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SECTOR COMMENTARY:
The energy sector is set for a mixed-to-higher start, supported by strength in the crude complex, while pressured by weakness in the major market futures. U.S. stocks are set to open lower as investors await for more corporate earnings and a speech by U.S Federal Reserve Chairman Jerome Powell.
Oil futures are trading higher as supply concerns outweigh worries of lower fuel demand amid policy tightening by central banks across the world. Optimism over China’s recovery after their relaxation of COVID-19 restrictions continue to support oil prices. On Sunday, the IEA said it expects half of global oil demand growth this year to come from China, adding that jet fuel demand was surging. Additionally, operations at Turkey’s oil terminal in Ceyhan halted after a major earthquake struck nearby early this morning. Price caps on Russian products took effect on Sunday, with the G7, European Union and Australia agreeing on price limits of $100 per barrel on diesel and other products that trade at a premium to crude.
Natural gas futures continue to extend their downtrend amid warmer-than-normal temperatures which is expected to lessen demand over the next two weeks.
BY SECTOR:
US INTEGRATEDS
Chevron has opened talks with Algeria to allow the U.S. oil firm to undertake energy exploration in the North African country, the WSJ reported on Monday.
INTERNATIONAL INTEGRATEDS
Taulia, a leading provider of working capital management solutions, announced it has signed a Memorandum of Understanding (MoU) with Aramco, one of the world’s leading integrated energy and chemicals companies, to discuss Taulia providing supplier financing solutions.
Eni and Nexi announced they have signed an agreement for the development of innovative electronic and digital payment services for Eni and its companies in Italy and Europe.
Equinor is expected to show a rise in quarterly revenue when it reports results on February 8.
Equinor and SSE Renewables are looking into the option of expanding their Dogger Bank Wind Farm offshore project in Britain by 1.32 gigawatt (GW), the two companies said on Monday.
Saudi Aramco announced strategic partnership with Zoom and increase in funding for Wa’ed Ventures.
CANADIAN INTEGRATEDS
No significant news.
U.S. E&PS
Raymond James downgraded Antero Resources to Market Perform from Strong Buy, Black Stone Minerals to Outperform from Strong Buy, Corterra Energy to Market Perform from Outperform, National Fuel Gas Co to Market Perform from Outperform and Southwestern Energy to Market Perform from Outperform.
The board of directors of APA has declared a regular cash dividend on the company’s common shares. The dividend on common shares is payable May 22, 2023, to stockholders of record on April 21, 2023, at a rate of 25 cents per share on the corporation’s common stock.
CANADIAN E&PS
No significant news.
OILFIELD SERVICES
KBR announced that its green ammonia technology, K-GreeN, has been selected by Enaex, S.A. for its innovative HyEx green ammonia project in Chile.
Kirby announced the appointment of Rocky B. Dewbre as a new independent member of the Company’s Board, effective immediately, pursuant to a cooperation agreement with Kirby shareholder JCP Investment Management, LLC (“JCP”). Following the appointment of Mr. Dewbre, the Kirby Board of Directors will expand to eleven directors, nine of whom are independent.
SLB announced it has completed the acquisition of Gyrodata Incorporated, a global company specializing in gyroscopic wellbore positioning and survey technology. The transaction will incorporate Gyrodata’s wellbore placement and surveying technologies within SLB’s Well Construction business, bringing customers innovative drilling solutions.
DRILLERS
No significant news.
REFINERS
No significant news.
MLPS & PIPELINES
New Fortress Energy announced that it has reached an agreement with Golar LNG Limited for the sale of NFE’s ownership stake in the Hilli in exchange for the return of 4.1 million NFE shares and $100 million in cash.
Veritas Research upgraded TC Energy to Buy from Reduce.
MARKET COMMENTARY
U.S. stock index futures fell as investors awaited more corporate results this week and a crucial speech by Federal Reserve Chairman Jerome Powell to assess the path of future interest rate hikes by the central bank. European shares dropped, led by losses in the continent’s largest copper producer, Aurubis. In Asian equity markets, Japan’s Nikkei closed at its highest in more than seven weeks as a weaker yen boosted automakers and other exporters, while Chinese shares dipped as elevated Sino-U.S. geopolitical tensions over a suspected spy balloon dented investor sentiment. Oil prices inched higher, recovering from an 8% fall last week. The dollar rose against a basket of major currencies. Gold regained some ground on firm safe-haven demand bets.
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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