Eni (ENI.MI) and Petronas signed a feasibility agreement to assess the technical, market, sustainability profiles and performance levels of a new bio-gasoline.
The bio-gasoline would be developed using the Italian energy company's Ecofining technology process, according to a Monday release. It would potentially be used for motorsport competitions and commercial product development.
Ventura Offshore (VTURA.OL) agreed to provide marketing and operations management services for Eldorado Drilling's ultra-deepwater drillship called Deep Value Driller.Separately, the deep-water drilling contractor landed a $58 million contract from Petronas E&P Bobara for a one-well drilling program in Indonesia, according to a Sept. 4 release.
The Standard & Poor's 500 index edged up 0.1% this week as gainers led by the energy sector barely outweighed decliners guided by consumer discretionary stocks.The S&P 500 ended Friday's session at 7,718.60. On Monday, the index concluded August with a 2.6% monthly gain. It's up nearly 13% for the year.August jobs data showed the economy added almost triple the positions expected last month. Nonfarm payrolls rose by 162,000 last month, the Bureau of Labor Statistics said Friday, compared with a 55,000 increase projected in a Bloomberg-compiled survey.Bets rose for a September rate increase by the Federal Reserve's Federal Open Market Committee following the jobs report. As of Friday, markets were pricing in a 58% probability that the FOMC will raise its benchmark lending rate on Sept. 16, up from 49% on Thursday, according to the CME FedWatch tool.The energy sector had the largest percentage gain this week, up 2.3%, followed by a 1.1% rise in technology and a 0.7% increase in utilities. Health care also edged higher.The climb in the energy sector came as crude oil futures also rose on the week. Gainers in the sector included Marathon Petroleum (MPC), up 5.4% on the week, and Valero Energy (VLO), up 5.2%. Both stocks received boosts to their price targets this week from analysts as Piper Sandler and Wells Fargo.Top gainers in the technology sector included Dell Technologies (DELL), which rose 15%. The company's fiscal second-quarter results beat Wall Street's estimates, driven by record artificial intelligence server demand. Dell also lifted its full-year outlook.On the downside, consumer discretionary fell 2.1%, followed by a 1.6% drop in materials, a 1.3% loss in real estate and a 1.1% decline in industrials. Consumer staples, communication services and financials also moved lower.The consumer discretionary sector's decliners were led by Lululemon Athletica (LULU), whose shares shed 17%. The athletic apparel retailer reported weaker-than-expected fiscal Q2 revenue and cut its full-year outlook.The US stock market will be closed on Monday for Labor Day.Oracle (ORCL), Adobe (ADBE), Kroger (KR) and Macy's (M) are among the companies expected to release quarterly results later in the week.Economic data will include the August consumer price index and producer price index.
Genel Energy (GENL.L) said Friday its board remains confident in its strategy and prospects for long-term value creation following Norwegian oil and gas operator DNO's (DNO.OL) decision not to pursue an offer.The London-listed oil and gas producer, which previously rejected DNO's unsolicited proposal of 0.69 pound sterling per share, continues to believe that the possible offer "fundamentally undervalued" the company, its asset base, financial position and prospects.Genel Energy added that DNO's bid provided no basis for engagement.