Crude Climbs as Supply Fears Outweigh Concerns over Further Interest Rate Hikes

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The power sector is poised for the next begin, supported by power within the underlying commodities and within the broader markets. The main market indices edged increased forward of the Federal Reserve coverage assembly this week and on Q2 earnings which is able to permit traders to gauge the affect of a robust greenback and excessive inflation.

WTI and Brent crude oil are up in early buying and selling as provide fears outweighed issues over future aggressive fee hikes which might put a dent in demand. A weaker greenback mixed with beneficial properties within the broader markets can also be including help to grease futures. European leaders are set to debate a revised proposal the place EU international locations would reduce gasoline use by 15% from August to March, in an effort to arrange for a winter of unsure power provides. The European Union is anticipated to strike a deal on Tuesday. A repaired gasoline turbine shall be put in within the Nord Stream 1 pipeline as soon as it’s returned after upkeep, and pure gasoline will then be provided in “corresponding volumes”, a Kremlin spokesman stated on Monday. The Nord Stream 1 pipeline has solely been working at a 40% capability because it resumed gasoline flows.

Natural gasoline futures rose this morning on forecasts for warmer climate and better demand subsequent week than beforehand anticipated.

BY SECTOR:

US INTEGRATEDS

No important information.

INTERNATIONAL INTEGRATEDS

The Petroleum Safety Authority Norway (PSA) has given Equinor consent for the disposal of Heidrun loading buoy DSL1 on the Heidrun discipline.

Akastor ASA’s 50% owned affiliate AKOFS Offshore AS has now signed a agency contract for its vessel “Aker Wayfarer” that can proceed to carry out companies as a subsea tools help vessel for Petrobras as consumer in Brazil. The length of the contract is 1,415 days, or nearly 4 years, and the companies will begin in first half of 2023. AKOFS Offshore shall be performing the “Aker Wayfarer” operations collectively with its companions Bravante for marine companies and Oceaneering for ROV companies. Total contract worth is about USD 282 million, of which about USD 198 million shall be income allotted to AKOFS Offshore and included within the firm’s backlog.

TotalEnergies, OML99 operator (40%) in partnership with the Nigerian National Petroleum Corporation (NNPC, 60%), introduced the beginning of manufacturing from the Ikike discipline, in Nigeria. Located 20 kilometers off the coast, at a depth of about 20 meters, the Ikike platform is tied again to the prevailing Amenam offshore services by way of a 14 km multiphase pipeline. It will ship peak manufacturing of fifty,000 barrels of oil equal per day by the tip of 2022.

CANADIAN INTEGRATEDS

No important information.

U.S. E&PS

Scotiabank assumed protection on Antero Resources with a Sector Perform score.

Scotiabank resumed protection on Chesapeake Energy with a Sector Perform score.

Scotiabank assumed protection on CNX Resources with a Sector Perform score.

Scotiabank assumed protection on EQT with a Sector Outperform score.

Matador Resources introduced that its Board of Directors declared a quarterly money dividend of $0.10 per share of widespread stock payable on September 1, 2022 to shareholders of document as of August 17, 2022. In accordance with the Company’s amended dividend coverage introduced on June 10, 2022, this quarterly dividend of $0.10 per share is double the prior quarterly dividend of $0.05 per share.

Scotiabank assumed protection on Range Resources with a Sector Perform score.

Scotiabank assumed protection on Southwestern Energy with a Sector Outperform score.

CANADIAN E&PS

No important information.

OILFIELD SERVICES

No important information.

DRILLERS

No important information.

REFINERS

No important information.

MLPS & PIPELINES

TC Energy stated that on July 23 that it had safely resumed regular operations of the keystone pipeline system.

MARKET COMMENTARY

Wall Street futures edged increased as markets braced for a Federal Reserve coverage assembly throughout the week and a slew of earnings reviews that may seemingly present the affect of a robust greenback and hovering inflation on company America. European shares rose, after earlier falling on weak German knowledge. Japan’s Nikkei snapped a seven-day profitable streak to finish decrease. The U.S. greenback fell and main rivals gained as danger urge for food returned to currency markets. Gold costs inched increased. Oil climbed as markets juggled Fed hike with provide fears.


Nasdaq Advisory Services Energy Team is a part of Nasdaq’s Advisory Services – probably the most skilled crew within the trade. The crew delivers unmatched shareholder analysis, a complete view of buying and selling and investor exercise, and insights into how greatest to handle investor relations outreach efforts. For questions, please contact Tamar Essner. 


This communication and the content material discovered by following any hyperlink herein are being supplied to you by Corporate Solutions, a enterprise of Nasdaq, Inc. and sure of its subsidiaries (collectively, “Nasdaq”), for informational functions solely. Nasdaq makes no illustration or guarantee with respect to this communication or such content material and expressly disclaims any implied guarantee beneath regulation. Sources embrace Reuters, TR IBES, WSJ, The Financial Times and proprietary Nasdaq analysis.

The views and opinions expressed herein are the views and opinions of the writer and don’t essentially replicate these of Nasdaq, Inc.



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