SECTOR COMMENTARY:
SECTOR COMMENTARY:
Power shares are poised to open sharply decrease, pressured by steep declines within the crude complicated and the foremost index futures on considerations a rebound in COVID-19 instances would sluggish international financial progress. The promoting in futures elevated because the morning progressed with the Dow Jones futures now down about 500 factors.
Oil costs prolonged final week’s decline, down nearly 4% this morning after OPEC+ agreed to spice up output this weekend, sparking considerations a few crude surplus whereas COVID-19 infections rise in lots of nations. “Even with greater output, the market stays comparatively tight,” ANZ Analysis mentioned. “Excessive frequency information is displaying encouraging indicators for oil, with U.S. gasoline demand lately hitting a file excessive. This could restrict the length of the promoting.”
Pure gasoline futures jumped greater than 2%, buying and selling at a 30-month excessive, on hovering international gasoline costs and forecasts for extra air con demand subsequent week than beforehand anticipated.
BY SECTOR:
US INTEGRATEDS
In response to Reuters, Chevron favors completely closing down the gasoline-producing unit at its 112,229 barrel-per-day (bpd) Pasadena, Texas refinery.
INTERNATIONAL INTEGRATEDS
bp and EnBW submitted their bid for offshore wind acreage within the ScotWind leasing spherical.
President and Managing Director of VALYNT, Charles Smith formally introduced an settlement with ESSCO to produce Saudi Aramco, the oil business big, with progressive, patent-pending brokers that scale back friction, management viscosity, and enhance pipeline materials logistics in any respect midpoints within the distribution chain.
Bristow Group introduced 4 separate two-year contract extensions via April 2024 with Equinor, Shell and Neptune to help its air transportation crew change providers for his or her operations within the Norwegian continental shelf.
CANADIAN INTEGRATEDS
Credit score Suisse upgraded Cenovus Power to Outperform from Impartial.
U.S. E&PS
MKM Companions upgraded Callon Petroleum to Purchase from Impartial.
Murphy Oil introduced that it’s going to redeem $150 million in mixture principal quantity of its 6.875% Senior Notes due 2024 on August 16, 2021, the redemption date for the Notes.
Credit score Suisse upgraded Ovintiv to Outperform from Impartial.
Credit score Suisse upgraded Vary Sources to Impartial from Underperform.
CANADIAN E&PS
No vital information.
OILFIELD SERVICES
BMO upgraded Nov Inc to Market Carry out from Underperform.
KBR gained two recompetes totaling greater than $120 million to supply modern engineering providers for U.S. Navy coaching programs and plane survivability gear.
MIND Expertise introduced that its Seamap unit has obtained new orders totaling roughly $4.1 million for supply controller and GNSS positioning programs. Deliveries of the associated merchandise are anticipated to happen within the third and fourth quarters of the present fiscal 12 months.
PGS accomplished sale of the {hardware}, software program and mental property related to the Firm’s towed streamer Managed Supply Electro Magnetic system to Ocean Flooring Geophysics.
U.S. Silica Holdings introduced that its Industrial and Specialty Merchandise enterprise will enhance costs for many of its non-contracted silica sand, diatomaceous earth and clay merchandise used primarily in glass, foundry, paints, coatings, elastomers, roofing, chemical compounds, recreation, constructing merchandise, agricultural, pet litter and different functions.
DRILLERS
In response to a SEC submitting, on July 13, 2021, Nabors Industries, Inc. a Delaware company and Nabors A.R.F., LLC, a particular objective entity organized beneath the legal guidelines of Delaware, every an oblique subsidiary of Nabors Industries Ltd., along with Wells Fargo Financial institution, N.A. and Arab Banking Company B.S.C., New York Department, entered into the First Modification to that sure Receivables Buy Settlement, dated September 13, 2019, among the many Nabors Entities, the Purchasers celebration thereto, and Wells Fargo as Administrative Agent. The First Modification amends the Buy Settlement to, amongst different issues: Prolong the time period of the Buy Settlement to the earliest to happen of (i) August 13, 2023, (ii) December 31, 2022, if prior thereto the Firm’s current revolving credit score facility is just not amended to increase its termination date to a minimum of October 11, 2024 and instantly after giving impact to such modification the Consolidated Money Steadiness of the Firm is just not a minimum of $220 million, and (iii) July 19, 2022, if on such date any of the 5.5% Senior Notes due 2023 of Nabors Delaware stay excellent.
REFINERS
In response to Reuters, PBF Power shut the reformer at its 190,000 barrel-per-day (bpd) Chalmette, Louisiana, refinery on Friday for work.
MLPS & PIPELINES
Brookfield Infrastructure Companions, along with its institutional companions agrees with a number one impartial proxy advisor’s advice to vote AGAINST the Different Transaction. Moreover, Brookfield Infrastructure proclaims it has filed a fourth discover of variation and alter in respect of its provide to amass all the excellent frequent shares of Inter Pipeline.
Pembina Pipeline introduced that the Alberta Securities Fee dismissed, in its entirety, Brookfield’s software to terminate Pembina’s proposed plan of association with Inter Pipeline and has upheld the break charge that could be paid by IPL to Pembina beneath that association in sure circumstances.
Pembina Pipeline confirmed that it doesn’t intend to extend or in any other case change the consideration of 0.50 frequent shares of Pembina supplied beneath its proposed acquisition of all the frequent shares of Inter Pipeline pursuant to the association settlement signed by the events, and unanimously really useful by the board of administrators of Inter Pipeline.
MARKET COMMENTARY
U.S. inventory index futures slipped, as a nationwide spike in new COVID-19 instances renewed considerations concerning an financial restoration forward of the beginning of big-tech earnings this week. European shares fell and journey shares hit lows on worries that the fast-spreading Delta variant may hamper journey demand. Japanese shares ended decrease for a fourth straight session as sentiment was hit by worries that the Tokyo 2020 Olympics may worsen the well being disaster. Gold costs slipped as traders sought consolation within the U.S. greenback amid rising coronavirus instances. Oil costs fell sharply after OPEC+ overcame inside divisions and agreed to spice up output, sparking considerations a few crude surplus.
NASDAQ ENERGY TEAM THOUGHT LEADERSHIP
Nasdaq Advisory Companies Power Crew is a part of Nasdaq’s Advisory Companies – essentially the most skilled crew within the business. The crew delivers unmatched shareholder evaluation, 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 offered to you by Company Options, 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 embody Reuters, TR IBES, WSJ, The Monetary Occasions and proprietary Nasdaq analysis.
The views and opinions expressed herein are the views and opinions of the writer and don’t essentially mirror these of Nasdaq, Inc.