Oil Slips as Threat to U.S. Gulf Production From Hurricane Wanes
SECTOR COMMENTARY:
Energy stocks are set to open flat to lower, as slightly weaker broader index futures and lower oil prices weigh on sentiment. News flow across the sector remains light.
Oil slipped to about $75 a barrel on Thursday, falling from a multi-week high a day earlier, as the threat to U.S. Gulf production from Hurricane Nicholas receded. U.S. Gulf energy companies have been able to restore pipeline service and electricity quickly after Hurricane Nicholas passed through Texas, allowing them to focus on efforts to repair the damage caused weeks earlier by Hurricane Ida.
Natural gas futures are lower by 1%, trading around $5.40, ahead of weekly inventory data. Analysts expect a draw of 68 bcf.
BY SECTOR:
No significant news.
No significant news.
Suncor announced the signing of agreements with eight Indigenous communities in the Regional Municipality of Wood Buffalo to acquire all of TC Energy’s 15 per cent equity interest in the Northern Courier Pipeline Limited Partnership. This historic partnership includes Suncor, three First Nations and five Métis communities who will own a 15 per cent stake in this pipeline asset with a value of approximately $1.3 billion, which will provide long-term, stable revenues that will benefit the communities for decades to come.
CNX Midstream Partners, a wholly-owned subsidiary of CNX Resources announced the pricing of $400 million aggregate principal amount of 4.750% senior notes due 2030 at an issue price of 100.00% of their face value in a private offering.
Pioneer Natural Resources announced the publication of its 2021 Sustainability Report, highlighting the Company’s focus and significant progress on environmental, social and governance programs. The comprehensive report highlights the Company’s Net Zero ambition by 2050 and enhanced emissions reduction targets for greenhouse gas (GHG) and methane. In addition, the report details the Company’s 2020 performance, including enhanced disclosures on air emissions, water management practices, diversity, equity and inclusion, board governance and community engagement.
No significant news.
ION Geophysical announced that its Board of Directors initiated a process to evaluate a range of strategic alternatives to strengthen its financial position and maximize stakeholder value as the company continues to assess conditions in the capital markets and right-size the business. These strategic alternatives include, among others, a sale or other business combination transaction, sales of assets, private or public equity transactions, debt financing, or some combination of these.
ION Geophysical’s Edinburgh-based Software group announced the Company received a grant to advance port decarbonization through its climate-smart platform, Marlin SmartPort. The grant supports the UK’s Ten Point Plan to address climate change and help achieve the country’s net-zero emissions target by 2050.
Nabors Industries reiterated its financial outlook for the third quarter of 2021. The Company published the original outlook in the July press release detailing results for second quarter of 2021. At maturity on September 15th, Nabors repaid the outstanding portion of its 4.625% senior notes due in September 2021. As of June 30th, the remaining amount totaled $82.4 million.
No significant news.
TC Energy announced that Astisiy Limited Partnership, comprised of Suncor and eight Indigenous communities in the Regional Municipality of Wood Buffalo, will acquire TC Energy’s remaining 15 per cent equity interest in the Northern Courier Pipeline.
Wall Street futures were slightly lower after a strong rally in the previous session, with retail sales posting a surprise gain, while jobless claims came in at 332K. European shares were up, supported by a rebound in travel stocks. Asian equities ended mostly in the red. A stronger dollar hurt gold prices.
NASDAQ ENERGY TEAM THOUGHT LEADERSHIP
- 5/19/21 –VIDEO: Energy Sector Catalysts
- 5/17/21 – VIDEO: Oil prices could become ‘a little disjointed’: Nasdaq Analyst
- 2/18/21 – VIDEO: Why the Texas energy crisis may send gasoline prices higher
- 2/17/21 – VIDEO: Texas Freeze Hits Oil Supply
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.
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