Oil Higher After Saudia Arabia Pledged to Cut Production


The energy sector is set for a higher start, supported by strength in energy and commodity contracts. The major market futures are struggling for direction following last week’s rally as investors await services PMI and durable goods data.

WTI and Brent crude oil futures are starting the week higher after Saudi Arabia pledged to cut production by an additional 1 million barrels per day beginning in July. The recent cut builds on a broader deal by OPEC+ in an attempt to limit supply in 2024 and support oil prices. Starting in July, output will be reduced to 9 million bpd, down from about 10 million bpd. However, a stronger dollar has limited gains. Elsewhere, Iraq is in talks with Turkey to resume northern oil exports via Ceyhan.

Natural gas futures are up this morning, tracking gains in the crude complex and on forecasts for warmer weather in June.  Celsius Energy had natural gas power burn demand on Saturday up +7.9 Bcfd compared to 2022, the largest y/y increase this season, lower wind generation is also helping.



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Enphase Energy announced that Blue Raven Solar, a leading solar company based in the United States, is expanding the adoption of Enphase® Energy Systems™ powered by IQ8 Microinverters.

Sao Mai Solar Company, a subsidiary of the Sao Mai Group in An Giang Province, signed a SPA with TotalEnergies ENEOS for the sale of its 3.4 megawatt-peak (MWp) rooftop solar photovoltaic (PV) system portfolio. The two parties also signed a Memorandum of Understanding (MOU) to develop further renewable together – starting by the development of additional rooftop solar PV system for Sao Mai Group's production units.


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U.S. stock index futures were little changed following last week’s Wall Street rally, with investors hoping that the Federal Reserve will hold interest rates at its policy meeting next week. The focus will be also the services PMI and durable goods data, scheduled to release later in the day. European shares were mostly in the green, with London stocks gaining after upbeat performances by energy firms. Japan's Nikkei closed at its highest in 33 years on expectations the Bank of Japan would retain its ultra-loose policy. Oil gained after Saudi Arabia pledged to cut production by a further 1 million barrels per day from July. A stronger dollar hurt gold prices. 

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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