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Sectors

Sector Update: Energy Stocks Higher Tuesday Afternoon

Energy stocks were higher Tuesday afternoon, with the NYSE Energy Sector Index rising 0.5% and the State Street Energy Select Sector SPDR ETF (XLE) adding 0.9%.The Philadelphia Oil Service Sector Index was falling 0.1%, and the Dow Jones US Utilities Index rose 0.6%.Front-month West Texas Intermediate crude oil was fractionally lower at $108.62 a barrel, and the global benchmark Brent crude contract was dropping 1.1% to $110.83 a barrel. Henry Hub natural gas futures rose 2.5% to $3.10 per 1 million BTU.In sector news, President Donald Trump threatened to resume strikes on Iran in the coming days as part of the push for a deal to end the war, after he said he had just called off a US attack, Bloomberg reported. "I hope we don't have to do the war, but we may have to give them another big hit," Trump told reporters on Tuesday. When asked how long he would wait, he said: "Well, I mean, I'm saying two or three days, maybe Friday, Saturday, Sunday. Something maybe early next week -- a limited period of time."Separately, NATO is considering helping ships pass through the Strait of Hormuz if it doesn't get unblocked by early July, Bloomberg reported, citing a senior official in the military alliance.In corporate news, Cenovus Energy's (CVE) addition of MEG Energy's Christina Lake asset to its portfolio late last year has created a huge in-situ oil sands complex which should yield synergistic development opportunities for decades to come, RBC Capital Markets said in a note. Cenovus shares rose 0.1%.Equinor (EQNR) shares gained 2.5% after it said it signed a five-year agreement with Dutch energy provider Eneco to supply natural gas from the Norwegian continental shelf.BP (BP) maintained the lockout at its Whiting refinery in Indiana after failing to reach a deal with the United Steelworkers, or USW, Local 7-1, the company said. BP shares were up 0.6%.

$BP$CVE$EQNR
Asia Markets

European Equities Traded in the US as American Depositary Receipts Trend Lower in Tuesday Trading

European equities traded in the US as American depositary receipts were trending lower late Tuesday morning, declining 0.3% to 1,824.16 on the S&P Europe Select ADR Index.From continental Europe, the gainers were led by software firm SAP (SAP) and internet advertising company Criteo (CRTO), which advanced 5.3% and 3.6% respectively. They were followed by biopharmaceutical company argenx (ARGX) and petroleum refiner Equinor (EQNR), which rose 2.1% and 1.3% respectively.The decliners from continental Europe were led by semiconductor company Sequans Communications (SQNS) and telecommunications company Nokia (NOK), which dropped 3.5% and 2.7% respectively. They were followed by biopharmaceutical company Cellectis (CLLS) and medical device maker EDAP TMS (EDAP), which were off 2.6% and 1.6% respectively.The gainers from the UK were led by biopharmaceutical companies Akari Therapeutics (AKTX) and NuCana (NCNA), which were up 4.9% and 3.5% respectively. They were followed bybiopharmaceutical company Biodexa Pharmaceuticals (BDRX) and medical device company Smith & Nephew (SNN), which were up 3.1% and 2.6% respectively.The decliners from the UK and Ireland were led by biotech firm Autolus Therapeutics (AUTL), which fell 8%, followed by mining company BHP Group (BHP) and pharmaceutical company Silence Therapeutics (SLN), which lost 3% and 0.6% respectively.

$AKTX$ARGX$AUTL$BDRX$BHP$CLLS$CRTO$EDAP$EQNR$NCNA$NOK$SAP$SLN$SNN$SQNS
Sectors

Sector Update: Energy Stocks Advance Premarket Tuesday

Energy stocks were advancing premarket Tuesday, with the State Street Energy Select Sector SPDR ETF (XLE) 0.4% higher.The United States Oil Fund (USO) was up 1.5% and the United States Natural Gas Fund (UNG) was 0.8% higher.Front-month US West Texas Intermediate crude oil was 0.7% lower at $107.95 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil fell 1.5% to $110.40 per barrel, and natural gas futures were up 0.6% at $3.04 per 1 million British Thermal Units.Equinor (EQNR) shares were up more than 2% after the company said it signed a 5-year agreement with Dutch energy provider Eneco to supply natural gas from the Norwegian continental shelf.BP (BP) maintained the lockout at its Whiting refinery in Indiana after failing to reach a deal with the United Steelworkers, or USW, Local 7-1, the company said. BP stock was 0.4% higher pre-bell.Kinetik Holdings (KNTK) shares were up more than 1% after the company said it has reached a final investment decision and will proceed with the Kings Landing II natural gas processing plant at its existing Kings Landing complex in New Mexico, which is estimated to cost about $260 million.

$BP$EQNR$KNTK$UNG$USO$XLE
Commodities

Exchange-Traded Funds, Equity Futures Edge Lower Pre-Bell Tuesday Amid Uncertainty Surrounding US-Iran Talks

The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was down 0.4% and the actively traded Invesco QQQ Trust (QQQ) was 0.7% lower in Tuesday's premarket activity amid uncertainty surrounding US-Iran negotiations.US stock futures were also lower, with S&P 500 Index futures down 0.4%, Dow Jones Industrial Average futures slipping 0.2%, and Nasdaq futures retreating 0.6% before the start of regular trading.The pending home sales data for April will be released at 10 am ET.In premarket activity, bitcoin was down by 0.2%. Among cryptocurrency ETFs, the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 0.3% lower, Ether ETF (EETH) retreated 0.7%, and Bitcoin & Ether Market Cap Weight ETF (BETH) declined by 0.02%.Power Play:TechnologyThe State Street Technology Select Sector SPDR ETF (XLK) retreated 1%, and the iShares US Technology ETF (IYW) was 0.6% lower, while the iShares Expanded Tech Sector ETF (IGM) was down 0.3%. Among semiconductor ETFs, the State Street SPDR S&P Semiconductor ETF (XSD) declined by 3.4%, while the iShares Semiconductor ETF (SOXX) fell by 1.7%.Agilysys (AGYS) shares were up more than 23% in premarket activity after the company overnight reported fiscal Q4 earnings and sales above market expectations.Winners and Losers:HealthcareThe State Street Health Care Select Sector SPDR ETF (XLV) retreated by 0.04%, the Vanguard Health Care Index Fund (VHT) was down 0.04%, while the iShares US Healthcare ETF (IYH) was inactive. The iShares Biotechnology ETF (IBB) was up 0.3%.Relay Therapeutics (RLAY) stock was up more than 9% premarket after the company said that the early phase 2 data showed its experimental drug zovegalisib reduced lesion volume in patients with rare vascular anomalies linked to PIK3CA mutations.FinancialThe State Street Financial Select Sector SPDR ETF (XLF) retreated 0.1%. Direxion Daily Financial Bull 3X Shares (FAS) was down 0.01%, while its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), was 0.1% higher.XP (XP) shares were down 5.2% in premarket activity after the company overnight reported Q1 results that fell short of analyst expectations.ConsumerThe State Street Consumer Staples Select Sector SPDR ETF (XLP) was down 0.1%, and the Vanguard Consumer Staples Index Fund ETF Shares (VDC) was 0.4% lower. The iShares US Consumer Staples ETF (IYK) was flat. The State Street Consumer Discretionary Select Sector SPDR ETF (XLY) lost 0.7%. The VanEck Retail ETF (RTH) was inactive, while the State Street SPDR S&P Retail ETF (XRT) was 0.7% higher.Amer Sports (AS) shares were up more than 3% pre-bell after the company reported Q1 adjusted earnings and revenue.IndustrialThe State Street Industrial Select Sector SPDR ETF (XLI) retreated 0.1%, while the Vanguard Industrials Index Fund (VIS) was 0.1% lower, and the iShares US Industrials ETF (IYJ) gained 0.2%.Allegiant Travel (ALGT) stock was down more than 1% before the opening bell after the company said it is launching eight new nonstop routes beginning in fall 2026, expanding service across Florida leisure markets.EnergyThe iShares US Energy ETF (IYE) was 1.3%, while the State Street Energy Select Sector SPDR ETF (XLE) was up by 0.4%.Equinor (EQNR) stock was up more than 1% before the opening bell after the company said it signed a 5-year agreement with Eneco to supply natural gas from the Norwegian continental shelf.CommoditiesFront-month US West Texas Intermediate crude oil retreated by 0.3% to $108.38 per barrel on the New York Mercantile Exchange. Natural gas was up 1.2% at $3.06 per 1 million British Thermal Units. The United States Oil Fund (USO) increased by 1.5%, while the United States Natural Gas Fund (UNG) was 1.2% higher.Gold futures for May retreated by 0.5% to $4,534.30 an ounce on the Comex. Silver futures fell by 1.7% to $76.13 an ounce. SPDR Gold Shares (GLD) was down by 0.3%, and the iShares Silver Trust (SLV) declined by 1.5%.

Dow JonesNasdaq CompositeS&P 500$AGYS$ALGT$AS$BETH$BITO$EEM$EETH$EQNR$EXI$FAS$FAZ$GLD$IBB$IGM$IGV$IPK$IVV$IWM$IYE$IYH$IYJ$IYK$IYW$PMR$QQQ$RLAY$RTH$SLV$SOXX$SPY$UNG$USO$VDC$VHT$VIS$XLE$XLF$XLI$XLK$XLP$XLV$XLY$XP$XRT$XSD
Sectors

Sector Update: Energy

Energy stocks were advancing premarket Tuesday, with the State Street Energy Select Sector SPDR ETF (XLE) 0.4% higher.The United States Oil Fund (USO) was up 1.2% and the United States Natural Gas Fund (UNG) was 0.8% higher.Front-month US West Texas Intermediate crude oil was 0.5% lower at $108.09 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil fell 1.6% to $110.32 per barrel, and natural gas futures were up 1.2% at $3.06 per 1 million British Thermal Units.Equinor (EQNR) shares were up more than 2% after the company said it signed a 5-year agreement with Dutch energy provider Eneco to supply natural gas from the Norwegian continental shelf.

$EQNR
Asia Markets

Tech Stock Sell-Off, Continued Middle East Standoff Drag US Equity Futures Pre-Bell

US equity futures were edging lower pre-bell Tuesday as technology stocks suffered losses and the Middle East impasse continued with no end in sight.Dow Jones Industrial Average futures were 0.3% lower, S&P 500 futures were down 0.5%, and Nasdaq futures were 0.9% lower.Sell-offs in technology stocks weighed on the broader market. Nvidia (NVDA), slated to report after-bell Wednesday, saw its stock drop 0.8%.President Donald Trump said in a post on Truth Social that he called off a scheduled attack on Iran for Wednesday due to requests from Qatari Emir Tamim bin Hamad Al Thani, Saudi Crown Prince Mohammed bin Salman, and UAE President Mohammed bin Zayed Al Nahyan. The leaders said that "serious negotiations" are underway and a potential deal could be made, according to Trump.Traders noted the latest round of earnings, with Home Depot (HD) posting lower fiscal Q1 adjusted earnings amid higher revenue.Oil prices were lower, with front-month global benchmark North Sea Brent crude down 1.6% at $110.27 per barrel and US West Texas Intermediate crude 1% lower at $103.32 per barrel.Pending home sales for April, scheduled for release at 10 am ET, are expected to be up 1% after a gain of 1.5% in the prior month, according to estimates compiled by Bloomberg.Federal Reserve Philadelphia President Anna Paulson, acting Atlanta President Cheryl Venable and Governor Christopher Waller speak on Tuesday.In other world markets, Japan's Nikkei closed 0.4% lower, Hong Kong's Hang Seng ended 0.5% higher, and China's Shanghai Composite finished 0.9% higher. Meanwhile, the UK's FTSE 100 was up 0.6%, and Germany's DAX index was 1.3% higher in Europe's early afternoon session.In equities, joining Nvidia in the technology stock sell-off were chip firms Taiwan Semiconductor (TSM), Broadcom (AVGO), and Micron Technology (MU). Taiwan Semiconductor stock was down 1.5%, Broadcom shares fell 1.4%, and Micron Technology stock was down 1.9%,On the winning side, Sony (SONY) shares were up 2% after the company said in a post on X that it will raise PlayStation Plus subscription prices for new customers in select regions starting Wednesday, citing market conditions. Equinor (EQNR) stock was up 2.3% after the company said it will supply Eneco with natural gas from Norway's continental shelf for a five-year period. Workday (WDAY) shares were up 2.6% following a Reuters report citing the company's India President Sunil Jose as saying Workday intends to sustain its rapid hiring rate in India while increasing artificial intelligence investments and opening additional offices.

Dow JonesNasdaq CompositeS&P 500$AVGO$EQNR$HD$MU$NVDA$SONY$TSM$WDAY
Commodities

Equinor to Supply Dutch Firm Eneco With Natural Gas Under 5-Year Deal

Norwegian oil company Equinor (EQNR) will supply Dutch energy company Eneco with natural gas from Norway's continental shelf for a 5-year period as per an agreement they have reached, Equinor said on Tuesday.Equinor will deliver the gas to Eneco wholly-owned German subsidiary LichtBlick through the deal whose annual volume is 2.2 terawatt-hours or about 200 million cubic meters per year, with deliveries to Germany having started in April.The statement said that the gas supplied from the Norwegian continental shelf has a greenhouse gas intensity than 9% less than alternative supplies to the German grid.Eneco will buy guarantees of origin from Equinor and named sustainability qualities via the Attributes SAS platform which independently tracks Equinor's greenhouse gas emissions.According to LichtBlick, gas under this contract has around 9% lower greenhouse gas intensity than their alternative sources.Equinor, the single largest supplier of pipeline gas to Europe, said that electrification of offshore facilities and other improvements have lowered its production and transport emissions.

$EQNR
Equities

Equinor Signs 5-Year Natural Gas Supply Agreement With Eneco

Equinor (EQNR) said Tuesday it signed a 5-year agreement with Dutch energy provider Eneco to supply natural gas from the Norwegian continental shelf.The volumes will be delivered to the purchaser's German unit, LichtBlick, by the end of 2030, and the contract covers annual deliveries of about 2.2 terawatt-hours that began in April, the company said.The buyer will also purchase origin guarantees for the fuel, which features a roughly 9% lower greenhouse gas intensity compared to alternative sources, Equinor said.Shares of the company were up 1% in Tuesday premarket activity.

$EQNR
Commodities

Argentina to Grant Tax Benefits to Attract $25 Billion to Vaca Muerta Oil Project

Argentina will include the LLL Oil project, located in the country's Vaca Muerta shale area, in its RIGI incentive program, offering tax benefits and guarantees to attract $25 billion in investment, Horacio Marin, CEO of state oil company YPF said on Linkedin on Friday.Marin said the project was the largest ever included under RIGI and the country's largest-ever export-focused oil project.The YPF-owned project will generate more than $100 billion in export revenue over its lifetime, Marin said. Export revenue is estimated at $6 billion per year from 2032 from 240,000 barrels of daily output drawn from 1,152 wells."For years we said that Vaca Muerta was going to change the story of Argentine energy. Today we're entering this phase," Marin said."What lies ahead in the next two years is unprecedented. We will achieve it with passion and with our people who go the extra mile every day to turn huge challenges into concrete results," he said."We are building a company and an industry of world class."A Bloomberg article on the development said that the company would likely need to attract significant capital from banks and other companies most likely outside the country.It noted that the country has achieved a jump in oil output in recent years after this was stymied by years of regulatory shifts. However, it said that major international oil companies have given the country a wide berth of late.TotalEnergies (TTE), Exxon Mobil (XOM) and Equinor (EQNR) have all divested since President Javier Milei took office more than two years ago, Bloomberg noted.

$EQNR$TTE$XOM
Sectors

Sector Update: Energy Stocks Softer Wednesday Afternoon

Energy stocks were lower Wednesday afternoon, with the NYSE Energy Sector Index decreasing 0.4% and the State Street Energy Select Sector SPDR ETF (XLE) easing 0.2%.The Philadelphia Oil Service Sector Index was down 0.7%, and the Dow Jones US Utilities Index was falling 1.1%.Front-month West Texas Intermediate crude oil was declining 0.4% to $101.81 a barrel, and the global benchmark Brent crude contract was dropping 1.4% to $106.24 a barrel. Henry Hub natural gas futures rose 0.9% to $2.87 per 1 million BTU.In sector news, the International Energy Agency on Wednesday forecast a sharper decline in global oil demand this year than previously expected as the Middle East conflict drives up energy prices. The agency anticipates oil consumption to contract by 420,000 barrels a day in 2026, compared with an 80,000-barrel drop expected last month. Oil demand is projected to plunge by 2.45 million barrels per day in the second quarter.Separately, US crude oil stocks, including those in the Strategic Petroleum Reserve, fell by 12.9 million barrels in the week ended May 8 following a decrease of 7.5 million barrels in the previous week. Excluding inventories in the SPR, commercial crude oil stocks decreased by 4.3 million barrels after a 2.3-million-barrel decline in the previous week, more than the 2.0-million-barrel decrease expected in a survey compiled by Bloomberg.In corporate news, BP (BP) has stopped contract discussions with the US steelworkers' union after the lockout of over 800 employees at its Whiting, Indiana, facility, Reuters reported, citing a statement from the union. BP shares were down 0.9%.Ring Energy (REI) shares dropped 25% after the company overnight said it priced a public offering of about 44.4 million common shares at $1.35 apiece, targeting $60 million in gross proceeds.Equinor (EQNR) plans to hold talks with major European customers on whether they would support ambitious and expensive new projects to recover oil and gas supplies, Bloomberg reported. Equinor shares fell 1.2%.

$BP$EQNR$REI
Oil & Energy

Market Chatter: Equinor Plans to Buy Crude From Costlier German Fields

Equinor (EQNR) is set to hold talks with major European energy consumers to gauge interest in supporting new projects to recover higher-cost oil and gas reserves, Bloomberg reported on Wednesday, citing industry sources.The Norwegian energy giant plans to sound out customers, including Germany, regarding the long-term financial commitments necessary to greenlight these developments.Government officials from Germany, the UK, Belgium, Poland, and the Netherlands are expected to attend a meeting in Oslo on May 18, hosted by gas pipeline operator Gassco, the report said.The discussions come as global energy markets remain volatile due to the ongoing Middle East conflict. Equinor is seeking ways to stabilize output as North Sea production is projected to decline over the next decade.Equinor did not immediately respond to' request for comment.Equinor's strategy includes a long-term goal to increase drilling in the Arctic, as Norway lobbies the European Union to soften its opposition to exploration in the region.The energy firm is among several firms that have drilled for decades in Norway's ice-free waters north of the Arctic Circle.The move to tap costlier wells comes as Norway has emerged as Germany's main supplier of natural gas, accounting for about half of total imports after replacing most of the cheaper pipeline deliveries from Russia, which ended in 2022.(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: $38.29, Change: $-0.23, Percent Change: -0.60%

$EQNR
Equities

Market Chatter: Equinor to Gauge Interest in More Ambitious Oil, Gas Projects

Equinor (EQNR) plans to hold talks with major European customers on whether they would support ambitious and expensive new projects to recover oil and gas supplies, Bloomberg reported Wednesday, citing people familiar with the matter.Equinor will confer with officials from Germany, the UK, Belgium, Poland, and the Netherlands, who are due in Oslo on May 18 for an event hosted by gas pipeline operator Gassco, the report said.Equinor 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.)

$EQNR
Commodities

Equinor Marks 5,000 Gullfaks Cargoes as North Sea Field Extends Lifespan

Equinor (EQNR) completed shipment of oil cargo number 5,000 from the Gullfaks field in the North Sea, marking nearly four decades of production and exports to Europe, the company said Tuesday.Production at Gullfaks began in 1986 with an original operating target through 2007, but the field continues to supply weekly crude cargoes to international buyers nearly two decades later.The field has produced about 2.8 billion barrels of oil equivalent, almost double the company's initial estimate.The Gullfaks field also handles export volumes from the Snorre and Visund fields, along with several subsea developments.Gullfaks crude carries low sulfur content and light oil characteristics, allowing refiners to produce gasoline, diesel, jet fuel, liquefied petroleum gas and naphtha for petrochemical manufacturing.Equinor delivers Gullfaks crude to refineries in Sweden, the UK and Poland, while some shipments also move to the company's Mongstad refinery in Norway, according to the company.The company transports crude through shuttle tankers designed to carry about 800,000 barrels of oil per voyage between the Norwegian continental shelf and European customers."Together, we deliver highly reliable logistics that enable oil to be transported quickly and safely from the Norwegian continental shelf to our customers," said Heidi Aakre, Equinor's head of shipping.Price: $38.30, Change: $+0.08, Percent Change: +0.21%

$EQNR
Wire

EMEA Natural Gas Update: Futures Rise Modestly, Weigh Middle East Peace Plan

European natural gas futures ended the session higher on Friday but slipped in later trade, as markets swung between geopolitical risk tied to US-Iran tensions and growing optimism that diplomacy could ease supply concerns.The front-month Dutch TTF contract rose 0.537% to 43.795 euros ($51.56) per megawatt-hour and the front-month UK NBP contract gained 0.187% to 107.07 British pence ($1.46) per therm.Earlier in the session, TTF briefly hit 45.40 euros/MWh before softening on expectations that Tehran may respond to a US peace proposal after US Secretary of State Marco Rubio said Washington expects a response "today," according to reports.Supply support came from Norway, where extended maintenance at the Troll field cut flows to Europe, tightening near-term availability, but Equinor also brought the Eirin field online, exporting gas via the Gina Krog and Sleipner A platforms, adding new supply.EU gas inventories stand at 34.26% of capacity, down from 41.58% a year ago, according to Gas Infrastructure Europe, leaving storage rebuilding well behind seasonal norms.Equinor (EQNR) CFO Torgrim Reitan reportedly warned Europe is unlikely to reach its 80% storage target ahead of winter, citing weak price incentives and limited supply growth. Speaking on an analysts' call earlier this week, he said this would leave the market more exposed to weather and operational disruptions.Weather risk is compounding the outlook. Forecasters see a 60-70% chance of El Nino this summer, raising the risk of heat and drought that could disrupt LNG logistics, including transit through the Panama Canal. With storage still low and geopolitical risks elevated, analysts warn that volatility into winter could intensify, Montel News reported.Price: $36.86, Change: $-0.05, Percent Change: -0.15%

$EQNR
Asia Markets

European Equities Traded in the US as American Depositary Receipts Heading Lower in Thursday Trading

European equities traded in the US as American depositary receipts were tracking lower late Thursday morning, losing 0.87% to 1,830.89 on the S&P Europe Select ADR Index.From continental Europe, the gainers were led by medical device maker EDAP TMS (EDAP) and accommodations booking company trivago (TRVG), which advanced 12% and 8%, respectively. They were followed by internet advertising firm Criteo (CRTO) and software company SAP (SAP), which increased 3.8% and 3.5%, respectively.The decliners from continental Europe were led by telecommunications company Nokia (NOK) and petroleum refiner Equinor (EQNR), which fell 4.4% and 4.3%, respectively. They were followed by semiconductor company Sequans Communications (SQNS) and pharmaceutical company Ascendis Pharma (ASND), which were down 2.7% and 2.3% respectively.The gainers from the UK were led by biopharmaceutical companies Akari Therapeutics (AKTX) and Biodexa Pharmaceuticals (BDRX), which rose 5.3% and 3.8% respectively. They were followed by communications company WPP (WPP) and hospitality company InterContinental Hotels Group (IHG), which were up 2.7% and 2.3% respectively.The decliners from the UK and Ireland were led by pharmaceutical company Silence Therapeutics (SLN) and biopharmaceutical company Bicycle Therapeutics (BCYC), which lost 4.9% and 3.2% respectively. They were followed by biotech firm Autolus Therapeutics (AUTL) and oil and gas company Shell (SHEL), which dropped 2.7% and 2.6% respectively.

$AKTX$ASND$AUTL$BCYC$BDRX$CRTO$EDAP$EQNR$IHG$NOK$SAP$SHEL$SLN$SQNS$TRVG$WPP
Sectors

Sector Update: Energy Stocks Fall Wednesday

Energy stocks fell Wednesday with the NYSE Energy Sector Index slumping 3.9% and the State Street Energy Select Sector SPDR ETF (XLE) dropping 4.1%.The Philadelphia Oil Service Sector Index shed 2%, and the Dow Jones US Utilities Index dropped 1.5%.Crude prices fell Wednesday amid prospects of a diplomatic breakthrough between the US and Iran.West Texas Intermediate crude oil tumbled 7.1% to $95.03 a barrel, and global benchmark Brent slumped 7.9% to $101.15 a barrel. Henry Hub natural gas futures fell 2.5% to $2.72 per 1 million BTU.US crude oil stocks, including those in the Strategic Petroleum Reserve, fell 7.5 million barrels in the week ended Friday following a decrease of 13.4 million in the previous week. Excluding inventories in the SPR, commercial crude oil stocks dropped 2.3 million barrels after a decline of 6.2 million in the previous week, compared with the decrease of 3.4 million expected in a survey compiled by Bloomberg.In corporate news, Spire (SR) shares fell 4% after the company's fiscal Q2 operating revenue came in below analysts' expectations.Vermilion Energy (VET) reported a Q1 loss following a year-earlier profit. The shares dropped 13%.Equinor (EQNR) shares tumbled 8% after the firm reported Q1 revenue that fell more than Wall Street expected.

$EQNR$SR$VET
Sectors

Sector Update: Energy Stocks Fall Wednesday Afternoon

Energy stocks were lower Wednesday afternoon, with the NYSE Energy Sector Index falling 3.8% and the State Street Energy Select Sector SPDR ETF (XLE) dropping 4.2%.The Philadelphia Oil Service Sector Index was shedding 1.6%, and the Dow Jones US Utilities Index was down 1.2%.The White House is of the view that an agreement with Tehran -- a one-page memorandum of understanding to end the war and set a framework for more detailed nuclear negotiations -- is close, Axios reported, citing two US officials and two other sources briefed on the issue. Washington's MoU, if Iran accepts it, will lead to a gradual reopening of the Strait of Hormuz and lifting of the American blockade on Iranian ports, a person familiar with the matter told Bloomberg.Front-month West Texas Intermediate crude oil sank 7% to $95.14 a barrel, and the global benchmark Brent crude contract slumped 7.4% to $101.72 a barrel. Henry Hub natural gas futures fell 2.5% to $2.72 per 1 million BTU.US crude oil stocks, including those in the Strategic Petroleum Reserve, fell by 7.5 million barrels in the week ended May 1 following a decrease of 13.4 million barrels in the previous week. Excluding inventories in the SPR, commercial crude oil stocks decreased by 2.3 million barrels after a 6.2-million-barrel drop in the previous week, compared with the 3.4-million-barrel decrease expected in a survey compiled by Bloomberg.In sector news, Triton Uranium is considering a US listing through a merger with a special purpose acquisition company in 2026, its president Scott Evans told Reuters, as the company seeks to tap rising demand for nuclear fuel and bolster domestic supply. The Canada-based company has begun development work at its Atlas Project in Uranium City, Saskatchewan, where it controls about 46,742 acres of mineral claims, the report said.In corporate news, Equinor (EQNR) shares fell past 8% after the firm reported Q1 revenue that decreased year on year and missed analysts' estimates.Vermilion Energy (VET) reported a Q1 loss Wednesday of 0.95 Canadian dollar ($0.70) per diluted share, swinging from earnings of CA$0.10 a year earlier. Its shares dropped over 12%.Nano Nuclear Energy (NNE) said Wednesday it has signed a memorandum of understanding with Super Micro Computer (SMCI) to explore the integration of Nano's energy systems with Supermicro's AI server and data center platforms. Nano shares surged 22%.Terrestrial Energy (IMSR) and Riot Platforms (RIOT) said Wednesday they are collaborating to develop a pairing of planned data centers with co-located nuclear plants. Terrestrial shares jumped past 16%.

$EQNR$IMSR$NNE$VET
Sectors

Sector Update: Energy

Energy stocks were lower Wednesday afternoon, with the NYSE Energy Sector Index falling 3.6% and the State Street Energy Select Sector SPDR ETF (XLE) dropping 4.1%.The Philadelphia Oil Service Sector Index was shedding 1.6%, and the Dow Jones US Utilities Index was down 1.2%.In sector news, the White House is of the view that an agreement with Tehran -- a one-page memorandum of understanding to end the war and set a framework for more detailed nuclear negotiations -- is close, Axios reported, citing two US officials and two other sources briefed on the issue. Washington's MoU, if Iran accepts it, will lead to a gradual reopening of the Strait of Hormuz and lifting of the American blockade on Iranian ports, a person familiar with the matter told Bloomberg.Front-month West Texas Intermediate crude oil sank 6.2% to $95.96 a barrel, and the global benchmark Brent crude contract slumped 6.8% to $102.45 a barrel. Henry Hub natural gas futures shed 2.1% to $2.73 per 1 million BTU.In corporate news, Equinor (EQNR) shares fell past 8% after the firm reported Q1 revenue that decreased year on year and missed analysts' estimates.

$EQNR
Asia Markets

European Equities Traded in the US as American Depositary Receipts Climb Sharply Higher in Wednesday Trading

European equities traded in the US as American depositary receipts were tracking higher late Wednesday morning, rising 1.98% to 1,843.18 on the S&P Europe Select ADR Index.From continental Europe, the gainers were led by accommodations booking company trivago (TRVG) and lender ING Group (ING), which advanced 14% and 5% respectively. They were followed by biopharmaceutical company Cellectis (CLLS) and lender Banco Santander (SAN), which climbed 4.8% and 4.2% respectively.The decliners from continental Europe were led by internet advertising firm Criteo (CRTO) and petroleum refiner Equinor (EQNR), which shed 18% and 8.4% respectively. They were followed by semiconductor company Sequans Communications (SQNS) and oil and gas company Eni (E), which dropped 5.8% and 4.5% respectively.The gainers from the UK were led by biopharmaceutical company Akari Therapeutics (AKTX) and insurance company Prudential (PUK), which rose 9.4% and 6.2% respectively. They were followed by mining company BHP Group (BHP) and lender Barclays (BCS), which were up 5.3% and 5.2% respectively.The decliners from the UK and Ireland were led by biopharmaceutical companies Mereo BioPharma Group (MREO) and NuCana (NCNA), which fell 5.1% and 4% respectively. They were followed by oil and gas companies BP (BP) and Shell (SHEL), which lost 3.7% and 2.7% respectively.

$AKTX$BCS$BHP$BP$CLLS$CRTO$E$EQNR$ING$MREO$NCNA$PUK$SAN$SHEL$SQNS$TRVG
Commodities

Orsted Posts Record Renewable Output in Q1

Orsted said Wednesday its renewable energy generation in Q1 reached a record high, with power generation from offshore wind farms and onshore energy assets rising 16% year over year to 11.3 terawatt-hours, driven by project ramp-ups and higher wind speeds.Power generation from offshore wind sources was up 27% versus year-ago levels to 6.9 TWh, helped by a 10% rise in wind speeds and ramp-up at Borkum Riffgrund 3 in Germany and Greater Changhua 4 in Taiwan.Power sales from this segment correspondingly grew to 6.3 TWh over the year from 4.8 TWh.The offshore segment generated 21.29 billion Danish kroner ($3.35 billion) in revenue during the quarter, a 45% jump from the previous year's 14.64 billion kroner.Meanwhile, Orsted's onshore wind and solar assets produced 4.4 TWh of power in Q1, a 3% rise from a year earlier, driven by the commissioning of Badger Wind in the US and Bahren West 1 in Germany.The onshore segment posted a 5% increase in revenue year over year to 886 million kroner.The company's bioenergy and other assets posted a 9% growth in heat generation to 3.5 TWh and a 6% decline in power output to 1.4 TWh.The segment's gas sales improved by 19% to 6.3 TWh, and its power sales inched up 9% to 686 gigawatt-hours.Correspondingly, the segment recorded a 3% rise in revenue to 5.51 billion kroner.Orsted also said it "made significant progress on its construction projects across three continents."In the US, it delivered the first power from the Revolution Wind project to New England and installed the first wind turbines at Sunrise Wind outside New York.In Europe, it has begun installing foundations for Hornsea 3 in the UK and Baltica 2 in Poland.In Taiwan, it said the offshore wind farms Greater Changhua 2b and 4 remain on track for commissioning in Q3.The Danish state is a majority shareholder in Orsted with a 50.1% stake, and Norway's Equinor (EQNR) is the second-largest shareholder with a 10% stake.Price: $37.52, Change: $-3.84, Percent Change: -9.28%

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