The Energy sector is expected to start lower, under pressure from weakness in the Crude Complex and major indices. U.S. market futures are set to open lower as investors prepare for the Federal Reserve’s upcoming two-day policy meeting where they anticipate another bigger interest rate hike.
WTI and Brent crude oil are lower in early trading amid weaker-than-expected Chinese factory activity data and as China continues to expand its COVID-19 restrictions. Factory activity in China fell in October, weighed down by lower global demand and COVID-19 restrictions. Additionally, several Chinese cities are also expanding their COVID-19 restrictions in an attempt to control a series of outbreaks. In an outlook released on Monday, OPEC+ sticks to a view of rising oil demand for another decade despite growing use of renewable energy.
Natural gas futures rallied this morning on expectations of higher demand, high European gas prices and the end of maintenance at the Cove Point LNG export plant.
INTEGRATED IN THE UNITED STATES
Boston Energy Research demoted Chevron sell to buy.
Exxon Mobil signed an 11-year agreement extending the sale of quality Mobil fuels in 7-Eleven Australia convenience stores until 2033.
Reuters reported that Exxon Mobil plans to restart the lubricating oil (B&P) blending and packaging plant adjacent to its Beaumont, Texas refinery following an unplanned shutdown.
An entrepreneur at Exxon Mobil’s The Beaumont, Texas lube oil blending and packaging plant was killed in a railcar accident at the facility, the Jefferson County Sheriff’s Office said.
Libya agrees with Eni and PB to start extracting natural gas from a Mediterranean gas field believed to be larger than Egypt’s huge Zohr field, the head of the National Oil Company (NOC) has told Skynews Arabia.
Eni and the University of Pisa have signed a Joint Research Agreement (JRA) that will consolidate their partnership and extend their collaboration to other topics of common interest, in which the University of Pisa has recognized excellence. These include metallurgy, new applications of ionic liquids, aerial and underwater robotics, biofuels, information technology and new lubricant additives.
Eni declared that the board has decided to distribute the second tranche of the 2022 dividend for 0.22 euros per share.
The Petroleum Safety Authority Norway (PSA) acted on an order issued after a previous major accident audit and tracked incidents at Tjeldbergodden. The objective of the audit was to monitor equinor processing of an order issued on January 25, 2021 following an audit of handling, cranes and lifting in October 2020.
Through its Deep Tech fund, Repsol acquired 33% of technology company Smarkia, a software-as-a-service platform that provides energy optimization solutions to its customers. For its part, the American renewable energy company MN8 Energy has acquired 37% of the startup. In the same operation, Repsol transferred one of its energy optimization technologies to Smarkia, which will be responsible for marketing it.
Petrobras found oil at Sepia oil field after drilling well 4-BRSA-1386D-RJS.
German-listed shares in the Brazilian state-owned oil company Petrobras fell more than 7% in early European trade after left-wing leader Luiz Inacio Lula da Silva narrowly beat President Jair Bolsonaro in a runoff.
Petrobras informed that the drilling test in the wild well 1-BRSA-1381-SPS (Curaçao), located in the pre-salt section in the southwestern part of the Santos Basin, has been successfully completed. The discovery in the Aram Block is located 240 km from the city of Santos, State of São Paulo, under a water depth of 1905 m. The drill rod test (DST) investigated a thick interval of petroleum-bearing pre-salt carbonates, the productivity of which was assessed by dynamic production data. Oil samples were collected during the DST for further characterization by laboratory analysis. This DST operation, carried out approximately 6 months after the conclusion of the wild-type 1-BRSA-1381-SPS well in January 2022, completes its evaluation undertaken previously with logging.
Helix Energy Solutions Group has announced the award of a deep water well decommissioning contract by Shell Brazil Petroleo Ltda. (Shell Brazil). The project, located offshore Brazil in the Campos Basin, is expected to start in early 2024 for a minimum firm period of 12 months, plus extension options for customers.
QatarEnergy is in talks with the Lebanese government to take a 30% stake in an offshore exploration block and is also negotiating with TotalEnergies and Eni about it, CEO Saad al-Kaabi confirmed on Sunday.
TotalEnergies ENEOS has built a 0.7 MWp solar photovoltaic (PV) installation on the roof for a world leader in gases, technologies and services for industry and health, in order to supply the needs of its Singapore site with renewable energy.
No significant news.
E&PS United States
Murphy’s Oil announced that it will repay $200 million in aggregate principal amount of its 5.750% Senior Notes due 2025 on November 30, 2022, the date the Notes are repaid.
QatarEnergy’s the director general appointed on Sunday Conoco Phillips as the third and final partner in the Gulf Arab State’s North Field South expansion, part of the world’s largest liquefied natural gas (LNG) project.
No significant news.
Halliburton announced new products showcasing innovative technologies and sustainable solutions as part of its presence at the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC). Together, the new technologies promote more precise and efficient drilling performance, remote automation for increased safety and a reduced carbon footprint for cementing operations.
KBR announced the launch of its mega 10,000 MTPD blue and green ammonia offering to help meet the growing global demand for sustainable energy and fertilizers today and tomorrow.
NOV launched premium Pegasus series drill bits for large diameter applications.
SLB and Linde announced that they have entered into a strategic collaboration on Carbon Capture, Utilization and Sequestration (CCUS) projects to accelerate decarbonization solutions in the industrial and energy sectors. The collaboration will combine decades of experience in carbon dioxide (CO2) capture and sequestration; innovative technology portfolios; expertise in project development and execution; and engineering, procurement and construction (EPC) capabilities.
No significant news.
No significant news.
MLPS & PIPELINES
Brooge Energy announced that it has engaged Grant Thornton Financial Advisors LLC, a subsidiary of Grant Thornton LLP, as its independent financial advisor to provide advice to the special committee of the board of directors as to the financial fairness of the counterparty to be received by shareholders unaffiliated with the majority shareholder of the Company with regard to the proposal of its majority shareholder, BPGIC Holdings Limited, to acquire all shares of the Company which it does not currently hold and to privatize the society.
U.S. stock index futures fell as Treasury yields edged higher as investors wary of the prospect of the Federal Reserve easing its hawkish stance on inflation as they brace for another rise in high interest rates this week. The US dollar rose slightly, while gold took a beating. European stocks fell as data showed eurozone inflation hit a record high in October. Hong Kong stocks posted their biggest monthly loss in 14 years and oil prices fell as weak factory activity data and fresh COVID outbreaks heightened fears for growth in China.
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