Oil pumpjack against a blue sky
Oil

Crude Steadies on Concerns about Rising COVID Cases

Oil prices are higher, off morning peaks due to the JMMC not recommending OPEC+ adjust its plan to ease production cuts set to take hold in January, which was unexpected by analysts.

SECTOR COMMENTARY

Energy stocks are higher along with the broader indices ahead of a deadline for a new fiscal stimulus deal from Washington.  Shares of Parsley Energy are surging on news that the company is in talks to be acquired by Pioneer Natural Resources, whose shares are under pressure in the pre-market. 

Oil prices are higher, off morning peaks due to the JMMC not recommending OPEC+ adjust its plan to ease production cuts set to take hold in January, which was unexpected by analysts.  The rise in new daily COVID cases, specifically in Europe, continues to weigh on market sentiment alongside the steady rise in Libya output.

Natural gas futures are strongly higher, approaching highs of the year on colder forecasts and stronger feed gas flows. 

U.S. INTEGRATEDS

Credit Suisse reinstated coverage on Chevron with an ‘Outperform’ rating.

INTERNATIONAL INTEGRATEDS  

(Late Monday) Press Release - Petrobras announced the expiration and expiration date results of the previously announced offers to purchase for cash by its wholly-owned subsidiary Petrobras Global Finance B.V. of any and all of its outstanding notes of the series.

Press Release - Total has delivered its first shipment of carbon neutral1 liquefied natural gas to the Chinese National Offshore Oil Corporation (CNOOC). The loading operation was carried out at the Ichthys liquefaction plant in Australia, and the shipment was delivered on September 29 to the Dapeng terminal, China.

U.S. E&PS

MKM Partners downgraded Concho Resources to ‘Neutral’ from ‘Buy’.KeyBanc downgraded WPX Energy to ‘Sector Weight’ from ‘Overweight’.

CANADIAN E&PS 

Press Release - Enerplus announced that a cash dividend in the amount of CDN$0.01 per share will be payable on November 16, 2020 to all shareholders of record at the close of business on October 30, 2020. The ex-dividend date for this payment is October 29, 2020.

OILFIELD SERVICES 

Press Release - Fluor announced that Stork, part of Fluor’s Diversified Services segment, was awarded a new approximately five-year contract under the consortium of CMgP, Consorcio Mantenimiento de Gasoductos del Peru, (Stork Peru S.A.C. and SICIM S.P.A.) by Compañía Operadora de Gas, S.A.C – COGA in Peru. Fluor booked the undisclosed contract value in the third quarter of 2020.

MLPS & PIPELINES

Reuters - Tankers were entering and leaving Cheniere Energy’s Sabine Pass liquefied natural gas export plant in Louisiana despite draft limitations in the Sabine-Neches Waterway after a rig ran aground in the channel over the weekend.

(Late Monday) Press Release - EnLink Midstream announced that its Board of Directors declared a cash distribution of $0.09375 per common unit for the third quarter of 2020, which is unchanged from the second quarter 2020 distribution. The third quarter 2020 cash distribution will be paid on November 13, 2020, to unitholders of record on October 30, 2020.

MARKET COMMENTARY

U.S. stock index futures rose on expectations that Washington lawmakers would be able to settle their differences for an economic stimulus bill to pass before the Nov. 3 elections. Most European stocks inched higher, boosted by strong corporate earnings. Japan’s Nikkei ended lower, tracking overnight Wall Street losses, as investors cautiously looked to whether U.S. lawmakers could reach an agreement on a stimulus package. The dollar index dipped, while gold prices were stable, hovering above the $1,900 level. Oil prices were in the green. U.S. building permits and housing starts numbers are due later in the day. Netflix is scheduled to report earnings after market close.

NASDAQ ENERGY TEAM THOUGHT LEADERSHIP


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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