E&Ps to Repeat Capital Discipline Mantra in 2Q Results, but OFS May Signal Price Increases
Look for North America’s oil and natural gas producers to keep the capital discipline message going when second quarter results roll out, with oilfield services (OFS) operators alerting customers that equipment and supply prices are going to increase.
Three of the world’s top OFS companies kick off quarterly results in the coming days, with the exploration and production (E&P) companies to follow in the weeks ahead. Halliburton Co. is set to unveil its results on Tuesday, followed by Baker Hughes Co. on Wednesday and Schlumberger Ltd. closing out the week. In between, other operators will share their results, including midstreamer Kinder Morgan Inc. on Wednesday.
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Based on the calculation of the industry players, gasoline prices will likely be unchanged or it could redound to a price hike of P0.05 to P0.10 per liter for premium gasoline and a rollback of P0.05 per liter for regular gasoline; and diesel will rise by P0.25 to P0.30 per liter.
The price of kerosene, which is a base product for aviation fuel, will also climb by P0.25 to P0.35 per liter, according to the oil companies.
The oil firms will implement the new round of price adjustments on Tuesday (July 20); and the cost swings will primarily be anchored on the movement of the Mean of Platts Singapore (MOPS) index as almost all players in the Philippine petroleum sector are now importers of finished products.
U.S. stocks were lower after the close on Friday, as losses in the Oil & Gas, Basic Materials and Consumer Services sectors led shares lower.
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The best performers of the session on the Dow Jones Industrial Average were Procter & Gamble Company (NYSE:PG), which rose 0.98% or 1.37 points to trade at 140.53 at the close. Meanwhile, The Travelers Companies Inc (NYSE:TRV) added 0.52% or 0.81 points to end at 156.39 and Amgen Inc (NASDAQ:AMGN) was up 0.51% or 1.27 points to 247.90 in late trade.
The worst performers of the session were Dow Inc (NYSE:DOW), which fell 3.09% or 1.91 points to trade at 60.00 at the close. Chevron Corp (NYSE:CVX) declined 2.65% or 2.68 points to end at 98.62 and Walt Disney Company (NYSE:DIS) was down 2.64% or 4.87 points to 179.28.
UAE: India, Pak, Bangla flight suspension extended until at least July 31, says Etihad
News Network
July 17, 2021
Dubai, July 17: UAE national carrier, Etihad Airways, has announced the extension of flight suspensions from India, Pakistan and Bangladesh until July 31.
A search on the website for flights to the UAE from Mumbai, Karachi, Dhaka throws up a message, informing passengers about the July 31, 2021 date. The only exemptions are if you are a diplomat or a UAE national or a Golden Visa holder. Your PCR test in this case must be taken a maximum of 48 hours before your flight departure, the carrier said.
Earlier, the Abu Dhabi-headquartered carrier had informed passengers on social media that the flight suspension from the three countries to the UAE capital would be extended until July 21.