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SECTOR COMMENTARY:
Energy stocks are set to open in the green, supported by broader index strength and continually rising oil prices.
Oil prices are higher, gaining on yesterday’s weekly EIA inventory report showing the single largest crude draw in over four months, signaling robust oil demand.
Natural gas futures are down 2% ahead of weekly inventory data. Analysts expect a draw of 58 bcf vs the 5-year average of -17 bcf.
BY SECTOR:
US INTEGRATEDS
Global Partners and ExxonMobil have signed an agreement to acquire 64 Houston-area convenience and fueling facilities from the Landmark Group. The deal is subject to regulatory clearance and the satisfaction of closing conditions and is expected to be completed in the second quarter of 2023. If approved, the assets would be purchased under the joint venture, Spring Partners Retail LLC, and Global would act as the management company and operator.
INTERNATIONAL INTEGRATEDS
Britain shortlisted for state support a project by BP and Equinor to build a large-scale gas power plant with carbon capture and storage (CCS), the government’s latest selection round showed on Thursday.
Shell has decided not to go ahead with two projects it was studying to produce biofuels and base oils in Singapore, a company spokesperson said on Thursday.
Shell said Cecile Wake would succeed Tony Nunan as Chair of Shell Australia, effective May 22.
Volta announced that at a special meeting of Volta stockholders held earlier, stockholders of Volta approved the proposal to adopt the agreement and plan of merger dated as of January 17, 2023, under which Shell USA Inc., a subsidiary of Shell, has agreed to acquire Volta through a merger of a direct, wholly-owned subsidiary of Shell USA Inc. with and into Volta, with Volta continuing as the surviving corporation in the merger.
CANADIAN INTEGRATEDS
No significant news.
U.S. E&PS
No significant news.
CANADIAN E&PS
No significant news.
OILFIELD SERVICES
Eagle Materials’s cement joint venture, Texas Lehigh Cement Company LP, received an order at its cement plant and quarry located in Buda, Texas on March 23, 2023 issued by the Mine Safety and Health Administration under section 107(a) of the Federal Mine Safety and Health Act of 1977.
Granite has been awarded an approximately $20 million contract by the Alaska Department of Transportation (ADOT) to rehabilitate a 10-mile section of Richardson Highway north of Glennallen, AK. The project will be funded by the Federal Highway Administration (FHWA) and will be included in Granite’s 2023 first-quarter CAP.
DRILLERS
No significant news.
REFINERS
No significant news.
MLPS & PIPELINES
No significant news.
MARKET COMMENTARY
Wall Street futures rose as easing fears of a banking crisis shifted the focus back to key consumer spending data due later in the week that could shape expectations for the Federal Reserve’s future policy path. European shares gained, lifted by signs of cooling inflation and upbeat results from retail giant H&M. Japan’s Nikkei share average finished lower as a clutch of stocks traded ex-dividend. The dollar slipped, while gold edged up. Oil prices rose as a surprise drop in U.S. crude stockpiles and a halt in exports from Iraq’s Kurdistan region offset a smaller-than-expected cut to Russian supplies.
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.
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.
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