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

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. (Paul.Vieira@wsj.com; @paulvieira)

0935 ET - U.S. natural gas futures are higher for a third session with warmer-for-longer weather keeping up power-sector demand. September is poised for record heat, although "seasonality will remain a dominant force over the next three weeks" and power-sector consumption could fall by 6.1 Bcf/d between now and the end of the month, Eli Rubin of EBW Analytics says in a report. "A scorching mid-September may enhance the seasonal cliff in power sector gas burns ahead." Nymex natural gas is up 1.2% at $2.954/mmBtu.(anthony.harrup@wsj.com)

0921 ET - The dollar could gain if elevated energy prices support expectations for interest-rate rises across the G-10, HSBC strategist Daragh Maher says in a note. In this scenario, currencies should respond more to their exposure to the energy price shock rather than rate expectations, he says. "On that basis, the dollar could benefit from the U.S. economy's greater energy self-sufficiency and resilience relative to more import-dependent economies, particularly the eurozone and the U.K." (renae.dyer@wsj.com)

0919 ET - Oil futures give back some ground after rising to their highest level since May on wider threats to shipping and energy facilities in the Middle East. "With both shipping routes and export infrastructure increasingly exposed to the broader regional conflict, even temporary disruptions can sustain a meaningful geopolitical premium in crude prices," Francesco Martoccia of Citi Research says in a note. Citi expects the escalation to be bullish for oil and products before an eventual Strait of Hormuz reopening in 4Q supported by regional diplomacy, he says. "Yet, recent developments highlight that the path toward de-escalation is unlikely to be linear." WTI is off 1.9% at $103.84 a barrel and Brent is down 1.1% at $107.51. (anthony.harrup@wsj.com)

0918 ET - Oil above $100 a barrel and restricted physical supplies are beginning to curb Asian consumption, though the pullback is better viewed as demand curtailment rather than permanent demand destruction, S&P Global Energy says. Middle Eastern crude production has fallen to around 18.2 million barrels a day in the third quarter from 24.8 million in the fourth quarter of 2025. Consumers are driving less, industries are reducing operating rates and refiners are cutting throughput as fuel and feedstocks become more expensive and scarce, but some of that demand could return if supplies normalize and prices ease, S&P says. (farhan.rafid@wsj.com)

0711 ET - A more risk-averse market has lifted the dollar only modestly as a safe-haven asset, Societe Generale's Kit Juckes says in a note. The realization that the Middle conflict is likely to drag on, together with higher energy costs, hasn't managed to lift the DXY dollar index back above 100 after its decline to 98 over the summer, he says. "This is partly due to increased optimism about the growth outlook elsewhere, relative to the concerns that prevailed at the start of the conflict," Juckes says. The DXY last trades up 0.1% at 99.671.