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By: Bozorgmehr Sharafedin – Reuters – Oil prices were largely steady on Monday as supply disruptions in Kazakhstan and Libya offset worries...
Chesapeake posted a quarterly profit of $1.24 billion, or $8.27 a share, compared with a loss of $439 million, or $4.48 per share, a year ago.
Coterra's profit was $1.23 billion, or $1.53 a share, compared with earnings of $30 million, or 8 cents per share, a year ago.
Pioneer earned $2.4 billion during the quarter, up from $380 million last year.
The energy sector is off to a higher start, supported by strength in the underlying commodities and the broader markets. The major market futures have regained ground and are pointing to a higher start as comments from the Federal Reserve hinted a “soft landing” can be achieved and a recession may be avoided.
WTI and Brent crude oil futures have recovered earlier losses and are trading up as OPEC+ is set for a small output increase, despite a call from U.S. President Joe Biden for a meaningful supply boost. Ministers for members of OPEC+ announced they are set to agree on a small output increase of 1000,000 barrels per day. Kazakhstan’s Energy Minister Akchulakov said the group may have to raise production to avoid the market from overheating. Ahead of the meeting, OPEC+ trimmed its forecast for the oil market surplus this year by 200,000 BPD to 800,000 BPD. Data released from the API which showed U.S. crude stocks rose by 2.2mln barrels last week has also provided support to oil futures.
Natural gas futures rose this morning on forecasts for more demand in the next two weeks than previously expected.
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