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

2106 ET - Infratil's bull at Jefferies calls out upgraded growth ambitions at its partially owned U.S. renewable energy developer as the biggest surprise of the infrastructure investor's investor day. Analyst Roger Samuel thinks that rising power-purchase agreement prices probably prompted dual-listed Infratil to upgrade its target operating fleet at Boston-based Longroad to 14.3 gigawatts from 11.5 GW. However, he tells clients in a note that there are few details regarding Infratil's contention that 5 GW of its 10 GW data center-related opportunity is immediately actionable. Jefferies keeps a buy rating on the stock and raises its target price on Infratil's Australia-listed shares by 1.4% to 15.00 Australian dollars. Shares are up 0.8% at A$11.41. (stuart.condie@wsj.com)

2042 ET - Oil is lower in early Asian trade. The softer prices likely reflect optimism about taming the effect of the deep disruption to Middle East crude-oil exports, says XS.com's Samer Hasn in a note, citing reports of Saudi Arabia shifting crude loading away from the out-of-service Yanbu port. Building U.S. crude oil inventories also likely support oil, he says. The continued flow of barrels through the Strait of Hormuz under U.S. protection and the partial resumption of Saudi flows could push prices down, he says. The analyst also expects oil prices to return to wide sideways trading if the U.S. signals potential negotiations with Iran. Front-month WTI crude-oil futures are down 1.0% at $101.38 a barrel, while Brent is 1.0% lower at $104.80 a barrel. (megan.cheah@wsj.com)

1643 ET - Oil futures give back some gains after rising to four-month highs on extended risks to supply routes out of the Middle East. "We're seeing the markets pricing in the higher risk associated with beliefs that the conflict could continue longer," says Angie Gildea, global head of oil and gas at KPMG. Damage to the Saudi pipeline, drawdowns in SPRinventories and increased Chinese buying "is factoring into the pricing." SPR withdrawals can't go on forever, "so at some point we get into some real challenges," Gildea adds. WTI settles down 3.2% at $102.43 a barrel and Brent falls 2.7% to $105.83. (anthony.harrup@wsj.com)

1525 ET - U.S. natural gas futures give up early gains and settle lower with current heat expected to give way to cooler weather as the month progresses, reducing power-sector demand. The EIA's inventory report due Thursday is expected to show a below-normal storage build for last week, shrinking the surplus over the five-year average but still leaving stocks looking comfortable ahead of the winter. Analysts in a Wall Street Journal survey expect a 49 Bcf injection, putting inventories at 3,303 Bcf or 123 Bcf above the 2021-2025 average. Nymex natural gas settles down 1% at $2.891/mmBtu.(anthony.harrup@wsj.com)

1444 ET - Precious metals are giving back gains after the Federal Reserve raised interest rates as expected. Equities have taken the news "relatively well," but "evidence of the Fed's hawkishness is in the slightly firmer U.S. dollar and lower gold price," Capital.com senior financial market analyst Kyle Rodda says in a note. "A special focus will be on the shape of the yield curve too as markets assess what impact policy is having on long-term inflation expectations." Gold for December delivery is off 0.1% at $4,327.10 a troy ounce and silver up 0.7% at $64.33 a troy ounce. (anthony.harrup@wsj.com)

1404 ET - In its July policy statement, the Fed wrote that elevated inflation was "in part reflecting supply shocks that have driven price increases in certain sectors, including energy." A Fed confident that inflation was driven entirely by supply shocks can justify watching and waiting for price increases to cool. But the Fed's September statement omits that language, saying only that "inflation remains elevated." The language change helps explain one possible rationale for today's hike: a sense that inflation's underlying causes might be broader than previously assumed. (matt.grossman@wsj.com; @mattgrossman)

1350 ET - United Airlines says its customers have remained resilient despite higher fare prices. United flyers have disposable income and want to spend on experiences, even as prices rise due to higher fuel costs, CFO Mike Leskinen says during a Morgan Stanley conference. Demand has stayed strong in 3Q and bookings are strong for 4Q, though there is a little weakness among lower-income consumers, Leskinen says. "If you squint at some of the lower-priced tickets, you might be able to find something there," he says, but Premium tickets are "humming along very nicely." (katherine.hamilton@wsj.com)

1347 ET - United Airlines plans to continue cutting marginal routes as fuel costs remain elevated, CFO Mike Leskinen says during a Morgan Stanley conference. The airline has already cut some of those routes as the war in Iran has driven up fuel costs, he says. In 4Q, there will be some flights in December that won't fly that United originally thought would, Leskinen says. If fuel costs remain high, United plans to make more adjustments in 1Q and beyond in 2027. "We are not flying to maximize market share. We're flying to maximize profitability and free cash generation," Leskinen says. (katherine.hamilton@wsj.com)

1247 ET - Gold futures are higher as the market awaits the Fed's interest-rate decision at 2pm ET, where expectations are for an increase. "We see the immediate gold-price setup being shaped by three measurable forces: Treasury yields, the U.S. dollar, and demand for safe-haven assets," Zaye Capital Markets chief investment officer Naeem Aslam says in a note. Political uncertainty, tariff risk, high oil prices and geopolitical tensions can sustain demand for portfolio protection, he says, but if inflation remains persistent and the Fed signals that rates must stay restrictive, "gold can face renewed pressure from higher real yields and a stronger dollar, even when geopolitical risk remains elevated." Gold for December delivery is up 1.3% in New York at $4,389.20 a troy ounce. Silver gains 1.8% to $65.04 a troy ounce. (anthony.harrup@wsj.com)

1200 ET - Union Pacific is set up for a strong 2027, UBS analysts write in a note, upgrading the stock to buy. Their analysis suggests 3.5% volume growth in 2027, including 6% to 7% intermodal volume growth. Signals from the trucking business also indicate a pricing tailwind next year. And though their model doesn't reflect the proposed merger with Norfolk Southern, whose outcome is uncertain, they see the deal as adding optionality for the stock. "We see multiple potential drivers of EPS growth and stock price appreciation in 2027 including volume growth, stronger pricing, and potential favorable developments in the merger regulatory review process," the analysts write. Shares are up 0.6%. (elias.schisgall@wsj.com)

1100 ET - Athabasca Oil's shares have enjoyed a strong run up this year, but BMO's Tariq Saad says that its premium valuation could limit the shares, downgrading the stock rating to market perform from market outperform. The analyst downgradedshares, saying they are "now within the 10% threshold of our target price." Shares fall 4.5% to C$10.94, which is 56% higher year-to-date. Still, Saad says that Athabasca has one of the strongest growth trajectories among its peer group. In the near-term, he thinks "ATH's premium valuation could limit further share price outperformance." (adriano.marchese@wsj.com)

0940 ET - Canada PM Mark Carney is fighting back against hefty US tariffs with a notable tax cut that could improve profitability for Canadian transportation, energy, mining and construction companies, says Rosenberg Research economist Robert Embree. The cut applies to Canada's marginal-effective tax rate, which is the levy companies pay on each additional dollar of business investment. Embree says Canada's marginal-effective tax rate is now reduced to 6.4%, or a faction of the US rate. He says the near-term growth implications are positive but modest, noting gains will be offset by the negative drag from US tariffs. Embree adds this move will be "modestly positive" for Canada stock indexes, with stronger earnings in the offing for industrials, materials and energy.