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The energy sector is set for a higher start, supported by strength in the crude complex. U.S. equity futures are mixed-to-lower as investors return after the Thanksgiving holiday to see European stocks down and fears over a bumpy holiday shopping season.
WTI and Brent crude oil are higher this morning amid thin trading levels and as traders continue to keep an eye on the Western price cap on Russian oil. Oil futures on both sides of the Atlantic are headed for their third-consecutive week of declines, after hitting 10-month lows this week. An agreement to the Russian price cap has not been reached despite conversations to cap the price at $65-$70 a barrel. Western nations aim to limit revenue to fund Russia’s military offensive in Ukraine, without disrupting oil markets.
Natural gas futures are down in early trading on forecasts for milder weather and as traders take profits ahead of the weekend.
BY SECTOR:
US INTEGRATEDS
Reuters reported that Chevron could soon win U.S. approval to expand operations in Venezuela and resume trading its oil once the Venezuelan government and its opposition resume political talks, four people familiar with the matter said on Wednesday.
Reuters reported that a U.S. license allowing Chevron to expand Venezuela’s oil production and export its oil will be designed to prevent the country’s state-run oil firm PDVSA to profit from the sales.
INTERNATIONAL INTEGRATEDS
Aramco’s base oil subsidiary, Luberef, has received the green light from the kingdom’s stock market regulator for an initial public offering, the Capital Market Authority said.
Employees of Petrofac working on several of BP’s British North Sea oilfields have voted for industrial action on Dec. 8 and 9 over working conditions, the Unite Union said.
Eni and BF have signed a collaboration agreement to evaluate the development of crops for energy use in Italy, recovering degraded, abandoned or polluted land, without competing with the food chain.
Eni has signed four agreements with the Government of Rwanda to develop innovative joint initiatives in agriculture, protection of unique forest ecosystems, technology and health.
Petrobras said it received 10.3 billion reais ($1.9 billion) from Chinese oil and gas major CNOOC, a payment for a 5% stake in a production sharing agreement at the Buzios oil field.
A first meeting of the government’s transition team with state-run oil company Petrobras’ Chief Executive Caio Paes de Andrade is scheduled for Monday and will take place online, the company said.
Brazil’s incoming leftist government will not have an interventionist stance on state-run oil giant Petrobras, a member of the transition team for President-elect Luiz Inacio Lula da Silva said.
TotalEnergies and Japanese refiner Eneos have pushed back their sustainable aviation fuel (SAF) production target in Japan to 2026 from 2025. The companies have also changed the SAF output plant in their feasibility study to Eneos’ 120,400 b/d Wakayama refinery in Japan’s western Wakayama prefecture, instead of the original 150,000 b/d Negishi refinery in the Tokyo bay area. The decision was made after assessing the most effective method to utilise existing facilities, along with other conditions, the companies said.
In response to an open letter from Bloom dated October 17, 2022 concerning TotalEnergies’ gas exploration project in South Africa, Patrick Pouyanné, Chairman and Chief Executive officer of TotalEnergies, wrote to Bloom and The Green Connection. “I can confirm that TotalEnergies EP South Africa and its partners applied for a production license on September 5, following which an environmental and societal impact assessment was initiated, in accordance with South African regulations. This assessment will provide a detailed description of the project’s economic, social and environmental impacts, the measures planned to preserve the environment, and the related social and economic benefits. A survey has been launched to map the marine species, including, potentially, marine mammals, to model the potential impact of production activities (especially noise) and to define any measures to be taken.”
Gazprom Neft will now develop the Karabashsky blocks in the Khanty-Mansiysk Autonomous District (KhMAD) as part of a joint venture with Lukoil instead of in partnership with Repsol, as Gazprom Neft had been doing until recently.
The AIR MILES Reward Program announced a multi-year contract renewal with ShellCanada.
CGG has been awarded a multi-year contract extension by Brunei Shell Petroleum Company Sdn Bhd to continue operating a dedicated seismic imaging center at its head office in Seria, Brunei.
CANADIAN INTEGRATEDS
No significant news.
U.S. E&PS
The Pennsylvania Department of Environmental Protection (DEP) announced that CNX Gas Company LLC has paid two civil penalty assessments totaling $200,000 for violations at well sites in Richhill Township, Greene County.
CANADIAN E&PS
No significant news.
OILFIELD SERVICES
Granite Executive Vice President and COO Jim Radich has been appointed to the Board of Directors of the American Road & Transportation Builders Association (ARTBA).
SLB announced an award to its OneSubsea business and Subsea Integration Alliance of a large contract by bp for its Cypre gas project offshore Trinidad and Tobago. The contract scope covers the engineering, procurement, construction, and installation (EPCI) of the subsea production systems and subsea pipelines. The award represents Subsea Integration Alliance’s first fully integrated EPCI single contract with bp and the alliance’s first development in the Caribbean nation.
DRILLERS
No significant news.
REFINERS
No significant news.
MLPS & PIPELINES
Brooge Energy announced that on November 22, 2022, the Company was notified that the Nasdaq Hearings Panel had granted its request to continue trading of Brooge Energy’s securities on Nasdaq at least through the completion of the Company’s hearing before the Panel and the expiration of any extension that may be granted by the Panel to the Company following the hearing.
New Fortress Energy announced that it has finalized its agreements with Petróleos Mexicanos (“Pemex”), Mexico’s state-owned oil company, to develop and operate an integrated upstream and natural gas liquefaction project off the coast of Veracruz in Southeastern Mexico.
MARKET COMMENTARY
U.S. stock index futures were mixed as investors returned after the Thanksgiving Day holiday. European stocks were subdued, with retail shares coming under pressure on fears of a bumpy holiday shopping season due to high inflation and slowing global economic growth. Japan’s Nikkei ended lower as investors sold heavyweight chip-related and growth stocks. Spot gold fell as the dollar regained some ground, while oil rose.
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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