Blue barrels of oil stacked sideways on top of each other

Oil Edges Higher as Concerns Over Oil Demand Growth are Balanced by Saudi Output Cuts


The energy sector is poised for a mixed to lower start, looking past mild strength in the crude complex and pressured by weakness in the major equity futures. U.S. stock index futures slipped, a day after the benchmark S&P 500 marked a 20% rally from lows, while inflation data and U.S. monetary policy decision due next week kept investors on their toes.

WTI and Brent crude oil futures edged higher in early trading as concern over oil demand growth was balanced by Saudi output cuts. Both benchmarks rebounded from an initial slump yesterday after the U.S. and Iran denied a reportby the Middle East Eye that they were close to a nuclear deal that could have brought Iranian barrels back to the market. Meanwhile, expectations of tighter supply and higher demand as the United States enters the summer holiday season, when more people drive, are being offset by worries over a slow pickup in China's fuel demand.

Natural gas futures are retreating as the NOAA 6-10 day outlook shows below-normal temps in the Southwest, with near to below-normal temps in the East, especially across parts of the coastal Mid-Atlantic region.



No significant news.


Enbridge’s Woodfibre LNG partnership in British Columbia was on track to enter service in 2027, Cynthia Hansen, president of gas transmission and midstream at the Canadian energy company, said on Thursday.

Halliburton said it would enter into a long-term relationship with Var Energi for drilling services.

TotalEnergies confirmed its commitment to the energy transition in Kazakhstan with the signature of a Power Purchase Agreement (PPA) for the Mirny project. This will be the first PPA signed in the country for a wind project of such scale. Located in the Zhambyl region, the project aims to build a 1 GW onshore wind farm combined with a 600 MWh battery energy storage system for a reliable power supply. It represents an investment of about $1.4 billion. After Irak, it is another prime example of TotalEnergies’ ability to leverage its position as a major partner in the upstream sector to speed up the development of renewable energy in oil and gas countries.


No significant news.


No significant news.


No significant news.


Granite announced that its Board of Directors has declared a quarterly cash dividend of $0.13 per common share. The dividend is payable on July 14, 2023, to all shareholders of record at the close of business on June 30, 2023.


No significant news.


No significant news.


Teekay announced that the Company has repurchased 4.40 million common shares for a total of $25.0 million under its previously-announced $30 million share repurchase program, which equates to an average price of $5.67 per share. Since August 2022, Teekay has repurchased a total of 10.87 million common shares, or 10.7% of the outstanding common shares immediately prior to commencement of the initial share repurchase plan announced in August 2022, for a total cost of $55.0 million, representing an average repurchase price of $5.06 per share.


Wall Street futures edged lower, and European shares dipped as the focus turned to the upcoming week packed with central bank meetings and economic events. In Asian equity markets, Japan's Nikkei ended higher as fixing of the special quotation price relieved investors, while Chinese stocks closed in the green, buoyed by optimism over policy support for automobile and technology sectors. The dollar rose while gold prices eased after a spike in weekly jobless claims raised hopes that a peak in U.S. rates was near. Oil prices were up as concerns over demand growth was balanced by Saudi output cuts.

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  Rich Pontillo

This communication and the content found by following any link herein are being provided to you by Corporate Solutions, a business of Nasdaq, Inc. and certain of its subsidiaries (collectively, “Nasdaq”), for informational purposes only. Nasdaq makes no representation or warranty with respect to this communication or such content and expressly disclaims any implied warranty under law. Sources include Reuters, TR IBES, WSJ, The Financial Times and proprietary Nasdaq research. 

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


Nasdaq’s Marketinsite offers actionable insights on a variety of market-moving topics. Learn from our thought leaders who are driving the capital markets of tomorrow.

Read MarketInsite's Bio