oilmarket
French energy company TotalEnergies announced its first quarter 2024 earnings on Friday morning, announcing a 22% decline in Q1 2024 earnings, mainly due to shrinking natural gas profits. However, a stronger-than-expected oil market did manage to offset this somewhat, although increasing crude oil prices could pose a problem for refining margins in the next few months, according to TotalEnergies. Adjusted net income for the first quarter of the year surpassed market expectations, coming in at $5.1 billion (€4.75 billion), more than the $5 billion previously anticipated by London Stock Exchange...
Euronews (English)
BP has recently received interest for a multi-billion pound takeover from the Abu Dhabi National Oil Company (Adnoc). However, talks were stalled at the initial stage, due to Adnoc having concerns about how BP would fit within its overall strategy. The complicated political and legal aspect of the deal was also a concern, due to Adnoc being the UAE’s state oil company and BP having significant economic importance to the UK. The two companies have long been associates in the Middle East and have even launched a major Egyptian gas field joint venture back in February. Before the current Israel-H...
Euronews (English)
China's third largest national oil and gas company, China National Offshore Oil Company (CNOOC), has recently revealed that it has made a massive deep-water oil discovery in the Kaiping South oilfield. This will add more than a hundred million tons of oil equivalent to the oilfield's total proved in-place volume. The Kaiping South oilfield is 300 kilometres off the coast of Guangdong province, in the South China Sea. It is one of China's offshore oil fields, mainly yielding light crude oil. With an average water depth of about 500 metres, the key oil-bearing plays are Enping Formation, Zhuhai ...
Euronews (English)
Italian oil giant Eni made €1.4 billion in adjusted net profit for the fourth quarter of 2023, the company announced on Friday, partly thanks to winning arbitration proceedings. Eni said in a press release that its full-year profits for 2023 stood at €8.3 billion, down almost 40% from the previous year when energy prices were at record levels. Its adjusted operating profit (EBIT) for Q423 came in at €3.8 billion, which the company attributed to "steady" exploration and production results, a record-breaking GGP performance and a positive contribution from its Plenitude subsidiary. European car ...
Euronews (English)
The markets were confused after, a.o., speculations about who is responsible for launching missiles that fell near the Polish-Ukrainian border. What about oil? MacroeconomicsOn the macroeconomic view, the greenback explored the lower floor as the DXY fell just below $106 on Nov. 15 – thereby dropping well below (outside) its yearly regression channel with a Pearson’s R (correlation coefficient) near 96 %. Q3 2022 hedge fund letters, conferences and more U.S. Dollar Currency Index (DXY), daily chart Fundamental AnalysisOil prices fell on Thursday (Nov. 17), with the prospect of a slowing global...
ValueWalk
In his podcast addressing the markets today, Louis Navellier offered the following commentary. The stock market is kind of treading water waiting for Friday’s payroll report. It will probably be up nicely because ADP announced on Wednesday that 208,000 private payroll jobs were created in September. Trade, transportation and utilities accounted for the 147,000 of these private jobs. Good producing industries lost 29,000 private jobs, while natural resources/mining (mostly energy production) lost 16,000 jobs. According to ADP, average pay rose 7.8% in the past 12 months. Q2 2022 hedge fund lett...
ValueWalk
Brent Crude oil down to $100 per barrel ahead of OPEC+ meetingUK’s major supermarkets failing to reduce petrol prices in line with falling wholesale costsBA extends suspension of short haul flights from HeathrowJitters In The Oil MarketsThere are jitters flowing through the oil market today, ahead of an OPEC+ meeting which is expected to bear little fruit when it comes to changing current output mandates. This feeds into anxieties about constrained supply which consumers and wholesalers are very well-versed in at this point. The interesting flipside is that anxieties about a petering of demand...
ValueWalk
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