SECTOR COMMENTARY:
U.S. index futures slipped along with European and Asian stocks on the last trading day of the year. The 10-year Treasury yield held above 1.5% and the dollar was steady. With most European markets closed or shutting down early on Friday, trading was thin. Energy led the US markets this year with the S&P benchmark set for its third straight annual gain.
Exxon Mobil signaled that it will report a fourth consecutive quarterly profit, thanks in large part to stronger oil and gas prices. The snapshot of fourth quarter results came in an SEC filing, ahead of the official earnings on February 1.
Oil prices fell 1% on Friday but were set to post their biggest annual gains in 12 years. On the last day of 2021, Brent crude futures were on track to end the year up 53%, while U.S. crude futures were headed for a 57% gain, the strongest performance for the two benchmark contracts since 2009, when prices soared more than 70%. “We’ve had Delta and Omicron and all manner of lockdowns and travel restrictions, but demand for oil has remained relatively firm. You can attribute that to the effects of stimulus supporting demand and restrictions on supply,” said CommSec Chief Economist Craig James. However, after rising for several straight days, oil prices stalled on Friday as Covid-19 cases soared to new pandemic highs across the globe, from Australia to the United States, stoked by the highly transmissible omicron coronavirus variant.
U.S. natural gas futures are up 2% dropping more than 7% on Thursday to a six-month low, following a slide in European gas prices, as output continues to rise.
BY SECTOR:
US INTEGRATEDS
Exxon Mobil Corp on Thursday signaled a return to annual profit for 2021 as stronger oil and gas prices drove a gain of up to $1.9 billion in operating profits that exceeded one-time charges.
U.S. E&PS
Southwestern Energy Company today announced that it has closed the acquisition of GEP Haynesville, LLC (“GEP”). The transaction builds further scale in the Haynesville, deepens the Company’s inventory, improves key financial metrics, including margins, returns and per-share ratios, fortifies SWN’s financial strength and enhances the Company’s leading presence in the two premier natural gas basins in the US.
MARKET COMMENTARY
U.S. index futures slipped along with European stocks on the last trading day of the year. The 10-year Treasury yield held above 1.5% and the dollar was steady.
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.
www.nasdaq.com