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Market Chatter: Mexico Fuel Oil Cargoes Head to Asia as Iran Conflict Disrupts Middle East Supply

Asia received its first fuel oil cargo from Mexico in nine months on Thursday, with more shipments expected as higher regional prices attract supplies amid disruptions to Middle East exports caused by the Iran conflict, Reuters reported on Friday.The arrivals are expected to ease concerns over tightening inventories in Singapore, Asia's main fuel oil trading and bunkering hub, after the conflict around Iran disrupted flows through the Strait of Hormuz and curtailed supplies from major Middle Eastern exporters, including Iraq and Kuwait.The Suezmax tanker Orion, carrying about 160,000 metric tons, or about 1 million barrels, of Mexican high-sulphur fuel oil loaded from the Salina Cruz refinery on Mexico's Pacific coast, arrived in Singapore on May 7, Reuters reported, citing traders and ship-tracking data from Kpler.PMI, the trading arm of Mexican state oil company Pemex, has also offered another 150,000-mt HSFO cargo for June delivery to Asia through a tender that closed on May 6, with bids valid until May 8, the news outlet said. PMI is expected to award the tender on Friday.Fuel oil traders said strong Asian margins and excess supply in the Americas are encouraging cargoes to move eastward. Most of Mexico's fuel oil exports typically go to the US or Caribbean markets, Reuters said, citing Kpler data.Pemex did not immediately respond torequest 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.)

Oil & Energy55d ago

Hormuz Crisis Drives Shift Toward Clean Transport Fuels, Rystad Energy Says

The closure of the Strait of Hormuz is reshaping the economics and policies of clean transport fuels, turning what was largely a decarbonization effort into a matter of energy security for governments and industries alike, Rystad Energy said in a whitepaper on Friday.Rystad analysts said the disruption to strategic waterways is accelerating investment and policy support for biofuels, sustainable aviation fuel, and other low-carbon alternatives across shipping, aviation, and road transport."The Hormuz crisis proves that energy security and decarbonization are not parallel tracks - they are converging, and that strengthens the case for domestically produced clean fuels in every transport sector," Thomas Heerschap, vice president for bioenergy at Rystad Energy, said.SAF in aviation is entering what Rystad described as a "policy-driven growth phase," supported by mandates in Europe, Asia and the Americas.Global SAF demand is projected to rise to about 1.2 million barrels per day by 2040, with the strongest growth expected in Asia as air travel expands and governments tighten emissions targets.Europe's ReFuelEU Aviation regulation requires a 2% SAF blend from 2025, rising to 6% by 2030, while Japan is targeting 10% SAF usage by the end of the decade.Singapore, however, delayed its SAF mandate to 2027 following high jet fuel prices and supply disruptions amid the ongoing Middle East conflict.Rystad said the SAF premium over conventional jet fuel had narrowed sharply since late 2025 as crude prices surged following the escalation of tensions in the Middle East.The premium fell to about $1,040 per ton after peaking near $2,150 per ton in late 2025 as higher oil prices boosted the cost of conventional Jet A fuel faster than SAF prices rose.However, despite the narrowing premium, airlines remain under pressure from higher overall fuel bills, leading many carriers to limit SAF purchases to mandated volumes and delay voluntary procurement commitments.The energy crisis is also reinforcing the appeal of biodiesel, bio-LNG and biomethanol as alternatives to conventional bunker fuel in maritime shipping, even as regulatory uncertainty persists around the International Maritime Organization's net-zero framework.Bio-LNG was identified as one of the most attractive near-term compliance pathways under Europe's FuelEU Maritime regulation, although uptake remains constrained by vessel readiness and limited fuel availability.Meanwhile, Rystad said emerging economies are increasingly using road-transport biofuel mandates to reduce dependence on imported crude and to shield their currencies from oil price shocks.India, Indonesia and Brazil could collectively avoid about $28 billion in petroleum imports in 2026 through existing ethanol and biodiesel blending programs, with savings potentially rising above $33 billion by 2028 under higher-blend scenarios.Indonesia's B40 biodiesel mandate alone could reduce diesel import costs by an estimated $13.5 billion this year under a $95-per-barrel Brent scenario, while India's E20 ethanol program could generate $6.4 billion in avoided crude imports.Malaysia, Vietnam and the Philippines are also expanding blending mandates as governments across Asia increasingly view biofuels as part of broader energy security strategies.However, Rystad said the biggest risk to the sector was regulatory uncertainty, which was delaying investment decisions just as geopolitical tensions and decarbonization goals were reinforcing the need for alternative fuel capacity.

Research55d ago

Research Alert: CFRA Raises Rating On Itt Shares To Buy From Hold

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We lift our 12-month target following Q1 results to $250 from $220, valuing shares at 27x our 2027 EPS outlook of $9.27 (up from $8.15; 2026 EPS forecast revised to $7.95 from $7.46), above ITT's long-term historical average given portfolio optimization toward high-growth markets. The integration of SPX FLOW, which closed in March, accounted for a significant portion of the top-line expansion (up 33% Y/Y) and was immediately accretive to adjusted earnings per share - even after accounting for initial acquisition-related costs and financing. We are encouraged by ITT's early results in integrating SPX FLOW, with $15M of cost synergies expected by year-end. Underlying organic performance was driven by sustained strength in aerospace and defense within the CCT segment, share gains in Motion Tech that outpaced a declining automotive market, and robust project and short-cycle activity in the legacy Flow Tech business.

$ITT

Wire55d ago

EPAM Systems to Face Weaker Discretionary Spending Environment, Morgan Stanley Says

EPAM Systems (EPAM) is likely to face weaker discretionary spending by clients, especially in Q2, amid ongoing macro uncertainty, Morgan Stanley said in a Friday note.The company's guided for Q2 non-GAAP earnings of $3.10 to $3.18 per diluted share on revenue of $1.40 billion to $1.415 billion. Analysts surveyed by FactSet are looking for non-GAAP earnings of $3.10 on revenue of $1.42 billion."Discretionary continues to be more pressured than mission-critical managed services work provided by other IT Services peers," Morgan Stanley said, noting similar findings from its 1Q26 CIO Survey. This is expected to drag clients' decision-making, delaying deals for the company, the investment firm added.Deal delays have already started for EPAM Systems in April/May, leading the company to cut its 2026 revenue growth guidance to between 4% and 6.5%, from 4.5% to 7.5% previously, according to Morgan Stanley. The company also has low visibility into win rates, deal close timing, and ramp pace, the firm said.Morgan Stanley cut its price target on EPAM Systems to $112 from $148, with an equal-weight rating.Price: $99.95, Change: $-4.29, Percent Change: -4.12%

$EPAM

Wire55d ago

Heartland Express Likely to See Full Benefit From Rate Increases in Q3, Morgan Stanley Says

Heartland Express' (HTLD) rate increases are gaining traction, though their full benefit will likely be realized in Q3 due to contract repricing cycles, Morgan Stanley said in a note Friday.Rate increases are now in the mid-single-digit percentages, driven mainly by limited capacity rather than higher demand, with some freight volume shifting back to Heartland from brokers and weaker carriers, the brokerage said.In its Q1 earnings report, the company showed it is making "tangible" integration progress and keeping costs under control, with operational losses narrowing significantly and business momentum strengthening into March despite challenges due to the weather and fuel prices, according to the note.The quarter marks a "clear positive inflection point," with a more favorable environment seen into H2, but Morgan Stanley said it remains cautious until Heartland can demonstrate sustained profitability and a consistent operating ratio below 100.Morgan Stanley maintained an equal-weight rating on the stock and raised the price target to $12 from $8.Price: $13.01, Change: $+0.03, Percent Change: +0.19%

$HTLD

Wire55d ago

McKesson's Fiscal 2027 Guidance 'Encouraging,' Cencora Selloff Overdone, Morgan Stanley Says

McKesson's (MCK) fiscal 2027 guidance is "encouraging," and its commentary on biosimilars should help ease recent pressure on drug distributors, Morgan Stanley said in a Friday note.The investment firm said McKesson's targets and underlying assumptions support their bullish outlook on distributors that continue to benefit from structural tailwinds.On Cencora (COR), the brokerage said the company faces idiosyncratic contract dynamics with Express Scripts that could lead to continued insourcing of biosimilar specialty drugs and add an overhang to the stock. The recent pullback in Cencora shares was overdone, according to the note.Morgan Stanley raised their fiscal 2026 adjusted earnings estimate on Cencora to $17.76 from $17.63. Analysts surveyed by FactSet expect $17.73.Morgan Stanley has an overweight rating and a $966 price target on McKesson.The firm reiterated its overweight rating on Cencora and lowered its price target to $342 from $400.Price: $265.08, Change: $+9.42, Percent Change: +3.68%

$COR$MCK

Research55d ago

Research Alert: CFRA Lowers Opinion On Ads Of Toyota Motor Corporation To Sell From Hold

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We lower our 12-month target price to USD150 from USD260, implying a FY 27 (Mar.) P/B of 0.72x, as the latest financial reports and guidance confirm that the structural profit erosion is deeper and more prolonged than we previously anticipated. Our revised FY 27 EPS estimate of JPY2,830, reduced from JPY3,330, reflects the incremental headwind from the Middle East that management has acknowledged it cannot fully absorb on top of the persistent U.S. tariff burden. We initiate a FY 28 EPS forecast of JPY3,210, assuming some degree of stabilization in tariff and geopolitical conditions and a gradual benefit from cost-reduction and value-chain initiatives, but still well short of the levels that would support the previous valuation premium. Our de-rating reflects not only the immediate compression in earnings but also the heightened unpredictability of trade policy and the risk that Toyota's break-even volume remains structurally elevated. We downgrade our rating to Sell from Hold.

$TM

Research55d ago

Research Alert: CFRA Keeps Buy Opinion On Shares Of Willis Towers Watson

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We lower our 12-month target price by $80 to $300, valuing WTW at 13.5x our '27 adjusted EPS estimate of $22.20 (lowered by $0.20), and at 15.4x our '26 EPS estimate of $19.52 (trimmed by $0.18), versus its one-year avg. forward multiple of 17x and disparate peer group average of 15x. WTW posted Q1 2026 EPS of $3.72 vs. $3.13 in the prior year, beating the $3.65 consensus but missing our $3.85 estimate, though the results reflected continued turnaround progress. Revenue rose 8% to $2.4B, with 3% organic growth demonstrating solid business momentum despite macroeconomic headwinds, while adjusted operating margin expanded 70 bps to 22.3%, reflecting transformation program benefits and disciplined expense management. We are encouraged by the results and WTW's operational discipline, though more competitive conditions may crimp organic revenue growth. We see the current AI-driven fears as overdone. Currently trading at 13x our '26 EPS estimate, a discount to peer and historical averages, we view WTW as undervalued.

$WTW

Research55d ago

Research Alert: CFRA Upgrades View On Shares Of Cummins Inc. To Buy From Hold

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We raise our 12-month target to $850 from $600 following CMI's Q1 earnings print, valuing shares at 25.7x our 2027 EPS view of $33.09 (up from $30.00; 2026 EPS forecast revised to $27.51 from $26.47), above the company's historical multiple average given profitable exposure to power generation markets that we see being a multi-year structural tailwind. Q1 results were supported by CMI's power generation business, which is being driven by robust global demand, particularly from data centers. This growth is helping to offset a weaker, though improving, environment in the on-highway truck markets, which appear to be recovering from a cyclical trough sooner than previously anticipated. In parallel, CMI is undertaking strategic actions to improve the growth trajectory of its new power segment by divesting from less promising areas. Q1 performance contributed to an increase in the full-year forecast for both revenue and profitability.

$CMI

Asia Markets55d ago

European Equities Traded in the US as American Depositary Receipts Rise Friday

European equities traded in the US as American depositary receipts were higher late Friday morning, rising 0.78% to 1,826.25 on the S&P Europe Select ADR Index, which is up 1.3% for the week so far.From continental Europe, the gainers were led by telecommunications company Nokia (NOK) and biotech firm Evaxion (EVAX), which rose 4.7% and 4.4% respectively. They were followed by oil and gas company Eni (E) and lender Banco Bilbao Vizcaya Argentaria (BBVA), which increased 2.6% and 2.5% respectively.The decliners from continental Europe were led by software firm SAP (SAP) and semiconductor firm Sequans Communications (SQNS), which fell 1.6% and 1.2% respectively. They were followed by biopharmaceutical company DBV Technologies (DBVT) and internet browser company Opera (OPRA), which were off 1% and 0.9% respectively.The gainers from the UK were led by Lloyds Banking Group (LYG), which rose 3%. It was followed by telecommunications operator Vodafone Group (VOD) and InterContinental Hotels Group (IHG), which were up 2.7% and 2.6% respectively.The decliners from the UK and Ireland were led by Biodexa Pharmaceuticals (BDRX) and educational publisher Pearson (PSO), which lost 4.9% and 1.5% respectively. They were followed by medical device maker Smith & Nephew (SNN) and software company Endava (DAVA), which fell 1.3% and 1.2% respectively.

$BBVA$BDRX$DAVA$DBVT$E$EVAX$IHG$LYG$NOK$OPRA$PSO$SAP$SNN$SQNS$VOD

Insider Trading55d ago

Xcf Global Insider Sold Shares Worth $3,096,000, According to a Recent SEC Filing

Randy Soule, 10% Owner, on April 30, 2026, sold 9,000,000 shares in Xcf Global (SAFX) for $3,096,000. Following the Form 4 filing with the SEC, Soule has control over a total of 63,805,455 Class A common shares of the company, with 63,805,455 controlled indirectly.SEC Filing:https://www.sec.gov/Archives/edgar/data/2019793/000210419426000012/xslF345X05/primary_doc.xmlPrice: $0.42, Change: $+0.01, Percent Change: +1.48%

$SAFX

Commodities55d ago

PPL Q1 Electricity Sales Slip, Plans $23 Billion Investment Through 2029

PPL (PPL) reported Q1 earnings Friday, showing total electricity sales of 18.27 terawatt-hours, slightly down from 18.39 TWh a year earlier.The company's retail deliveries in Pennsylvania totaled 10.32 TWh for the quarter ended March 31, up from 10.14 TWh a year earlier.Kentucky's total retail electricity deliveries fell to 7.65 TWh from 7.80 TWh, while Kentucky wholesale electricity sales declined to 308 gigawatt-hours in the quarter from 439 GWh a year earlier.Total Kentucky sales for the quarter were 7.95 TWh, compared with 8.24 TWh in the corresponding period a year ago.The utility plans to complete $5.1 billion of infrastructure investments in 2026 to modernize electric and gas networks, improve reliability and expand generation resources in Kentucky.PPL expanded its Pennsylvania data center pipeline to 28.3 GW in advanced stages during Q1, up from 25.2 GW in Q4, while about 10 GW now operates under Electric Service Agreements and 5 GW remains under construction.The company's Kentucky economic development pipeline reached 12.9 GW of potential new load through 2032, compared with 8.2 GW in the previous update, driven largely by more than 11.9 GW tied to data centers.PPL plans to invest about $23 billion from 2026 through 2029, including roughly 2,000 megawatts of natural gas generation, 240 MW of solar projects and over 500 MW of battery storage capacity, the company added.Price: $36.65, Change: $-0.13, Percent Change: -0.34%

$PPL

US Markets55d ago

April Nonfarm Payrolls Top Views; Fed Seen Holding Rates Again

The US economy added more jobs than projected in April, allaying concerns about a slowdown in the labor market and likely allowing the Federal Reserve to stick to its current policy stance.Total nonfarm payrolls rose by 115,000 last month, the Bureau of Labor Statistics said Friday, well above the 65,000 increase expected in a Bloomberg-compiled survey. The increase in March was revised up by 7,000 to 185,000, while the fall in February was adjusted to 156,000 from 133,000, the BLS said."Payrolls were volatile through (the first quarter), largely due to temporary factors like inclement weather and a healthcare strike in California," Thomas Feltmate, senior economist at TD Economics, said in a report. "With those effects now in the rearview mirror, April provided as the first 'clean' read on hiring for 2026 and the underlying details were reasonably constructive, despite the recent surge in energy prices."Energy prices have surged in the aftermath of the US-Israel war with Iran that has disrupted shipments through the Strait of Hormuz. A fragile ceasefire between Washington and Tehran appears to be holding, with the two sides said to be closing in on a peace deal.Private payrolls growth slowed to 123,000 in April from 190,000 the month prior, the BLS reported. The Bloomberg consensus was for a 75,000 gain. The unemployment rate was unchanged at 4.3% in April, in line with Wall Street's estimates.The pace of job growth appears to have improved since the end of last year, though "it's too soon to say whether the labor market is regaining momentum," Feltmate said."This morning's report alongside other recent data points including initial jobless claims and job posting data by Indeed certainly help to assuage any fears that conditions have continued to cool," he said.The number of initial jobless claims came in below the Street's estimates on Thursday. Previously, ADP (ADP) said employment in the US private sector grew at its fastest pace in more than a year in April.The Fed, which late last month kept its policy rate steady for a third consecutive meeting, is widely expected to stay put again next month, according to the CME FedWatch tool.Following Friday's jobs report, Fed policymakers "can sit tight to better assess the extent to which higher energy prices bleed through to core measures of inflation in the months ahead," Feltmate said.The April policy statement contained a bias toward future rate cuts, though three regional Fed chiefs opposed including such language."There is nothing in this (nonfarm payrolls) report to move the (Fed) off the sidelines on future rate cuts," Scott Anderson, chief US economist at BMO, said. "On balance, the solid jobs report makes the case for a near-term rate cut to stabilize a deteriorating labor market a more remote possibility."Price: $211.44, Change: $-2.65, Percent Change: -1.24%

$ADP

Wire55d ago

Block Sees Faster Growth, Margin Expansion as Momentum Improves Across Square, Cash App, Morgan Stanley Says

Block (XYZ) is seeing faster growth and margin expansion as momentum improves across Square and Cash App, supported by larger merchants, stronger lending activity and rising profitability, Morgan Stanley said in a Friday note.The firm said Square US gross payment volume accelerated to 8.2% from 7% in the previous quarter.Morgan Stanley said Cash App gross profit grew by 38% year over year, helped by consumer lending originations that rose 82% to $17.6 billion.Analysts also noted artificial intelligence tools are improving internal productivity and product velocity, with production code changes per engineer up more than 2.5 times from January to April.Morgan Stanley maintained the company's overweight rating and raised its price target to $96 from $93.Block shares were up 5.5% in Friday trading.Price: $73.92, Change: $+3.78, Percent Change: +5.38%

$XYZ

Wire55d ago

Aritzia Price Target Hiked to $171.00 at National bank After Q4 Beat, Outlook

National Bank has hiked its price target on the shares of Aritzia (ATZ.TO) to $171.00, from the previous $143.00 after the company reported a strong fourth-quarter income, with adjusted earnings of $1.14 surpassing National's $1.04 estimate.Analyst Vishal Shreedhar, who is maintaining an outperform rating on the company, notes fiscal first quarter and F2027 guidance also exceeded expectations.National's EPS estimates for F2027 have been raised to $4.51 from $4.02, and F2028, to $5.42 from $4.85."We believe that ATZ's premium valuation is justified given its superior long-term operating performance, and opportunity for accelerated growth (sales and margins)."Price: $148.17, Change: $+6.17, Percent Change: +4.35%

$ATZ.TO

Wire55d ago

Loar to See Continued Margin Expansion After Achieving 40% EBITDA Margin in Q1, Morgan Stanley Says

Loar (LOAR) is expected to continue to drive its margin expansion as it continues to scale, with the company achieving a 40% EBITDA margin for the first time in Q1, aided by operating leverage, value-based pricing, and productivity initiatives, Morgan Stanley said in a Friday note.The company's $700 million new business pipeline over the next five years represents an increase of about $100 million from the prior quarter and is comprised of opportunities from new product development and market share expansion with existing products, Morgan Stanley said.Loar's management estimates that converting about 15% of this pipeline would equate to about 3% incremental growth in new business for each of the next five years, Morgan Stanley said, adding that it views the 15% conversion rate as "appropriate conservativism" from the company.Morgan Stanley raised its adjusted EPS estimates to $1.30 from $1.26 for 2026, to $1.54 from $1.51 for 2027, and to $1.81 from $1.77 for 2028, accounting for the better-than-expected performance in Q1 and Loar's updated methodology for reporting the metric.Morgan Stanley lowered its price target on Loar to $91 from $97 and maintained its overweight rating.Price: $61.49, Change: $+1.39, Percent Change: +2.31%

$LOAR

Mining & Metals55d ago

RBC Lifts Enerflex's Price Target to US$31 from US$26

RBC Capital Markets on Friday raised Enerflex's (EFX.TO) price target to US$31 from $26 with an outperform rating.Enerflex's adjusted EBITDA of $137 million increased 21% year over year in the first quarter, 7% above the Street forecast.The company's free cash flow of $16 million was below RBC's forecast of $53 million estimate on increased working capital.Oman and Bahrain accounted for 8% of Enerflex's revenue in the first quarter, and operations continue without interruption to-date."We remain bullish on EFX shares given exposure to positive macro trends, expanding ROCE/financial metrics, and self-help potential," RBC said.Enerflex traded at $28.45 per share at last look Friday on New York Stock Exchange.Price: $39.12, Change: $+0.38, Percent Change: +0.98%

$EFX.TO

Wire55d ago

Correction: Morgan Stanley Cuts Price Target on Loar to $91 From $97, Keeps Overweight Rating

(Corrected the headline with price target lowered).Loar Holdings (LOAR) has an average rating of buy and mean price target of $86.40, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)Price: $61.42, Change: $+1.32, Percent Change: +2.20%

$LOAR

Mining & Metals55d ago

CIBC Confirms Outperformer Rating on Maple Leaf Foods and Raises Target to $39

CIBC maintained its outperformer rating on Maple Leaf Foods (MFI.TO) and increased its price target to $39 from $37 after the company reported its first quarter results on Thursday.The bank noted that Q1 showed sustained revenue momentum along with better-than-expected sequential margin recovery. CIBC expects poultry growth to moderate as the comparables become more difficult, but it also believes that the company is set to leverage its assets and brands to "deliver market share wins in the coming years.""MFI clearly has momentum with its brands and operations but full-year guidance was maintained and our full-year estimates for 2026 and 2027 are little changed," said analyst Mark Petrie. "Management has repeatedly claimed that "the transformation is complete", and while this is true in one sense, we would argue that there is another transformation underway - building a track-record of consistency - and we expect further multiple expansion as this plays out."The bank expects the company to continue generating strong cash flows and returning cash to shareholders while leverage drops modestly."We use our 2026 EBITDA estimate as the basis for our valuation and apply this to our forecast, then subtract net debt to generate our price target of $39 (was $37)," said Petrie.Price: $29.47, Change: $-1.49, Percent Change: -4.81%

$MFI.TO

Research55d ago

Research Alert: CFRA Maintains Hold Rating On Shares Of Jack Henry & Associates, Inc.

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We lower our 12-month target price by $35 to $160, 22.3x our FY 27 (Jun.) EPS estimate, above peers, reflecting JKHY's resilient recurring revenue business model. We increase our FY 26 EPS view by $0.15 to $6.84 and FY 27's by $0.19 to $7.19 on respective revenue forecasts of $2.53B (+7%) and $2.68B (+6%). Bolstered by its strongest Mar-Q for new core wins in seven years (17 competitive core wins), JKHY raised its full-year fiscal 2026 guidance for both revenue and EPS. We think momentum will be fueled by significant traction in new SMB-focused solutions like Tap2Local and tangible productivity gains from internal AI initiatives. Management expressed high confidence in capitalizing on competitor uncertainty, positioning the company for sustained market share gains in the evolving financial technology landscape. While the company guided for a softer fourth quarter due to expense timing and tougher comparisons, the primary challenge ahead will be successfully executing on the large influx of new business.

$JKHY

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Oil & Energy55d ago