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

0929 ET - U.S. natural gas futures are returning yesterday's gains with the market continuing to weigh weather-driven demand against strong production and comfortable inventory levels. A near-record start to September cooling demand, and LNG recovering to four-month highs are supportive of Nymex gas, Eli Rubin of EBW Analytics says in a note. But Tropical Storm Edouard is likely to bring cooling rains as it approaches the Gulf coast and "the traditionally soft Labor Day weekend is ahead," he adds. Nymex natural gas is down 2.4% at $2.863/mmBtu. (anthony.harrup@wsj.com)

0926 ET - Soybean futures on the CBOT are up 1% premarket, breaching $13 a bushel for the first time since December 2023. Giving them support is news of the EPA revision of 2025 biofuel-blending exemption rules. The agency says that 1.76 billion in RINs are being exempted for small refineries in 2025, which is more than expected by the market. While on its face it doesn't appear supportive for soybean oil demand, traders are looking at what it means for the future. "They are expected to be re-allocated to 2026 and 2027, so the news was actually viewed as a little supportive as a smaller amount of exemptions was expected to be allowed," says Doug Bergman of RCM Alternatives in a note. (kirk.maltais@wsj.com)

0909 ET - Oil futures are rising for a second session on renewed concerns about disruption of flows out of the Persian Gulf. "The latest leg higher is being driven primarily by the renewed escalation in tensions between the U.S. and Iran, with traders ignoring the controversial U.S.-Venezuela deal for now," Fawad Razaqzada of Forex.com says in a note. "The near-term outlook remains heavily dependent on the supply side." Softer economic data in China and the U.S. point to some moderation in demand, "but oil is relatively demand-inelastic: consumption tends not to fall sharply simply because prices rise." WTI is up 2.6% at $87.96 a barrel and Brent gains 2.2% to $92.48.(anthony.harrup@wsj.com)

0901 ET - A global bonds selloff continues, pushing Treasury yields higher, as the war in Iran muddles the economic outlook. Investors worry about ballooning government debt and sticky inflation. Oil keeps rising, with WTI up 2.5% to $87.92. July JOLTS report, at 10 a.m. ET, kicks off a string of U.S. labor data likely to move markets this week. Odds of a Fed hike in September tick higher to 66% from 65% yesterday. The two-year Treasury yield, which is more sensitive to Fed policy, touches 4.369%, which would be its highest settle since January 2025. The 10-year goes as high as 4.797%, also the highest in 19 months. (paulo.trevisani@wsj.com; @ptrevisani)

0857 ET - Orsted shares offer significant value at current levels, with the business maturing into an operating portfolio providing strong free cash flow yields, RBC Capital Markets analyst Alexander Wheeler writes. The company's portfolio maintains an average government-subsidy support of around 12 years, and while there is lower visibility on future growth, a strong balance sheet provides opportunities for growth and/or higher shareholder returns. The bank upgrades the stock to outperform from sector perform and raises its price target to 180 Danish kroner from 120 kroner. Shares rise 2.1% to 138.75 kroner. (dominic.chopping@wsj.com)

0754 ET - The U.S. dollar is rising, benefiting from higher Treasury yields. "It [the dollar] often does better when U.S. rates are rising unlike many of the other major currencies," Bannockburn Capital Markets' Marc Chandler says in a note. Adding to the dollar's gains is the escalation of the Middle East situation between the U.S. and Iran, which drives oil prices higher. The dollar benefits from this both because the U.S. is an oil exporter and because of the currency's safe-haven role. The DXY dollar index rises 0.2% to 99.590. The 10-year U.S. Treasury yield earlier hit 4.792%, its highest since January 2025, according to LSEG data.(emese.bartha@wsj.com)

0702 ET - Palm oil prices ended higher, thanks to strength in soybean oil prices and persistent concern over El Nino affecting long-term output, says David Ng, a trader at Kuala Lumpur-based Iceberg X. The trader sees crude palm oil prices facing resistance at 4,850 ringgit a ton and finding support at 5,050 ringgit a ton. The Bursa Malaysia Derivatives contract for November delivery ended MYR79 higher at MYR4,973 a ton. (jiahui.huang@wsj.com; @ivy_jiahuihuang)

0650 ET - Yields on U.K. government bonds, or gilts, risk climbing further after hitting multi-year highs on Tuesday, says Matthew Amis, investment director at Aberdeen Investments. Renewed U.S.-Iran tensions have lifted oil prices, raising inflation risks and prospects of the Bank of England increasing interest rates in the coming months, Amis says. "Until oil and gas start freely moving in the Straits of Hormuz, gilt yields are going to struggle." Investors are also increasingly cautious ahead of Prime Minister Andy Burnham's first budget on Oct. 28 which will come amid stretched public finances, he says. Ten-year gilt yields earlier hit an 18-year high of 5.255% while 30-year gilts hit their highest since 1998 at 5.904%, LSEG data show. (miriam.mukuru@wsj.com)

0638 ET - Russia's decision to extend its diesel-export ban through the end of September will add to pressure on an already tight global fuel market, ING says. Supply disruptions from both Russia and the Persian Gulf are coinciding with stronger seasonal demand from Northern Hemisphere harvesting and Southern Hemisphere planting, say ING commodities strategists Warren Patterson and Ewa Manthey in a note. Russia is the world's second-largest diesel exporter and continues to face fuel-supply disruptions amid intensified Ukrainian attacks on energy infrastructure. (farhan.rafid@wsj.com)

0633 ET - European gas prices remain vulnerable to renewed spikes as restricted Gulf LNG flows threaten to leave the Northern Hemisphere entering winter without normal Qatari supply, ING says. QatarEnergy has extended force majeure for some buyers into early November, while LNG flows from the Persian Gulf remain significantly restricted, say ING commodities strategists Warren Patterson and Ewa Manthey in a note. The tight supply backdrop leaves the global LNG market particularly exposed as the heating season approaches, they say. (farhan.rafid@wsj.com)

0542 ET - European natural gas prices rise as U.S.-Iran escalations spur supply fears, while demand remains elevated. The benchmark Dutch TTF contract jumps 2.4% to 71.52 euros a megawatt-hour in late morning European trade. While limited supply out of Qatar has pushed gas prices higher, the bigger reason behind the surge in TTF contracts is increased demand, UniCredit strategists write. "Market fears are growing that Europe is behind schedule with its gas restocking, which will likely lead to sustained high demand at least through the end of 2026," the strategists say. European gas inventories are at 65.09% capacity, around 12 percentage points below levels in August 2025, they note. (josephmichael.stonor@wsj.com)

0343 ET - Oil trades higher after the U.S. and Iran returned to tit-for-tat strikes, renewing concerns over supply from the Persian Gulf. In early morning European trade, Brent crude oil for November delivery rises 1.35% to $91.73 a barrel, while WTI's most-traded contract rises 1.5% to $87.09 a barrel. American forces struck Iran for the first time in a month earlier this week, prompting Iranian retaliation on Jordan, home to thousands of American troops. "Shipping conditions remain fragile, with another tanker reportedly attacked near Oman" overnight, MUFG's Soojin Kim writes. However, some solace was provided by signs that producers are continuing to export through Hormuz despite the elevated risk, the analyst notes.