Kazakhstan’s oil output has fallen sharply after damage at the Caspian Pipeline Consortium (CPC) export terminal disrupted flows, tightening supplies from one of OPEC+’s largest non-core contributors and forcing operators to curtail production, Reuters reported on Thursday. Output dropped in the first two days of December after storms and structural damage limited loading capacity at the Black Sea terminal, prompting producers to scale back throughput as storage filled. Kazakhstan’s oil and condensate ou ...

Core Insights - Eni S.p.A has successfully launched the second phase of the Congo LNG project ahead of schedule, with the FLNG unit Nguya now operational and gas introduced into the new offshore infrastructure [1][8] - The project aims to develop gas resources from the Marine XII project using two FLNG units, with Phase 2 coming online just 35 months after construction began [2][3] - Eni targets the first LNG export cargo from Phase 2 in early 2026, indicating a strong timeline for project execution [2] Project Details - The second phase includes three production platforms and the Scarabeo 5 unit, which has been converted into a gas treatment, separation, and compression unit [3] - The integrated setup is expected to increase the project's capacity to 3 million tons per annum (MTPA), ensuring a steady gas flow to both FLNG Tango and FLNG Nguya [3][8] - The Nguya FLNG is designed with advanced technologies to reduce its carbon footprint and can handle gas with varying compositions, supporting the development of adjacent gas fields [4] Sustainability and Technology - Both the Nguya FLNG and Scarabeo 5 unit incorporate decarbonization technologies, enhancing the project's sustainability and environmental performance [4][8]

Market Volatility and Policy Changes - The stock market is experiencing significant volatility driven by recent policy announcements from the Trump administration, affecting various sectors and investor sentiment [1][2] - The rollback of the Biden-era Corporate Average Fuel Economy (CAFE) standards to a target of 34.5 miles per gallon by 2031 has been welcomed by traditional automakers, leading to stock price increases for companies like Ford, Stellantis, and General Motors [3][4] - Conversely, electric vehicle manufacturers such as Tesla and Rivian may face challenges due to the rollback of the CAFE credit trading program, potentially impacting their revenue streams [5] Trade Relations and Tariffs - The Trump administration is threatening to withdraw from the United States-Mexico-Canada Agreement (USMCA) and impose new tariffs on goods from China, Mexico, and Canada, creating uncertainty for companies in the North American supply chain [7][10] - The Canadian Dollar showed only mild weakness in response to these threats, indicating a level of market fatigue regarding trade uncertainties [8] - Analysts predict that the effective tariff rate could approach 20%, leading to higher inflation and increased market volatility, with companies likely passing on 70% of tariff costs to consumers [11][10] Impact on Specific Companies - Costco is proactively suing the U.S. government for refunds on duties already paid, highlighting the financial impact of tariffs on corporate bottom lines [12][13] - The pharmaceutical sector is reacting to Trump's plans to negotiate lower prices for GLP-1 weight-loss drugs, with shares of major manufacturers like Eli Lilly and Novo Nordisk experiencing declines [14][15] - Analysts are concerned about the long-term implications for these companies' revenues, particularly for Novo Nordisk, which holds a significant market share in the GLP-1 drug market [15] Broader Market Implications - The unpredictability of the Trump administration continues to create a complex environment for investors, necessitating a diversified portfolio and vigilance in response to ongoing policy shifts [16][17] - The market is characterized by a mix of deregulation and protectionism, with the potential for significant impacts on corporate margins and stock valuations [17][18]

Core Insights - Petrobras is expanding its Abreu e Lima Refinery with the Train 2 project, which will double its processing capacity to 260,000 barrels per day by 2029, with an investment of approximately 12 billion reais [1][8] - The expansion aims to enhance Brazil's domestic fuel production, reduce reliance on fuel imports, and support national energy security [2][3] Expansion Significance - The addition of Train 2 will increase the refinery's output of refined petroleum products, including an estimated 88,000 barrels per day of S-10 diesel, which complies with environmental regulations [2] - This expansion will significantly decrease Brazil's dependence on fuel imports, addressing a long-standing challenge for the country's energy self-sufficiency [2] Economic Impact - The project is expected to create around 15,000 direct and indirect jobs, with approximately 5,700 workers currently engaged in construction [4][8] - Job creation will span various sectors, contributing to local infrastructure development and improving socio-economic conditions in surrounding municipalities [5] Sustainability Initiatives - Petrobras is committed to sustainable practices in the RNEST expansion, including the implementation of the Atmospheric Emissions Reduction Unit to mitigate environmental impact [6] - The company is also involved in social and environmental initiatives in 29 communities across seven municipalities, aimed at enhancing local living standards and promoting sustainable development [7] Strategic Plans - The expansion is part of Petrobras' long-term strategy to maintain leadership in Brazil's oil and gas sector, with a total investment budget of $109 billion (581.2 billion reais) for the 2026–2030 period [9] - The company is focusing on refining capacity and domestic fuel production while investing in technologies to improve refinery processes and reduce carbon emissions [10] Conclusion - The Train 2 expansion at the Abreu e Lima Refinery represents a significant step towards enhancing Brazil's energy independence, creating jobs, and supporting regional economic development while balancing industrial growth with social responsibility [11][12]

Core Viewpoint - The U.S. Energy Information Administration (EIA) forecasts a 13% increase in Alaska's crude oil production by 2026, marking the highest output since 2018 and the most significant annual growth rate since the 1980s [1][7]. Production Drivers - The increase in oil production is attributed to large-scale projects transitioning from planning to production, notably ConocoPhillips' Nuna project and Santos' Pikka Phase 1 project [3][4]. - ConocoPhillips' Nuna project is expected to reach a peak capacity of 20,000 barrels per day (bpd) [3]. - The Pikka Phase 1 project is anticipated to start in early 2026 and peak at 80,000 bpd, contributing nearly 20% of Alaska's total production in 2025 [4]. Impact on Major Oil Companies - Major oil companies like ConocoPhillips and ExxonMobil will benefit from increased revenues and cash flows due to the production surge [2][6]. - ConocoPhillips, as the dominant producer in Alaska, is well-positioned to gain from its multiple projects, including Nuna and the future Willow development [6][7]. Energy ETFs and Investment Opportunities - The projected increase in oil production serves as a catalyst for the U.S. energy sector, potentially boosting earnings and share prices of key companies [7]. - Investors may consider energy ETFs for diversified exposure to the growth in Alaska's oil production, particularly those with significant holdings in ConocoPhillips and ExxonMobil [8][9]. Specific Energy ETFs - **State Street Energy Select Sector SPDR ETF (XLE)**: AUM of $27.87 billion, with XOM at 23.21% weight and COP at 6.77% weight; YTD gain of 9.8% [10]. - **Vanguard Energy ETF (VDE)**: Net assets of $7.1 billion, with XOM at 23.01% weight and COP at 5.52% weight; YTD gain of 9.5% [12]. - **Fidelity MSCI Energy Index ETF (FENY)**: Net assets of $1.3 billion, with XOM at 21.9% weight and COP at 5.70% weight; YTD gain of 9.7% [13].

OPEC's oil output edged lower in November, despite an OPEC+ agreement to raise production for the month, due to outages in some members, a Reuters survey found on Thursday, bringing supply from the group further below its target. ...

Key Takeaways Chevron sets a disciplined 2026 capex plan of $18-$19B, prioritizing high-return projects and efficiency.More than half of CVX's 2026 spending targets U.S. operations, with a major focus on shale and offshore.CVX allocates about $1B to lower-carbon efforts, while affiliate capex supports large petrochemical projects.Chevron Corporation (CVX) has outlined its capital expenditure program for 2026, setting an organic budget range of $18-$19 billion. The plan sits at the lower end of the company’s ...

Economic Data and Market Reaction - The ADP data indicated a loss of 32,000 private-sector jobs in November, marking the largest decline in 2.5 years, which initially caused stocks to fall [2] - Following the weak employment data, stocks rebounded, with the Dow Jones up 0.96% at 47,928, S&P 500 rising 0.38% to 6,855, and NASDAQ gaining 0.26% to 23,468 by the close [2] - The weak ADP report has increased expectations for a 25 basis point rate cut by the Federal Reserve next week [2][6] Treasury Bonds - The weak ADP data led to a decline in Treasury yields across the curve, with the 30-year bond yielding 4.73% and the 10-year note at 4.06% [3] - Some analysts suggest that the Fed may not only cut rates next week but could also follow up with another cut in January [3] Energy Sector - Oil prices increased as reports indicated that a potential peace deal regarding the Russia-Ukraine conflict was premature, with Brent Crude rising 0.61% to $62.83 and West Texas Intermediate up 0.84% to $59.13 [4] - Natural gas prices surged, closing at $5.00, a significant increase of 3.45%, with EQT Corp. identified as a favored stock in this sector [4] Precious Metals - Gold prices saw a slight increase, closing at $4,207, driven by dollar weakness and a report of central banks purchasing 53 tonnes of gold in October, the highest amount since 2025 [5] - Silver also continued to rise, last seen at $56.97 [5]

About this content About Emily Jarvie Emily began her career as a political journalist for Australian Community Media in Hobart, Tasmania. After she relocated to Toronto, Canada, she reported on business, legal, and scientific developments in the emerging psychedelics sector before joining Proactive in 2022. She brings a strong journalism background with her work featured in newspapers, magazines, and digital publications across Australia, Europe, and North America, including The Examiner, The Advocate, ...

Core Insights - Eni has signed a long-term LNG sales agreement with Turkey's BOTAŞ, committing to supply approximately 0.4 million tonnes per annum starting in 2028, marking a significant expansion in Eni's LNG portfolio [1][2] - The agreement reflects Turkey's growing role as a regional gas hub, emphasizing the country's need for flexible gas supply and long-term contracts amid tightening global LNG markets [3][5] - Eni aims to increase its LNG sales to around 20 million tonnes per annum by 2030, leveraging new supply from various international projects [4] Group 1: Eni's Strategic Moves - The long-term contract with BOTAŞ is part of Eni's strategy to deepen commercial ties in high-growth markets [1] - Eni's supply commitment aligns with its goal of expanding LNG sales, supported by projects in Congo, Mozambique, the U.S., and Indonesia [4] - The agreement follows a shorter three-year contract, indicating both parties' interest in establishing a durable gas trading relationship [2] Group 2: Market Dynamics - Turkey's LNG import capacity has rapidly expanded, highlighting its strategic importance in diversifying gas supply away from pipelines [3] - The post-2022 market volatility has led buyers to seek multi-year supply security, while sellers like Eni aim to secure predictable offtake to justify investments [5] - Turkey's emergence as a stable, creditworthy long-term buyer aligns with Eni's strategy of targeting markets with rising demand potential [5]