The global n-hexane market is experiencing a surge in demand, fueled by its widespread use in various industries, particularly in vegetable oil processing and manufacturing. This growth trajectory is projected to continue, with the market expected to reach a valuation of US$ 3.96 billion by 2034, driven by increased applications in pharmaceuticals, textiles, and natural gas and oil extraction.
ExxonMobil shares soared in early trading on Monday after the company reported upbeat third-quarter earnings, exceeding analyst expectations. Key analysts from Truist Securities, RBC Capital Markets, and Scotiabank weigh in on the results and the company’s future prospects.
Following Israel’s military strikes on Iran over the weekend, major oil companies saw their stock prices decline, reflecting investor concerns about potential geopolitical instability impacting the oil sector. While the impact on oil supplies is anticipated to be limited, the market remains sensitive to ongoing tensions in the region.
The United Kingdom has significantly expanded its sanctions against Russia’s oil industry, targeting 22 vessels – including 18 oil tankers and four liquefied natural gas vessels – believed to be part of a ‘shadow fleet’ used to evade Western sanctions. This move, the largest batch of sanctions to date against the ‘shadow fleet,’ aims to cripple Russia’s ability to fund its ongoing war in Ukraine.
As geopolitical tensions in the Middle East escalate, driving up oil prices, midstream energy companies are proving their resilience. Their stable business models, anchored by long-term contracts, insulate them from short-term market fluctuations, allowing them to thrive even amidst uncertainty.
BP’s shares are trading lower in the pre-market after the company released updated guidance for the third quarter. While upstream production is expected to remain stable, the company anticipates lower refining margins and higher exploration write-offs, potentially impacting earnings.
JPMorgan analyst Arun Jayaram maintains a ‘Neutral’ rating on ConocoPhillips (COP) with a lowered price target of $126, citing cautious oil market conditions. Despite this, Jayaram highlights ConocoPhillips’ strong defensive position and potential for upside surprises. The energy giant is set to return significant cash to shareholders through buybacks and dividends, with an estimated $9-10 billion in total cash returns over the next two years. ConocoPhillips’ long-term investments in projects like Willow and Port Arthur are expected to drive strong free cash flow and production growth, making it a core holding in the E&P sector.
US markets closed higher on Tuesday, driven by tech stocks and easing Treasury yields. Asian markets were mixed, with China and Hong Kong experiencing sharp losses due to profit-taking and a lack of stimulus. European markets opened slightly higher, while oil prices rebounded despite weak demand expectations.
Amid growing tensions with Israel, Iranian Oil Minister Mohsen Paknejad visited Kharg Island, the country’s main oil export terminal, on Sunday. This visit comes after Israel’s threats of retaliatory strikes on Iranian oil facilities following a barrage of missiles launched by Iran this week. Paknejad reassured the public that Iran is ‘not afraid’ of potential attacks, highlighting the importance of the Kharg Island facility and the security measures in place.
Amid growing tensions between Iran and Israel, Iran’s Oil Minister Mohsen Paknejad visited Kharg Island, home to Iran’s largest oil terminal. This visit comes after Israel threatened retaliation for a recent missile attack by Tehran, raising concerns about potential attacks on Iranian oil facilities.
