Geopolitics & Trade - President Trump's threat to impose financial penalties on Russia has put the spotlight on India and China [1] - India and China are the two biggest buyers of Moscow's crude [1] Market Sentiment - Markets remain skeptical of disruption, for now [1]

China made further headway in June in its bid to tackle oversupply of key industrial commodities, with crude steel production leading declines in construction materials https://t.co/vuMntQAN2C ...

July 14, 2025 09:53 AM GMT China Economics | Asia Pacific Exports Still Defying Gravity Key Takeaways Clearer evidence of tariff détente: Within the 1ppt increase in YoY growth, exports to the US contributed +2.6ppt, while exports to RoW contributed -1.6ppt. This reflects partially normalized seasonal demand ahead of H2 holiday shopping season, as well as possibly reduced need for transshipment for some products. This is affirmed by the by-product mix where consumption goods rebounded sequentially on a broa ...

Core Viewpoint - PetroTal Corp. reported strong operational performance in Q2 2025, with production levels near all-time highs, despite some challenges with pump failures and delays in drilling programs [3][4]. Production and Operations Update - Average group production in Q2 2025 was 21,039 barrels of oil per day (bopd), a 15% increase compared to the same period last year [7]. - Production from the Bretana field was 20,512 bopd, while the Los Angeles field contributed 526 bopd [5]. - Bretana production saw a decline of approximately 2,150 bopd from the previous quarter due to natural declines and pump failures [5]. - Three out of four failed electric submersible pumps at Bretana have been replaced, restoring about 3,300 bopd of production capacity [5][7]. - The remaining pump replacement is expected to be completed by the end of July 2025 [5]. Financial Performance - As of June 30, 2025, PetroTal had total cash of $142.1 million, including $99.3 million in unrestricted cash [10]. - The company paid a quarterly dividend of $0.015 per share on June 13, 2025, bringing year-to-date returns of capital to shareholders to approximately $30 million [7]. - Year-to-date capital expenditures for 2025 were approximately $40-50 million, significantly below budget [9]. Management and Corporate Updates - Jose Contreras, the former Chief Operating Officer, departed the company on June 13, 2025, and Max Torres has been appointed as the Interim Chief Operating Officer [13]. - The company is actively seeking a permanent replacement for the COO position [13]. Future Plans - PetroTal is preparing for its Block 131 drilling program, although there have been delays in the commissioning of the new drilling rig [4][8]. - A comprehensive update on the 2025 development program, including revised timelines and production expectations, will be provided with the Q2 2025 results on August 7, 2025 [9].

Donald Trump’s recent barrage of tariff letters — containing some of the highest tax rates yet — is reviving concerns that a global trade war will reduce crude consumption https://t.co/vJYgTk2DKp ...

Crude Futures Post Back-to-Back Weekly Gains https://t.co/AhA95z6UgM ...

Group 1: BP's Production and Financial Outlook - BP expects higher oil and gas production for Q2 2025, surpassing previous forecasts and improving from the prior quarter [1] - The company anticipates Q2 upstream production to exceed both prior guidance and Q1 output levels [8] - BP projects an increase in average refining margins for Q2 to $21.1 per barrel, up from $15.2 in the previous quarter, expecting a gain of $300-$500 million in its customers and products segment [4][8] Group 2: Price Impact and Earnings Forecast - Lower crude oil prices are expected to negatively impact BP's Q2 earnings by approximately $800 million, with average crude prices at $67.88 per barrel compared to $75.73 in the previous quarter [2][3][8] - U.S. gas prices averaged $3.44 per million British thermal units in Q2, down from $3.65 [3] Group 3: Competitor Performance - Rival Shell plc expects quarterly earnings to be negatively impacted by weaker trading in its integrated gas division and losses in chemicals and products operations [5] - Shell's integrated gas division has lowered its production guidance for Q2, indicating a decline in performance compared to earlier forecasts [5] Group 4: Stock Performance - BP shares have gained 17.1% over the past three months, outperforming the industry's growth of 12.2% [7]

Core Insights - Energy Transfer LP (ET) is a highly diversified midstream energy company in the U.S., with a significant network of pipelines, terminals, and storage assets, making it a key player in the transportation and distribution of natural gas, crude oil, NGLs, and refined products [1] - The company is expanding its operations through strategic acquisitions, enhancing its scale and creating cost efficiencies [2][4] Acquisition Strategy - ET has made notable acquisitions, including WTG Midstream, Lotus Midstream, and Crestwood Equity Partners, which have expanded its presence in high-growth basins like Permian, Williston, and Haynesville [2][9] - These acquisitions drive volume growth and unlock operational and commercial synergies, leading to optimized routing, reduced operating costs, and increased connectivity across ET's network [3][9] Financial Performance - The Zacks Consensus Estimate for ET's earnings per unit indicates a year-over-year increase of 16.41% for 2025 and 6.34% for 2026 [11] - ET's trailing 12-month return on invested capital (ROIC) is 3.26%, slightly below the industry average of 3.52% [13] Market Position - ET's units have risen 3.7% in the past three months, outperforming the Zacks Oil and Gas - Production Pipeline - MLB industry's growth of 3.6% [8] - The company's focus on long-term value creation through strategic acquisitions and an integrated platform makes it appealing for income-seeking and infrastructure-focused investors [4][5]

Core Viewpoint - The WisdomTree Multi Asset Issuer Public Limited Company is proposing an amendment to the principal amount of its WisdomTree Brent Crude Oil 3X Daily Short Securities due to a significant decline in their value, necessitating a reduction from USD 0.114 to USD 0.0114 [4]. Group 1: Meeting Details - The original meeting scheduled for July 11, 2025, was adjourned due to a lack of quorum and will be reconvened on August 1, 2025 [3]. - The adjourned meeting will take place at the offices of Apex IFS Limited in Dublin, Ireland [3]. Group 2: Proposal and Voting Instructions - The purpose of the adjourned meeting is to consider amendments to the documentation required for the proposed reduction in the principal amount of the affected securities [4]. - Holders of the affected securities must submit new voting instructions for the adjourned meeting, as previous instructions from the original meeting will not be valid [5]. - It is advised that holders check with their intermediaries regarding deadlines for submitting instructions to participate in the adjourned meeting [6][7]. Group 3: Trustee's Position - The Law Debenture Trust Corporation p.l.c., as trustee, has no objection to the proposal's presentation but does not express an opinion on its merits [8]. Group 4: Notification of Outcome - Holders of the affected securities will be informed of the outcome of the adjourned meeting shortly after it concludes [9].

Group 1 - KazTransOil, the national oil transporter of Kazakhstan, supplied 160,000 tons of crude oil to Germany via the Druzhba pipeline in June [1]