SECTOR COMMENTARY:
Power shares are poised for a barely greater open, backed by gentle positive aspects within the crude advanced whereas the broader index futures inch greater following Friday’s file shut. Markets might keep largely range-bound till the discharge of August’s jobs report on Friday and forward of the prolonged vacation weekend as quantity ranges are anticipated to taper off.
Each WTI and Brent are fractionally greater, whereas gasoline futures outperform on potential shortages because the market takes within the impression of hurricane Ida to Gulf Coast oil infrastructure and awaits the OPEC+ assembly on Wednesday. Colonial Pipeline halted flows from Houston to Greensboro North Carolina whereas a minimum of 10 ports all alongside the Gulf Coast, together with the LOOP terminal, have been closed. In the meantime, forward of the OPEC assembly on Wednesday, OPEC delegates say they count on the scheduled provide improve to go forward, though Kuwait’s oil minister mentioned on Sunday it may very well be reconsidered.
Pure gasoline futures are down ~2.0% to $4.293, coming off closing highs on Friday which weren’t seen since December of 2018. LNG feedgas flows over the weekend have been estimated at roughly 11.Zero Bcf/d. Hurricane Ida had near 2.1 Bcf of manufacturing shut-in as of yesterday.
BY SECTOR:
US INTEGRATEDS
No vital information.
INTERNATIONAL INTEGRATEDS
In response to Reuters, Shareholders in Petroleo Brasileiro SA elected seven government-backed candidates to the board of administrators and one candidate backed by market shareholders at a unprecedented assembly on Friday. In whole, there at the moment are seven government-backed board members on the state-run firm, three backed by market shareholders and one backed by employees. The outcomes of the election are the identical as Petrobras’ earlier vote on the matter in April.
In response to Reuters, Royal Dutch Shell mentioned its subsidiary Sarawak Shell Berhad has taken a remaining funding choice on the Timi gasoline growth undertaking offshore Malaysia, which is able to powered by photo voltaic and wind sources. The offshore wellhead undertaking, developed with its companions Petronas Carigali and Brunei Power Exploration, might see peak manufacturing of as much as 50,000 barrels of oil equal per day (boe/d) and can transfer gasoline to the F23 manufacturing hub by way of an 80 kilometer-long pipeline, the corporate mentioned in a launch.
CANADIAN INTEGRATEDS
No vital information.
U.S. E&PS
Truist Securities downgraded EOG Assets to Maintain from Purchase.
Truist Securities upgraded Magnolia Oil & Gasoline to Purchase from Maintain.
Citi resumed protection of EQT with a Purchase ranking.
CANADIAN E&PS
ARC Assets introduced that the Toronto Inventory Alternate accepted the discover filed by ARC to begin a traditional course issuer bid. The NCIB permits ARC to buy as much as 72,236,753 of its excellent widespread shares representing 10 per cent of the Firm’s public float, over a 12-month interval commencing September 1, 2021.
Canacol Power introduced the execution of a brand new long run take or pay gasoline gross sales contract with Empresas Publicas de Medellin E.S.P. and gives an replace on the pipeline undertaking related to the gross sales contract.
Enerplus introduced that it has entered right into a definitive settlement to promote its pursuits within the Sleeping Large subject (Montana) and Russian Creek space (North Dakota) within the Williston Basin for whole consideration of US$115 million. As well as, Enerplus will obtain as much as US$5 million in contingent funds if the WTI oil worth averages over $65 per barrel in 2022 and over $60 per barrel in 2023. The efficient date of the transaction is July 1, 2021.
OILFIELD SERVICES
Coker & Palmer upgraded Halliburton to sector outperform from sector carry out. The agency additionally upgraded ChampionX and NOV to sector carry out from sector underperform.
DRILLERS
Noble Company introduced that each one personnel onboard the Pacific Sharav, Noble Globetrotter I, and Noble Globetrotter II ultra-deepwater drillships within the US Gulf of Mexico are protected and accounted for following Hurricane Ida. Every rig efficiently secured its respective properly in progress and took evasive actions to keep away from the storm’s path. Of the three, the Noble Globetrotter II is the one vessel that encountered hurricane-force situations. The vessel maintained stability all through the climate occasion and is working by itself energy with purposeful marine and security programs. A full evaluation of its situation might be accomplished as quickly because the climate clears.
REFINERS
No vital information.
MLPS & PIPELINES
No vital information.
MARKET COMMENTARY
Wall Road futures rose, together with world shares, as U.S. Fed Chair Powell’s feedback on the Jackson Gap symposium allayed market fears of a quick withdrawal of stimulus. The greenback steadied, whereas gold was barely decrease. Oil costs dropped as Hurricane Ida weakened after forcing precautionary shutdowns of U.S. Gulf oil manufacturing.
NASDAQ ENERGY TEAM THOUGHT LEADERSHIP
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