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

0552 GMT - TotalEnergies CEO Patrick Pouyanne doesn't see a physical gas supply risk in Europe but says the continent will have to compete with Asia for LNG cargos, which could further support prices. The company's integrated gas business continues to benefit from rising gas prices and low European inventories, Barclays analyst Lydia Rainforth writes after hosting Pouyanne at the Barclays Energy-Power Conference. Pouyanne's outlook for oil is more uncertain, she writes. It is unclear whether the drop in Chinese demand since the start of the conflict reflectsstructural demand changes or temporary demand destruction, she writes.(adam.whittaker@wsj.com)

0542 GMT - Oil markets are unlikely to rebalance until mid-2027, HSBC analyst Kim Fustier says in a note. She says HSBC's base case is for a fragile U.S.-Iran understanding to emerge but that would remain prone to recurring breakdowns and uncertainty over security and insurance. She expects flows through the Strait of Hormuz to rise from 6 million barrels/day currently to 8 million by year-end and 9.5 million by mid-2027, well below pre-conflict levels of 19 million-20 million. Against this tighter outlook, HSBC raises its 2026 Brent crude forecast to $90 from $80 per barrel. Under a 'stalemate' scenario where diplomacy fails and flows remain constrained, inventories could hit operational lows, potentially driving Brent to around $120 a barrel. Front-month Brent futures are down 0.3% at $100.95 a barrel.