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

1907 ET [Dow Jones]--Macquarie thinks the earnings goals underpinning Ampol's A$225 million acquisition of Evie Networks are achievable. Evie operates more than 1,030 charging bays for electric vehicles in Australia. Ampol is targeting annualized Ebitda of A$30 million from combining Evie with its existing AmpCharge business within three years of the deal completing. Macquarie suggests a shift from less than 10% utilization of each charging bay to around 15%, coupled with A$10 million in cost savings, would ensure this goal is met. "Given the strong fleet growth currently under way, we expect this should be achievable in an Australian context (taking into account home charging, high solar penetration, etc)," Macquarie says. It has an outperform call and A$50.00/share price target on Ampol, which ended Thursday at A$43.51. (david.winning@wsj.com; @dwinningWSJ)

1850 ET [Dow Jones]--According to U.S. officials, the Pentagon may soon deploy an additional aircraft carrier and 10,000 sailors and Marines to the Persian Gulf. The move would give U.S. commanders more options should President Trump choose to escalate attacks on Iran. CBA market strategist Samara Hammoud assigns just a 15% probability to a major U.S. escalation that returns the conflict to the intensity seen in March. Constraints on military resources, including missile stockpiles, make such an outcome less likely, she says. Iran could also respond with broad attacks on energy and other economic infrastructure across the region, which should further deter escalation, she adds. (james.glynn@wsj.com; @JamesGlynnWSJ)

1831 ET [Dow Jones]--Ampol's A$225 million acquisition of Evie Networks, which operates more than 1,030 charging bays for electric vehicles in Australia, looks strategically sound to Jefferies. It provides leadership in a rapidly growing EV charging market, accelerates Ampol's energy transition strategy, and improves economics of the company's existing AmpCharge business, analyst Michael Simotas says. "Price not materially higher than build cost, with less risk and hard work on grid access done," he says. "Management has strong capital allocation track record and current conditions are supporting very strong earnings and cashflow, but valuation is fair." Jefferies retains a hold call on Ampol, which ended Thursday at A$43.51. (david.winning@wsj.com; @dwinningWSJ)

1820 ET - Transurban's A$4.5 billion acquisition of Canada Pension Plan Investment Board's stake in companies that own the Westlink M7, NorthConnex and WestConnex highways in Sydney could have implications for its distribution, suggests Jefferies. The deal is likely to be beneficial over the longer term, analyst Anthony Moulder says. He notes the price paid is largely in-line with 2027 valuations. "However, this acquisition is expected to be a small drag to distribution growth in FY28 and likely FY29," Jefferies says. It retains a hold call on Transurban's stock. "Trading on a FY27 yield of 5.4%, we continue to await a more attractive entry point," Jefferies says. Transurban ended Thursday at A$13.01.(david.winning@wsj.com; @dwinningWSJ)

1407 ET - Canada may be on the cusp of a liquefied natural gas watershed moment, according to CIBC analysts. In a report, the analyst says that while the country has long been viewed as an attractive jurisdiction for LNG development, red tape and restrictive environmental policies were limiting. Now, CIBC analysts say that "the new federal government has launched several domestic and international initiatives that have renewed focus on Canada's LNG export potential." They say that sanctioning of LNG Canada Phase 2 marks a potential turning point for the sector where "a more supportive policy environment, efforts to streamline approvals for major projects, and renewed engagement with international buyers, set this cycle apart from those prior." (adriano.marchese@wsj.com)

1301 ET - As Canadian Prime Minister Carney lauded the benefits of a proposed new oil pipeline to the country's west coast, opposition parties offered critical assessments. Carney designated the pipeline a project of national interest, which he forecast would create 140,000 jobs and generate over C$20 billion in GDP a year. New Democratic Party leader Avi Lewis, however, says the government was throwing billions in public money beyond a pipeline at a time of climate breakdown, "while sweeping aside environmental protections." Conservative lawmaker Michelle Rempel Garner says the pipeline represents another promise from Ottawa without a clear plan, adding her party will push for details on construction, the timeline, costs, and how and when Carney will ensure completion. (robb.stewart@wsj.com)

1234 ET - Tighter fiscal and monetary policy is set to constrain the Gulf's economic recovery, Capital Economics says. Saudi Arabia is likely to cut investment projects to narrow its wide budget deficit, particularly if oil prices fall next year, while Gulf central banks are expected to tighten policy alongside the Federal Reserve. Capital Economics expects another 50 basis points of Fed rate increases, which it says will slow regional credit growth. The consultancy forecasts Saudi GDP to contract 2.5% this year before rebounding 9.3% in 2027 as oil output recovers, while the Gulf economy overall is expected to shrink around 5% this year. (farhan.rafid@wsj.com)

1144 ET - The EIA says that 64 billion cubic feet of natural gas were added to U.S. reserves for the week ended Sept. 25. This brings net storage to 3.42 trillion cubic feet, which is nearly 4% lower than this time last year, according to the EIA. The result is spot-on with the average estimate from analysts surveyed by The Wall Street Journal this week. Prior to the report, analyst say they were looking for a surprise in the report to cause a big move in natural gas futures in either direction. Instead, natural gas has gradually floated lower, with the most-active contract down 1% to $2.996 per mmBtu. (kirk.maltais@wsj.com)

1139 ET - Enerflex could be looking at roughly $450 million of potential revenue from its 450 megawatt power award, and it is preparing for more. The company won a major Engineered Systems award for behind-the-meter natural gas-fired generation for a North American data center developer as digital infrastructure providers look for energy outside of regional electric grids. In a TD Cowen report, analyst Aaron MacNeil estimates that the company is looking at roughly $1 million per megawatt of power for the contract--revenue that will be realized through 2027 and 2028--and which will be incremental to TD's forecast. "This single award is meaningfully above our existing assumption of $50 million/quarter of power-related ES [Engineered Systems] revenue," MacNeil says. Shares are up 15%. (adriano.marchese@wsj.com)

1117 ET - Enerflex is accelerating its push into the world of digital infrastructure, securing a contract to supply 450 megawatt of off-grid, natural gas-fired power generation for a North American data center developer. The strain from energy bottlenecks has forced digital infrastructure providers to seek out alternatives to bypass local and regional grids, connecting directly to power sources, such as nuclear or gas-powered. Enerflex is committing $15 million in 2026 capex and authorizing $85 million for facility expansions in 2027 to improve its Engineered Systems capacity. CEO Paul Mahoney says the company has over 2 gigawatts of opportunity pipeline to tap into and to convert into "meaningful commercial awards." Shares are up 17%. (adriano.marchese@wsj.com)

0953 ET - Natural gas futures are down 0.3% to $3.017 per mmBtu, with trading centered around the $3 mark. Weather across the country remains the main factor weighing on natural gas prices. "Cooling rains in Texas may create more physical market weakness, and Week 3 warming is lowering projected heating demand," says EBW Analytics in a note. The upcoming storage report from the EIA is projected to show an injection of 64 bcf, according to a survey of analysts by WSJ. A surprise in either direction may spark a stronger move for natural gas, says EBW Analytics. (kirk.maltais@wsj.com)

0943 ET - Crude oil futures are higher, with December Brent up 1.8% to around $100 a barrel. "Supply concerns remain under the microscope, with the conflict continuing to drag on despite improved traffic through the Strait of Hormuz," says Peter Cardillo of Spartan Capital Securities in a note. Brent crude is outpacing WTI crude futures which are up 0.2% to around $91 a barrel--exhibiting the premium between Brent and WTI on the possibility of renewed attacks on oil infrastructure.