Welcome to the MarketReader Energy Minute.

Below are AI-generated insights on moves in the energy sector, powered by MarketReader technology.

Tuesday, July 23

XLE [-1.0%]
The Energy Select Sector SPDR Fund (XLE) experienced a -0.6% price movement since Monday's close, aligning with decreases in top holdings like XOM, CVX, and COP. Additionally, the fund's performance may be influenced by potential bullish sentiment above $92.06 or bearish sentiment below $91.00, as indicated by calculated pivot points using the DeMark method. This movement coincides with a -0.80% drop in Oil (WTI), which correlates with XLE's performance.

USO [-1.4%]

The United States Oil Fund LP experienced a decrease, likely influenced by WTI crude hitting new lows, driven by concerns over U.S. interest rates and inventories, weak demand from China, reduced interest in oil commodities, and anticipation of U.S. oil inventory reports and inflation data. This decline coincided with Brent crude oil futures dropping consecutively, with the market also influenced by hopes for a firm Fed rate cut, boosting gold prices and limiting the strength of the US Dollar.

BOIL [-4.1%]
ProShares Ultra Bloomberg Natural Gas moved +0.3% after the market close today. Natural Gas (XNG/USD) rose by 5.7% since Friday's close, driven by the Chicago Fed National Activity Index signaling a slowdown in economic growth from May to June, boosting demand for natural gas as an alternative asset and aligning with the market sentiment.

XOM | $114.12 | -1.0% | -5.1B

CVX | $154.81 | -1.4% | -4.0B

COP | $110.83 | -1.3% | -1.7B

AROC | -6.7% | -227.5M
Archrock Inc's stock price dropped 5.8% following the announcement of an 11 million share offering priced at $21 per share, part of a larger effort to raise $242 million. The company also disclosed plans to acquire Total Operations and Production Services for $983 million in cash and stock, a move expected to enhance earnings per share and cash available for dividend immediately, with projections of double-digit accretion in both metrics by 2025. The acquisition includes 580,000 horsepower of assets and expands electric motor drive compression capabilities, aligning Archrock with the increasing demand for sustainable solutions.

NOG | -2.9% | -115.8M
Northern Oil and Gas Inc (NOG) experienced a -2.8% price decline, coinciding with analysts' recent adjustments. Truist Securities lowered their rating but raised the price target, while B of A Securities raised both rating and price target. RBC Capital maintained its rating, and Piper Sandler upgraded to Neutral. Citigroup decreased their rating. Analysts' reactions align with NOG's positive revenue growth but lower net margin, ROE, and ROA compared to industry averages, alongside a higher debt-to-equity ratio indicating increased financial risk. Occidental Petroleum Corp (OXY) mirrored NOG's decline, and NOG is underperforming its sector peers.

XOM | -1.0% | -5.1B
Exxon Mobil Corp's stock price has increased by 0.2% in the pre-market session, coinciding with Tarik Skeik's transition from ExxonMobil to NextDecade as their new Chief Operating Officer. This move underscores Mr. Skeik's expertise in major capital project delivery and highlights talent movement within the industry, potentially impacting operational strategies at both companies.

TTE | -1.5% | -2.3B
TotalEnergies SE hit a 5-week low following recent gains over 4 weeks and a significant increase in the last 12 months. The company is set to announce Q2 FY2024 earnings with an estimated EPS of $2.24 and revenue of $46.5B before market open on Jul 25, 2024. TotalEnergies SE's stock price dropped by -1.2% since the previous close, coinciding with a decrease in the United States Copper Index Fund.

EQNR | -1.7% | -1.3B
Equinor ASA's stock price dropped, potentially influenced by lower gas prices affecting their earnings. The market may be reacting to the expectation of decreased earnings, as highlighted in the recent earnings preview. The insight into the company's financial performance could be a significant driver behind the stock's movement today. Equinor ASA is set to announce its Q2 FY2024 earnings, with an EPS estimate of $1.0 and a revenue estimate of $24.4B before market open on Jul 24, 2024, followed by a conference call at 5:30am.

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