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Crude Oil Futures Inch Higher Boosted by Stronger Global Economic Outlook – Stay Current News
  • August 5, 2021

Crude Oil Futures Inch Higher Boosted by Stronger Global Economic Outlook

SECTOR COMMENTS:

The energy sector is about to get off to a mixed to higher start, supported by the strength of the underlying commodities, while major stock futures were flat as investors ahead of the last Federal Reserve meeting that could provide clues to the central bank’s views , inflation and an economic recovery remained on the verge.

WTI and Brent crude oil futures rose this morning, fueled by prospects for stronger global economic growth, although profits were capped when talks to revive a nuclear deal with Iran opened up the possibility of easing sanctions on its oil exports . Ahead of the official EIA report later today, traders also weighed last night’s API report, which showed U.S. crude oil inventories fell 2.6 million barrels last week, while gasoline inventories fell 4.6 million barrels and the Distillate inventories increased by 2.8 million barrels.

Natural gas futures rose this morning from a 10-week low in the previous session as the recent sharp drop in prices led power generators to burn more gas and less coal to generate electricity, and predictions for slightly cooler weather over the next few submitted two weeks.

US INTEGRATED

Chevron announced that its wholly owned subsidiary Chevron USA has entered into a binding purchase and sale agreement with Hokkaido Gas Co., Ltd. for the delivery of liquefied natural gas from Chevron’s global LNG portfolio to the Hokkaido area. As part of the agreement, CUSA will supply Hokkaido Gas with around half a million tons of LNG over a period of five years from April 2022.

INTERNATIONAL INTEGRATED

According to Reuters Royal Dutch Shell The company factored in adjusted earnings for the first quarter of up to $ 200 million due to a Texas extreme cold snap during the quarter. In an update prior to its first quarter results, expected April 29, Shell, the world’s largest fuel retailer, announced that its refined oil product sales for the first quarter were between 3.7 and 4.7 million barrels per day ( bpd).

CANADIAN INTEGRATED

No major news.

US E & PS

Evercore ISI resumed coverage Diamondback Energy with an outperform rating.

Laredo Petroleum For the three months ended March 31, total production is 78.9 MBOE per day

Northern Oil and Gas announced that the previously announced acquisition of properties owned by Reliance Marcellus, LLC closed on April 1, 2021.

CANADIAN E & PS

No major news.

OIL FIELD SERVICES

fluorine announced that Stork, a fluorine company, has secured a two-year contract with Babcock International Group for inspection, monitoring and quality assurance services covering various locations of suppliers in the UK including Babcock’s Rosyth location as well as other global locations. Fluor booked the order value in the first quarter of 2021.

Halliburton Company and Optime Subsea announced that they have entered into a global strategic alliance to apply Optime’s innovative remote control system to Halliburton’s completion runway services. The companies will also work together to provide intervention and workover control system services utilizing Optime’s Subsea Controls and Intervention Light System technology, a digital, remote-enabled system that complements Halliburton’s underwater intervention experience.

SocGen updated Petrofac keep from selling.

Petrofac announced that the company has expanded its banking facilities by $ 700 million upon request, with the unanimous support of lenders. These extensions include an extension of the existing revolving credit facility by US $ 610 million through June 2, 2022 with an option to extend it for a further six months, and an extension of the bilateral term facility with Abu Dhabi Commercial Bank by US $ 90 million through June 1, 2022. April 2022.

DRILL

No major news.

Refineries

No major news.

MLPS & PIPELINES

No major news.

MARKET COMMENTARY

US stock futures were slightly higher and European stocks hit record highs as a strong global growth forecast from the International Monetary Fund fueled demand for riskier assets. Oil prices rose many times over. Asian stocks pulled back from a three-week high pulled down by Chinese stocks. Hopes of a quick economic recovery drove gold prices down while the dollar barely changed. The February trade deficit data is due to be released later in the day.

NASDAQ ENERGY TEAM THINK GUIDANCE

The Nasdaq Advisory Services energy team is part of Nasdaq’s Advisory Services – the most experienced team in the industry. The team provides unmatched shareholder research, a comprehensive view of trading and investor activity, and insights into how to best manage investor relations public relations. If you have any questions, please contact Tamar Essner.

This announcement, and the content found by following a link herein, is provided to you by Corporate Solutions, a company of Nasdaq, Inc. and some of its subsidiaries (collectively, “Nasdaq”) for informational purposes only. Nasdaq makes no representations or warranties with respect to this release or any such content, and expressly disclaims any implied warranties. Sources are Reuters, TR IBES, WSJ, The Financial Times, and proprietary Nasdaq research.

The views and opinions expressed are those of the author and do not necessarily reflect those of Nasdaq, Inc.

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Jack

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