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Sectors

Sector Update: Energy Stocks Higher Late Afternoon

Energy stocks rose late Friday afternoon, with the NYSE Energy Sector Index increasing 0.6% and the State Street Energy Select Sector SPDR ETF (XLE) adding 0.7%.The Philadelphia Oil Service Sector Index shed 0.1%, and the Dow Jones US Utilities Index rose 0.9%.Oil prices fell following media reports that the US and Iran are nearing a potential peace deal, just days after the two sides exchanged strikes in a sharp escalation of tensions since a ceasefire in April.US Energy Secretary Chris Wright said about 7 million barrels of daily oil and fuel shipments are flowing through the Strait of Hormuz, or about half the volumes stranded at the start of the war with Iran, Bloomberg reported.West Texas Intermediate crude oil fell 3.7% to $84.51 a barrel, and global benchmark Brent dropped 3.8% to $86.99 a barrel. Henry Hub natural gas futures rose 1.3% to $3.13 per 1 million BTU.In corporate news, Exxon Mobil (XOM) is studying potential takeover targets, including Woodside Energy (WDS), as the energy giant looks to increase its presence in the liquefied natural gas sector and in Asian markets, Bloomberg reported. Exxon shares rose 0.2%, and Woodside jumped past 6%.Shell (SHEL) said Friday it has suspended its ongoing $3 billion share buyback program. The suspension, effective Friday through July 14, is related to securities law requirements following publication of the shareholder circular by ARC Resources, Shell said. Separately, Shell is planning to begin the sale of its offshore wind farms for over $1 billion by the end of this year as the company prioritizes its fossil fuel business, Bloomberg reported. Shell shares were 0.4% lower.BP (BP) started a process to sell minority stakes in its Kaskida and Tiber projects in the Gulf of Mexico, Reuters reported. BP shares were fractionally higher.Venture Global (VG) shares were rising 2%. The company and Greece-based Atlantic-SEE LNG Trade said late Thursday they expanded their existing sales and purchase agreement for US liquefied natural gas. Venture Global also said late Thursday it closed an offering of $1.13 billion of 6.375% senior secured notes due Dec. 15, 2034, and $1.13 billion of 6.625% senior secured notes due June 15, 2036.

$BP$SHEL$VG$WDS$XOM
Sectors

Sector Update: Energy Stocks Advance Friday Afternoon

Energy stocks rose Friday afternoon with the NYSE Energy Sector Index gaining 0.7% and the State Street Energy Select Sector SPDR ETF (XLE) adding 0.9%.The Philadelphia Oil Service Sector Index eased 0.1%, and the Dow Jones US Utilities Index rose 0.6%.Oil prices fell following media reports that the US and Iran are nearing a potential peace deal, just days after the two sides exchanged strikes in a sharp escalation of tensions since a ceasefire in April.US Energy Secretary Chris Wright said about 7 million barrels of daily oil and fuel shipments are flowing through the Strait of Hormuz, or about half the volumes stranded at the start of the war with Iran, Bloomberg reported.West Texas Intermediate crude oil fell 3.4% to $84.76 a barrel, and global benchmark Brent dropped 3.6% to $87.17 a barrel. Henry Hub natural gas futures rose 1.2% to $3.13 per 1 million BTU.In corporate news, Exxon Mobil (XOM) is studying potential takeover targets, including Woodside Energy (WDS), as the energy giant looks to increase its presence in the liquified natural gas sector and in Asian markets, Bloomberg reported. Exxon shares rose 0.5%, and Woodside jumped 6.3%.Shell (SHEL) is planning to begin the sale of its offshore wind farms for over $1 billion by the end of this year as the company prioritizes its fossil fuel business, Bloomberg reported. Shell shares eased 0.1%.BP (BP) started a process to sell minority stakes in its Kaskida and Tiber projects in the Gulf of Mexico, Reuters reported. BP shares rose 0.2%.

$BP$SHEL$WDS$XOM
Commodities

Market Chatter: BP Explores Asset Sales as New CEO Shapes Growth Strategy

BP (BP) has moved forward with a potential stake sale in two Gulf of Mexico developments, marking an early portfolio move under Chief Executive Officer Meg O'Neill, Reuters reported Friday, citing four people with knowledge of the matter.The company has spent more than a year evaluating a potential sale of minority interests in its Tiber and Kaskida projects, assets that could be worth billions of dollars, according to the report.People familiar with the matter said BP has now launched a formal sale process, although they did not disclose how many of the assets the company intends to offer, Reuters reported.Energy producers frequently sell minority stakes in projects under development to free up cash for other investments while retaining exposure to future production.After facing investor criticism over its renewable energy push and weak share performance, BP redirected its focus toward oil and gas growth last year. O'Neill, the company's first external chief executive appointment in more than a century, took charge in April.The two developments are each expected to produce about 80,000 barrels of oil per day. Kaskida project is slated to begin production in 2029, while Tiber is scheduled to follow in 2030, according to the report.As the company increasingly leans on the US to drive expansion, it aims to lift domestic upstream production to around 1 million barrels of oil equivalent per day by 2030, nearly half of its global target of 2.3-2.5 million boe/d.BP didn't immediately respond to' request for comment.(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.)Price: $42.90, Change: $+0.22, Percent Change: +0.50%

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Wire

Market Chatter: BP Starts Process to Sell Stakes in Kaskida, Tiber Projects

BP (BP) has begun a process to sell minority stakes in its Kaskida and Tiber projects in the US Gulf of Mexico, Reuters reported Friday, citing people familiar with the matter.The developments are each expected to produce around 80,000 barrels of oil per day, with production planned for 2029 and 2030, respectively, the report said.BP did not immediately respond to' request for comment.(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.)Price: $42.84, Change: $+0.16, Percent Change: +0.37%

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Commodities

Woodside Exercises Browse Pre-Emption Right

Woodside (WDS) has given notice exercising its right to pre-empt the sale of PetroChina International Investment Australia's 10.67% stake in the Browse Joint Venture to a subsidiary of Inpex, it said in a statement on Friday.The terms of Woodside's acquisition will reflect those of the CNPC/INPEX transaction including a payment to CNPC of $225 million plus refunding of CNPC's BJV cash call contributions between June 30, 2025 and the completion date, Woodside said.There will be a $175 million contingent payment to CNPC once the BJV takes a final investment decision to development all of the Brecknock, Calliance and Torosa fields on or before June 30, 2032.The Browse resource is Australia's biggest undeveloped conventional gas resource, potentially able to produce 11.4 million tonnes per annum of LNG, LPG and domestic gas, the statement said.It is located off the west coast of Australia and brings an opportunity to develop energy supply with increased demand coming from the Asia Pacific region and to provide a new source of gas for Western Australia.Woodside's CEO Liz Westcott said the interest in Browse, as seen in the CNPC/Inpex transaction and BP's (BP) announced transaction with GS Energy reinforce the quality and scale of the resource."Woodside's decision to pre-empt reflects our commitment to continue progressing the proposed Browse to North West Shelf development. We see this as a pathway to maximise long-term shareholder value," she said.Woodside will hold a 41.27% stake in the BJV after completion of the acquisition.

$BP$WDS
Sectors

Sector Update: Energy Stocks Fall Late Afternoon

Energy stocks fell late Thursday afternoon, with the NYSE Energy Sector Index down 0.5% and the State Street Energy Select Sector SPDR ETF (XLE) shedding 1.6%.The Philadelphia Oil Service Sector Index was rising 0.7%, and the Dow Jones US Utilities Index was up 0.8%.President Donald Trump said Thursday on Truth Social he has cancelled previously announced strikes on Iran tonight as "final points" of a deal have been, "in both concept and great detail, approved by all parties involved." He said the time and place of a deal signing between the nations will "be announced shortly."Front-month West Texas Intermediate crude oil fell 4.2% to $86.23 a barrel, and the global benchmark Brent crude contract dropped 4.6% to $88.82 a barrel. Henry Hub natural gas futures shed 3.3% to $3.08 per 1 million BTU.In sector news, the Organization of the Petroleum Exporting Countries on Thursday lowered its global oil demand growth forecast for this year but raised its expectations for 2027. The cartel now expects oil consumption to rise by 970,000 barrels a day this year, down from its prior estimate that called for an increase of 1.17 million barrels. For 2027, OPEC now expects world oil demand to rise by 1.73 million barrels a day, compared with its last month's forecast of a 1.54 million-barrel increase.In corporate news, BP (BP) should provide clarity on its medium-term growth targets and balance sheet goals amid the ongoing boardroom drama with the recent removal of Chair Albert Manifold, RBC Capital Markets said in a note. BP shares were down 0.6%.Oklo (OKLO) shares jumped 7% after it said Thursday that the US Department of Energy has approved the preliminary documented safety analysis for the Aurora powerhouse at Idaho National Laboratory under the department's Reactor Pilot Program.Energy Fuels (UUUU) shares surged 10% after the company said it expects finished uranium production at its White Mesa Mill to reach about 1.6 million pounds by June 30, which would already be within its full-year guidance range of 1.5 million to 2.5 million pounds of U3O8.Black Hills' (BKH) pending merger with NorthWestern Energy (NWE) has an underappreciated strategic value as the combination will likely offer larger scale, stronger balance sheet, and wider jurisdictional diversity, BofA said in a note. BofA upgraded Black Hills to buy from neutral and increased the company's price target to $78 from $76. Black Hills shares rose 0.3%.

$BKH$BP$OKLO$UUUU
Sectors

Sector Update: Energy Stocks Mixed Thursday Afternoon

Energy stocks were mixed Thursday afternoon, with the NYSE Energy Sector Index adding 0.5% and the State Street Energy Select Sector SPDR ETF (XLE) decreasing 0.8%.The Philadelphia Oil Service Sector Index was rising 0.4%, and the Dow Jones US Utilities Index was up 0.5%.Front-month West Texas Intermediate crude oil rose 0.4% to $90.36 a barrel, and the global benchmark Brent crude contract was 0.2% lower at $92.96 a barrel. Henry Hub natural gas futures fell 3.1% to $3.09 per 1 million BTU.In sector news, the US will hit Iran with an attack "VERY HARD TONIGHT," and it will take control of the Kharg Island sometime in the "not too distant future," President Donald Trump said Thursday on a Truth Social post. The island is, reportedly, the gateway for a vast majority of Iran's crude oil exports. Iran's Foreign Ministry has condemned the recent US strikes on the country, saying that it has rendered the ceasefire "practically meaningless," the Associated Press reported Thursday.Separately, the Organization of the Petroleum Exporting Countries on Thursday lowered its global oil demand growth forecast for this year but raised its expectations for 2027. The cartel now expects oil consumption to rise by 970,000 barrels a day this year, down from its prior estimate that called for an increase of 1.17 million barrels. For 2027, OPEC now expects world oil demand to rise by 1.73 million barrels a day, compared with its last month's forecast of a 1.54 million-barrel increase.In corporate news, Oklo (OKLO) shares gained 4.4% after it said Thursday that the US Department of Energy has approved the preliminary documented safety analysis for the Aurora powerhouse at Idaho National Laboratory under the department's Reactor Pilot Program.Energy Fuels (UUUU) shares jumped past 6% after the company said it expects finished uranium production at its White Mesa Mill to reach about 1.6 million pounds by June 30, which would already be within its full-year guidance range of 1.5 million to 2.5 million pounds of U3O8.BP (BP) said its Whiting refinery team held a 63rd formal bargaining meeting with the United Steelworkers Local 7-1 committee to discuss a new labor contract. Shares added 0.4%.

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Wire

BPX, Gulf of Mexico Lead BP's Growth Story as Governance Concerns Linger, RBC Says

Governance concerns continue to cloud BP's (BP) investment case even as management maintains its strategy and RBC sees room for the shares to outperform, RBC Capital Markets said in a Thursday note.RBC said former Chair Albert Manifold became part of BP's equity story because many investors viewed him as a catalyst for change across the company.BP Chief Financial Officer Kate Thomson told investors the company's strategy remains intact and continues to prioritize debt reduction and operational efficiency.Some investors devoted significant attention to governance issues, while others treated the topic as a secondary concern during recent meetings, according to RBC.Thomson described BPX, BP's US onshore business, as "the core of the core," with production rising from 300,000 barrels of oil equivalent per day in 2021 to 500,000 boe/d last quarter and targeting 650,000 boe/d by 2030.Thomson said BP could increase its liquefied natural gas exposure through physical integration or synthetic contracts and has hedged about 70% of this year's gas production at around $4 per million British thermal units.BP expects Gulf of Mexico output to reach about 375,000 to 400,000 boe/d over the medium term, supported by Kaskida in 2029 and Tiber in 2030, each designed to add 80,000 b/d of gross capacity.In Brazil, BP plans to begin appraisal work at Bumerangue later this year through two appraisal wells and a drill-stem test as it gathers additional reservoir data.Management said BP could bring in a local partner for the Bumerangue project, potentially including Petrobras, to help navigate regulatory and approval processes in Brazil.BP does not expect to farm down the asset at this stage because only one well has been drilled, making it difficult for buyers and sellers to establish an appropriate valuation, Thomson said.BP also plans to drill a well in the nearby Tupinamba block later this year as it advances exploration activity around the Bumerangue discovery.Management said BP has reduced its Egypt receivables balance to zero after maintaining investment commitments in the country.BP has already reduced refining capacity from 1.9 million b/d in 2019 to 1.3 million b/d following the Gelsenkirchen transaction and does not expect major downstream divestments beyond selected marketing assets.RBC said BP should reshape its messaging around a smaller group of high-impact assets, mirroring how major US peers emphasize a limited number of flagship growth projects.RBC said a supportive commodity backdrop continues to strengthen BP's investment case, although investors remain focused on the company's medium-term growth plans and longer-term balance sheet objectives.RBC said BP's estimated 2027 free cash flow yield of 12.4% exceeds the peer average of 8.3%, and reiterated its Outperform rating as debt reduction and cost improvements could support further upside.Price: $43.69, Change: $+0.74, Percent Change: +1.72%

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Wire

BP Needs to Show Clarity, Deliver on Medium-Term Targets Amid Boardroom Drama, RBC Says

BP (BP) should provide clarity on its medium-term growth targets and balance sheet goals amid the ongoing boardroom drama with the recent removal of Chair Albert Manifold, RBC Capital Markets said in a note Thursday.Albert Manifold, who was recently removed as chair, was seen as an "agent of change" by many investors, according to the note. Management has said the company's strategy is unchanged, and analysts said they continue to see potential for the stock to outperform peers, but investors will need consistency in governance.The key to dispelling investors' hesitation due to the boardroom drama is for BP to show it can deliver on its strategic goals of de-leveraging and structural cost reduction, the investment firm said.The company reported a net debt target of $14 billion to $18 billion by the end of 2027, but analysts, along with many investors, believe this can be achieved by the end of 2026. BP's net liabilities should be around $30 billion instead of the current $56 billion, implying a reported net debt of about $5 billion, which can be attained by mid-2027, analysts said, adding that the company can "surprise positively" on debt reduction.RBC reiterated an outperform rating on the stock, with a price target of 700 British pence.Price: $43.65, Change: $+0.70, Percent Change: +1.63%

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Sectors

Sector Update: Energy Stocks Mostly Higher Pre-Bell Thursday

Energy stocks were mostly higher premarket Thursday, with the State Street Energy Select Sector SPDR ETF (XLE) gaining 0.6%.The United States Oil Fund (USO) was up 0.1%, while the United States Natural Gas Fund (UNG) was 1.5% lower.Front-month US West Texas Intermediate crude oil was up 0.5% to $90.46 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil rose 0.2% to $93.26 per barrel, and natural gas futures were 1.7% lower at $3.13 per 1 million British Thermal Units.BP (BP) stock was up more than 2% before market open a day after the company said its Whiting refinery team held a 63rd formal bargaining meeting with the United Steelworkers Local 7-1 committee to discuss a new labor contract.Energy Fuels (UUUU) shares rose 3.2% after the company said it expects finished uranium production at its White Mesa Mill to reach approximately 1.6 million pounds by June 30, which would already be within its full-year guidance range of 1.5 million to 2.5 million pounds of U3O8.Expro (XPRO) shares gained 1.3% pre-bell after the company said it signed a two-year contract with a major operator in the United Arab Emirates to provide testing and flowback services for unconventional wells.

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Commodities

Exchange-Traded Funds, Equity Futures Higher Pre-Bell Thursday Amid US Attacks on Iran

The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was up 0.3% and the actively traded Invesco QQQ Trust (QQQ) advanced 0.6% in Thursday's premarket activity, amid US attacks on Iran and ahead of economic data.US stock futures were also higher, with S&P 500 Index futures up 0.4%, Dow Jones Industrial Average futures advancing 0.5%, and Nasdaq futures gaining 0.8% before the start of regular trading.May's producer price index, a measure of wholesale prices, and the weekly jobless claims bulletin are scheduled to be released at 8:30 am ET.Weekly natural gas stocks post at 10:30 am ET.In premarket action, bitcoin was up by 3%. Among cryptocurrency ETFs, the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 1.9% higher, Ether ETF (EETH) advanced 1.9%, and Bitcoin & Ether Market Cap Weight ETF (BETH) retreated by 0.1%.Power Play:IndustrialThe State Street Industrial Select Sector SPDR ETF (XLI) advanced 1.4% and the Vanguard Industrials Index Fund (VIS) added 0.3%, while the iShares US Industrials ETF (IYJ) was 0.6% lower.PureCycle Technologies (PCT) stock was down more than 16% before the opening bell after the company priced simultaneous public offerings of debt and equity to generate $395 million in total gross proceeds.Winners and Losers:TechnologyThe State Street Technology Select Sector SPDR ETF (XLK) and the iShares US Technology ETF (IYW) advanced 1.4% each, while the iShares Expanded Tech Sector ETF (IGM) was up 1.5%. Among semiconductor ETFs, the State Street SPDR S&P Semiconductor ETF (XSD) increased by 3.2%, while the iShares Semiconductor ETF (SOXX) rose by 3%.Oracle (ORCL) shares were down more than 10% in premarket activity as the cloud computing company announced plans to raise about $40 billion via debt and equity issuances in fiscal 2027, including its previously announced $20 billion stock sale.FinancialThe State Street Financial Select Sector SPDR ETF (XLF) advanced 0.4%. Direxion Daily Financial Bull 3X Shares (FAS) was up 1.8%, while its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), was 1.7% lower.WisdomTree (WT) shares were down more than 5% pre-bell, continuing from a 1.9% fall in the previous session. The company reported higher assets under management and net inflows for May.HealthcareThe State Street Health Care Select Sector SPDR ETF (XLV) advanced 0.1%, the Vanguard Health Care Index Fund (VHT) was down 0.5%, while the iShares US Healthcare ETF (IYH) was inactive. The iShares Biotechnology ETF (IBB) was 0.9% higher.Novartis (NVS) stock was up more than 2% premarket after the company said a phase 1/2 study of its experimental therapy, del-brax, met both primary and key secondary endpoints in patients with facioscapulohumeral muscular dystrophy.EnergyThe iShares US Energy ETF (IYE) advanced 0.02%, while the State Street Energy Select Sector SPDR ETF (XLE) was up by 1%.BP (BP) stock was up more than 2% before market open a day after the company said its Whiting refinery team held a 63rd formal bargaining meeting with the United Steelworkers Local 7-1 committee to discuss a new labor contract.ConsumerThe State Street Consumer Staples Select Sector SPDR ETF (XLP) was down 0.2%, and the Vanguard Consumer Staples Index Fund ETF Shares (VDC) retreated by 0.01%. The iShares US Consumer Staples ETF (IYK) fell by 0.7%. The State Street Consumer Discretionary Select Sector SPDR ETF (XLY) gained 0.3%. The VanEck Retail ETF (RTH) was inactive, while the State Street SPDR S&P Retail ETF (XRT) rose by 0.8%.Tesla (TSLA) shares were up nearly 1% pre-bell after Annick De Ridder, Flemish Minister of Mobility, Public Works, Ports, and Sport, said in an X post that the EV maker's full self-driving technology has been approved in Belgium.CommoditiesFront-month US West Texas Intermediate crude oil rose 0.9% to $90.83 per barrel on the New York Mercantile Exchange. Natural gas was down 1.5% at $3.14 per 1 million British Thermal Units. The United States Oil Fund (USO) rose 0.4%, while the United States Natural Gas Fund (UNG) was 1.2% lower.Gold futures for July retreated by 0.7% to $4,105.70 an ounce on the Comex. Silver futures declined by 1.3% to $63.87 an ounce. SPDR Gold Shares (GLD) was up by 0.04%, and the iShares Silver Trust (SLV) decreased by 0.2%.

Dow JonesNasdaq CompositeS&P 500$BETH$BITO$BP$EEM$EETH$EXI$FAS$FAZ$GLD$IBB$IGM$IGV$IPK$IVV$IWM$IYE$IYH$IYJ$IYK$IYW$NVS$ORCL$PCT$PMR$QQQ$RTH$SLV$SOXX$SPY$TSLA$UNG$USO$VDC$VHT$VIS$WT$XLE$XLF$XLI$XLK$XLP$XLV$XLY$XRT$XSD
Sectors

Sector Update: Energy

Energy stocks were up premarket Thursday, with the State Street Energy Select Sector SPDR ETF (XLE) gaining 0.4%.The United States Oil Fund (USO) was down 1.4%, while the United States Natural Gas Fund (UNG) was 1.1% lower.Front-month US West Texas Intermediate crude oil was down 1.3% to $88.86 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil declined 1.4% to $91.81 per barrel, and natural gas futures were 2% lower at $3.12 per 1 million British Thermal Units.BP (BP) stock was up more than 1% before market open a day after the company said its Whiting refinery team held a 63rd formal bargaining meeting with the United Steelworkers Local 7-1 committee to discuss a new labor contract.

$BP$UNG$USO$XLE
Equities

BP, United Steelworkers Continue Labor Contract Discussions

BP (BP) said Wednesday its Whiting refinery team held a 63rd formal bargaining meeting with the United Steelworkers Local 7-1 committee to discuss a new labor contract."We are encouraged that discussions have continued, but the parties remain far apart on proposals that are critical to the refinery," the company said. "The refinery continues to operate safely, reliably, and compliantly, with no impacts to operations as a result of the current labor dispute."

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Sectors

Sector Update: Energy Stocks Decline Late Afternoon

Energy stocks were lower late Tuesday afternoon, with the NYSE Energy Sector Index falling 1.8% and the State Street Energy Select Sector SPDR ETF (XLE) dropping 2%.The Philadelphia Oil Service Sector Index was shedding 2.3%, and the Dow Jones US Utilities Index rose 0.6%.Oil prices declined on Tuesday after President Donald Trump said the Iran war could end within days. Trump told reporters in New York that a diplomatic resolution to the Middle East conflict could be reached in "two or three days," CNBC reported. The critical Strait of Hormuz, which remains effectively shut, would reopen "immediately" after the deal, Trump reportedly said.Front-month West Texas Intermediate crude oil fell 3.4% to $88.18 a barrel, and the global benchmark Brent crude contract dropped 2.9% to $91.53 a barrel. Henry Hub natural gas futures decreased 0.4% to $3.14 per 1 million BTU.In corporate news, BP (BP) said Tuesday the company will be run under a new, simplified organizational structure -- Upstream and Downstream -- from July 1. BP shares were down 3%.Uranium Energy (UEC) shares tumbled 18% after the firm reported a fiscal Q3 net loss of $0.11 per share, widening from a loss of $0.07 a year earlier. Analysts surveyed by FactSet expected a loss of $0.03.SLB (SLB) said Tuesday it signed a memorandum of understanding with Qualcomm (QCOM) to enable edge AI offerings for the energy sector. SLB shares were down 2.5%.Halliburton (HAL) said it has entered into an agreement with Pampa Energia to support the digital transformation of its unconventional operations in Argentina's Vaca Muerta shale region. Halliburton shares declined 2.7%.

$BP$HAL$SLB$UEC
Sectors

Sector Update: Energy Stocks Decline Tuesday Afternoon

Energy stocks were lower Tuesday afternoon, with the NYSE Energy Sector Index falling 1.4% and the State Street Energy Select Sector SPDR ETF (XLE) dropping 1.9%.The Philadelphia Oil Service Sector Index was shedding 2.4%, and the Dow Jones US Utilities Index rose 0.8%.Oil prices declined on Tuesday after President Donald Trump said the Iran war could end within days. Trump told reporters in New York that a diplomatic resolution to the Middle East conflict could be reached in "two or three days," CNBC reported. The critical Strait of Hormuz, which remains effectively shut, would reopen "immediately" after the deal, Trump reportedly said.Front-month West Texas Intermediate crude oil fell 3.6% to $88.05 a barrel, and the global benchmark Brent crude contract dropped 2.8% to $91.59 a barrel. Henry Hub natural gas futures increased 0.3% to $3.16 per 1 million BTU.In corporate news, BP (BP) said Tuesday the company will be run under a new, simplified organizational structure -- Upstream and Downstream -- from July 1. Shares were down 2.7%.Uranium Energy (UEC) shares tumbled 16% after the firm reported a fiscal Q3 net loss of $0.11 per share, widening from a loss of $0.07 a year earlier. Analysts surveyed by FactSet expected a loss of $0.03.Halliburton (HAL) said it has entered into an agreement with Pampa Energia to support the digital transformation of its unconventional operations in Argentina's Vaca Muerta shale region. Halliburton shares declined 2.7%.

$BP$HAL$UEC
Sectors

Sector Update: Energy

Energy stocks were lower Tuesday afternoon, with the NYSE Energy Sector Index falling 1.5% and the State Street Energy Select Sector SPDR ETF (XLE) dropping 1.6%.The Philadelphia Oil Service Sector Index was shedding 2.4%, and the Dow Jones US Utilities Index rose 1%.Oil prices declined on Tuesday after President Donald Trump said the Iran war could end within days. Trump told reporters in New York that a diplomatic resolution to the Middle East conflict could be reached in "two or three days," CNBC reported. The critical Strait of Hormuz, which remains effective shut, would reopen "immediately" after the deal, Trump reportedly said.Front-month West Texas Intermediate crude oil fell 3.9% to $87.77 a barrel, and the global benchmark Brent crude contract dropped 3% to $91.43 a barrel. Henry Hub natural gas futures increased 0.2% to $3.15 per 1 million BTU.In corporate news, BP (BP) said Tuesday that the company will be run under a new, simplified organizational structure composed of two distinct business segments -- Upstream and Downstream -- beginning July 1. BP shares were down 2.6%.

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Asia Markets

European Equities Traded in the US as American Depositary Receipts Track Higher in Tuesday Trading

European equities traded in the US as American depositary receipts were trending higher late Tuesday morning, rising 0.80% to 1,882.97 on the S&P Europe Select ADR Index.From continental Europe, the gainers were led by biopharmaceutical company Cellectis (CLLS) and semiconductor company Sequans Communications (SQNS), which rose 3.8% and 3.7% respectively. They were followed by healthcare tech company Royal Philips (PHG) and biopharmaceutical company Grifols (GRFS), which were up 2.9% and 2.5% respectively.The decliners from continental Europe were led by telecommunications company Ericsson (ERIC) and petroleum refiner Equinor (EQNR), which dropped 5% and 2.6% respectively. They were followed by telecommunications company Nokia (NOK) and SAP (SAP), which lost 1.5% and 1% respectively.The gainers from the UK were led by communications company WPP (WPP) and biopharmaceutical company Amarin (AMRN), which advanced 7.9% and 5.6% respectively. They were followed by pharmaceutical company Silence Therapeutics (SLN) and biopharmaceutical company Akari Therapeutics (AKTX), which increased 5.1% and 2.7% respectively.The decliners from the UK and Ireland were led by biopharmaceutical company Biodexa Pharmaceuticals (BDRX) and oil and gas company BP (BP), which fell 2.2% and 1.8% respectively. They were followed by oil and gas company Shell (SHEL) and lender HSBC (HSBC), which were down 1.3% and 1.1% respectively.

$AKTX$AMRN$BDRX$BP$CLLS$EQNR$ERIC$GRFS$HSBC$NOK$PHG$SAP$SHEL$SLN$SQNS$WPP
Sectors

Sector Update: Energy Stocks Lean Lower Premarket Tuesday

Energy stocks were leaning lower premarket Tuesday, with the State Street Energy Select Sector SPDR ETF (XLE) declining by 0.5%.The United States Oil Fund (USO) was down 2.4% and the United States Natural Gas Fund (UNG) was flat.Front-month US West Texas Intermediate crude oil was 2.5% lower at $89.04 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil lost 2.3% to $92.04 per barrel, and natural gas futures were up 0.2% at $3.15 per 1 million British Thermal Units.BP (BP) said it will be run under a new, simplified organizational structure composed of two distinct business segments, upstream and downstream, beginning July 1. Shares of BP were 0.8% lower pre-bell.Halliburton (HAL) said it has signed a multi-year agreement with Pampa Energia to support the digital transformation of its unconventional operations in Argentina's Vaca Muerta shale region. Halliburton stock was down 0.9% premarket.Equinor (EQNR) said its corporate assembly elected Jarle Roth as chair of the board beginning July 1, following the departure of Jon Erik Reinhardsen. Equinor shares were 1.6% lower pre-bell.

$BP$EQNR$HAL$UNG$USO$XLE
Sectors

Sector Update: Energy

Energy stocks were leaning lower premarket Tuesday, with the State Street Energy Select Sector SPDR ETF (XLE) declining by 0.5%.The United States Oil Fund (USO) was down 2.1% and the United States Natural Gas Fund (UNG) was 1.1% higher.Front-month US West Texas Intermediate crude oil was 2.1% lower at $89.42 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil lost 1.5% to $92.86 per barrel, and natural gas futures were up 1.2% at $3.18 per 1 million British Thermal Units.BP (BP) said it will be run under a new, simplified organizational structure composed of two distinct business segments, upstream and downstream, beginning July 1. Shares of BP were 0.7% lower pre-bell.

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Equities

BP to Reorganize Around Two Distinct Segments: Upstream and Downstream

BP (BP) said Tuesday that the company will be run under a new, simplified organizational structure composed of two distinct business segments -- Upstream and Downstream -- beginning July 1.Gordon Birrell has been appointed as executive vice president for Upstream, while Richard Harding was named interim executive vice president for Downstream, BP said.

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