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SECTOR COMMENTARY:
The energy sector is set to start the week lower, pressured by weakness in crude contracts and the broader markets. The major market futures are down as investors remain concerned over a hard landing and as they await key inflation data later this week. In sector news, the Wall Street Journal reported that ExxonMobil and Pioneer Natural have held preliminary talks about a possible acquisition.
Oil futures lost earlier gains and are trading down after rising for three-consecutive weeks as concerns over a weakening global economy increase speculation demand will take a hit. Traders will be closely watching the release of the latest CPI data and Fed meeting minutes which are expected later in the week. The shutdown of Northern Iraq exports and a rise in India’s fuel consumption which climbed 5% year on year in March has helped cap losses.
Natural gas futures are higher this morning on NOAA’s forecasts for below-normal temps in the West, across the Northern Plains and Upper Midwest.
BY SECTOR:
US INTEGRATEDS
Exxon Mobil has held preliminary talks with Pioneer Natural Resources about a possible acquisition of the U.S. shale oil producer, the Wall Street Journal reported on Friday, citing people familiar with the matter.
INTERNATIONAL INTEGRATEDS
No significant news.
CANADIAN INTEGRATEDS
No significant news.
U.S. E&PS
EQT announced the Company’s first nature-based carbon offset initiative. EQT has partnered with the Wheeling Park Commission, Teralytic, a soil analytics company, and Climate Smart Environmental Consulting, LLC, to implement forest management projects that will generate carbon offsets. The projects, which will span more than 1,000 acres of forest land at Oglebay and other forest property owned by the Wheeling Park Commission, will utilize Teralytic’s soil probe technology to ensure the quantification of offsets is accurate and transparent.
Tudor Pickering Holt initiated coverage on Chord Energy with a Buy rating, initiated coverage on Magnolia Oil & Gas with a Buy rating and downgraded SM Energy to Hold from Buy.
CANADIAN E&PS
No significant news.
OILFIELD SERVICES
Liberty announced the commercial launch of Liberty Power Innovations (LPI), an integrated alternative fuel and power solutions provider for remote applications. LPI’s initial focus is on compressed natural gas (CNG) supply, field gas processing and treating, and well site fueling and logistics.
DRILLERS
No significant news.
REFINERS
No significant news.
MLPS & PIPELINES
No significant news.
MARKET COMMENTARY
U.S. stock index futures were mixed, as traders returned from Easter break to growing risks that the Federal Reserve will continue to hike interest rates after Friday’s jobs data highlighted a still-strong labor market. Japanese stocks closed higher on hopes the global economy could hold up in the face of high inflation and interest rates. The dollar index was flat, while gold prices slipped on rising expectations of another rate hike. Oil steadied, after rising for three straight weeks, as looming supply cuts from Saudi Arabia and other OPEC+ producers balanced concern about weakening global growth that may dampen fuel demand.
Nasdaq Advisory Services Energy Team is part of Nasdaq’s Advisory Services – the most experienced team in the industry. The team delivers unmatched shareholder analysis, a comprehensive view of trading and investor activity, and insights into how best to manage investor relations outreach efforts. For questions, please contact Tamar Essner.
This communication and the content found by following any link herein are being provided to you by Corporate Solutions, a business of Nasdaq, Inc. and certain of its subsidiaries (collectively, “Nasdaq”), for informational purposes only. Nasdaq makes no representation or warranty with respect to this communication or such content and expressly disclaims any implied warranty under law. Sources include Reuters, TR IBES, WSJ, The Financial Times and proprietary Nasdaq research.
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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