• February 26, 2024

Oil Prices Head for Weekly Loss With Rising Virus Cases Worldwide

SECTOR COMMENTS:

Energy stocks are off to a mixed start as commodity prices and broader index futures trading near the flat line following yesterday’s sell-off could seek capital gains tax hikes amid White House concerns. Earnings continue to roll, with Schlumberger shares up ~ 1.4% in the pre-market after the company posted better-than-expected earnings and sales due to improved international drilling activities.

Oil prices are roughly unchanged this morning and have been falling for a week. Early price moves were aided by record PMI prints and vaccine advances outside of Europe, although COVID developments in India and parts of Asia continue to face headwinds. India set another one-day record at 332,320 while Japan is reintroducing a state of emergency to contain infections in Tokyo and Osaka.

Natural gas futures are lower in early trading after yesterday’s strength was supported by a below-expected weekly injection report. The forecast for 6 to 10 days is over-season temperatures east of the Rocky Mountains, sub-season temperatures in the Pacific Northwest, and seasonal temperatures in the Southwest stretching northeast to Dakotas. 8-14 projects forecast seasonal temperatures east of the Mississippi and lower southwest and seasonal temperatures along the Rocky Mountains and Plains.

US INTEGRATED

No major news.

INTERNATIONAL INTEGRATED

According to Reuters, Equinor and its partners have decided to invest 7.9 billion Norwegian kroner ($ 947 million) to connect more offshore platforms in the Troll field to the Norwegian onshore grid in order to reduce carbon emissions ConocoPhillips, total, Bowl and Petoro.

CANADIAN INTEGRATED

No major news.

US E & PS

Raymond James has upgraded Cimarex Energy too strong buying from Outperform.

Raymond James has upgraded Continental resources Market Perform Outperformance.

Raymond James downgraded Resources area underperforming market perform.

SandRidge Energy announced the acquisition of all major royalties from the SandRidge Mississippian Trust I. The gross purchase price is $ 4.85 million (net $ 3.55 million given the Company’s 26.9% stake in the trust). On the current streak, and based on historical production trends, the company believes the acquisition represents an attractive price-performance ratio that approximates the PDP PV-55 and represents a 2-year cash-on-cash payback.

Raymond James downgraded Southwestern energy underperforming market perform.

CANADIAN E & PS

No major news.

OIL FIELD SERVICES

Kepler Cheuvreux downgraded PGS ASA reduce from holding.

Schlumberger reported results for the first quarter of 2021. Worldwide sales were $ 5.2 billion. International sales were $ 4.2 billion and North America sales were $ 972 million. Earnings per share were $ 0.21. In addition, Schlumberger’s board of directors approved a quarterly cash dividend of $ 0.125 per outstanding common share on April 22, 2021, payable to shareholders of record on June 2, 2021 on July 8, 2021.

DRILL

No major news.

Refineries

No major news.

MLPS & PIPELINES

UBS updated Link midstream to ‘Buy’ from ‘Neutral’

MARKET COMMENTARY

Wall Street futures were slightly higher after indexes ended lower in the last session following President Biden’s plan to double capital gains tax. European stocks fell as a surge in COVID-19 cases offset optimism about a strong earnings season. Asian stocks ended mixed while Japan’s Nikkei was in the red. The dollar was lower ahead of the Fed meeting next week while gold rose. Oil was optimistic about the recovery in European economic growth. The US business activity data for April is on the Economic calendar.

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 made available to you by Corporate Solutions, a company of Nasdaq, Inc. and some of its subsidiaries (collectively, “Nasdaq”) for informational purposes only. Nasdaq makes no representation or warranty 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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