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Venture Global

Venture Global

$VG
NYSEEnergy

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RBC Capital Markets maintained a positive view after Venture Global expanded a long-term LNG supply agreement, adding contracted capacity amid strong US export demand.

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Commodities

Venture Global's New EnBW LNG Deal Reflects Continued Demand, Positive Development, RBC Says

Venture Global (VG) secured a new five-year LNG supply agreement with EnBW covering 0.82 million tons per annum, a development that RBC Capital Markets viewed positively in a Wednesday note.RBC said the contract adds another layer of committed sales for Venture Global and highlights continued customer demand for dependable LNG supply despite a softer commodity price environment.Although Venture Global did not disclose pricing terms, RBC estimated the agreement likely falls within a $4/MMbtu to $4.5/MMbtu range, reflecting its shorter duration compared with the company's longer-term contracts priced around $2/MMbtu.The brokerage maintained a neutral near-term view on the stock, noting Venture Global shares may continue trading in line with Title Transfer Facility prices, which remain about 17% below levels seen before the recent US-Iran ceasefire announcement.The agreement starts in 2026 and comes on top of an existing 2 million-tons-per-annum arrangement with EnBW. RBC said Venture Global could source volumes from Plaquemines LNG and commissioning cargoes from CP2, with first LNG from CP2 targeted for the second half of 2027.Price: $11.07, Change: $+0.01, Percent Change: +0.14%

$VG
Commodities

Midstream Stocks Fall as Investors Weigh Iran Peace Deal, RBC Says

Midstream energy stocks fell sharply over the past week as oil prices tumbled and investors reacted to easing tensions in the Middle East, RBC analysts said in a note on Thursday.The Alerian MLP Index, a widely followed benchmark for pipeline and energy infrastructure companies, dropped 4.5% in the week ended June 17, underperforming the S&P 500, which gained 2.1%.The decline came as US crude oil prices fell 16% to about $76 per barrel following an Iran peace agreement that reduced concerns about potential supply disruptions. Natural gas prices were largely unchanged.Despite the recent pullback, midstream stocks remain among the stronger-performing energy sectors this year. The Alerian index is up 11.8% year-to-date, ahead of utilities and the broader market, though it trails gains in some oilfield services and exploration-and-production stocks.Companies with business models less exposed to commodity price swings held up relatively well during the selloff. Shares of Kodiak Gas Services, Archrock and MPLX outperformed the broader midstream sector.Venture Global was among the biggest losers, falling nearly 17% during the week. RBC said the decline reflected a sharp drop in European natural gas prices after the Iran agreement reduced concerns about global energy supplies.Beyond market performance, industry executives and policymakers gathered in Washington this week focused heavily on efforts to streamline federal permitting for major infrastructure projects, including pipelines, power transmission lines and facilities needed to support the rapid growth of artificial intelligence.RBC said conference attendees expressed cautious optimism that permitting reform could advance this year, citing support from clean-energy developers, technology companies, environmental groups and the administration, which has increasingly framed infrastructure development as a national security priority.Industry advocates are also pushing for changes to tax rules governing master limited partnerships to broaden investor participation and improve access to capital.Looking ahead, RBC said investors are likely to remain focused on how fluctuating oil and gas prices affect production activity, corporate earnings and future infrastructure investment plans.Price: $67.52, Change: $+0.97, Percent Change: +1.46%

$AROC$KGS$MPLX$VG
Sectors

Sector Update: Energy Stocks Decline Premarket Thursday

Energy stocks were declining premarket Thursday, with the State Street Energy Select Sector SPDR ETF (XLE) down 0.6%.The United States Oil Fund (USO) was down 1.8% and the United States Natural Gas Fund (UNG) was 0.6% lower.Front-month US West Texas Intermediate crude oil was 2.3% lower at $75.06 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil lost 1.5% to $78.39 per barrel, and natural gas futures were down 0.3% at $3.14 per 1 million British Thermal Units.Equinor (EQNR) and its partners have selected the development concept for the Ringvei Vest project in the Norwegian North Sea, which is expected to contribute about 240 million barrels of oil equivalent, the company said. Equinor stock was down more than 4% pre-bell.Venture Global (VG) signed new binding agreements with German energy company EnBW to supply 820,000 tonnes per annum of US liquefied natural gas over a period of five years beginning in 2026, the LNG producer said. Venture Global shares were 0.4% lower premarket.

$EQNR$UNG$USO$VG$XLE
Commodities

Venture Global, Germany's EnBW Expand Partnership With New LNG Purchase Agreement

US LNG exporter Venture Global (VG) entered an agreement on Wednesday to supply 820,000 tonnes per annum of liquefied natural gas to German utility EnBW, the country's third-largest energy company, over the next five year.This adds to their existing 2 million tonnes per annum in purchase agreements for 20 years, as Germany, along with the rest of Europe, is increasingly looking to strengthen its energy security.Venture Global CEO Mike Sabel said its "dynamic marketing platform" uniquely positions it to provide steady supplies "across the short, medium, and long term."

$VG
Equities

Venture Global Signs New LNG Agreements With EnBW

Venture Global (VG) signed new binding agreements with German energy company EnBW to supply 820,000 tonnes per annum of US liquefied natural gas over a period of five years beginning in 2026, the LNG producer said late Wednesday.Financial details weren't disclosed.The LNG will be supplied from Venture Global's portfolio, adding to the existing long-term sales and purchase deals between the companies covering 2 million tonnes per annum for 20 years, the company said.

$VG
Equities

Venture Global Insider Sold Shares Worth $12,875,166, According to a Recent SEC Filing

Keith D Larson, General Counsel and Secretary, on June 15, 2026, sold 1,111,111 shares in Venture Global (VG) for $12,875,166.SEC Filing:https://www.sec.gov/Archives/edgar/data/2007855/000205085726000008/xslF345X05/primarydocument.xml

$VG
Sectors

Sector Update: Energy Stocks Higher Late Afternoon

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

$BP$SHEL$VG$WDS$XOM
Sectors

Sector Update: Energy

Energy stocks rose late Friday afternoon with the NYSE Energy Sector Index increasing 0.6% and the State Street Energy Select Sector SPDR ETF (XLE) adding 0.9%.The Philadelphia Oil Service Sector Index advanced 0.2%, and the Dow Jones US Utilities Index rose 1.1%.Oil prices fell following media reports that the US and Iran are nearing a potential peace deal, just days after the two sides exchanged strikes in a sharp escalation of tensions since a ceasefire in April.West Texas Intermediate crude oil fell 3.8% to $84.34 a barrel, and global benchmark Brent dropped 3.9% to $86.88 a barrel. Henry Hub natural gas futures rose 1.1% to $3.12 per 1 million BTU.In corporate news, Venture Global (VG) shares were rising 2.8%. The company said late Thursday it closed an offering of $1.13 billion of 6.375% senior secured notes due Dec. 15, 2034, and $1.13 billion of 6.625% senior secured notes due June 15, 2036.

$VG
Commodities

Venture Global Strengthens Contracted LNG Portfolio With Latest Deal, RBC Says

RBC Capital Markets maintained a positive view on Venture Global (VG) after the company expanded a long-term LNG supply agreement, citing additional contracted capacity and continued demand for US exports, the firm said in a note on Thursday.Venture Global increased volumes under a 20-year sales and purchase agreement with Greece-based Atlantic-SEE, lifting annual supply commitments to 1 million metric tons from 500,000 mt beginning in 2030, RBC said.The firm said the agreement further builds Venture Global's portfolio of long-term contracted volumes and reinforces recent market signals that global buyers continue to seek reliable US LNG supplies.Although Venture Global did not disclose pricing details, RBC believes the contract likely reflects terms near $2.25 per million British thermal units, broadly in line with the company's long-term CP2 agreements.The added 500,000 mt per annum raises CP2 capacity contracted under long-term agreements to about 19 million mtpa, equivalent to roughly 95% of the project's 20 million-mt nameplate capacity, according to RBC.The contracted volume represents about 66% of CP2's expected peak capacity of 29 million mtpa, excluding potential expansion projects, and added that investors could view the incremental commitment favorably despite its relatively modest size.RBC assigns an outperform rating and a $16 price target to Venture Global, based on a sum-of-the-parts valuation that applies 13x EBITDA to contracted volumes and 11x to uncontracted volumes.Price: $13.14, Change: $+0.39, Percent Change: +3.06%

$VG
Wire

RBC Highlights Preferred Midstream Names as Earnings Season Approaches

BP's midstream benchmark fell 1.6% over the week ended June 11, but still delivered a 16.4% gain so far this year, outperforming the S&P 500's 8.0% advance, RBC Capital Markets said Friday.The sector also outperformed utilities by 1,314 basis points and real estate investment trusts by 160 basis points this year, although it lagged oilfield services by 3,319 basis points and exploration and production companies by 1,306 basis points, RBC said.Commodity prices weakened during the week, with front-month West Texas Intermediate crude dropping about 6% to roughly $88 per barrel and Henry Hub natural gas falling about 7.5% to $3.09 per million British thermal units, according to RBC.Archrock (AROC) led performance among RBC-covered companies with a 3.7% gain, supported by continued strength in the compression market, while Sunoco (SUN) fell 4.4% as investors likely locked in profits, the firm said.C-corporations gained 0.1%, outperforming master limited partnerships, which declined 1.6%.RBC estimates its coverage universe trades at an average 2027 enterprise value-to-adjusted EBITDA multiple of 10.0x and expects midstream stocks to remain sensitive to Iran-related developments that influence commodity prices.The firm said companies with greater perceived commodity exposure, including Targa Resources (TRGP), ONEOK (OKE), and Kinetik Holdings (KNTK), as well as liquefied natural gas-focused names such as Venture Global (VG) and Cheniere Energy (LNG), could react most sharply to geopolitical headlines.Kinder Morgan will kick off the second-quarter earnings season for RBC's coverage universe on July 22. RBC expects management to discuss geopolitical and macroeconomic conditions, stronger export activity, commodity-price support, and growth opportunities across its project pipeline.Among its preferred investments, RBC highlighted Cheniere Energy, citing 95% contracted cash flows through 2035, a $10 billion share repurchase program, and a target to increase dividends by 10% annually through 2030.RBC said Sunoco can build on operational momentum through 2027, benefiting from stronger refining margins at Burnaby, synergies from the Parkland acquisition, and an additional $500 million bolt-on acquisition strategy.The firm also favors Targa Resources, citing customer-backed expansion projects, exposure to leading Permian Basin acreage, and rising gas-to-oil ratios that could support natural gas growth even if crude production levels off.For Williams Companies (WMB), RBC sees growing electricity demand and natural gas consumption creating opportunities for high-return projects tied to Transco expansions and power-related infrastructure through 2030 and beyond.Williams is targeting adjusted EBITDA compound annual growth of more than 10% through 2030, including roughly 9% growth from Haynesville-related projects, while maintaining a balance sheet capable of supporting further expansion, RBC said.Price: $36.67, Change: $+0.59, Percent Change: +1.65%

$AROC$KMI$KNTK$LNG$OKE$SUN$TRGP$VG$WMB
Sectors

Sector Update: Energy Stocks Decline Premarket Friday

Energy stocks were declining premarket Friday, with the State Street Energy Select Sector SPDR ETF (XLE) 0.5% lower.The United States Oil Fund (USO) was down 1.5% and the United States Natural Gas Fund (UNG) was 0.4% higher.Front-month US West Texas Intermediate crude oil was 2.7% lower at $85.37 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil fell 2.3% to $88.31 per barrel, and natural gas futures were up 0.1% at $3.09 per 1 million British Thermal Units.Venture Global (VG) stock was down more than 1% after the company said it closed an offering of $1.13 billion of 6.375% senior secured notes due Dec. 15, 2034, and $1.13 billion of 6.625% senior secured notes due June 15, 2036.Western Midstream Partners (WES) said it has completed the acquisition of Brazos Delaware in a cash-and-stock deal valued at around $1.6 billion. Western Midstream Partners shares were 0.7% lower pre-bell.

$UNG$USO$VG$WES$XLE
Commodities

Exchange-Traded Funds, Equity Futures Mixed Pre-Bell Friday Ahead of SpaceX Debut

The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was up 0.2% and the actively traded Invesco QQQ Trust (QQQ) fell 0.3% in Friday's premarket activity, ahead of the debut of Elon Musk's Space Exploration Technologies after markets open.US stock futures were also mixed, with S&P 500 Index futures up 0.1%, Dow Jones Industrial Average futures advancing 0.4%, and Nasdaq futures easing 0.3% before the start of regular trading.The preliminary University of Michigan consumer sentiment report for June will be released at 10 am ET, while the weekly Baker Hughes oil-and-gas rig count posts at 1 pm ET.In premarket action, bitcoin was up by 0.6%. Among cryptocurrency ETFs, the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 0.5% lower, Ether ETF (EETH) retreated 1.5%, and Bitcoin & Ether Market Cap Weight ETF (BETH) lost 0.02%.Power Play:TechnologyThe State Street Technology Select Sector SPDR ETF (XLK) retreated 0.6%, and the iShares US Technology ETF (IYW) was 0.3% lower, while the iShares Expanded Tech Sector ETF (IGM) was up 0.1%. Among semiconductor ETFs, the State Street SPDR S&P Semiconductor ETF (XSD) increased by 0.5%, while the iShares Semiconductor ETF (SOXX) declined by 1.2%.Adobe (ADBE) shares were down more than 9% in premarket activity as multiple analyst price target cuts followed the software maker's latest quarterly results and announcement that Chief Financial Officer Dan Durn had resigned.Winners and Losers:IndustrialThe State Street Industrial Select Sector SPDR ETF (XLI) advanced 0.7%, and the Vanguard Industrials Index Fund (VIS) was 0.3% higher, while the iShares US Industrials ETF (IYJ) retreated by 0.04%.Rocket Lab (RKLB) stock was up more than 2% before the opening bell after the company said it has been added to the Nasdaq-100 Index, effective June 22.Health CareThe State Street Health Care Select Sector SPDR ETF (XLV) advanced 0.1%, the Vanguard Health Care Index Fund (VHT) was down 1%, while the iShares US Healthcare ETF (IYH) gained by 1.6%. The iShares Biotechnology ETF (IBB) was 0.3% higher.Enliven Therapeutics (ELVN) stock was down more than 3% premarket after the company priced an upsized public offering of 8.9 million shares at $37.50 per share and pre-funded warrants to purchase up to 1.73 million shares at $37.499 each.FinancialThe State Street Financial Select Sector SPDR ETF (XLF) advanced 0.4%. Direxion Daily Financial Bull 3X Shares (FAS) was up 1.2%, while its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), was 0.5% lower.Barclays (BCS) shares were up nearly 2% pre-bell after the British financial services giant agreed to acquire the UK operations of GoHenry, a money-management education platform, from Acorns Grow.ConsumerThe State Street Consumer Staples Select Sector SPDR ETF (XLP) was up 0.1% and the Vanguard Consumer Staples Index Fund ETF Shares (VDC) gained 1.4%. The iShares US Consumer Staples ETF (IYK) retreated by 0.1%. The State Street Consumer Discretionary Select Sector SPDR ETF (XLY) gained by 0.1%. The VanEck Retail ETF (RTH) was inactive, while the State Street SPDR S&P Retail ETF (XRT) was 0.3% higher.Lennar (LEN) shares were down nearly 2% pre-bell after the homebuilder issued a downbeat fiscal Q3 delivery outlook.EnergyThe iShares US Energy ETF (IYE) was down 0.4%, while the State Street Energy Select Sector SPDR ETF (XLE) was 0.5% lower.Venture Global (VG) stock was down more than 1% before market open after the company closed an offering of $1.13 billion of 6.375% senior secured notes due Dec. 15, 2034, and $1.13 billion of 6.625% senior secured notes due June 15, 2036.CommoditiesFront-month US West Texas Intermediate crude oil retreated by 2.7% to $85.37 per barrel on the New York Mercantile Exchange. Natural gas advanced by 0.3% at $3.10 per 1 million British Thermal Units. The United States Oil Fund (USO) declined by 1.3%, while the United States Natural Gas Fund (UNG) was 0.4% higher.Gold futures for July advanced by 2.4% to $4,213.40 an ounce on the Comex. Silver futures rose by 4.2% to $66.69 an ounce. SPDR Gold Shares (GLD) was down by 0.3%, and the iShares Silver Trust (SLV) decreased by 0.8%.

Dow JonesNasdaq CompositeS&P 500$ADBE$BCS$BETH$BITO$EEM$EETH$ELVN$EXI$FAS$FAZ$GLD$IBB$IGM$IGV$IPK$IVV$IWM$IYE$IYH$IYJ$IYK$IYW$LEN$PMR$QQQ$RKLB$RTH$SLV$SOXX$SPY$UNG$USO$VDC$VG$VHT$VIS$XLE$XLF$XLI$XLK$XLP$XLV$XLY$XRT$XSD
Sectors

Sector Update: Energy

Energy stocks were declining premarket Friday, with the State Street Energy Select Sector SPDR ETF (XLE) 0.5% lower.The United States Oil Fund (USO) was down 1.4% and the United States Natural Gas Fund (UNG) was 0.5% higher.Front-month US West Texas Intermediate crude oil was 2.7% lower at $85.33 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil fell 2.4% to $88.25 per barrel, and natural gas futures were up 0.5% at $3.10 per 1 million British Thermal Units.Venture Global (VG) stock was down more than 1% after the company said it closed an offering of $1.13 billion of 6.375% senior secured notes due Dec. 15, 2034, and $1.13 billion of 6.625% senior secured notes due June 15, 2036.

$VG
Asia Markets

Update: US Equity Futures Rise Pre-Bell on Middle East Peace Deal Optimism

(Updates with recent oil price movement, world markets' overview and stock movements.)US equity futures were higher pre-bell Friday as traders anticipated the potential signing of a peace deal between the US and Iran that will reopen the Strait of Hormuz.Dow Jones Industrial Average futures were 0.4% higher, S&P 500 futures were up 0.2%, and Nasdaq futures were marginally up.The draft memorandum of understanding includes a commitment from the US to lift oil sanctions and a pledge from Iran to reopen the Strait of Hormuz, according to a CNBC report citing Iranian state media. The two nations could sign the agreement as soon as Sunday in Switzerland, Bloomberg reported, citing senior officials.President Donald Trump said in a post on Truth Social Thursday that he had cancelled planned strikes on Iran, as talks with Iranian leadership had resulted in final points being "approved by all parties involved."Traders took note of the latest round of earnings, with Adobe (ADBE) posting higher fiscal Q2 adjusted earnings and revenue. They are also anticipating the debut of SpaceX on Nasdaq, set to go public under the ticker symbol SPCX.Oil prices were lower, with front-month global benchmark North Sea Brent crude down 2.5% at $88.10 per barrel and US West Texas Intermediate crude 2.8% lower at $85.22 per barrel.The University of Michigan consumer sentiment index for June, slated for 10 am ET, is expected at 46.0, up from 44.8 previously.In other world markets, Japan's Nikkei closed 2.8% higher, Hong Kong's Hang Seng ended 1.9% higher, and China's Shanghai Composite finished 1.1% higher. Meanwhile, the UK's FTSE 100 was up 0.9%, and Germany's DAX index was 1.2% higher in Europe's early afternoon session.In equities, Adobe shares dropped 9.1% after the company reported its fiscal Q2 financial results and Chief Financial Officer Dan Durn announced his exit from the firm effective Monday. Venture Global (VG) stock was down 1.5% after the company said it closed an offering of $1.13 billion of 6.375% senior secured notes due Dec. 15, 2034, and $1.13 billion of 6.625% senior secured notes due June 15, 2036.On the winning side, IBM (IBM) and ServiceNow (NOW) shares were up 0.5% and 0.2%, respectively, after the companies said they have expanded their collaboration to help enterprises modernize legacy data and accelerate the use of artificial intelligence across core business operations. Nokia (NOK) stock was up 0.8% after the company upgraded its Network Services Platform with an agentic artificial intelligence framework to enable trusted AI operations across multi-vendor IP networks and advance autonomous network capabilities.

Dow JonesNasdaq CompositeS&P 500$ADBE$IBM$NOK$NOW$SPCX$VG
Equities

Venture Global Closes Debt Offering

Venture Global (VG) closed an offering of $1.13 billion of 6.375% senior secured notes due Dec. 15, 2034, and $1.13 billion of 6.625% senior secured notes due June 15, 2036, the company said late Thursday.The company used the gross proceeds to fully redeem its outstanding 8.125% senior secured notes due 2028.Venture Global shares were down 1.5% in premarket activity Friday.

$VG
Commodities

Venture Global to Double US LNG Supplies to Greece's Atlantic-SEE

Venture Global (VG) will double the volume of LNG it sends to Atlantic-SEE in Greece under their existing sales-purchase agreement, for a period of 20 years from 2030, Venture Global said in a statement on Thursday.Atlantic-SEE, a joint venture formed last November, will increase its offtake from Venture Global to 1.0 million tonnes per annum starting from the turn of the decade, up from 0.5 million now.The JV is owned by Greek companies Aktor Group and Depa Commercial.The revised deal comes after Venture Global announced it would invest in regasification capacity at the Alexandroupolis LNG import terminal in Greece, which accounts for about 25% of the terminal's total regasification capacity.Going forward, the terminal is seen as essential to enhancing Central and Eastern European energy security, with a pending complete ban on Russian gas imports, bringing "affordable and reliable U.S. natural gas into the region".Earlier this week and prior to the deal's announcement, Atlantic-SEE CEO Alexandros Exarchou, told Reuters that it was becoming increasingly expensive to conclude long-term deals with US LNG suppliers.That is because Asian buyers have now become regular and sometimes better-paying customers for US LNG cargoes that they were sourcing from the Middle East before the Iran war and the closure of the Strait of Hormuz.

$VG
Equities

Venture Global, Atlantic-SEE Expand US LNG Supply Agreement

Venture Global (VG) and Greece-based Atlantic-SEE LNG Trade said late Thursday they expanded their existing sales and purchase agreement for US liquefied natural gas.Under the revised agreement, Atlantic-SEE will double its contracted LNG purchases with Venture Global from a minimum of 0.5 million tonnes per annum to 1.0 million tonnes per annum.The 20-year agreement is scheduled to begin in 2030, according to a statement.

$VG
Commodities

US Gas Market Seen Tightening into 2027, Potential Oversupply in 2028, TPH Says

US natural gas markets are projected to remain a key focus for investors assessing tightening near-term fundamentals before a shift toward oversupply later in the decade, according to TPH Energy Research in a Tuesday note.Matt Portillo, analyst at TPH, said that end-of-summer 2027 gas balances will reach 4.1 trillion cubic feet, with investors increasingly focused on when to position for longer-dated holdings beyond 2028.TPH said the outlook reflects a market still supported by regional constraints and rising demand before new supply and infrastructure changes alter the trajectory.Regional pricing dynamics remain in focus, including Permian-driven growth, Waha basis spreads in 2027, and medium-term balance trends at Agua Dulce. Portillo also noted emerging structural concerns at Gillis beyond 2028 as demand-supply imbalances deepen.TPH said global gas markets could tip into oversupply by 2028, with implications for global pricing trends over the next decade. The bank sees European benchmark TTF prices potentially easing toward $6-7 per million British thermal units over time.Simultaneously, Gulf Coast supply constraints are expected to support Henry Hub prices, potentially narrowing the arbitrage between US and global gas markets by 2029.On the upstream side, investor interest centered on Antero Resources (AR), EQT Corporation (EQT), Expand Energy (EXE), Range Resources (RRC), BKV Corporation (BKV) and Comstock Resources (CRK).Midstream companies, including DT Midstream (DTM), TC Energy, Williams Companies (WMB, Energy Transfer (ET), Kinder Morgan (KMI), Cheniere Energy (LNG), and Venture Global (VG), were also widely discussed.TPH said this underscores expectations that LNG export growth and pipeline bottlenecks will remain central to market direction over the next several years.Price: $34.72, Change: $-0.80, Percent Change: -2.25%

$AR$BKV$CRK$DTM$EQT$ET$EXE$KMI$LNG$RRC$VG$WMB
Commodities

Stronger LNG Prices Lift Venture Global Valuation, 2026 Outlook, TPH Says

Driven by lower Henry Hub prices and stronger international LNG pricing, TPH Energy Research has raised Venture Global's (VG) Q2 2026 adjusted EBITDA forecast to $2.86 billion from $2.75 billion.This is above the Street estimate of $2.47 billion.For full-year 2026, the firm lifted its adjusted EBITDA estimate to $8.79 billion from $8.60 billion, compared with a Street forecast of $8.30 billion and a consensus range of $7.48 billion to $8.77 billion.TPH lowered its 2027 adjusted EBITDA forecast by about $200 million to $6.46 billion from its prior outlook, while the Street expects $6.60 billion.The revision reflects about 2.5 million metric tons per annum of new five-year contracts signed this year, which TPH modeled at a rate of $4.After assigning those contracts to Plaquemines Phase I, TPH increased its committed 2027 volumes to 89% from 75%, reducing open capacity and lowering its earnings outlook for the facility despite stronger pricing.TPH expects CP2 to begin operations in the third quarter of 2027 and said an earlier startup would improve its 2027 forecast.TPH expects global LNG markets to move into oversupply by mid-2028, with Venture Global projected to have significant uncontracted capacity, with its facilities expected to be 54% contracted in 2028 and 50% contracted in 2029.The firm noted that a $1 change in margin could affect 2029 EBITDA by $1.8 billion to $1.9 billion, while a decline in international LNG prices toward the $6 to $7 range would materially reduce its earnings outlook.TPH raised its price target on Venture Global from $8 to $17 after updating its model for current commodity prices and recent contracting activity, while maintaining a Hold rating on the stock.Price: $13.04, Change: $+0.23, Percent Change: +1.84%

$VG
Sectors

Sector Update: Energy Stocks Mixed Late Afternoon

Energy stocks were mixed late Thursday afternoon, with the NYSE Energy Sector Index increasing 0.2% and the State Street Energy Select Sector SPDR ETF (XLE) 0.1% lower.The Philadelphia Oil Service Sector Index climbed up 1.7%, and the Dow Jones US Utilities Index rose 0.5%.Front-month West Texas Intermediate crude oil fell 3% to $93.11 a barrel, and the global benchmark Brent crude contract dropped 2.7% to $95.18 a barrel. Henry Hub natural gas futures rose 4.7% to $3.37 per 1 million BTU.In sector news, US Treasury Secretary Scott Bessent said waivers allowing countries to buy Russian oil could be granted on a country-by-country basis rather than across the board, Bloomberg reported, citing the official's testimony before the House Ways and Means Committee.In corporate news, Venture Global (VG) shares jumped 5.8% after JPMorgan upgraded the stock to overweight from neutral and increased its price target to $17 from $16.Expro (XPRO) shares surged past 8% after the company said it has filed its definitive proxy statement with the Securities and Exchange Commission regarding its proposed move to redomicile in the Cayman Islands from the Netherlands.Solaris Energy Infrastructure (SEI) is expected to continue to expand capacity despite facing a tight supply chain in the near term, Morgan Stanley said in a note. Morgan Stanley kept its overweight rating and increased its price target to $90 from $81. Solaris shares rose 3%.Murphy Oil (MUR) shares rose 2.3% after KeyBanc upgraded the stock to overweight from sector weight.

$MUR$SEI$VG$XPRO

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