Wire
Trump to Host Oil Company Executives on Tuesday, Reuters Reports
Trump to Host Oil Company Executives on Tuesday, Reuters Reports
$BP$CVX$SHEL$TTE$XOM
Chevron Corporation
$CVXNYSEEnergy
356 stories mentioning Chevron CorporationUpdated 1d ago
Chevron in focus as Moody's flagged windfall earnings for major oil producers from a Hormuz closure, while US-Iran peace news moved energy shares.
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Asia Markets
Update: US Equity Futures Slightly Lower Pre-Bell as US, Iran Resume Hostilities in Middle East
(Updates with economic data, recent oil price movement, world markets' overview and corporate stock movements.)US equity futures were edging slightly lower pre-bell Monday as the US and Iran resumed hostilities for the first time since late July, raising oil prices and dampening hopes for an early resolution of the conflict between the two nations.Dow Jones Industrial Average futures were 0.2% lower, S&P 500 futures were down 0.2%, and Nasdaq futures were 0.2% lower.US forces on Sunday struck two rocket launchers on Iran's Larak Island, US Central Command told MS Now. Iran responded by attacking US bases in Jordan, Iranian state media reported.President Donald Trump posted on Truth Social an AI-generated video clip that he said showed Iran's oil hub Kharg Island being "blown to smithereens."Expected to report financial results this week are Dell Technologies (DELL), Palo Alto Networks (PANW), Medtronic (MDT), Broadcom (AVGO), Snowflake (SNOW), and Hewlett Packard Enterprise (HPE).Oil prices were higher, with front-month global benchmark North Sea Brent crude up 5.5% at $90.85 per barrel and US West Texas Intermediate crude 3.4% higher at $86.26 per barrel.The Dallas Fed manufacturing survey for August will be released at 10:30 am ET.In other world markets, Japan's Nikkei closed 0.1% lower, Hong Kong's Hang Seng ended 0.1% lower, and China's Shanghai Composite finished 0.9% higher. Meanwhile, Germany's DAX index was 0.6% lower in Europe's early afternoon session. The UK's FTSE 100 was closed for a public holiday.In equities, stocks of Exxon Mobil (XOM), Chevron (CVX), and Shell (SHEL) were higher as oil prices increased. Exxon Mobil shares rose 2.1%, Chevron stock was up 2.4%, and Shell (SHEL) shares were 1.3% higher.On the losing side, PG&E (PCG) stock was more than 16% lower after an ABC7 report on Sunday that the company faces continued legal exposure after California amended legislation to protect wildfire survivors' right to sue utilities for equipment-caused blazes. Pinterest (PINS) shares were down 3.2% after the company disclosed late Friday that Chief Financial Officer Julia Brau Donnelly will leave the company on Oct. 30 after three years to pursue an opportunity at a private company.
Dow JonesNasdaq CompositeS&P 500$AVGO$CVX$DELL$HPE$MDT$PANW$PCG$PINS$SHEL$SNOW$XOM
Commodities
Venezuela to Earn $209 Billion From Oil Deal With US Over 25 Years
An oil production deal between Venezuela and the US that could revive the South American country's languishing energy sector, has a duration of 25 years, said Acting President Delcy Rodriguez, in an address posted on YouTube channel FirstPost.Reuters reported that the declaration was made on Saturday.Venezuela would earn about $209.3 billion from the deal with the US or about $19 per barrel extracted, based on an illustrative price of $65 per barrel, Rodriguez said.The deal with the US will add oil production of more than 1.5 million barrels per day, while the country will produce more through separate deals with producers including Chevron (CVX), Eni (E), Shell (SHEL) and BP (BP), she said."We want to be an energy power. Big producer of oil, important gas exporter and to have a big development of petrochemicals nationally," Rodriguez said.US President Donald Trump announced the deal on Friday, offering few details other than confirming the US had secured control over more than 65 billion barrels of Venezuelan proven reserves in a partnership with the private sector, Reuters said.Despite having the world's largest proven oil reserves, the country's output has declined amid political and economic instability that has stifled investment, to about 1.25 million bpd.Reuters reported that crowds of pro-government groups gathered in the capital Caracas on Saturday to protest the presence of the US in Venezuela, while other media reported that the deal has drawn ire on all sides of the political divide.Rodriguez stressed in her declaration that Venezuela retains sovereign control and ownership over the resources.
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Sectors
Sector Update: Energy Stocks Mixed Late Afternoon
Energy stocks were mixed late Friday afternoon, with the NYSE Energy Sector Index easing 0.1% and the State Street Energy Select Sector SPDR ETF (XLE) increasing 0.6%.The Philadelphia Oil Service Sector Index added 1%, and the Dow Jones US Utilities Index was falling 1.2%.In geopolitical news, mediators in the Iran war are stepping up efforts to get the Strait of Hormuz reopened, with Tehran agreeing to draw up a list of conditions to restore normal traffic after a Qatari emissary pressed the Iranians to respect freedom of navigation, Reuters reported.Front-month West Texas Intermediate crude oil shed 0.2% to $83.40 a barrel, and the global benchmark Brent crude contract shed 0.4% to $89.31 a barrel. Henry Hub natural gas futures fell 1.4% to $2.87 per 1 million BTU.In sector news, Venezuela is considering leaving OPEC as it deepens ties with the US, Bloomberg reported. The idea has been discussed with US officials, though no final decision has been made, according to the report. The potential exit comes as Washington takes greater control of Venezuela's oil sales and negotiates a possible stake in the country's oil fields, Bloomberg said. Venezuela produced 1.16 million barrels a day in July, according to a Bloomberg survey, with output rising this year. Bloomberg said Venezuela's departure would likely have little immediate impact on global oil markets given its diminished production, but may raise fresh questions about OPEC's cohesion and its ability to influence crude prices.In corporate news, Chevron (CVX) is nearing a deal to expand its operations in Venezuela by adding two new heavy-oil fields to its portfolio, The Wall Street Journal reported. Halliburton (HAL) is also in talks to provide its equipment to oil producers in Venezuela, the report said. Chevron shares rose 1%, and Halliburton gained nearly 2%.Evolution Petroleum (EPM) shares rose 2% after Northland upgraded the company to outperform from market perform.BW LPG (BWLP) shares fell 2.1% after it reported lower Q2 revenue.AES (AES) shares were down 0.2%. The company said late Thursday it has secured approval from the Committee on Foreign Investment in the US for its pending merger with Horizon Parent and Horizon Merger Sub.
$AES$BWLP$CVX$EPM$HAL
Sectors
Sector Update: Energy Stocks Mixed Friday Afternoon
Energy stocks were mixed Friday afternoon, with the NYSE Energy Sector Index fractionally lower and the State Street Energy Select Sector SPDR ETF (XLE) increasing 0.3%.The Philadelphia Oil Service Sector Index added 0.9%, and the Dow Jones US Utilities Index was falling 1.4%.In geopolitical news, mediators in the Iran war are stepping up efforts to get the Strait of Hormuz reopened, with Tehran agreeing to draw up a list of conditions to restore normal traffic after a Qatari emissary pressed the Iranians to respect freedom of navigation, Reuters reported.Front-month West Texas Intermediate crude oil shed 0.2% to $83.39 a barrel, and the global benchmark Brent crude contract shed 0.4% to $89.33 a barrel. Henry Hub natural gas futures fell 1.3% to $2.88 per 1 million BTU.In sector news, Venezuela is considering leaving OPEC as it deepens ties with the US, Bloomberg reported. The idea has been discussed with US officials, though no final decision has been made, according to the report. The potential exit comes as Washington takes greater control of Venezuela's oil sales and negotiates a possible stake in the country's oil fields, Bloomberg said. Venezuela produced 1.16 million barrels a day in July, according to a Bloomberg survey, with output rising this year. Bloomberg said Venezuela's departure would likely have little immediate impact on global oil markets given its diminished production, but may raise fresh questions about OPEC's cohesion and its ability to influence crude prices.In corporate news, Chevron (CVX) is nearing a deal to expand its operations in Venezuela by adding two new heavy-oil fields to its portfolio, The Wall Street Journal reported. Halliburton (HAL) is also in talks to provide its equipment to oil producers in Venezuela, the report said. Chevron shares rose 0.9%, and Halliburton gained 2%.Evolution Petroleum (EPM) shares rose 1.7% after Northland upgraded the company to outperform from market perform.BW LPG (BWLP) shares fell 2.3% after it reported lower Q2 revenue.
$BWLP$CVX$EPM$HAL
Commodities
Correction: Market Chatter: Chevron Nears Venezuela Oil Expansion as US Energy Firms Pursue New Deals
(Corrects media attribution to the Wall Street Journal in the first paragraph.)Chevron (CVX) and other US energy companies are nearing multibillion-dollar deals to invest in Venezuela's oil fields, with Chevron close to adding two heavy-oil fields to its operations, the Wall Street Journal reported Friday, citing people familiar with the matter.Halliburton (HAL) is negotiating to supply equipment to oil producers, while executives from several energy companies plan to sign oil production agreements in Caracas next week, with US Energy Secretary Chris Wright also expected to travel to Venezuela, the report said.ExxonMobil (XOM) and ConocoPhillips (COP) plan to stay out of Venezuela for now, while both companies continue to seek billions of dollars in compensation for assets that Hugo Chavez nationalized in 2007, according to the report.Chevron, Halliburton, Exxon Mobil and ConocoPhillips did not immediately reply 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: $201.58, Change: $+1.81, Percent Change: +0.90%
$COP$CVX$HAL$XOM
Sectors
Sector Update: Energy
Energy stocks advanced Friday afternoon, with the NYSE Energy Sector Index up 0.1% and the State Street Energy Select Sector SPDR ETF (XLE) increasing 0.4%.The Philadelphia Oil Service Sector Index added 0.9%, and the Dow Jones US Utilities Index was falling 1.4%.Front-month West Texas Intermediate crude oil rose 0.1% to $83.59 a barrel, and the global benchmark Brent crude contract shed 0.4% to $89.34 a barrel. Henry Hub natural gas futures fell 1.5% to $2.87 per 1 million BTU.In corporate news, Chevron (CVX) is nearing a deal to expand its operations in Venezuela by adding two new heavy-oil fields to its portfolio, The Wall Street Journal reported. Halliburton (HAL) is also in talks to provide its equipment to oil producers in Venezuela, the report said. Chevron shares rose 1%, and Halliburton gained 1.8%.
$CVX$HAL
Commodities
Market Chatter: Chevron Nears Venezuela Oil Expansion as US Energy Firms Pursue New Deals
Chevron (CVX) and other US energy companies are nearing multibillion-dollar deals to invest in Venezuela's oil fields, with Chevron close to adding two heavy-oil fields to its operations, Bloomberg reported Friday, citing people familiar with the matter.Halliburton (HAL) is negotiating to supply equipment to oil producers, while executives from several energy companies plan to sign oil production agreements in Caracas next week, with US Energy Secretary Chris Wright also expected to travel to Venezuela, the report said.ExxonMobil (XOM) and ConocoPhillips (COP) plan to stay out of Venezuela for now, while both companies continue to seek billions of dollars in compensation for assets that Hugo Chavez nationalized in 2007, according to the report.Chevron, Halliburton, Exxon Mobil and ConocoPhillips did not immediately reply 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: $201.12, Change: $+1.35, Percent Change: +0.67%
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Wire
Top Midday Stories: Warsh Says Inflation Data 'Concerning'; Advent, Stripe Drop $50 Billion Bid to Buy PayPal
All three major US stock indexes were up in late-morning trading Friday, as market participants parsed Federal Reserve Chairman Kevin Warsh's speech at the Jackson Hole Economic Policy Symposium in Wyoming.In the speech, Warsh said inflation is the more concerning part of the Fed's dual mandate while recommitting to the central bank's 2% policy target. The new chair also restated his belief that forward guidance can handcuff the Fed, preventing it from making key decisions.In company news, Advent and Stripe have abandoned their $50 billion bid to buy PayPal (PYPL), Bloomberg reported Friday, citing people familiar with the matter. PayPal shares were down 11.5% around midday.Marvell Technology (MRVL) reported fiscal Q2 adjusted earnings late Thursday of $0.94 per diluted share, up from $0.67 a year earlier and above the FactSet consensus estimate of $0.93. Fiscal Q2 revenue was $2.74 billion, up from $2.01 billion a year ago and above the FactSet consensus of $2.72 billion. For fiscal Q3, the company said it expects adjusted EPS of $1.10, plus or minus $0.05, on revenue of $3.15 billion, plus or minus 5%. Analysts polled by FactSet expect $1.08 and $3.04 billion, respectively. Marvell shares were down 8.2%.Chevron (CVX) is nearing a deal to expand its operations in Venezuela by adding two new heavy-oil fields to its portfolio, The Wall Street Journal reported Friday, citing people familiar with the matter. Halliburton (HAL) is also in discussions to provide its suite of equipment to oil producers in Venezuela, the report said, citing the people. Chevron and Halliburton shares were up 0.6% and 1%, respectively.BioNTech (BNTX) said Friday that it terminated its phase 2 trial evaluating autogene cevumeran as an adjuvant monotherapy in patients with high-risk stage II or stage III colorectal cancer. The trial's independent safety board recommended discontinuing treatment and ending the trial, as further continuation was unlikely to change the efficacy outcome, the company said. BioNTech shares were down 7.5%.Amazon.com (AMZN) has signed a power purchase agreement in Germany and invested in four Swedish wind energy projects, the company said Friday. The e-commerce giant said it agreed to buy 600 megawatts of electricity from the planned Gennaker offshore wind farm in the Baltic Sea. Shares of Amazon were up 4.2%.Price: $54.41, Change: $-7.06, Percent Change: -11.49%
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Wire
Market Chatter: Chevron, Halliburton Near Deals to Invest Billions of Dollars in Venezuelan Oil
Chevron (CVX) is nearing a deal to expand its operations in Venezuela by adding two new heavy-oil fields to its portfolio, The Wall Street Journal reported Friday, citing people familiar with the matter.Halliburton (HAL) is also in discussions to provide its suite of equipment to oil producers in Venezuela, the report said, citing the people.The companies didn't immediately reply to requests 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.)Price: $200.60, Change: $+0.83, Percent Change: +0.42%
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Wire
Chevron, Halliburton Near Deals to Invest Billions of Dollars in Venezuelan Oil, The WSJ Reports
Chevron, Halliburton Near Deals to Invest Billions of Dollars in Venezuelan Oil, The WSJ Reports
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Commodities
US Fuel Inventories Stay Tight; Guyana, Permian Projects Support Energy Outlook, UBS Says
US fuel inventories remain tight despite high refinery utilization, while wider gas spreads support refiners, Guyana boosts Exxon Mobil's (XOM) cash flow potential, and new Permian pipelines bolster growing natural gas liquids demand, UBS said in a note on Wednesday.The US Department of Energy reported a 100,000-barrel crude inventory build for the latest week, below the 600,000-barrel consensus estimate and the 4.2-million-barrel American Petroleum Institute estimate.Gasoline inventories fell 2.54 million barrels over the same period, compared with a 700,000-barrel consensus draw and a 3.2 million-barrel decline in the American Petroleum Institute estimate.Diesel stocks declined 2.23 million barrels, versus a 1.6-million-barrel expected draw and a 500,000-barrel decline in the American Petroleum Institute estimate.US refinery utilization rose 0.2 percentage point over the week to 97.4%, UBS said, adding that such elevated rates typically do not last and could tighten fuel markets as seasonal maintenance increases.US diesel inventories now stand 14.4% below the five-year average and 9.5% below last year's level, while gasoline stocks sit 6% below the five-year average and 7% below 2025 levels.PADD 3 diesel inventories are 10% below the five-year average, while PADD 1, PADD 2 and PADD 5 stocks are 34.9%, 4.3% and 5.8% below their respective five-year averages.Gasoline inventories are 5.5% below the five-year average in PADD 3, 5.6% lower in PADD 1, 7.8% lower in PADD 2 and 6.5% lower in PADD 5.Q3 2026 quarter-to-date RIN-adjusted refining margins average $42.79 per barrel in the Mid-Continent, $46.27/bbl on the West Coast and $47.62/bbl in the North Atlantic.The Gulf Coast's RIN-adjusted crack averaged $43.88/bbl in Q3 of 2026 quarter to date, versus $30.45/bbl in Q2 and $15.26/bbl in Q3 2025.European natural gas prices have risen in recent weeks as tensions in the Middle East and offline liquefied natural gas facilities, including assets in Qatar, tighten regional markets, while US prices remain relatively insulated, UBS said.The spread between European TTF and Nymex Henry Hub gas prices has widened to about $20 per million British thermal units from roughly $10/MMBtu two months ago, improving the competitive position of North American refiners.UBS estimated that a $5/MMBtu increase in gas costs, if North American refining assets were exposed to European gas prices, would add about $1.5 billion in annual costs for Valero (VLO), $1.8 billion for Marathon Petroleum (MPC), and $922 million for Phillips 66 (PSX).Exxon Mobil's Guyana production averaged about 900,000 barrels per day in Q2 2026, while the Errea Wittu, the project's fifth floating production vessel, remains on track to start by year-end.The Exxon Mobil-led group is advancing the Longtail development toward a final investment decision and has begun evaluating a potential ninth floating production vessel.The group has recovered about $55 billion in invested capital and operating costs, reducing the legacy costs subject to recovery, although new spending will continue adding to the cost bank.UBS expects Guyana's lower capital intensity and higher entitlement volumes to boost free cash flow, with production potentially exceeding the 2030 target of 1.3 million b/d and generating over $6 billion annually for Exxon Mobil and over $4 billion for Chevron (CVX) at $70/bbl Brent.Multiple new gas-processing plants from Targa Resources (TRGP) and Enterprise Products Partners (EPD) in the Delaware and Midland basins, along with new EPD fractionators at Mont Belvieu, will require additional Y-grade pipeline capacity, UBS said.The new pipelines will connect Permian gas plants with fractionators expected to start over the next two to three years, supporting rising global demand for liquefied petroleum gas and ethane.Planned expansions include BANGL and Coastal Bend in Q4 2026, Bahia in Q4 2027, and Speedway in Q3 2027, adding Permian Y-grade takeaway capacity.UBS said the projects should ease natural gas liquids takeaway constraints and link rising Permian production with international LPG and ethane demand, while supporting Gulf Coast petrochemical feedstock costs.
$CVX$EPD$MPC$PSX$TRGP$VLO$XOM
Commodities
Williston Rig Count Hits Highest Since October 2025 as Lower 48 Activity Rises, UBS Says
The Williston rig count reached 33, its highest since October 2025, as US Lower 48 activity rose and operators increasingly adopted longer lateral wells, UBS said in a Tuesday note.Williston activity increased by one rig over the week, with the basin's count now 50% above the 22-rig trough reached in mid-February 2026 as higher crude prices supported drilling.Private operators, including Phoenix Operating and Koda Resources, drove much of the recent increase, according to the North Dakota Department of Mineral Resources' monthly update.Among public exploration and production companies, Chord Energy (CHRD) led Williston activity with 4 rigs, while Devon Energy (DVN) and Chevron (CVX) each had three rigs, UBS Evidence Lab data showed.Longer laterals, particularly 4-mile wells, have become a key drilling trend in the basin, with UBS saying the approach can improve capital efficiency and lower supply costs and breakevens.North Dakota's Q2 2026 completions averaged about 13,600 feet in lateral length, up 15% from the state's 2025 average of about 11,800 feet, according to the North Dakota Department of Mineral Resources.Chord Energy had the most visible 4-mile drilling program among public Exploration and Production companies, with such wells accounting for about 40% of its 2026 drilling plan before the company plans to scale the program in 2027.Across the Lower 48, the four-week average active rig count increased 1 rig week-over-week to 620, putting activity 13% above year-end 2025 levels, according to the note.Oil rigs increased 25% from year-end 2025, while gas rigs declined 11% and activity among other rig categories fell materially, UBS said.Permian activity was unchanged overall, as the Delaware added 3 rigs, the Midland lost 2 rigs and other Permian areas declined by 1 rig.Outside the Permian, the Williston Basin, Woodford and Denver-Julesburg each gained 1 rig, while Eagle Ford activity fell by 1 rig.Gas drilling was unchanged in the Haynesville but declined by 1 rig in Appalachia over the week, according to UBS Evidence Lab data.UBS' coverage group and integrated oil companies had 276 active rigs last week, down three from the previous week, with Exxon Mobil (XOM), Occidental Petroleum (OXY), and Murphy Oil (MUR) each adding one rig.Devon Energy, Chevron, SM Energy (SM), California Resources (CRC), Range Resources (RRC) and Gulfport Energy (GPOR) each had 1 fewer rig over the week, potentially reflecting rig movements.Exxon Mobil remained the most active public operator with 35 rigs, followed by Devon Energy with 32, ConocoPhillips (COP) with 30, Occidental Petroleum with 24 and EOG Resources (EOG) with 23, with UBS' coverage group accounting for 45% of Lower 48 active rigs.
$CHRD$COP$CRC$CVX$DVN$GPOR$MUR$OXY$RRC$SM$XOM
Commodities
Equinor Expects Equity Production Outside Norway to Grow to 950,000 BOE/D by 2030
Norwegian energy major Equinor (EQNR) is on course to increase equity production outside Norway to 950,000 barrels of oil equivalent per day by 2030 and generate $20 billion of free cash flow from 2026 to 2030, Executive Vice President Philippe Mathieu said on Tuesday.In Q2, the company reported equity production outside Norway of 750,000 boe/d, a growth of over 10% in two years, despite exiting legacy investments with high-quality assets in Azerbaijan and Nigeria, the company said in a statement.During the quarter, the US accounted for equity production of 433,000 boe/d, about 100,000 boe/d more than in Q2 2024.Addressing an Offshore Northern Seas media briefing in Stavanger on Tuesday, Mathieu said the US was Equinor's largest production market outside Norway, with the company having grown its onshore natural gas position in the country.Equinor recently disclosed power investments in the US and also supports operator Shell (SHEL) in the Sparta offshore project, which is expected to start production in 2028. Equinor owns a 49% interest in the project, Mathieu said.For future growth, he highlighted the Bay du Nord project in Canada and said the company was also pursuing exploration opportunities in Brazil and Angola, with several drilling prospects expected to be tested over the next few years.In June, the company along with operator Azule Energy approved the Greater Palas, Astrea and Juno project in Angola, which is expected to start production in 2029 and unlock around 250 million barrels of resources.Meanwhile, Brazil is expected to be a key driver of Equinor's international growth toward 2030, with equity production nearing 200,000 boe/d, supported by the ramp-up of the Bacalhau field and the Raia project, which is on track for 2028 start-up. Once operational, Raia could supply about 15% of Brazil's total projected gas demand, the statement said.Last week, Equinor entered a Chevron (CVX)-operated exploration license in Namibia with a drill-ready prospect targeted for testing by year-end. It is also evaluating opportunities in Argentina and the US. "We are gradually stepping up our exploration activity to support a focused strengthening and replenishment of our international portfolio," Mathieu said.The energy supply crisis due to the ongoing Middle East conflict is making it easier for the company to consider the development of a long-stalled liquefied natural gas export plant in Tanzania, Reuters reported Tuesday, citing Mathieu.Tanzania's huge gas deposit, discovered over a decade ago, would require around $42 billion in investment as per the country's estimates. However, years of negotiations between Equinor and Tanzania over investment terms have repeatedly stalled progress, the report said.In a separate statement on Tuesday, Equinor said additional gas is being supplied to the Troll A platform in the North Sea, with the Troll Phase 3 stage 2 subsea project commencing production from Aug. 22. The project is expected to speed up an output of about 55 billion standard cubic metres of gas from the Troll West reservoir, equivalent to almost two years of France's gas demand.The Phase 3 Step 2 project was initially expected to start by year-end at an estimated cost of 12.3 billion Norwegian kroner ($1.32 billion).The Troll partnership consists of operator Equinor with a 30.55% interest, Petoro at 55.93%, Shell (SHEL) unit Norske Shell at 8.19%, TotalEnergies' (TTE) TotalEnergies EP Norge at 3.69%, and ConocoPhillips (COP) unit ConocoPhillips Skandinavia at 1.64%, the statement said.The Troll gas field holds about 40% of the Norwegian continental shelf's gas reserves and supplies around 10% of Europe's gas demand, with annual energy production equivalent to three times Norway's hydropower output, the statement said.
$COP$CVX$EQNR$SHEL$TTE
Asia Markets
Update: US Equity Futures Higher Pre-Bell as Tech Stocks Bounce Back From Selloff
(Updates with economic data, recent oil price movement, world markets' overview, and corporate stock movements.)US equity futures were edging higher pre-bell Tuesday as technology-related stocks bounced back from a selloff in the previous session.Dow Jones Industrial Average futures were 0.5% higher, S&P 500 futures were up 0.5%, and Nasdaq futures were 1% higher.In a Monday announcement of new economic sanctions against Iran, US Treasury Secretary Scott Bessent said that other countries would need to stop doing business with the Middle Eastern nation or risk being cut out of the dollar-based financial system. He did not identify the countries involved but added that they have a defined timeline to comply with the new directive.Traders digested the latest round of earnings, with Bank of Montreal (BMO) reporting higher fiscal Q3 adjusted earnings and revenue.Intuit (INTU) is expected to report its fiscal Q4 earnings after the market closes. Analysts polled by FactSet expect adjusted earnings of $3.58 per share on revenue of $4.27 billion.Oil prices were lower, with front-month global benchmark North Sea Brent crude down 2.9% at $87.88 per barrel and US West Texas Intermediate crude 3.1% lower at $82.37 per barrel.The June S&P Case-Shiller home price index is scheduled for release at 9 am ET. The August consumer confidence index, due at 10 am ET, is projected to drop to 90.2 from 90.8, according to estimates compiled by Bloomberg. July new home sales are seen at a 620,000 annual rate, down from 628,000 previously. The Richmond Fed manufacturing index for August is also scheduled to be released at 10 am ET.Federal Reserve Richmond President Thomas Barkin is slated to speak at 4 pm ET.In other world markets, Japan's Nikkei closed 0.5% higher, Hong Kong's Hang Seng ended flat, and China's Shanghai Composite finished 0.2% higher. Meanwhile, the UK's FTSE 100 was up 0.1%, and Germany's DAX index was 0.8% higher in Europe's early afternoon session.In equities, stocks of Nvidia (NVDA), Micron Technology (MU), and Advanced Micro Devices (AMD) were higher as part of a wider upswing in the technology sector. Nvidia shares rose 1.3%, Micron Technology stock was up 2.2%, and Advanced Micro Devices shares were 3% higher.On the losing side, stocks of Exxon Mobil (XOM), Chevron (CVX), and ConocoPhillips (COP) were down as oil prices declined. Exxon Mobil shares fell 1.3%, Chevron stock was down 1%, and ConocoPhillips shares were 1.7% lower. Dick's Sporting Goods (DKS) stock plunged 19% after the company posted lower-than expected fiscal Q2 non-GAAP earnings and net sales, as well as reduced its fiscal 2026 outlook.
Dow JonesNasdaq CompositeS&P 500$AMD$BMO$COP$CVX$DKS$INTU$MU$NVDA$XOM
Sectors
Sector Update: Energy Stocks Decline Monday
Energy stocks fell Monday with the NYSE Energy Sector Index dropping 0.9% and the State Street Energy Select Sector SPDR ETF (XLE) declining 0.8%.The Philadelphia Oil Service Sector Index fell 2%, and the Dow Jones US Utilities Index rose 1.3%.In geopolitical news, the US will remove any entity facilitating money laundering on Iran's behalf from the US dollar system as part of "Operation Economic Outcast," Treasury Secretary Scott Bessent said at a press conference. In addition, Bessent said the Treasury's Office of Foreign Assets Control is currently sanctioning over 60 entities, individuals and vessels assisting Iran, and he expects a "major announcement" of sanctions against a financial institution later this week.West Texas Intermediate crude oil fell 2.1% to $85.25 a barrel, and global benchmark Brent declined 2.2% to $92.28 a barrel. Henry Hub natural gas futures increased 0.2% to $2.78 per 1 million BTU.In corporate news, Chevron (CVX) said its EMEA subsidiary signed a production sharing agreement with Libya's National Oil Corp. Chevron shares declined 1.1%.Braskem (BAK) said its board approved the filing of an out-of-court restructuring petition covering the company and certain subsidiaries, involving about $10.9 billion in unsecured financial obligations, Braskem shares fell 7%.ExxonMobil (XOM) plans to expand automated drilling technology to half of its Permian Basin rig fleet by 2028, Reuters reported. Exxon shares fell 0.6%.Shell (SHEL) has drawn interest from potential bidders including ExxonMobil, LyondellBasell (LYB) and Apollo Global Management (APO) for its US chemicals assets, which could fetch up to $8 billion, the Financial Times reported. Shell shares fell 0.4%.
$BAK$CVX$SHEL$XOM
Sectors
Sector Update: Energy
Energy stocks were lower late Monday afternoon, with the NYSE Energy Sector Index down 0.9% and the State Street Energy Select Sector SPDR ETF (XLE) decreasing 0.8%.The Philadelphia Oil Service Sector Index dropped 2%, and the Dow Jones US Utilities Index was up 0.9%.In geopolitical news, the US will remove any entity facilitating money laundering on Iran's behalf from the US dollar system as part of "Operation Economic Outcast," Treasury Secretary Scott Bessent said Monday at a press conference. In addition, Bessent said the Treasury's Office of Foreign Assets Control is currently sanctioning over 60 entities, individuals and vessels assisting Iran, and he expects a "major announcement" of sanctions against a financial institution later this week.Front-month West Texas Intermediate crude oil fell 2.1% to $85.25 a barrel, and the global benchmark Brent crude contract declined 2.2% to $92.28 a barrel. Henry Hub natural gas futures increased 0.2% to $2.78 per 1 million BTU.In corporate news, Chevron (CVX) said Monday its Chevron Business Development EMEA subsidiary signed a production sharing agreement with Libya's National Oil Corporation, or NOC. Chevron shares were down 0.9%.
$CVX
Wire
Update: Chevron Signs Production Sharing Deal With Libya's National Oil Corporation
(Updates with Chevron's statement in the first and second paragraphs.)Chevron (CVX) said Monday its Chevron Business Development EMEA subsidiary signed a production sharing agreement with Libya's National Oil Corporation, or NOC.The company said in an emailed statement tothat it was awarded Contract Area 106 in the country's Sirte Basin in Libya's 2025 Bidding Round.NOC did not immediately respond to' request for comment.Price: $202.48, Change: $-2.80, Percent Change: -1.36%
$CVX
Wire
Market Chatter: Chevron Signs Production-Sharing Deal With Libya's National Oil Corporation
Chevron (CVX) has signed a production-sharing deal with Libya's National Oil Corporation, or NOC, Reuters reported Monday, citing NOC chairman Masoud Suleman.NOC and Chevron did not immediately respond to' requests 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: $204.38, Change: $-0.89, Percent Change: -0.43%
$CVX
Commodities
Higher Oil Prices Lift US E&Ps, Fuel M&A Discussions, RBC Says
US oil producers are using higher crude prices to strengthen shareholder returns and debt plans as merger interest grows, RBC Capital Markets said in a Friday note.Oil prices reached a three-week high of $87 per barrel after President Donald Trump announced a "crushing economic operation" against Iran, RBC said.Despite higher prices, public US producers have shown little interest in sharply increasing output because structural demand growth remains limited.Instead, stronger oil prices have prompted producers to focus on debt repayment and shareholder returns, while some companies are also considering opportunistic hedging strategies.Trump also signaled potential support for reviving the Keystone XL pipeline, which could transport 830,000 barrels per day of heavy crude from Canada and the Bakken to Nebraska pipeline facilities before reaching Gulf Coast refineries.RBC said uncertainty remains over how Keystone XL would compete with rising Venezuelan crude volumes at US refineries as US producers prepare to sign supply contracts with Venezuela's state-owned oil company.Over the week, oil-weighted exploration and production companies gained 10%, while gas-weighted exploration and production companies rose 2%; large-cap and small- to mid-cap producers each advanced 7%, RBC saidThe SPDR S&P Oil & Gas Exploration & Production ETF rose 5%, while WTI gained 6% and Henry Hub natural gas increased 1% over the week, according to RBC.Merger discussions remained a key investor theme, with Exxon Mobil (XOM), Chevron (CVX), APA (APA), ConocoPhillips (COP), Diamondback Energy (FANG), Devon Energy (DVN) and EOG Resources (EOG) cited as potential buyers or targets.Antero Resources (AR), EQT (EQT), Ovintiv (OVV), Matador Resources (MTDR), Permian Resources (PR) and Infinity Natural Resources (INR) were also among the names investors identified in merger discussions, RBC said.Generalist investor interest in energy increased as WTI approached $90/bbl, while investors also raised questions about budgets and rising oilfield-services costs at higher crude prices, RBC said.Near-term catalysts include Devon Energy's plans to sell assets, Expand Energy's (EXE) new chief executive, and Tamboran Resources' (TBN) first gas sales.Price: $166.00, Change: $-0.15, Percent Change: -0.09%
$APA$AR$COP$CVX$DVN$EOG$EQT$EXE$FANG$MTDR$OVV$TBN$XOM
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