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

0817 GMT - Repsol's pricing environment should continue to be favorable next year, accelerating capex for low-carbon activities as planned by the company, Berenberg says. The Spanish oil-and-gas player reported strong 3Q results on the back of robust commodity prices and a recovery in refining margins. The brokerage now expects prices above Repsol's assumptions in its 2021-25 strategic plan, while refining margins should be in line. "In 2022, we expect a continued favorable pricing environment, particularly for gas, resulting in an 11% return on average capital employed and a 12% free cash flow yield," Berenberg says. (giulia.petroni@wsj.com)

0812 GMT - Bumi Armada's current valuation seems attractive, as the energy services provider stabilizes earnings and improves its balance-sheet health, says AmInvestment Bank. Besides existing projects that continue to support its cash flows, AmInvestment says Bumi Armada plans to further pare down its debt and fully monetize its assets in offshore-marine services while focusing more on its floating production and operation segment. AmInvestment says four of the 10 remaining vessels under the offshore-marine-services division have already been earmarked for disposal. The investment bank keeps a buy rating and MYR0.76 target price. Shares are 4.3% higher at MYR0.48. (chester.tay@wsj.com)

0741 GMT - MISC Bhd.'s outlook should be brighter in upcoming quarters as economic activities pick up, in line with the reopening of global borders, Maybank IB Research says. The oil-and-gas shipping company is seeing a surge in spot and short-term charter rates as customers secure capacity for the winter months. There is also a supply imbalance in the industry as vessel demolition gathers pace amid lackluster newbuild order books due to high steel prices and limited shipyard availability, the bank says. Maybank keeps a buy rating and MYR7.75 target price on MISC, as the stock is trading at attractive valuations with solid dividend yield. Shares are 0.9% lower at MYR6.90. (chester.tay@wsj.com)

0703 GMT - Brent prices could face an upside risk in 2022 if the U.S. and China release their strategic oil reserves, Goldman Sachs says. Such a release would at best only provide a short-term fix to a structural oil market deficit, it says. A potential release could keep oil prices depressed and reduce trading activity into the year-end, setting the stage for an upside risk to Brent prices in 2022, it says. GS adds that the Brent market seems to have already priced in a potential oil-reserve release, moving several U.S. dollars lower in recent weeks. Front-month Brent was last 0.9% higher at $81.98/bbl. (yongchang.chin@wsj.com)

0603 GMT - LG Innotek's earnings could turn weaker next year amid supply-chain disruptions but they should still remain in good shape, says Kiwoom Securities. The South Korean supplier of smartphone camera modules stands to gain from a wider customer base due to bigger demand for built-in cameras used in various extended-reality "metaverse" devices and autonomous vehicles, the brokerage says. It expects LG Innotek to post an operating profit of KRW1.206 trillion in 2022, versus an estimated KRW1.270 trillion in 2021. It downgrades its rating on the stock to outperform from buy but raises its target price by 14% to KRW330,000. Shares rise 1.4% to KRW289,000. (kwanwoo.jun@wsj.com)