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

1004 GMT - Italian energy major Eni's refining margin tripled quarter-on-quarter and sets the scene for an extraordinary dividend, Jefferies analyst Mark Wilson writes. More than $900 million could be returned via the special dividend, which follows two buyback increases, he says. Shares are flat at 25.41 euros. (adam.whittaker@wsj.com)

0914 GMT - Qatar and Kuwait are expected to record the steepest economic contractions among Gulf states this year as disruptions to the Strait of Hormuz constrain hydrocarbon exports, Citi Research says. Qatar's economy is forecast to shrink 13.5%, with hydrocarbon output falling 38.8%, while Kuwait's GDP is projected to decline 12.2% as oil activity contracts 27.7%. Neither country has an alternative overland route for crude exports, leaving them particularly exposed to shipping restrictions. Citi also expects Qatar's fiscal deficit to widen to 8.0% of GDP and Kuwait's to 22.1%, highlighting the pressure on government finances from reduced hydrocarbon production. (farhan.rafid@wsj.com)

0856 GMT - BP posts a solid operational performance but impairments continue to come, RBC Capital Markets analyst Biraj Borkhataria writes. The British energy major flagged another $3 billion to $4.5 billion of impairments, which combined with prior write downs total nearly $10 billion of charges in the transition businesses, he says. This represents around 10% of BP's equity prior to the pandemic and demonstrates how much financial damage BP's pivot into renewable energy caused, he says. "We would imagine the house is now clean... but we also thought that last quarter...," he writes. Shares 1.1% to 594.70 pence. (adam.whittaker@wsj.com)

0832 GMT - Jardine Matheson's acquisition of Balfour Beatty's stake in their Gammon Construction joint venture could modestly boost earnings per share within the first year, says Macquarie Capital's Jayden Vantarakis in a note. The Hong Kong-based conglomerate plans to buy the 50% stake for 250 million pounds, payable in three tranches through December 2028. Gammon, a steady contributor to Jardine's earnings, is part of its engineering division which accounts for around 7% of the company's gross estimated net asset value, the analyst notes. He continues to find Jardine's Singapore-listed shares attractively valued, with an outperform rating and a $80.00 target price on its shares, which are last 1.8% higher at $56.85. (megan.cheah@wsj.com)

0824 GMT - BP's strong third-quarter performance update should push consensus expectations higher, Jefferies analyst Mark Wilson writes. The update paves the way for the British energy major's strategy update in December, he writes. Overall, expectations for underlying RC EBIT and net income should move more than 10% higher on the back of the update, he adds. Shares rise 1.4% to 596 pence. (adam.whittaker@wsj.com)

0817 GMT - BP's planned strategy update in December is earlier than expected, Barclays Lydia Rainforth writes. It will give investors a clearer view of CEO Meg O'Neill's approach after eight months in the role come December, she writes. The British energy major's third-quarter update demonstrates the strength of its trading arm and integrated model, she says. Following the update, Barclays increases its full-year replacement-cost operating profit estimate by around 5% to $11 billion and its adjusted net income estimate by around 20% to $6.5 billion. Shares rise 1.4% to 596 pence.(adam.whittaker@wsj.com)

0812 GMT - BMI raised its average copper price forecast for this year to $13,500 a metric ton from $12,700 a ton, citing tariff-related market disruptions and persistent supply constraints. "For the remainder of 2026, we expect copper prices to remain volatile and highly sensitive to tariff-policy developments, with the eventual Washington decision likely to set the near-term market direction, while broadly intact structural tightness should temper the extent of any correction," analysts at the firm say. Over the longer term, copper prices are expected to be supported by a persistent supply deficit and rising demand as the energy transition gathers pace. BMI forecasts copper prices reaching $17,000 a ton by 2035, driven by electrification and investment in clean-energy infrastructure. In early trading, three-month copper futures on the LME are flat at $14,624.50 a ton. (giulia.petroni@wsj.com)

0814 GMT - Saudi Arabia's economy is expected to contract 2.4% in 2026 after expanding 4.6% last year, as disruption to oil production and weaker non-oil growth weigh on activity, Citi Research says. The bank forecasts a 16.7% decline in oil-sector output, while non-oil growth slows to 1.9% from 5.1%. Although alternative crude-export routes have partly shielded the kingdom from the Strait of Hormuz disruption, Citi warns that a widening fiscal deficit could constrain private-sector borrowing if the government relies heavily on domestic financing. Escalating tensions with the Iran-backed Houthi militia add to the downside risks, it says. (farhan.rafid@wsj.com)

0800 GMT - BP's third-quarter trading statement confirms its deleveraging efforts are working, J.P. Morgan's Matthew Lofting writes. The update shows a significant reduction in net debt and should push expectations for earnings and cash flow from operations higher due to a strong trading performance and lower group tax rate, he says. Shares rise 1.46% to 596 pence. (adam.whittaker@wsj.com)

0736 GMT - Comex gold futures may retest support at $4,150 per ounce, RHB Retail Research's Joseph Chai says in a research report. The futures' latest negative price action on the daily chart reaffirms that immediate resistance is still firm at the $4,300-per-ounce level, the analyst says. The relative strength index also continues to move sideways below the 50% threshold, suggesting that bullish momentum remains weak, Chai says. Initial resistance is pegged at $4,300 per ounce followed by subsequent resistance at $4,400 per ounce, the analyst adds. Spot gold is 0.5% higher at $4,190.55 per ounce. (ronnie.harui@wsj.com)

0733 GMT - European natural-gas prices climb to their highest level since December 2022, with the benchmark Dutch TTF contract up 1.7% to 85.82 euros a megawatt-hour. "The market is grappling with the idea that we're about to go through a large part of the Northern hemisphere winter with little Persian Gulf LNG supply," analysts at ING say. Low European gas storage levels and mandated restocking are supporting prices, raising the risk of stronger competition with Asian buyers and potential price spikes over winter. EU storage is 73% full, according to industry group Gas Infrastructure Europe, below the five-year average of 89%. (giulia.petroni@wsj.com)

0733 GMT - The U.A.E. economy is expected to contract by 0.2% in 2026 after growing 6.2% last year, as weakness in non-oil activity outweighs continued oil-sector expansion, Citi Research says. The bank forecasts a 0.8% decline in non-oil output, reversing growth of 6.8% in 2025, while oil-sector growth slows to 1.7% from 4.3%. Citi considers the U.A.E. the most exposed Gulf economy to the Middle East conflict through trade, tourism, imports and domestic demand. However, its strong fiscal position and external buffers give authorities considerable room to respond if disruptions persist, the bank says.