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Commodities

Brazil's Petrobras Cuts Imports, Maximizes Refinery Output Amid Global Supply Crunch

Brazil's state-run oil company, Petrobras (PBR), cut its imports of oil products to just 67,000 barrels per day during Q2, its lowest volume on record, due to the ongoing conflict between the US and Iran in the Middle East.In its Production and Sales report for the quarter, released on Tuesday, the state-owned company noted that its imports of diesel, petroleum and LNG had declined by 85.2%, 33.6% and 42%, respectively, as it pushed its own refineries to their limit.The utilization factor across its refineries hit an all-time high of 101.2% during the quarter, surpassing the previous record of 101.1% during Q3 of 2014. In fact, in April and May, the utilization factor touched an unprecedented 102.5%.Due to recent geopolitical developments, with flows through the Middle East becoming highly constrained, "high utilization of refining capacity has been instrumental in increasing domestic oil products supply."At the same time, the company's exports of petroleum products rose by 40.8% year-over-year, to 156,000 barrels per day.Of this, around 35% was sent to China, down from over 51% last year, as the Asian giant also sought to reduce imports amid prevailing higher prices.

$PBR
Commodities

Noble Sees Contract Resequencing Shift Rig Activity as Dayrates Remain Firm, TPH Says

Noble (NE) lowered its fiscal 2026 adjusted EBITDA outlook after contract resequencing offset otherwise resilient offshore drilling activity, TPH Energy Research said in a Tuesday note.Two Petrobras (PBR) floaters reduced Q2 revenue by about $43 million, although adjusted EBITDA still broadly matched TPH's expectations despite the lost contract revenue.Management attributed the weaker outlook to revised schedules for the Noble Viking, Noble Intrepid and Noble Innovator, rather than non-productive time, according to TPH Energy Research in a Tuesday note.The Noble Viking will complete its firm contract in October 2026 in Southeast Asia and could remain idle before customers exercise its remaining two contract options, according to the research firm.BP (BP) transferred the remaining backlog from the Noble Innovator to the Noble Intrepid, freeing the Innovator in September 2026 while extending the Intrepid's contract through September 2027.Four optional wells for the Northern Endurance Partnership could keep the jackup active through most of 2028, TPH said.Noble also moved the Noble Developer's expected contract completion to January 2027 from the prior August 2027 schedule, which had included a five-well option. TPH said the revised timeline likely reflects the customer's plan to retender future Gulf of America drilling work.Floater operating days came in about 2% below TPH's expectations, while average floater dayrates met estimates at about $413,000.Jackup dayrates reached $197,000, above TPH's $179,000 estimate, while reimbursable revenue totaled about $40 million versus TPH's $35 million forecast.Noble also retired the Ocean Apex ahead of TPH's expected 2027 timeline. Management added that tightening market conditions have pushed leading-edge rates for Tier I ultra-deepwater drillships into the mid-$400,000s, TPH said.Adjusted EBITDA totaled $212 million, compared with TPH's $210 million estimate and the Street's $219 million forecast.The company lowered its fiscal 2026 adjusted EBITDA guidance to $850 million to $925 million from $940 million to $1.02 billion, reducing the midpoint by about $93 million, TPH said.Noble maintained its fiscal 2026 capital expenditure guidance at $615 million to $665 million, in line with TPH's $639 million estimate.Second-quarter capital expenditures reached about $205 million, above the Street's $159 million forecast and TPH's $135 million estimate, resulting in negative free cash flow of $59 million versus the Street's negative $9 million forecast and TPH's positive $53 million estimate.Price: $39.29, Change: $-3.82, Percent Change: -8.86%

$BP$NE$PBR
Commodities

Update: Market Chatter: Petrobras Eyes Bolivia Upstream Return, YPFB Partnership

(Updates with Bolivia's Ministry of Hydrocarbons and Energy response in paragraphs 4-5.)Petrobras (PBR) and Bolivia will start technical discussions next week as the Brazilian state oil firm weighs re-entering the country's upstream sector, with the talks also expected to cover cooperation with state energy company YPFB, Reuters reported Thursday, citing Energy Minister Marcelo Blanco.Energy Minister Marcelo Blanco said Petrobras is willing to help restructure YPFB. He added the talks will assess the company's role in Bolivia's energy sector, but gave no investment details or timeline.Bolivia expects updated oil and gas reserve estimates by the end of last year next week after an independent firm completes its assessment, YPFB President Sebastian Daroca said.Bolivia's Ministry of Hydrocarbons and Energy toldin an emailed response that Petrobras and Bolivian authorities agreed during a Wednesday meeting to establish technical roundtables to further discuss issues of mutual interest and evaluate opportunities for cooperation.Petrobras recognizes the importance of strengthening institutional dialogue with Bolivia and jointly developing a technical agenda, the ministry added.Petrobras and YPFB 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.)

$PBR
Commodities

Market Chatter: Petrobras Eyes Bolivia Upstream Return, YPFB Partnership

Petrobras (PBR) and Bolivia will start technical discussions next week as the Brazilian oil company weighs re-entering the country's upstream sector, with the talks also expected to cover cooperation with state energy company YPFB, Reuters reported Thursday, citing Energy Minister Marcelo Blanco.Energy Minister Marcelo Blanco said Petrobras is willing to help restructure YPFB. He added the talks will assess the company's role in Bolivia's energy sector, but gave no investment details or timeline.Bolivia expects updated oil and gas reserve estimates by the end of last year next week after an independent firm completes its assessment, YPFB President Sebastian Daroca said.Bolivia's Ministry of Hydrocarbons and Energy, Petrobras, and YPFB 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.)

$PBR
Sectors

Sector Update: Energy Stocks Gain Wednesday Afternoon

Energy stocks were higher Wednesday afternoon, with the NYSE Energy Sector Index rising 1.3% and the State Street Energy Select Sector SPDR ETF (XLE) adding 1.1%.The Philadelphia Oil Service Sector Index was climbing 1.9%, and the Dow Jones US Utilities Index was decreasing 0.4%.Crude oil prices jumped after President Donald Trump threatened additional strikes against Iran tonight, saying the ceasefire with Tehran was over. The US struck Iran on Tuesday after Tehran attacked three tankers that crossed the Strait of Hormuz. Iran's Islamic Revolutionary Guard Corps hit US military targets across Bahrain and Kuwait in retaliation to Washington's attacks, CNN reported. The US will likely hit Iran again tonight, Trump said Wednesday at a NATO summit in Turkey.Front-month West Texas Intermediate crude oil jumped 6.1% to $74.72 a barrel, and the global benchmark Brent crude contract climbed 6.6% to $79.08 a barrel. Henry Hub natural gas futures fell 1.3% to $3.22 per 1 million BTU.US crude oil stocks, including those in the Strategic Petroleum Reserve, fell by 3.2 million barrels in the week ended July 3 following a decrease of 9.3 million barrels in the previous week. Excluding inventories in the SPR, commercial crude oil stocks rose by 3.0 million barrels after a 3.8-million-barrel decline in the previous week, compared with a 1.9-million-barrel drop expected in a survey compiled by Bloomberg.In corporate news, Chevron (CVX) unit Chevron Technical Center and ZL Chemicals signed a technology licensing deal that allows ZL Chemicals to commercialize Chevron-developed chemical surfactant technology, the companies said Wednesday. Chevron shares were up 1%.Baker Hughes (BKR) will provide power generation services to support Kodiak Gas Services' (KGS) energy infrastructure initiatives under a new multiyear agreement, the companies said. Baker Hughes shares climbed 4.1%.Petrobras (PBR) has signed a settlement agreement with Brazil's oil regulator ANP to bring 335 offshore wells into compliance with well integrity regulations by Dec. 31, 2030, according to a translation of a statement from the regulator. Petrobras shares rose 2.8%.

$BKR$CVX$PBR
Sectors

Sector Update: Energy Stocks Advance Pre-Bell Wednesday

Energy stocks were advancing pre-bell Wednesday, with the State Street Energy Select Sector SPDR ETF (XLE) up 1.7%.The United States Oil Fund (USO) was up 2.4% and the United States Natural Gas Fund (UNG) was 0.9% higher.Front-month US West Texas Intermediate crude oil was 4.8% higher at $73.81 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil rose 5.1% to $77.91 per barrel, and natural gas futures were up 1.2% at $3.30 per 1 million British Thermal Units.Exxon Mobil (XOM) stock was up more than 1% after the company said in a filing that changes in oil prices could raise its Q2 upstream earnings by $3.5 billion to $3.9 billion, while changes in gas prices could either result in a $200 million loss or a similar gain.Petrobras (PBR) has signed a settlement agreement with Brazil's oil regulator ANP to bring 335 offshore wells into compliance with well integrity regulations by Dec. 31, 2030, according to a translation of a statement from the regulator. Shares of Petrobras were up more than 2% pre-bell.Baker Hughes (BKR) will provide power generation solutions to support Kodiak Gas Services' (KGS) expanding energy infrastructure initiatives under a new multi-year agreement, the companies said. Baker Hughes stock was up more than 1% premarket.

$BKR$KGS$PBR$UNG$USO$XLE$XOM
Commodities

Exchange-Traded Funds, Equity Futures Lower Pre-Bell Wednesday as Trump Declares US-Iran Agreement Over

The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was down 0.5%, and the actively traded Invesco QQQ Trust (QQQ) retreated 0.8% in Wednesday's premarket activity, as President Donald Trump's declaration that the interim US-Iran agreement had ended fueled concerns about renewed conflict, sending oil prices higher and weighing on risk assets.US stock futures were also lower, with S&P 500 Index futures down 0.9%, Dow Jones Industrial Average futures slipping 1.1%, and Nasdaq futures falling 1.3% before the start of regular trading.Mortgage applications fell by 2.2% in the week ended July 3, with refinancing activity and new home applications both pushed lower by an uptick in average 30-year fixed mortgage rates, according to Mortgage Bankers Association data released Wednesday.May's wholesale inventories data will be released at 10:00 am ET, followed by the weekly oil stocks data at 10:30 am ET.The minutes of the June 16-17 Federal Open Market Committee meeting are slated for a 2:00 pm ET release.May consumer credit data posts at 3:00 pm ET.In premarket action, bitcoin was down by 2.2%. Among cryptocurrency ETFs, the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 2.2% lower, Ether ETF (EETH) retreated 2.3%, and Bitcoin & Ether Market Cap Weight ETF (BETH) was flat.Power Play:IndustrialThe State Street Industrial Select Sector SPDR ETF (XLI) retreated by 0.5%, while the Vanguard Industrials Index Fund (VIS) and the iShares US Industrials ETF (IYJ) fell about 1.5%.FuelCell Energy (FCEL) stock was down more than 19% before the opening bell after the company priced its offering of about 10.7 million common shares at $21 per share for gross proceeds of $225 million.Winners and Losers:ConsumerThe State Street Consumer Staples Select Sector SPDR ETF (XLP) was up 0.8%, the Vanguard Consumer Staples Index Fund ETF Shares (VDC) gained by 0.8%, and the iShares US Consumer Staples ETF (IYK) was inactive. The State Street Consumer Discretionary Select Sector SPDR ETF (XLY) lost 0.9%. The VanEck Retail ETF (RTH) was inactive, while the State Street SPDR S&P Retail ETF (XRT) was down 0.2%.Alibaba Group (BABA) shares surged more than 9% pre-bell after news reports of a positive pre-earnings business update showing narrowing losses, and a Bloomberg News report of a victory in a US federal court.FinancialThe State Street Financial Select Sector SPDR ETF (XLF) retreated by 0.4%. Direxion Daily Financial Bull 3X Shares (FAS) was down 0.9%, while its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), was 1.3% higher.Banco Santander (SAN) shares traded down 3% in early hours activity, extending losses after a 1.3% fall in the previous day's session. The Financial Times reported that the bank has overhauled its Asia-Pacific corporate and investment banking business, removing its top banker in Beijing, tightening employee oversight, and cutting staff perks as part of a cost-cutting driveHealth CareThe State Street Health Care Select Sector SPDR ETF (XLV) retreated by 0.1%, the Vanguard Health Care Index Fund (VHT) rose 1%, while the iShares US Healthcare ETF (IYH) slipped 0.1%. The iShares Biotechnology ETF (IBB) was 0.3% lower.AstraZeneca (AZN) stock was down more than 1% premarket after gaining 1.6% at the prior close. Sino Biopharmaceutical said AstraZeneca has signed a deal worth up to $2.1 billion with its Chia Tai Tianqing Pharmaceutical unit to develop, manufacture, and commercialize the chronic respiratory disease drug candidate TQC3721.TechnologyThe State Street Technology Select Sector SPDR ETF (XLK) retreated 1.1%, and the iShares US Technology ETF (IYW) was 0.8% lower, while the iShares Expanded Tech Sector ETF (IGM) was down 1.3%. Among semiconductor ETFs, the State Street SPDR S&P Semiconductor ETF (XSD) fell 2%, while the iShares Semiconductor ETF (SOXX) declined by 1.4%.Intel (INTC) shares were down more than 1% in premarket activity, after a 9.7% fall in Tuesday's close. SambaNova Systems, backed by Intel, said it raised $1 billion in the first close of its Series F funding round at an $11 billion valuation, with General Atlantic leading the investment.EnergyThe iShares US Energy ETF (IYE) rose 3.1%, while the State Street Energy Select Sector SPDR ETF (XLE) was up by 1.4%.Petrobras (PBR) stock was up more than 1% before market open after the company said that it signed a settlement agreement with Brazil's oil regulator, ANP, to bring 335 offshore wells into compliance with well integrity regulations by Dec. 31, 2030.CommoditiesFront-month US West Texas Intermediate crude oil advanced by 5.2% to $74.09 per barrel on the New York Mercantile Exchange. Natural gas was down by 0.6% to $3.29 per 1 million British Thermal Units. The United States Oil Fund (USO) gained by 2.1%, while the United States Natural Gas Fund (UNG) was 1.2% higher.Gold futures for July were down by 2.1% to $4,070.30 an ounce on the Comex. Silver futures retreated by 3.6% to $59.13 an ounce. SPDR Gold Shares (GLD) decreased by 0.8%, and the iShares Silver Trust (SLV) was 2.7% lower.

Dow JonesNasdaq CompositeS&P 500$AZN$BABA$BETH$BITO$EEM$EETH$EXI$FAS$FAZ$FCEL$GLD$IBB$IGM$IGV$INTC$IPK$IVV$IWM$IYE$IYH$IYJ$IYK$IYW$PBR$PMR$QQQ$RTH$SAN$SLV$SOXX$SPY$UNG$USO$VDC$VHT$VIS$XLE$XLF$XLI$XLK$XLP$XLV$XLY$XRT$XSD
Equities

Petrobras Signs Settlement With Brazil's Oil Regulator to Upgrade 335 Offshore Wells, Pay $580.6 million

Petrobras (PBR) has signed a settlement agreement with Brazil's oil regulator ANP to bring 335 offshore wells into compliance with well integrity regulations by Dec. 31, 2030, according to a translation of a Tuesday statement from the regulator.The agreement ends a long-running dispute over temporarily abandoned offshore wells, the regulator said. Petrobras will pay 300 million Brazilian Reais ($580.6 million) in compensation, including 105 million Brazilian Reais within 30 days and the balance in 48 monthly installments, ANP said.The company has also agreed to submit semiannual progress reports, share technical data with the regulator, join an emergency response cooperation program, and provide tools for interventions in wells transferred to other operators, the regulator said.

$PBR
Commodities

Market Chatter: Petrobras CEO Sees Oil Prices Settling at $72-$75 Range

The crude oil market has yet to fully stabilize following the US-Iran deal, but a Brent price of $72 to $75 per barrel appears to be the new range, Brazil's state-run Petrobras (PBR) chief executive Magda Chambriard told Reuters.The recent decline in crude oil prices was reflected in the company's decision to cut diesel prices for distributors, Chambriard said in an interview with Reuters on Tuesday.The 0.3515 Brazilian real ($0.07) per liter reduction in diesel prices will reportedly compensate for the withdrawn government subsidy, effectively keeping prices unchanged for buyers.has reached out to Petrobras to seek further information about other possible fuel price reductions.(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.)

$PBR
Commodities

Brazil's Petrobras Cuts Diesel Price, Ends Temporary Discount, Leaving Prices Unchanged

Brazil's state-owned petroleum giant Petrobras (PBR) said on Tuesday that it will reduce the sales price of diesel for distributors, starting from July 1.The company said in a statement that prices will be reduced by 0.3515 Brazilian reals ($0.068) per liter, citing recent shifts in the domestic and international markets for oil and derivatives.However, it also said that it was suspending a temporary discount of the same amount, which was part of the economic subsidy measure introduced in May. As a result, its prices to distributors remained unchanged, at an average value of 3.30 reais per liter.Additionally, the Brazilian government said earlier in the day that it would cut a subsidy of 0.35 reais per liter starting from July. The subsidy was part of the government's measures to limit the impact of higher global oil prices, according to a Reuters report.

$PBR
Oil & Energy

Petrobras Approves $1.2 Billion RD, SAF Plant as China Fuel Exports Accelerate, TPH Energy Says

Petrobras (PBR) approved a 230-million-gallon renewable diesel and sustainable aviation fuel plant in Brazil, while China and Paraguay advanced their renewable fuel initiatives, TPH Energy said in a note on Wednesday.Petrobras plans to begin construction of the Sao Paulo facility later in 2026, with startup targeted for 2030, under a project carrying a $1.2 billion investment.Brazil's Fuel of the Future law will require an increase in sustainable aviation fuel use beginning next year, according to TPH Energy.China exported 310,000 metric tons of used cooking oil in May 2026, up 44% from the previous month and 62% from the year before. The volume marked the country's highest monthly total in the past 18 months, with the US receiving nearly one-quarter of shipments.Consultancy JLC expects China's renewable diesel and SAF exports to rise to 1.32 million metric tons, or 414 million gallons, in 2026 from 0.98 million metric tons, or 307 million gallons, in 2025, supported by stronger European demand and Germany's recently approved 2026-2040 renewable fuel targets.Paraguay is raising its diesel biofuel blending mandate from 5% to 8%- 10% to cut fuel costs and support environmental objectives. The country will likely rely on imports to meet the higher requirement because domestic capacity for renewable diesel and biodiesel remains limited, TPH Energy said.Price: $16.43, Change: $-0.61, Percent Change: -3.55%

$PBR
Sectors

Sector Update: Energy Stocks Rise Late Afternoon

Energy stocks rose late Tuesday afternoon with the NYSE Energy Sector Index increasing 0.3% and the State Street Energy Select Sector SPDR ETF (XLE) adding 0.8%.The Philadelphia Oil Service Sector Index eased 0.1%, and the Dow Jones US Utilities Index gained 0.9%.West Texas Intermediate crude oil fell 0.7% to $73.31 a barrel, and global benchmark Brent declined 1% to $77.13 a barrel. Henry Hub natural gas futures dropped 3.2% to $3.15 per 1 million BTU.In corporate news, the US Supreme Court reversed and remanded rulings by lower courts, reviving Exxon Mobil's (XOM) lawsuit seeking more than $1 billion in damages from Cuban government-owned companies over assets confiscated after Fidel Castro seized of power in 1959. Exxon shares rose 1.2%.Petrobras (PBR) signed a memorandum of understanding with Petroleos Mexicanos to cooperate in areas of exploration and production, and industrial processes. Petrobras shares were little changed.Walmart (WMT) will buy nuclear power from Constellation Energy (CEG) under a long-term agreement split into two 15-year terms. Constellation shares fell 1.6%.Energy Fuels (UUUU) agreed to acquire Germany-based magnetics manufacturer Vacuumschmelze and related entities, collectively known as VAC, from private equity firm Ara Partners in a deal with an equity value of $1.9 billion. Energy Fuels shares fell 3.9%.

$CEG$PBR$UUUU$XOM
Wire

Update: Petrobras, Petroleos Mexicanos Sign MoU Focused on Exploration in Gulf of Mexico, Industrial Processes

(Updates to rewrite with Petrobras' press release.)Petroleo Brasileiro (PBR), known as Petrobras, said Tuesday it has signed a memorandum of understanding with Petroleos Mexicanos to jointly cooperate in areas of exploration and production, and industrial processes in the hydrocarbon industry.The two state-owned companies will evaluate initiatives aimed at revitalization of mature fields, seismic reprocessing, and exploration of opportunities in deepwater and ultra-deepwater areas like the Gulf of Mexico, Petrobras said, according to a Google translation.The MoU further entails cooperation opportunities in refining, petrochemicals, fertilizers, gas processing as well as the production of lower-carbon-intensity fuels, while also sharing best practices related to safety, operational and environmental protection, the company said, as per a Google translation.

$PBR
Sectors

Sector Update: Energy

Energy stocks rose late Tuesday afternoon, with the NYSE Energy Sector Index increasing 0.2% and the State Street Energy Select Sector SPDR ETF (XLE) adding 0.7%.The Philadelphia Oil Service Sector Index was fractionally lower, and the Dow Jones US Utilities Index was up 0.7%.Front-month West Texas Intermediate crude oil decreased 0.7% to $73.31 a barrel, and the global benchmark Brent crude contract fell 1% to $77.13 a barrel. Henry Hub natural gas futures dropped 3% to $3.16 per 1 million BTU.In corporate news, Petrobras (PBR) and Petroleos Mexicanos signed a non-binding memorandum of understanding focused on oil exploration and production in the Gulf of Mexico, Bloomberg reported, citing the companies' chief executives. Petrobras shares were down 0.1%.

$PBR
Wire

Market Chatter: Petrobras, Petroleos Mexicanos Sign Oil Exploration, Refining Deal

Petroleo Brasileiro (PBR), known as Petrobras, and Petroleos Mexicanos signed a non-binding memorandum of understanding focused on oil exploration and production in the Gulf of Mexico, Bloomberg reported Tuesday, citing the companies' chief executives.The agreement also calls for joint cooperation on refining, natural gas, and petrochemicals, the report said, adding the collaboration will go beyond the gulf, given other opportunities to increase production of heavy and super heavy crude from Mexico's maturing oil fields and in natural gas.Petrobras and Petroleos Mexicanos 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: $17.09, Change: $+0.07, Percent Change: +0.44%

$PBR
Wire

Sector Update: Energy Stocks Rise Late Afternoon

Energy stocks were rising late Monday afternoon, with the NYSE Energy Sector Index adding 0.9% and the State Street Energy Select Sector SPDR ETF (XLE) advancing 1.3%.The Philadelphia Oil Service Sector Index was up 0.7%, and the Dow Jones US Utilities Index rose 0.5%.Oil prices fell after reports that Iran has agreed with the US to allow international nuclear inspectors back into the country. US Vice President JD Vance said Monday that Iran agreed to admit inspectors from the International Atomic Energy Agency in the country, according to media reports.Front-month West Texas Intermediate crude oil fell 2.1% to $74.27 a barrel, and the global benchmark Brent crude contract dropped 2.9% to $78.26 a barrel. Henry Hub natural gas futures advanced 0.5% to $3.25 per 1 million BTU.In corporate news, ConocoPhillips (COP) shares gained 1.8% after Roth Capital Partners upgraded the stock to buy from neutral and raised its price target to $130 from $124.Chevron (CVX) has agreed to build a power plant in West Texas to supply electricity to a data center operated by Microsoft (MSFT) as part of a 20-year power purchase deal. Chevron shares rose 0.7%.BP (BP) and Eni's (E) joint venture Azule Energy approved the development of the Greater PAJ offshore oil project in Angola, Reuters reported, citing comments from company and government officials at a signing ceremony. BP and Eni shares added 1.7% and 1.1% respectively.Petrobras (PBR) shares rose 1.4%. The company said Friday its board approved a final investment decision for a biorefining project with an investment of about $1.2 billion at its Presidente Bernardes refinery in Sao Paulo state.

$BP$COP$CVX$E$PBR
Sectors

Sector Update: Energy

Energy stocks were rising late Monday afternoon, with the NYSE Energy Sector Index adding 1% and the State Street Energy Select Sector SPDR ETF (XLE) advancing 1.1%.The Philadelphia Oil Service Sector Index was up 0.2%, and the Dow Jones US Utilities Index rose 0.5%.Front-month West Texas Intermediate crude oil fell 2.3% to $74.09 a barrel, and the global benchmark Brent crude contract dropped 3% to $78.12 a barrel. Henry Hub natural gas futures advanced 0.6% to $3.25 per 1 million BTU.In corporate news, Petrobras (PBR) shares rose 1.3%. The company said Friday its board approved a final investment decision for a biorefining project with an investment of about $1.2 billion at its Presidente Bernardes refinery in Sao Paulo state.

$PBR
Wire

Petrobras Approves $1.2 Billion Renewable Fuels Project in Brazil

Petrobras (PBR) said Friday its board approved a final investment decision for a biorefining project with an investment of about $1.2 billion at its Presidente Bernardes refinery in Sao Paulo state.The plant will have a production capacity of up to 15,000 barrels per day of bio-jet fuel and renewable diesel, with operations expected to begin in 2030, the company said.Petrobras said construction is expected to start by the end of 2026, and the project is included in its 2026-2030 business plan.Price: $16.87, Change: $+0.12, Percent Change: +0.72%

$PBR
Commodities

Petrobras Approves $1.2 Billion Investment in Biodiesel, Biojet Refining Unit

The board of Brazil's state-controlled oil company Petrobras (PBR) has approved a $1.2 billion investment to add a biorefining unit to the Presidente Bernardes Refinery in Cubatao, Sao Paulo state, the company said on Friday.The company will now proceed with contracting and execution of agreements, it said, while construction work should begin by the end of this year. The project was already included in the company's business plan through 2030 prior to the final approval.The unit will have capacity to produce up to 15,000 barrels per day of renewable jet fuel and renewable diesel from 2030. Its products will help advance compliance with the CORSIA or Carbon Offsetting and Reduction Scheme for International Aviation and help to meet Brazil's Future Fuel Law, it said.

$PBR
Sectors

Sector Update: Energy Stocks Rise Late Afternoon

Energy stocks were higher late Wednesday afternoon, with the NYSE Energy Sector Index rising 1.9% and the State Street Energy Select Sector SPDR ETF (XLE) climbing 1.8%.The Philadelphia Oil Service Sector Index was adding 0.7%, and the Dow Jones US Utilities Index decreased 0.1%.Crude oil prices rose Wednesday after President Donald Trump said Iran will have to "pay the price" for taking too long to agree to a peace deal. US forces launched airstrikes Tuesday against Iran after Tehran shot down an American Apache helicopter, Central Command said. Iran launched retaliatory strikes on American military bases across Jordan, Kuwait, and Bahrain, media reports said.Front-month West Texas Intermediate crude oil rose 2.5% to $90.42 a barrel, and the global benchmark Brent crude contract added 2.1% to $93.41 a barrel. Henry Hub natural gas futures advanced 1.2% to $3.18 per 1 million BTU.In sector news, US crude oil stocks, including those in the Strategic Petroleum Reserve, fell by 15.2 million barrels in the week ended June 5 following a decrease of 16.0 million barrels in the previous week. Excluding inventories in the SPR, commercial crude oil stocks fell by 7.2 million barrels after an 8.0-million-barrel decline in the previous week and compared with a 2.2-million-barrel decrease expected in a survey compiled by Bloomberg.Separately, OpenAI is in advanced talks to lease a proposed 10-gigawatt data center campus on federal land in Ohio, The Information reported. The AI company is discussing a 20-year lease for the site, which is currently being developed by SoftBank Group unit SB Energy on US Department of Energy property, the report said.In corporate news, Devon Energy (DVN) shares jumped nearly 6% after Evercore ISI upgraded the stock to outperform from in line with a $54 price target. Devon said it expects the combined company following its merger with Coterra Energy to produce an average of 1.38 million barrels of oil equivalent per day in 2026, including 500,000 barrels per day of oil.APA (APA) shares gained 4.3% after the company said Wednesday it has agreed to acquire Savant Alaska for about $70 million in upfront consideration, plus contingent payments related to the development of APA's eastern North Slope portfolio.Petrobras (PBR) agreed to acquire a 50% stake in the Itaimbezinho block in the offshore Campos Basin in southeastern Brazil from Equinor (EQNR) unit Equinor Brasil Energia for an undisclosed amount. Petrobras shares rose 2.1%, and Equinor climbed 2.7%.Entergy (ETR) shares added 1% after Evercore ISI upgraded the company to outperform from in line and lifted its price target to $121 from $115.

$APA$DVN$EQNR$ETR$PBR

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