SECTOR COMMENTARY:
SECTOR COMMENTARY:
The power sector is poised for a better begin, backed by energy throughout the underlying commodities and within the main fairness futures which rose this morning forward of the beginning of earnings season, with traders anticipating outcomes to indicate the beginning of a robust rebound for company America.
WTI and Brent crude oil futures continued to construct on yesterday’s momentum and are each up ~1.5% in early buying and selling, garnering additional assist from revised oil demand forecasts whereas lingering considerations over rising coronavirus circumstances and vaccine rollouts saved a cap on positive factors. The IEA this morning predicted world oil demand and provide have been set to rebalance within the second half of the yr and that producers could then must pump a further 2 million bpd to fulfill the anticipated demand. The group’s up to date numbers come on the heels of comparable bullish feedback made by OPEC yesterday, which raised its world demand forecast by 70,00zero bpd from final month’s forecast and now expects world demand to rise by 5.95 million bpd in 2021.
Pure gasoline futures have prolonged their development increased for the sixth-consecutive session, backed by cooler climate forecasts in key consuming areas that ought to enhance demand within the close to time period.
US INTEGRATEDS
Raymond James upgraded Exxon Mobil to Market Carry out from Underperform.
INTERNATIONAL INTEGRATEDS
Whole has determined to postpone its software for extra drilling in a South African offshore gasoline block, a letter seen by Reuters from the consultancy conducting the environmental and social evaluation confirmed. The delay is a possible blow to South Africa because it seeks to cut back its reliance on coal and enhance the usage of pure gasoline and renewables in its power combine. Greater than 80% of the ability provided in South Africa comes from coal-fired vegetation, making it one of many world’s greatest CO2 emitters.
CANADIAN INTEGRATEDS
No vital information.
U.S. E&PS
KeyBanc upgraded Berry Company to Obese from Sector Weight.
In accordance with SEC submitting, on April 13, 2021, Hess Company and one among its wholly-owned subsidiaries entered into an extension and modification settlement with the lenders occasion thereto and JPMorgan Chase Financial institution, N.A., as administrative agent, amending the credit score settlement dated as of April 18, 2019 among the many Firm, such wholly-owned subsidiary and such administrative agent. The Amended Credit score Settlement continues to offer for commitments of as much as $3.5 billion in combination quantity by the lenders thereunder.
MKM Companions upgraded Occidental Petroleum to Purchase from Impartial.
Talos Vitality, together with associates of bp plc and Chevron U.S.A. Inc. introduced profitable drilling outcomes from the Puma West exploration challenge situated within the U.S. Gulf of Mexico Inexperienced Canyon Block 821. The Puma West nicely was drilled to a complete depth of 23,530 ft and was designed to check sub-salt Miocene sands.
CANADIAN E&PS
No vital information.
OILFIELD SERVICES
ION Geophysical introduced the expiration and outcomes of its beforehand introduced Alternate Provide and Rights Providing. Within the Alternate Provide, roughly $113.5 million, or 94.1%, of the present $120.6 million 9.125% Senior Secured Second Precedence Notes due 2021 have been tendered. Nearly all of the change consideration shall be within the type of newly issued 8.00% Senior Secured Second Precedence Notes due 2025. Within the concurrent Rights Providing, shareholders exercised subscription rights totaling roughly $45 million, apportioned as roughly $32 million in New Notes and $13 million in ION Widespread Inventory. Throughout-subscription rights shall be exercised with out proration because the $50 million restrict on proceeds was not exceeded.
Based mostly on a preliminary overview, PGS expects to report Revenues and Different Revenue As Reported* in response to IFRS for Q1 2021 of roughly $166 million, in comparison with $128.Eight million in Q1 2020. Phase* Revenues and Different Revenue for Q1 2021 are anticipated to be roughly $132 million, in comparison with $168.Three million in Q1 2020.Contract revenues ended at roughly $26 million ($85.four million in Q1 2020). Phase MultiClient pre-funding revenues have been roughly $46 million ($40.7 million in Q1 2020), and MultiClient late gross sales revenues roughly $49 million ($33.5 million in Q1 2020). Revenues and Different Revenue in Q1 2021 embody roughly $6 million of US authorities grants.
DRILLERS
No vital information.
REFINERS
No vital information.
MLPS & PIPELINES
No vital information.
MARKET COMMENTARY
Futures monitoring the S&P 500 and the Nasdaq have been barely increased as high banks begin the U.S. earnings season with traders anticipating robust outcomes on hopes of a swift vaccine-led financial restoration. European shares gained, buoyed by SAP and LVMH following their upbeat quarterly updates. Japan’s Nikkei fell as surging COVID-19 circumstances hit sentiment. The greenback index was down after robust demand at a U.S. bond public sale fueled a widespread drop in Treasury yields. Oil costs rose on revised crude demand forecasts. Gold was within the damaging territory.
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