Business

Crude extends gains but set for weekly decline


The energy sector is poised to start higher, supported by strength in underlying commodities and major equity indices. US stock index futures rebounded, as did stocks making another attempt at a rebound with the help of China Covid headlines, although oversold conditions remain the default excuse. Twitter shares fell after Elon Musk suspended his deal with the social media company.

WTI and Brent crude oil futures extended yesterday’s gains but are heading for their first weekly loss in three weeks as concerns over inflation and China’s COVID lockdowns slow global growth offsetting headwinds. concerns about dwindling supplies from Russia. The market continues to be pushed and pulled by the prospect of a European Union ban on tight Russian oil supply and concerns over weak global demand. Inflation and rate hikes pushed the US dollar to 20-year highs, capping oil price gains. In March, a Venezuelan-owned tanker sailed to a remote location in the Indian Ocean and encountered an Iranian-flagged vessel, took on a cargo of Iranian condensate and returned home, according to watchdogs and government documents. ‘dispatch. The ship-to-ship transfer off the Maldives was the latest tactic by the two countries to keep their oil flowing to markets despite US sanctions. Expanding energy cooperation between nations is helping cash-strapped Venezuela secure supplies to convert its extra-heavy oil and boost exports.

Natural gas futures are trading higher even as the NOAA’s 6-10 day outlook shows above normal temperatures across much of the southern and central United States near the region. northeast, while a heat wave continues across the south-central continent, particularly over parts of the southern and southeast plains. Below normal temperatures are likely in the north-central and northwestern United States

BY SECTOR:

INTEGRATED IN THE UNITED STATES

Chevron and Indonesia’s state-owned energy company PT Pertamina have signed an agreement to explore low-carbon business opportunities in Indonesia, the companies said in a statement.

INTERNATIONAL INTEGRATED

According to The economic periodReliance Industries Ltd and BP S.A.which operate more than 1,400 fuel retail outlets under the Jio-BP brand, are developing a compensation plan for dealers to avoid closure, three dealers familiar with the discussions said.

To ensure a close and long-term collaboration, Equine and Aibel have entered into a strategic collaboration agreement. The 10-year agreement aims to provide predictability, which will be important for both parties in times of many important opportunities.

Jefferies demoted Equinor ASA remember to buy.

Brazilian antitrust watchdog CADE said the sale of from Petrobras Reman Refinery at Atem Fuel Distributor has been approved without restriction.

The managing director of the Brazilian state development bank BNDES said that a possible privatization of Petrobras would be complex and would require a cautious approach.

TotalEnergies was named the winner by the Bureau of Ocean Energy Management of Marine Concession Area OCS-A 0545 in the United States, as part of the Carolina Long Bay auction held on Wednesday, May 11, 2022. This Tender for the development of a wind farm in the Carolina Long Bay region off the coast of North Carolina was won for an amount of US$160 million by TotalEnergies.

Berenberg Upgrade TotalEnergies to buy pending.

CANADIAN INTEGRATED

No significant news.

E&PS United States

The board of directors of PAA declared a regular cash dividend on the company’s common stock. The common stock dividend is payable on August 22, 2022 to shareholders of record on July 22, 2022, at a rate of 12.5 cents per share on the company’s common stock.

CANADIAN E&PS

No significant news.

OIL SERVICES

CES Energy Solutions announced strong financial results for the first quarter of 2022, demonstrating record quarterly revenue, strong excess free cash flow generation and the achievement of price-related margin improvement in the latter part of the quarter. Revenue for the quarter was $401.3 million, representing a sequential increase of $33.5 million or 9% from the previous CES record of $367.8 million in the fourth quarter of 2021. Adjusted EBITDAC was $42.5 million, compared to $47.8 million in the fourth quarter of 2021, as margins were temporarily impacted by a lag between price increases and cost inflation revenue, until the end of the quarter, when established price increases began to offset cost inflation.

ChampionX announced that its board of directors has declared a regular quarterly dividend of $0.075 per share on the company’s common stock, with a par value of $0.01 per share, to be paid on July 29, 2022 to shareholders of record July 1, 2022.

Martin Marietta Materials announced that its board of directors has declared a regular quarterly cash dividend of $0.61 per share on the company’s outstanding common stock. This dividend, which represents a cash dividend of $2.44 per share on an annualized basis, is payable on June 30, 2022 to shareholders of record at the close of business on June 1, 2022.

Shawcor Ltd. announced its operating and financial results for the three months ended March 31, 2022. The Company exceeded expectations in the first quarter of 2022 with consolidated revenue of $267.8 million, adjusted EBITDA of $20.0 million dollars and an operating profit of $1.3 million.

Solaris Oilfield Infrastructure announced that its Board of Directors has declared a quarterly cash dividend of $0.105 per Class A common share, to be paid on June 17, 2022 to holders of record as of June 7, 2022. A distribution of $0.105 per unit was also approved for unitholders in Solaris Oilfield Infrastructure, LLC, which is subject to the same payment and record dates.

Upgraded Raymond James CES Energy Solutions to the strong purchase of outperformance.

DRILLERS

No significant news.

REFINERS

No significant news.

MLPS & PIPELINES

Nordic American Tankers Ltd said early this morning it took delivery of a new suezmax tanker from Samsung Heavy Industries in South Korea. The ship weighs around 150,000 tons and is named Nordic Harrier, which was the first NAT ship when it was listed on the New York Stock Exchange on September 15, 1995.

MARKET COMMENTARY

U.S. stock index futures rebounded and European stocks rose at the end of a choppy week marked by concerns over monetary policy tightening and slowing economic growth. The Japanese Nikkei posted its biggest gain in more than a month and a half as investors bought cheap stocks. The dollar was little changed against its major peers. Oil prices rose on concerns about dwindling supplies from Russia. Gold prices were set for their fourth consecutive weekly decline. Data on import and export prices and consumer sentiment are expected to be released later today.


The Nasdaq Advisory Services Energy Team is part of the Nasdaq Advisory Services, the most experienced team in the industry. The team provides unparalleled shareholder analysis, a comprehensive view of trading and investor activity, and insights on how best to manage investor relations outreach efforts. If you have any questions, please contact Tamar Essner.


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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


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