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.

0817 GMT - France's TotalEnergies is prioritizing cutting net debt over higher distributions, RBC Capital Markets analyst Biraj Borkhataria writes. Its flat $1.5 billion quarterly share buyback comes as net debt falls $3.3 billion on the prior quarter. The company uses higher cash generation and a working capital release to pay the debt, he adds. Overall, net income is in line with expectations, while the marketing business seems to have had one of its strongest quarters in recent history, he adds. Shares rise 2.6% to 76.24 euros. (adam.whittaker@wsj.com)

0547 GMT - The recent escalation in the Arabic Gulf region and rising energy prices are developments that are unlikely to please central bankers, Helaba analysts say ahead of the European Central Bank's monetary policy decision later in the day. "Nevertheless, there are no clear indications of an imminent interest rate hike," the analysts say, waiting for any signals whether a rate increase at the following meeting in September will be signaled. Money markets currently price in a 21bps ECB rate hike in September, according to LSEG. The wording of the ECB statement-indicating that the Council does not commit to a specific interest rate path in advance-is unlikely to change significantly, according to Helaba analysts who expect the ECB to keep decision-making on a meeting-by-meeting basis. (emese.bartha@wsj.com)

2316 GMT [Dow Jones]--While Beach Energy's FY27 guidance is key, Macquarie thinks it is complicated by a bumpy start to production at its Waitsia natural-gas plant. Macquarie thinks Waitsia's production will improve through 1Q, but it notes a 24-day shutdown planned for September. "The uncertainty around time to consistently higher/normal rates may pose a challenge in Beach's guidance-setting for FY27," says Macquarie. Its price target rises 6.7% to A$0.80/share, given Beach's higher cash balance at the end of June. Still, Macquarie retains an underperform call as it doesn't expect Beach's FY27 guidance to positively surprise. Beach ended Wednesday at A$0.875. (david.winning@wsj.com; @dwinningWSJ)

1915 GMT - Continuing strikes by the U.S. and Iran and the threat of further escalation send oil futures higher for a fourth straight session. President Trump said on Truth Social that the U.S. will bomb one bridge or power plant, including in or near Tehran, any time Iran fires as vessels crossing the Strait of Hormuz. The market is trying to weigh "does Trump really want to do that next level of escalation?" says Rabobank senior energy strategist Joe DeLaura. If the U.S. starts hitting power plants and infrastructure, Iran will start attacking power plants or desalination plants in Saudi Arabia and U.A.E., hitting their critical water supplies, he says. "If we continue to see this kind of escalation then we're going to see a very big hike because we're going to be developing into a much wider and much deeper war." WTI settles up 3% at $86.83 a barrel and Brent rises 3.4% to $94.07.(anthony.harrup@wsj.com)

1823 GMT - The EIA's report of weekly builds in U.S. crude oil, gasoline and diesel stocks was "as good as one could expect in a tightening global market," Mizuho's Robert Yawger says in a note. Crude inventories rose by 2 million barrels, gasoline by 765,000 barrels, and distillates by 1.4 million barrels. Crude imports were up and exports down, while refineries ran slightly slower at 96.1% of capacity. Refineries have been running above 90% since the start of May, and above 96% for five of the past six weeks, Yawger notes. "There was effectively no turnaround season this year," he says. "Right now, the refinery needs a rest, but the global market is thirsting for diesel and gasoline." (anthony.harrup@wsj.com)

1749 GMT - Only 10% of investors expect rates to remain steady at the current target range of 3.50-3.75% by year's end, according to CME Group's FedWatch tool. Ahead of the committee's July meeting next week and amid a quiet period for U.S. economic indicators, markets expect the Fed to hold rates steady. The 10-year yield rises to 4.654%. A surge in oil prices on renewed hostilities in the Middle East, pushes gas prices at the pump above $4 a gallon.(jessica.coacci@wsj.com)

1406 GMT - GE Vernova raised its full-year free cash flow outlook to between $11.5 billion and $12.5 billion, up from $6.5 billion to $7.5 billion, after a slew of slot reservations for its gas-powered equipment in 2Q. The company says slot reservation agreements grew to 116 gigawatts from 100 gigawatts, and are now on track to hit 125 gigawatts by the end of the year. Year-to-date, the company has generated about $10 billion in free cash flow which is 2.5 times more than it did in 2025, CEO Scott Strazik says on a call with analysts. "We expect our free cash flow in the first half of the year to be substantially higher than the second half, as many of these slot reservations convert to orders," CFO Ken Parks says on the same call. (dean.seal@wsj.com)

1331 GMT - Siemens Energy shares' sharp drop following GE Vernova's quarterly results isn't justified, JPMorgan analysts write. Shares in the gas turbine manufacturer fell by as much as 9% as investors worry about whether the orders its U.S. peer announced are binding, the analysts say. The read-across to Siemens Energy is unwarranted as the German group is more focused on confirmed orders, they say. Moreover, GE Vernova's expanded capacity has raised concerns about oversupply--but JPMorgan analysts continue to see demand outstripping supply through 2028. "Evidently, demand is still very strong and supply is still materially too low versus demand, for now at least." Siemens Energy pares losses to fall 4.8%, while GE Vernova shares fall 5% premarket. (josephmichael.stonor@wsj.com)

1317 GMT - GE Vernova's explosive order growth in 2Q from its power and electrification businesses are counterbalancing a slowdown in its wind unit tied to tariff uncertainty. Orders in the wind unit were down 40% organically, sinking segment revenue by 10%. The U.S. market for new onshore equipment remains soft, and the company is still watching to see what happens with President Trump's 232 tariffs that would weigh on wind development, CEO Scott Strazik says on a call with analysts. It remains difficult to forecast when U.S. orders will turn around in light of the tariff situation and persistent permitting delays faced by customers, CFO Ken Parks says. (dean.seal@wsj.com)

1234 GMT - Oil futures extend their gains as the U.S. and Iran continue strikes and U.S. Secretary of State Marco Rubio said Iran isn't serious about peace talks. His comments come after President Trump said Tuesday that the U.S. isn't interested in a meeting until Iran is ready to meet in a meaningful way. "This, combined with the opening of new fronts, will likely prompt a wave of speculators to chase prices higher, potentially pushing Brent crude above the triple-digit levels," says Peter Cardillo of Spartan Capital. WTI is up 3.2% at $87.06 a barrel and Brent is 3.6% higher at $94.29. (anthony.harrup@wsj.com)

1009 GMT - Infrastructure debt continues to be a reliable source of stable, defensive income, Schroders Capital CIO Nils Rode says in a note. "It represents a compelling allocation within private credit and real assets portfolios, delivering income that diversifies overall corporate exposure," he says. Infrastructure debt benefits from structural tailwinds. The global need for investment across energy, digital, transport and social infrastructure is expanding, alongside demand for financing options to meet ambitious spending and development plans, Rode says. Infrastructure debt is also "one of the most effective ways" to combine a stable yield with a defensive asset that provides protection during market selloffs. Junior infrastructure debt now offers double-digit returns for investors seeking higher returns, Rode adds. (emese.bartha@wsj.com)

0859 GMT - Iberdrola's entry into Finland via grid operator Caruna marks a strategic geographical pivot, according to Citi analysts. While the market favors the network-led expansion, the 2-billion-euro acquisition carries a demanding valuation. Citi warns the deal comes at a high price as the Spanish utility company is paying double what the grid assets are worth and 17 times Caruna's expected 2027 profits. This is to take on a business with a high level of debt so as to secure 369 million euros in operating profit by 2027. "Strategically, the acquisition fits the company's focus on networks but brings a new geography to Iberdrola's mix, which historically has focused on Spain, the U.K., the U.S., and Brazil--a strategy the market appreciates," Citi says. Shares are down 0.5% at 21.21 euros. (anthony.orunagoriainoff@dowjones.com)

(END) Dow Jones Newswires

July 23, 2026 04:20 ET (08:20 GMT)

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