SECTOR COMMENTS:
The energy sector is poised for a mixed to higher start, aided by continued strength in the crude oil complex, while major stock futures remained flat as investors await the Fed statement at 2 p.m. ET and Chairman Powell’s press conference. The US Federal Reserve is not expected to take any policy action after its two-day meeting this week, but markets are looking for clues as to when the Fed will start talks on an exit from the crisis-time policy the central bank has put in place the outbreak of the pandemic last year.
Crude oil futures WTI and Brent continued to climb higher, supported by signs of further recovery in demand and a decline in US crude inventories. Ahead of the official EIA data later this morning, last night’s API report showed that US crude oil inventories fell 8.5 million barrels last week, significantly more than expected, while fuel inventories rose as expected.
Natural gas futures continued to retreat from Monday’s seven-month highs, under pressure from a shift in demand from power producers to burn more coal and less gas to keep air conditioners running.
No news to speak of.
According to Reuters, the board of directors of Petroleo Brasileiro SA authorized to hold an extraordinary general meeting to elect eight new board members, the company announced in a securities filing on Tuesday.
Rex International Holding announced that its subsidiary Lime Petroleum AS entered into a conditional purchase agreement on June 15, 2021 RepsolNorge AS, to acquire Repsol’s 33.8434 percent stake in the Brage field, which produces oil, gas and natural gas liquids, and the five licenses on the Norwegian continental shelf over which the Brage field is located for an equivalent of 42, $ 6 million after tax.
No news to speak of.
Resources area announced the Board’s creation of a new Environmental Social Governance and Safety Committee. Range also committed to a pilot project with Project Canary to certify the production of natural gas from responsible sources after a review of the company’s operations as part of Project Canary’s TrustWell certification program.
Ring energy announced an update on its previously announced program to drill and complete three holes on the Company’s world-class Northwest Shelf targeting Ring’s highest yielding projects in Yoakum County, Texas. The Bevo 664 C # 2H well went online on May 1st, the Bevo 664 A # 4H on May 27th and the Bevo 664 A # 3H on May 30th. All three wells began producing oil within three to four days of commissioning. which is very encouraging compared to previous drilling in this section. Over the past seven days, the three wells combined have averaged approximately 300 barrels of oil per well per day. The company’s share of work on each of the three wells is approximately 74%.
Peyto Research and Development confirms that the quarterly dividend relating to the second quarter of $ 0.01 per common share is to be paid on July 15, 2021 to shareholders of record on June 30, 2021. The ex-dividend date is June 29, 2021.
Whitecap resources confirms that a cash dividend of Cdn. $ 0.01625 per common share for the June trades will be paid on July 15, 2021 to shareholders of record on June 30, 2021. This dividend is an eligible dividend under the Income Tax Act (Canada).
Halliburton announced that it has received a contract from Kuwait Oil Company, a global leader in digital transformation, to expand KOC’s digital transformation journey by implementing solutions to maximize operational efficiency and increase production . The scope applies to all fields in Kuwait, including West Kuwait, South and East Kuwait, and heavy fuel oil, and complements a recent contract for similar services in North Kuwait.
Overseas announced that Transocean Barents has received a two-well contract in Norway, expected to begin in February 2022. The contract will run for approximately 200 days and add an estimated backlog of $ 60 million. In addition, Transocean Norge has been awarded a contract for four wells plus five options for a well in Norway, expected to begin in March 2022. The contract will run for approximately 200 days and add an estimated $ 56 million to the backlog.
No news to speak of.
Stifel downgraded Morgan children to keep from buying.
US stock index futures stepped on the spot as investors didn’t place large bets until the end of the Federal Reserve’s meeting. Increases in financial and industrial stocks pushed most European indices up. In Asian equity markets, Chinese stocks closed lower, slowed by losses in materials and health care stocks, and Japan’s benchmark Nikkei index fell as chip-related stocks tracked US competitor weakness overnight. The dollar has barely moved against a basket of major currencies after hitting a one-month high in the previous session. A recovery in demand from the pandemic and a decline in US crude oil inventories supported oil prices. The gold price stabilized in a narrow range. Apartment data as well as import and export numbers will be published later in the day.
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