TotalEnergies' (TTE.PA, TTE.L) TotalEnergies E&P New Ventures unit entered into an energy cooperation deal with oil and gas company Petróleos de Venezuela.
Bloomberg said in a Sunday report, citing a government statement from Venezuela, that the memorandum of understanding will focus on energy projects.
The agreement marks the French energy company's reentry into the Venezuelan market after it pulled out of its natural gas operations in the country.
North Sea oil premiums surged to record levels as Saudi Arabia cuts sales to Europe following the shutdown of its East-West pipeline, forcing refiners to seek alternatives amid soaring fuel prices, Bloomberg reported Friday.Norway's Johan Sverdrup crude was offered at a premium of as much as $35 a barrel above Dated Brent this week, up from a 60-cent premium on Sept. 8, traders said, according to the report.Saudi Aramco told European customers Friday they would not receive supplies under long-term agreements next month as the company seeks to increase shipments through the Strait of Hormuz, Bloomberg reported.
The Standard & Poor's 500 index slipped 0.1% this week as the market digested a quarter-point rate increase from the Federal Reserve.The S&P 500 fell for a second straight week and ended Friday's session at 7,650.50. The market benchmark is down 0.5% for September but up 12% this year.The Fed's policy-setting committee on Wednesday raised its benchmark lending rate by 25 basis points in a unanimous vote to combat sticky inflation. The move lifted the federal funds rate to a range of 3.75% to 4%, the first time the Federal Open Market Committee has tightened monetary policy since July 2023.The Fed's Summary of Economic Projections showed the median policy rate at 4.1% by the end of 2026, up from 3.8% projected in June, signaling another rate increase later this year.The utilities sector had the largest percentage drop this week falling 3%, followed by a 2.35% fall in financials, a 2.3% decline in real estate and a 1.9% slip materials. Industrials, consumer discretionary, energy and consumer staples also moved lower.Constellation Energy (CEG) led the decline in utilities, falling 11% on the week. Last week, the company said it agreed to acquire RISEC Holdings, owner of the Rhode Island State Energy Center, from Shell's (SHEL) North America energy unit, for $715 million.Goldman Sachs (GS) was among the hardest-hit stocks in the financial sector, sliding 8.5%. Earlier this week, the company said its asset management alternatives unit raised $11.7 billion across its newest private equity funds and other vehicles.Nucor (NUE) was among the materials sector's decliners, falling 4.3%, as the steelmaker forecast Q3 earnings per share below analysts' mean estimate at the time. Nucor said its Q3 earnings "are expected to increase in the steel mills and steel products segments, while decreasing in the raw materials segment."Three sectors rose this week as health care climbed 1.8%, communication services gained 1.2% and technology was up 1.1%.Revvity (RVTY) led the gainers in health care, jumping 15% on the week. The company said it agreed to acquire Human Cell Design. The acquisition is expected to bolster Revvity's Life Sciences portfolio, including GLP-1 therapies, the companies said. Financial terms weren't disclosed.Meta Platforms (META) gave the communication services sector a boost, climbing 2.7% as the Facebook parent launched Meta One, a new subscription service offering enhanced AI capabilities and premium features across Instagram, Facebook, WhatsApp and Meta AI. Meta said the subscriptions are part of a broader effort to diversify revenue beyond digital advertising.Earnings reports next week are expected from companies including Costco Wholesale (COST), AutoZone (AZO), Darden Restaurants (DRI), Cintas (CTAS), Paychex (PAYX) and General Mills (GIS).Economic data will include the US Manufacturing Purchasing Managers' Index for September, as well as August new home sales and durable goods.
(Corrects to remove company names not mentioned in source article.)European refiners may not be allocated any crude oil next month after Saudi Arabia's main pipeline to the Red Sea was attacked, Bloomberg reported Friday.Saudi state-owned oil and gas company Saudi Aramco told at least two European oil refining firms that they will not receive crude oil next month due to the fighting, according to the report, which added that European customers normally receive a continuous flow of supply every month.The East-West pipeline was shut last week after drone attacks, according to Bloomberg. The line is expected to partially resume operations within days and return to full service within six weeks, a person familiar with the situation told the news outlet.Saudi Aramco didn't immediately respond to a request for comment from.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)