bangchak Corp.'s "market" gross refining margin is likely to improve in 3Q, CGS International's Amornrat Cheevavichawalkul says in a research report. The Asian diesel crack spread has rebounded in July from June, thanks to robust import demand from Europe, the analyst notes. Diesel, which accounts for 55% of the energy company's refined product output, should remain a key support for the company's "market" GRM over the next three months, the analyst says. Also, Ebitda contribution from its subsidiary OKEA is expected to improve in 3Q amid a pickup in sales volume and an absence of impairment charges. The brokerage raises the stock's rating to hold from reduce and the target price to THB32.00 from THB30.50. Shares are 3.9% higher at THB33.25. (ronnie.harui@wsj.com)

(END) Dow Jones Newswires

July 18, 2025 10:12 ET (14:12 GMT)

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