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

0216 GMT - China Aviation Oil (Singapore)'s 17% fall in 1H net profit disappoints DBS Group Research and prompts it to review its earnings estimates. The jet fuel trading company's core trading segment suffered from weaker margins as gross profit per ton from middle distillates plunged, says analyst Jason Sum in a note. While jet fuel trading conditions should improve from the 1H trough, he expects trading margins to remain pressured due to volatile energy prices. He anticipates cutting his earnings estimates after meeting China Aviation's management on Tuesday, and is reviewing the stock's buy rating and target price of 2.50 Singapore dollars. Shares are down 2.5% at S$1.54. (megan.cheah@wsj.com)

2335 GMT - Oil edges lower in early trade amid mixed signals. On one hand, there are signs of oil flows rising, ANZ Research analysts say in a research report. "Persian Gulf producers such as the UAE and Saudi Arabia are said to be doing what they can to keep exports flowing, including switching transponders to move cargo through the Strait [of Hormuz] without detection," the analysts say. On other hand, "reports emerged that the Iranian-backed Houthi militant group had targeted Saudi Aramco's oil refinery in Jazan on the Red Sea Coast," the analysts add. Front-month WTI crude oil futures are 0.1% lower at $81.20 per barrel.(ronnie.harui@wsj.com)

2328 GMT [Dow Jones]--Swedish private-equity firm EQT's bid for Cleanaway Waste Management looks opportunistic to Jefferies. Cleanaway has disappointed market expectations over the past five years despite owning assets that are difficult for rivals to replicate. "EQT's approach is therefore understandable, given the option to make changes to the business and deliver stronger cash flow growth in the medium term," says analyst Amit Kanwatia. EQT is offering A$3.13/share. That values Cleanaway's equity at A$7.0 billion. Cleanaway missed market expectations with Ebit guidance of A$500 million-A$530 million in FY27. "Therefore this bid does insulate shareholders from another disappointing result, while supporting the board's intention to recommend," Jefferies adds. (david.winning@wsj.com; @dwinningWSJ)

Origin Energy's flat annual dividend surprised its bull at UBS. That's partly because Origin's leverage is well below the bottom end of a 2-3x target range and FY27 capex guidance is lower than expected. "Given these outcomes and a conservative approach to dividends, we think it introduces the potential for Origin to pursue scale growth over FY27," analyst Tom Allen says. Potential deals include small energy and broadband retailers, which will help reduce customer churn and boost value, UBS says. Origin could also offer full scale energy and infrastructure solutions to data centers and hyperscalers. It could plow more investment into Octopus Energy and Kraken. Origin ended Thursday at A$11.86. (david.winning@wsj.com; @dwinningWSJ)

1859 GMT - Crude futures settle lower after a string of gains with the U.S. and Iran both claiming to have control over the strategic Strait of Hormuz. "The stalemate in crude price movements comes at a time when we see no horizon for a return of constructive diplomatic momentum or a return to broad escalation, at least in the very short term," XS.com senior market analyst Samer Hasn says in a note.That will keep the region "in a state of no peace and no war," he says, with the possibility of major escalation keeping the risk premium high. The IEA's and OPEC's lowering of their demand forecasts, and the unexpectedly large build last week in U.S. crude inventories, could prevent sharp rises in oil prices, he adds. WTI settles down 2.4% at $81.25 a barrel and Brent falls 2.1% to $87.07. (anthony.harrup@wsj.com)

1845 GMT - U.S. natural gas futures retreat after the EIA reports an above-estimate 36 Bcf weekly inventory build, extending the storage surplus to 198 Bcf from 195 Bcf, despite hot weather spurring high electricity demand. "What made today's EIA report probably sting a little more was optimism power burns have tightened over the past 1-2 weeks, which the EIA report suggested wasn't the case," NatGasWeather.com says in a note. "And it hasn't helped that wind energy generation has been strong the past few days when demand has been strong," including across Texas, the forecaster adds. Nymex natural gas settles down 2.7% at $2.727/mmBtu.(anthony.harrup@wsj.com)

1637 GMT - A.P. Moller-Maersk beat earnings expectations for the second quarter and raised its full-year guidance, as congestion at major Chinese ports supports the freight-rate outlook, Bernstein analysts say in a research note. The Danish shipping group raised its full-year guidance for the second time in less than three months, and congestion at some Chinese ports like Shanghai and Ningbo seems to be driving this, the analysts say. "This was largely the result of higher realized freight rates, and the company is effectively suggesting this remains strong" into the second half, they add. Shares close 9.4% higher, their best one-day percentage gain since May last year. (adria.calatayud@wsj.com)

1506 GMT - U.S. natural gas inventories increased more than usual last week, raising the surplus over the five-year average to 198 billion cubic feet from 195 Bcf the week before. Net injections into underground storage facilities were 36 Bcf, putting stocks at 3,153 Bcf, the EIA reports. The storage build was above the 33 Bcf five-year average for the week and bigger than the 30 Bcf expected in a WSJ survey of analysts. Nymex natural gas futures are down $2.2% at $2.742/mmBtu.(anthony.harrup@wsj.com)

1447 GMT - The dollar could fall further as recent U.S. data have reduced the prospect of the Federal Reserve raising interest rates, Rabobank's Jane Foley says in a note. Last week's weak jobs data combined with Wednesday's subdued inflation data prompted markets to trim rate-rise bets. "If Fed rate hike speculation continues to be pared back, in line with RaboResearch's view, the dollar will be exposed to potential downside pressures." However, any falls in the currency should be contained by safe haven demand while the Strait of Hormuz remains closed given America's energy exporter status, she says. The euro rises 0.1% to $1.1539 and Rabobank expects choppy range trading between $1.15-$1.16 over the next three to six months. (renae.dyer@wsj.com)

1416 GMT - Curbs on diesel demand in some regions due to high prices probably won't be enough to rebalance the market given global supply shortages as the market enters the strongest seasonal demand period, Francisco Blanch of Bank of America Global Research says in a note. "Harvest-related demand growth, low inventories, and ongoing supply outages may outweigh early signs of demand destruction," the commodity strategist says. "Absent a meaningful supply recovery, the diesel market appears poised to stay tight, volatile, and expensive well into next year." (anthony.harrup@wsj.com)

1335 GMT - U.S. natural gas futures are lower ahead of the EIA's weekly inventory report due at 10:30 a.m. ET. Analysts in a WSJ survey expect a 30 Bcf storage injection, slightly smaller than the 33 Bcf five-year average. That would trim the inventory surplus over the five-year average to 192 Bcf from 195 Bcf the previous week. "Without a bullish EIA print or continued warm weather, ebbing momentum could limit short-term upside," Eli Rubin of EBW Analytics says in a note. Nymex natural gas is down 2.4% at $2.737/mmBtu. (anthony.harrup@wsj.com)

1321 GMT - Oil futures are lower after posting a string of gains, with the U.S. and Iran both claiming to have control over the Strait of Hormuz and still limited shipping through the waterway. The retreat is likely a technical correction, but could also be partly a delayed reaction to yesterday's EIA report of a 17.4 million barrel U.S. commercial crude inventory build, Ritterbusch & Associates says in a note. Although the stock build was likely a one-off to be followed by draws in coming weeks, the big reduction in the deficit "cannot be dismissed," the firm adds. WTI is down 2.6% at $81.12 a barrel and Brent is down 2.3% at $86.97.