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Commodities

Australia-Based Woodside Dismisses Exxon Acquisition Proposal News, Calls it Media Speculation

Australia-based Woodside Energy (WDS) issued a statement on Monday, saying that it was "not aware of any proposal" concerning US energy giant Exxon Mobil's (XOM) intent to acquire the company.Calling it "media speculation," the Perth-based oil and gas production company confirmed that it had not held any discussions regarding any such potential transactions, while noting that it would "continue to comply with its continuous disclosure obligations."Rumors of the deal already faced opposition from Australian authorities, with West Australian Premier Roger Cook saying that he would oppose any deal that would involve the company relocating its headquarters from Perth, where it has been based since 1990."Overseas interests have sought to acquire Woodside before and the reasons it was previously defeated have not changed," Cook said in a statement to Reuters over the weekend.

$WDS$XOM
Sectors

Sector Update: Energy Stocks Higher Late Afternoon

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

$BP$SHEL$VG$WDS$XOM
Sectors

Sector Update: Energy Stocks Advance Friday Afternoon

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

$BP$SHEL$WDS$XOM
Sectors

Sector Update: Energy

Energy stocks were higher Friday afternoon, with the NYSE Energy Sector Index rising 1% and the State Street Energy Select Sector SPDR ETF (XLE) adding 1.1%.The Philadelphia Oil Service Sector Index was fractionally higher, and the Dow Jones US Utilities Index rose 0.7%.Oil prices fell on Friday 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.The US and Iran are edging closer to an interim agreement to reopen the Strait of Hormuz, Bloomberg reported Friday, citing senior officials. The signing of the potential agreement could come on the sidelines of the Group of Seven summit starting next week in France. The agreement would extend the existing ceasefire by around two months and open further negotiations over Iran's nuclear program, the report said.Front-month West Texas Intermediate crude oil fell 3.6% to $84.59 a barrel, and the global benchmark Brent crude contract dropped 3.6% to $87.14 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 liquified natural gas sector and in Asian markets, Bloomberg reported. Exxon shares rose 0.7%, and Woodside jumped past 6%.

$WDS$XOM
Wire

Market Chatter: Exxon Mobil Said to Explore Acquisition Targets Including Woodside Energy

Exxon Mobil (XOM) is studying potential takeover targets, including Woodside Energy Group (WDS), as the energy giant looks to increase its presence in the liquified natural gas sector and in Asian markets, Bloomberg reported Friday, citing people with knowledge of the matter.Exxon and Woodside didn't immediately reply to requests for comment from.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)Price: $147.75, Change: $+1.15, Percent Change: +0.78%

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Wire

Exxon Mobil Exploring Takeover Targets Including Woodside, Bloomberg Reports

Exxon Mobil Exploring Takeover Targets Including Woodside, Bloomberg Reports

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Commodities

Argentina's Vaca Muerta Resembles Early US Shale Plays, Could Launch New Era for Oil, Gas, Wood Mackenzie Says

Argentina's Vaca Muerta shale formation in the Neuquen Basin has strong similarities to early-stage US plays like Midland, Texas, in 2010, and the top-tier shale resource has the potential to launch a new era of oil and gas production lasting for decades, Wood Mackenzie analysts said in a note on Thursday.The Vaca Muerta assets currently produce about 900,000 barrels of oil equivalent per day, the largest shale output outside North America, with potential for production to gradually increase to over 1.6 million BOE/D by 2035, according to Wood Mackenzie's projection.YPF, Argentina's state-controlled energy company and the largest operator in Vaca Muerta, is aiming to double its oil output to 800,000 barrels per day by 2030 and more than double gas production to support LNG exports, which are scheduled to begin next year.Combined upstream investment for oil and gas is expected to average $15 billion to US$16 billion annually post 2030, compared with $10 billion in 2025, with an additional $5 billion annual expenditure expected on LNG export infrastructure and related gas pipelines.Three consortia are expected to drive the infrastructure buildout, with nine companies handling crude evacuation. The Southern Energy consortium, comprising Pan American Energy, YPF, Pampa Energia, Harbor Energy, and Golar, will invest in gas evacuation and LNG export operations, alongside a separate group comprising YPF, Eni, and XRG focused on Argentina LNG.Following the exit of ExxonMobil (XOM), Equinor (EQNR), Petronas, and, to a lesser extent, TotalEnergies (TTE) from the country, Argentine firms like YPF, Pampa, Pluspetrol, and Vista have used local and international funding to expand, making the top five Vaca Muerta producers now locally focused."Chevron (CVX) is the sole major and has recently committed to developing its 100% equity shale oil block. Continental's acquisition of its first operated shale development outside North America highlights the growing attraction of Vaca Muerta to US shale specialists," analysts said.Among the other factors in favor of the assets are high-quality resources, supportive regulations, an upswing in energy-focused mergers and acquisitions in the country, and Argentina's expected emergence as an LNG exporter.According to Wood Mackenzie, the sweet spots of Vaca Muerta have high productivity for both oil and dry gas, with breakeven costs similar to those of leading US shale fields, at about $35 per barrel for oil and below $2 per million cubic feet for gas. However, the expenses to drill and complete the wells are 50% higher, compared to the US and a strengthening of the supply chain is required to optimize output and cut costs.On the policy front, while investors are aware of a long-term political risk in the country, the Argentinian government is in the middle of forming policies to allay investor concerns, analysts said.Price: $148.48, Change: $+1.88, Percent Change: +1.28%

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Commodities

ExxonMobil Reports Maintenance at Beaumont, Texas Refining Facility

US energy major ExxonMobil (XOM) is conducting maintenance activity at its Beaumont facility in Texas, it said on Wednesday in a community alert message."ExxonMobil Beaumont Complex will begin maintenance activity 6/10/26 @ 3:15 resulting in increased activity and flaring not typical of normal operations," the message said.The nature and the duration of the work was not mentioned in the message.Exxon's Beaumont petrochemical manufacturing complex, comprises of a 630,000 barrels per day refinery, a chemical plant, a polyethylene plant and lubricant blending and packaging plant, according to the company's website.has reached out to Exxon for details.

$XOM
Oil & Energy

Energy Firms Set for Windfall as Hormuz Closure Tightens Oil Supplies, Moody's Says

The global energy sector is bracing for a sustained period of elevated earnings, as the closure of the Strait of Hormuz forces a revision of price expectations and profitability for the world's biggest oil and gas producers, Moody's Ratings strategists said in a Monday note.In a mid-year industry update, Moody's maintained the positive outlook it assigned to the global energy industry in April but said it now expects even stronger earnings growth this year, driven by higher oil prices.The ratings agency expects Brent crude to trade mostly between $90 per barrel and $110/bbl through much of 2026, with periods of sharp volatility, before easing toward $80/bbl in Q2 2027.The agency's base-case scenario assumes a sustained disruption to oil shipments through the Strait of Hormuz that gradually eases later in 2026.Global markets are projected to rely heavily on commercial inventories, strategic petroleum reserves and coordinated stock releases by the International Energy Agency until normal flows via the strategic waterway resume.Higher prices will support stronger earnings growth across most segments of the energy industry, Moody's said, while cautioning that prolonged price spikes or fuel rationing could eventually undermine economic activity and energy demand.Exploration and production companies are expected to be among the biggest beneficiaries of the tighter market.Moody's said crude producers in North and South America, particularly those with limited exposure to the Middle East, are positioned to capitalize on higher crude prices while maintaining disciplined spending plans.The agency said that US natural gas-focused producers should also benefit from stronger domestic gas prices, driven by growing liquefied natural gas exports, rising electricity demand and wider LNG price spreads resulting from disruptions in the Persian Gulf.Refiners are also projected to benefit from tighter product markets. Diesel and jet fuel margins have strengthened as inventories decline and supply chains remain constrained."Although crack spreads remain elevated, their durability is uncertain and the prospect of eventual demand destruction implies longer-term risks for earnings," strategists said.Though gasoline margins are projected to improve during the peak summer driving season, Moody's said that persistently high fuel prices could eventually curb demand."Gasoline margins should also benefit from stronger summer demand and refinery yield shifts toward diesel and jet fuel," according to the note.Moody's said refining profitability is likely to become more evident in Q2 earnings reports, particularly for operators with access to lower-cost crude supplies. US refiners retain advantages over competitors in Europe and Asia, supported by strategic reserve releases and relatively favorable access to feedstocks.The agency said integrated oil majors stand to gain from a combination of higher crude prices, stronger LNG markets and increased trading profits. Companies, including ExxonMobil (XOM), Chevron (CVX) and TotalEnergies (TTE), benefit from production growth outside the Persian Gulf, helping offset disruptions in the region.State-owned Gulf producers are projected to see lower output volumes, partially compensated by higher prices."Large Gulf-based national oil companies are likely to offset lower volumes with significantly higher prices, although production risks remain elevated until the conflict is resolved," according to the note.Moody's cited Saudi Aramco, which reported a 26% increase in Q1 profit from a year ago.However, the outlook is less favorable for oilfield services providers. Moody's said geopolitical tensions have increased operating, logistics and insurance costs, limiting earnings growth despite strong activity levels in some international markets.The agency said demand in the Middle East is projected to recover in late 2026 and 2027 once shipping routes open and investment activity resumes."East is likely to rebound in late 2026 and 2027 with revived activity following a reopening of the Strait of Hormuz," strategists said.Price: $89.54, Change: $+1.06, Percent Change: +1.20%

$CVX$TTE$XOM
Commodities

BP Starts First Commercial Gas Production at Azerbaijan's ACG Oil Field

BP (BP) and its partners have begun the first commercial production of non-associated natural gas from Azerbaijan's giant Azeri-Chirag-Gunashli field, the British energy giant said on Monday.The UK energy major, operator of the offshore Caspian Sea project, said that gas production has commenced from an initial well drilled from the West Chirag platform.The project marks the first commercial extraction of natural gas from ACG, which has been producing oil for nearly three decades.The startup follows a 2024 agreement that expanded the field's production-sharing contract to include exploration and development of gas-bearing reservoirs not covered by the original oil-focused deal.BP said the non-associated gas resources at ACG are estimated at 4 trillion cubic feet of recoverable reserves, with potential upside of about 6 trillion cubic feet. The volumes could support Azerbaijan's ambitions to increase energy exports to Europe as the continent seeks to diversify supply sources.The initial well targeted two gas-bearing formations beneath the field's producing oil reservoirs: the Qirmaki Upper Sand and Qirmaki Lower Sand. BP said the well confirmed gas resources in the upper formation and encountered high-pressure gas in the deeper reservoir.The energy firm said that early production and testing activities are currently focused on the Qirmaki Lower Sand reservoir, with gas and condensate transported to Azerbaijan's Sangachal Terminal via existing offshore infrastructure.The approach allows the project to leverage existing oil production facilities, reducing development costs.The gas project is expected to attract billions of dollars of investment over the coming decades if further appraisal confirms the scale of the resource base. The addendum to the ACG production-sharing agreement remains effective through 2049, providing a framework for long-term development.ACG is operated by BP, which holds a 30.37% stake. Other partners include Azerbaijan's state energy company SOCAR with 35.3%, Hungary's MOL, Japan's INPEX, ExxonMobil (XOM), Turkey's TPAO and India's ONGC Videsh.Price: $42.99, Change: $+1.12, Percent Change: +2.66%

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Oil & Energy

Market Chatter: India's IOC Buys 5 Million Barrels of Crude in Supply Push

Indian Oil Corporation bought 5 million barrels of crude oil from West Africa and the Middle East through a tender this week, Reuters reported on Friday, citing trade sources.The state refiner purchased Angola's Kissanje and Nemba grades for delivery to its Paradip refinery. IOC also bought Nigeria's Usan crude from Exxon Mobil (XOM) and Abu Dhabi's Murban crude from Mercuria Energy Group for delivery to Vadinar.The energy firm acquired Murban crude from Totsa, the trading arm of TotalEnergies (TTE), for delivery to Chennai.IOC did not immediately reply to inquiries from.The West African cargoes traded at premiums of about $4 a barrel to dated Brent, while the Murban cargoes were sold at flat to marginal premiums against the benchmark.(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: $145.69, Change: $-1.28, Percent Change: -0.87%

$TTE$XOM
Sectors

Sector Update: Energy Stocks Fall Late Afternoon

Energy stocks were lower late Friday afternoon, with the NYSE Energy Sector Index down 0.9% and the State Street Energy Select Sector SPDR ETF (XLE) shedding 1.2%.The Philadelphia Oil Service Sector Index was decreasing 0.7%, and the Dow Jones US Utilities Index was down 0.7%.In sector news, President Donald Trump said Friday on Truth Social that he is meeting now in the Situation Room to make a final determination on the memorandum of understanding between the US and Iran. The ceasefire would need to include reopening the Strait of Hormuz and dismantling Tehran's capacity to make a nuclear weapon, the president has said previously.Front-month West Texas Intermediate crude oil fell 1.5% to $87.60 a barrel, and the global benchmark Brent crude contract dropped 1.8% to $92.05 a barrel. Henry Hub natural gas futures climbed 5% to $3.04 per 1 million BTU.In corporate news, Chevron's (CVX) oil production at its Tengiz field in Kazakhstan dropped significantly on Tuesday after an accident, Reuters reported Friday, citing industry sources. Output fell to between 5,000 and 10,000 metric tons on Tuesday from typically 125,000 tons a day, according to the report. Chevron shares were shedding 0.4%.ReNew Energy Global (RNW) has received a non-binding proposal from Canada Pension Plan Investment Board and ReNew's CEO Sumant Sinha to buy shares not already owned by the consortium for $6.75 each in cash, the company said Friday. ReNew shares rose 2.1%.Exxon Mobil (XOM) is projecting oil prices to shoot up once again in the coming weeks when inventories reach record low levels, the company's senior vice president Neil Chapman said Thursday, according to a FactSet transcript. Exxon shares were down 0.9%.Sempra (SRE) is being urged by activist investor Voss Capital to spin off its Oncor electricity unit, Reuters reported. Voss Capital, which owns less than 1% of Sempra, has argued that a newly independent Oncor Electric Delivery Co. would become the highest-growth public transmission utility in the US and could be worth up to $78 billion by the end of 2028, the report said. Sempra shares were down 1.3%.

$CVX$RNW$SRE$XOM
Sectors

Sector Update: Energy Stocks Retreat Friday Afternoon

Energy stocks were lower Friday afternoon, with the NYSE Energy Sector Index down 0.7% and the State Street Energy Select Sector SPDR ETF (XLE) shedding 0.9%.The Philadelphia Oil Service Sector Index was decreasing 0.7%, and the Dow Jones US Utilities Index was down 0.6%.In sector news, the US and Iran have agreed to a memorandum of understanding to extend a ceasefire between the countries and begin talks on Tehran's nuclear program, Axios reported Thursday. However, Trump is yet to sign off on the deal, according to the report. In a social media post Friday morning, Trump said he was heading to the White House Situation Room "to make a final determination," as he announced an end to the naval blockade against Iran.Front-month West Texas Intermediate crude oil fell 2% to $87.14 a barrel, and the global benchmark Brent crude contract dropped 1.9% to $91.93 a barrel. Henry Hub natural gas futures climbed 5% to $3.04 per 1 million BTU.In corporate news, Exxon Mobil (XOM) is projecting oil prices to shoot up once again in the coming weeks when inventories reach record low levels, the company's senior vice president Neil Chapman said Thursday, according to a FactSet transcript. Exxon shares were down 0.8%.Chevron's (CVX) oil production at its Tengiz field in Kazakhstan dropped significantly on Tuesday after an accident, Reuters reported Friday, citing industry sources. Output fell to between 5,000 and 10,000 metric tons on Tuesday from typically 125,000 tons a day, according to the report. Chevron shares were shedding 0.5%.ReNew Energy Global (RNW) has received a non-binding proposal from Canada Pension Plan Investment Board and ReNew's CEO Sumant Sinha to buy shares not already owned by the consortium for $6.75 each in cash, the company said Friday. ReNew shares rose 2.3%.

$CVX$RNW$XOM
Sectors

Sector Update: Energy

Energy stocks were lower Friday afternoon, with the NYSE Energy Sector Index and the State Street Energy Select Sector SPDR ETF (XLE) each falling 1%.The Philadelphia Oil Service Sector Index was decreasing 0.7%, and the Dow Jones US Utilities Index was down 0.6%.Front-month West Texas Intermediate crude oil fell 2.3% to $86.83 a barrel, and the global benchmark Brent crude contract dropped 1.9% to $91.94 a barrel. Henry Hub natural gas futures climbed 5% to $3.04 per 1 million BTU.In corporate news, Exxon Mobil (XOM) is projecting oil prices to shoot up once again in the coming weeks when inventories reach record low levels, the company's senior vice president Neil Chapman said Thursday, according to a FactSet transcript. Exxon shares were down 0.8%.

$XOM
Equities

Exxon Mobil Executive Says Oil Prices Could Reach $160 in Coming Weeks as Inventories Reach Record Lows

Exxon Mobil (XOM) is projecting oil prices to shoot up once again in the coming weeks when inventories reach record low levels, the company's senior vice president Neil Chapman said Thursday, according to a FactSet transcript.Oil prices have remained in the range of $90 to $110 in the past weeks due to existing inventories of the resource being used up, as well as sanctioned crude from countries such as Russia and Venezuela reaching the market, the executive said at the Bernstein Strategic Decisions Conference in New York City.Once the critical level of oil inventory is reached in two or three weeks, the price of physical Brent oil cargoes could jump to about $150 to $160 per barrel, Chapman said."When the price gets to a certain level, demand destruction brings it back into balance," the executive added.

$XOM
Equities

Update: Market Chatter: Chevron's Tengiz Oilfield Output Drops After Accident

(Updates with Chevron's statement in the fourth and fifth paragraphs, adds details on Tengizchevroil in the last paragraph)Chevron's (CVX) oil production at its Tengiz field in Kazakhstan dropped significantly on Tuesday after an accident, Reuters reported Friday, citing industry sources.Output fell to between 5,000 and 10,000 metric tons on Tuesday from typically 125,000 tons a day, according to the report.Production climbed to around 82,000 metric tons on Wednesday and is expected to be restored gradually within about a week, Reuters said."On May 28, 2026, Tengizchevroil (TCO) experienced a minor operational disruption at one of its facilities. TCO production is under restoration at present," Chevron toldin an emailed statement."Beyond this, TCO does not comment on specific details of its operations and commercial matters," they added.Tengizchevroil is a joint venture between Chevron, ExxonMobil (XOM), KazMunayGas, and Lukoil.(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.)

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Oil & Energy

EMEA Oil Update: Oil Dips as Traders Assess Potential US-Iran Peace Deal

Global crude benchmarks edged lower on Friday as traders assessed reports of a diplomatic breakthrough in the Persian Gulf.Front-month Murban crude futures fell 1.7% to $92.50 per barrel, while Brent futures dropped 1.3% to $92.47/bbl. Both contracts were headed for their second straight week of losses.ING analysts said that the "oil market continues to edge lower amid growing optimism that the US and Iran are moving toward a deal."US and Iranian negotiators are reportedly close to a memorandum of understanding that would extend the ceasefire for 60 days and allow "unrestricted" passage of commercial vessels through the Strait of Hormuz without paying tolls to Iran.However, ING noted that the deal faces structural hurdles, highlighting that there has been no official confirmation or supporting detail released from the Iranian side."Optimism continues to grow after reports that the US and Iran are set to extend a ceasefire, which will include the reopening of the Strait of Hormuz. However, President Trump still needs to sign off on the deal," ING added.The fragile nature of the peace talks was starkly underscored on the geopolitical front, where active military operations continue to clash with diplomatic headlines.On the supply side, US crude oil stockpiles fell by 3.3 million barrels to 441.7 mmbbls in the week ended May 22, the Energy Information Administration said in its weekly report on Thursday.Oil inventories are nearing "unheard of" levels that will lead to increased prices in the next few weeks, Neil Chapman, senior vice president of Exxon Mobil (XOM), said Thursday at the Bernstein Strategic Decisions Conference in New York.

$XOM
Commodities

Oil Stockpiles Nearing 'Unheard of' Levels, Prices to Rise Further, Exxon Mobil's Chapman Says

Oil inventories are nearing "unheard of" levels that will lead to increased prices in the next few weeks, Neil Chapman, senior vice president of Exxon Mobil (XOM), said Thursday at the Bernstein Strategic Decisions Conference in New York."I mean, really, really low levels," he said, according to a transcript of the event. "You can debate whether that's going to hit those really low levels in two weeks or three weeks. Once you get to that point, then you'll see price shoot up."Dated Brent futures will rise to $150 or $160 per barrel when inventories hit their lowest, Chapman said. That will ultimately lead to demand destruction."Prices go so high, becomes unaffordable, and that's what happens," he said.Rising crude futures naturally inflate the price consumers pay at the pump, but the cost of everything from fertilizers to plastics to food to will increase as oil prices climb, Chapman said."People think of crude oil as the source of gasoline. Well, of course it is," he said. "And people say, when crude oil goes to $150, gasoline price will be $9 in California, and that will be a serious issue. It's much, much more than that."He added that crude is an important feedstock for many other products."Crude oil goes into virtually everything around us. Fertilizers comes from crude oil and gas. Food prices, they will reflect the absence or the lack. Plastics, everything you see in the world is plastics. Delivery. Amazon. Still a lot of trucks around the country are running on diesel. So the crude oil price impacts so many parts of society," he said.

$XOM
Commodities

Market Chatter: Alberta Coast Pipeline Would Need Over $72 Billion in Investment, Imperial Oil CEO Says

Canada's oil industry will need to attract over CA$100 billion ($72.5 billion) in investment to support Alberta's proposed 1 million-barrel-per-day pipeline to the British Columbia coast, Bloomberg reported on Thursday, citing Imperial Oil Chief Executive John Whelan.Speaking at the Energy Roundtable conference in Calgary, Whelan reportedly said the industry would need to invest in expanding oil production to supply the new pipeline, secure shipping commitments and help fund a federally mandated carbon capture project."The total cost is north of a hundred billion [Canadian] dollars that we will need to attract to this industry," Whelan said. "Now I think we can do that, but that's kind of scale of what we're talking about."Imperial Oil did not immediately respond to a request for comment from.Alberta Premier Danielle Smith has proposed the new West Coast pipeline as part of a broader plan to eventually double the province's oil production.Canadian Prime Minister Mark Carney has said Ottawa would support the project in exchange for measures, including a higher industrial carbon tax and the development of the long-delayed Pathways carbon capture and storage project, aimed at reducing emissions from Canada's oil sands industry.The Alberta government plans to unveil additional details on the project, including the proposed route to the coast, by July and aims to secure federal approval by October.The province's preferred northwestern route is expected to face opposition from Indigenous groups in BC and from BC Premier David Eby. The project could also require the federal government to lift a moratorium on oil tankers along BC's northern coast, a step Smith has reportedly advocated.Construction could begin as early as late next year, according to the Alberta government.Imperial Oil, majority-owned by Exxon Mobil (XOM), is one of Canada's largest oil sands producers, operating the Kearl mine and the Cold Lake in situ oil sands project in Alberta.(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.)

$XOM
Asia Markets

S&P 500, Nasdaq Rally, Middle East Peace Optimism Drive US Equity Futures Higher Pre-Bell

US equity futures were trending higher pre-bell Wednesday as the S&P 500 and the Nasdaq reached new all-time highs amid continued optimism for an end to the Middle East conflict.Dow Jones Industrial Average futures were 0.1% higher, S&P 500 futures were up 0.3%, and Nasdaq futures were 0.8% higher.The S&P 500 added 0.6% and the Nasdaq rose 1.2% to fresh intraday and closing highs, driven by an upswing in the technology sector.President Donald Trump said in a post on Truth Social that talks with Iran were "proceeding nicely." However, Iran threatened to respond to ceasefire violations after the US military carried out what it called "self-defense strikes" on Iranian missile launch sites and vessels around the Strait of Hormuz. Negotiations to end the war continue.Traders noted the latest round of earnings, with PDD (PDD) posting lower Q1 non-GAAP earnings amid higher revenue.Oil prices were lower, with front-month global benchmark North Sea Brent crude down 4.6% at $92.25 per barrel and US West Texas Intermediate crude 6% lower at $88.24 per barrel.The Richmond Fed manufacturing index for May is scheduled to be released at 10 am ET.In other world markets, Japan's Nikkei closed flat, Hong Kong's Hang Seng ended 1.1% lower, and China's Shanghai Composite finished 1.3% lower. Meanwhile, the UK's FTSE 100 was up 0.2%, and Germany's DAX index was 0.2% higher in Europe's early afternoon session.In equities, Micron Technology (MU) stock was up 7.4% as the company's market capitalization reached $1 trillion for the first time. Fellow tech firms Marvell Technology (MRVL), Seagate Technology (STX), and Western Digital (WDC) all saw their shares rise as part of a broader tech rally. Marvell stock was up 6.1%, Seagate shares were higher by 5.4%, and Western Digital stock was up 5.5%.On the losing side, ExxonMobil (XOM) shares were down 2.1% after a Reuters report that Occidental Petroleum (OXY) was acquiring a 10% stake in the company's deepwater exploration block offshore Trinidad and Tobago. TotalEnergies (TTE) stock was 3.3% lower after a Bloomberg News report that the company is facing a dispute with Mozambique over about $2 billion in costs tied to delays at its liquefied natural gas project in the country. PDD shares were down 8.8% after the company reported its Q1 financial results.

Dow JonesNasdaq CompositeS&P 500$MRVL$MU$OXY$PDD$STX$TTE$WDC$XOM

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