Commodity ETFs were broadly weaker on Thursday, May 28, as investors reduced exposure to crude oil and precious metals amid growing expectations that U.S.-Iran negotiations could eventually lead to a de-escalation of geopolitical tensions. Oil-focused ETFs led the declines, with the United States Oil Fund (USO) falling 4.4%, the United States Brent Oil Fund (BNO) declining 3.7%, and the ProShares Ultra Bloomberg Crude Oil ETF (UCO) losing 3.9% as WTI crude fell 5.6% and Brent dropped 5.3% during the session. Energy services exposure also underperformed, with the SPDR Oil & Gas Equipment & Services ETF (XES) down 4.4% and the VanEck Oil Services ETF (OIH) off 4.0%, reflecting broad weakness across the oilfield services complex.
Natural gas ETFs were the notable bright spot. The ProShares Ultra Bloomberg Natural Gas ETF (BOIL) gained 4.7%, while the United States Natural Gas Fund (UNG) advanced 2.5% as natural gas prices rallied on warmer weather forecasts, improving LNG feedgas demand, and expectations for supportive storage data. Carbon credit exposure also posted modest gains, with the KraneShares Global Carbon ETF (KRBN) rising 0.7%.
Precious metals and mining ETFs came under pressure as gold and silver prices weakened ahead of key inflation data and amid a firmer U.S. dollar. The VanEck Gold Miners ETF (GDX) fell 3.5%, the VanEck Junior Gold Miners ETF (GDXJ) declined 3.5%, and silver-focused funds such as SLV and SIL lost roughly 3%. Despite weakness in precious metals, broader materials-sector ETFs were relatively resilient, with the Materials Select Sector SPDR Fund (XLB) posting a modest gain.
From a flow perspective, investors continued to actively reposition within commodity markets. USO attracted approximately $151 million of inflows despite the sharp decline in oil prices, suggesting some investors viewed the selloff as a buying opportunity. Oil and gas exploration ETF XOP also remained a significant destination for capital, while BNO attracted nearly $29 million of inflows. Conversely, silver miners ETF SIL experienced notable outflows of roughly $33 million, and carbon credit fund KRBN saw modest redemptions. Overall, Thursday’s ETF activity reflected a market rotating away from crude oil-sensitive exposures while selectively adding to natural gas and diversified commodity positions amid continued volatility in global energy markets.
20260528_ETF_Commod_Daily_Returns_Flows
On Thursday, May 28, commodity markets were driven by a combination of heightened Middle East geopolitical tensions, evolving U.S.-Iran negotiations, and tightening physical energy inventories. Crude oil traded sharply higher in the pre-market, with WTI reaching $91.11/bbl and Brent $96.82/bbl as reports of military activity involving Iran, the United States, and regional allies raised concerns about potential disruptions to flows through the Strait of Hormuz. However, prices reversed throughout the session as headlines suggested progress toward a potential framework agreement between the U.S. and Iran, leading WTI to close down 0.3% at $88.90/bbl and Brent down 0.6% at $93.71/bbl. Despite the decline, underlying fundamentals remained constructive, with EIA data showing a fifth consecutive weekly crude inventory draw, a fifteenth consecutive gasoline draw, and Cushing inventories falling to just 23 million barrels, near operationally critical levels. Refinery utilization climbed to 94.5%, while crude, gasoline, and distillate inventories all remained below their respective five-year averages, reinforcing concerns about tight global supply balances.
Natural gas was the strongest-performing major commodity, rallying 6.1% to $3.285/MMBtu as warmer U.S. weather forecasts, stronger LNG feedgas demand, and a smaller-than-expected storage injection supported prices. The EIA reported a storage build of 92 Bcf, below consensus expectations and the five-year average, while production remained below recent highs. The move pushed natural gas to its highest level in nearly three months and lifted the forward curve, with the 12-month strip rising more than 4% on the day. European gas markets also remained supportive, with storage levels still significantly below historical averages.
Metals markets experienced mixed trading. Gold initially came under pressure from a stronger U.S. dollar and persistent inflation concerns, falling toward two-month lows in the pre-market. However, the metal recovered during the session, ultimately finishing up 1.1% at $4,529.70/oz as investors sought safe-haven exposure amid geopolitical uncertainty. Silver gained 1.3% to $75.85/oz, while copper advanced 1.3% to $6.42/lb, extending its strong year-to-date performance. Precious metals equities outperformed, with the VanEck Gold Miners ETF (GDX) and Junior Gold Miners ETF (GDXJ) both gaining approximately 2%. Investor attention remained focused on inflation data and central bank policy expectations, with April core PCE meeting expectations but remaining at its highest level since late 2023. Meanwhile, continued strength in Chinese gold imports and ongoing supply disruptions in key mining regions provided additional support for select metals markets.
Overall, Thursday’s commodity trade highlighted the market’s ongoing struggle to balance supportive supply fundamentals and geopolitical risks against the possibility of easing Middle East tensions. Energy markets remain highly sensitive to developments in U.S.-Iran negotiations and Strait of Hormuz security, while metals continue to navigate the competing forces of inflation, interest rate expectations, and global industrial demand.
May 28, 2026:
StreetAccount Sector Summary – Energy Pre-Market
- Oil & Gas:
- Pricing
- WTI +2.8% to $91.11 (July)
- Brent +2.7% to $96.82 (July)
- Natural gas (0.4%) to $3.082 (July)
- RBOB +2.4% to $3.210 (June)
- ULSD +1.5% to $3.653 (June)
- Oil: WTI and Brent trade higher on some elevated Middle East tensions ahead of US weekly stockpile data. Brent July expires Friday with August trading at $94.82. The IRGC overnight said they targeted a U.S. airbase after claiming the U.S. struck a position near one of its airbases in southern Iran. The U.S. later confirmed it struck an Iranian drone operation that threatened a U.S. Navy vessel and commercial ship in the Strait (Reports indicate the commercial ship was targeted by a drone that was intercepted by the U.S). You also had the Kuwait military saying it intercepted several missile and drone threats, though they did not divulge where those were launched from. Trump last night regarding talks said he is not concerned about the potential impact the war could have on midterms and can outwait Iran. API data out Wednesday afternoon ahead of the DOE Weekly Petroleum Status Report due a 12:00 ET had a crude draw of (2.8M), a gasoline draw of (3.199M), and a distillate build of +1.1M. API had Cushing stockpiles drawing (2.875M), which would take levels at the hub down below 23M. Historically, API’s Cushing estimate is the most accurate. Consensus for today has a crude draw of (5.0M), a gasoline draw of (3.0M), and distillate draw of (2.0M). Commercial crude stocks on the week competed with a 9.1M barrel SPR release. The EU said it expects the jet fuel market to get much tighter if the situation in the SoH does not improve within weeks. Singapore product stockpiles fell (1.119M) barrels w/w to 44.285M. AAA has the price of a regular gallon of gasoline down over $0.03 cents d/d, the largest d/d decline in over 17 years. The war in Iran is now 90 days long. Based on the close yesterday, WTI is up +32% since the war began, Brent +29% RBOB +36, ULSD +39%. RBOB June and ULSD June contracts expire Friday. RBOB July trades at $3.137 while ULSD July trades at $3.590.
- China begins to draw from onshore stockpiles: Vortexa data has China finally beginning to draw on onshore stockpiles. Onshore crude stocks in above-ground tanks stood at 1.22bn barrels as of May 25, down nearly 20mb from record highs reached earlier in May. At the current draw pace of roughly 1mbd, the 70mb of crude accumulated during the first four months of 2026 would provide cover through mid-July.
- U.S. DOJ sanctions new Iranian Straight Authority. The U.S. has sanctioned the Persian Gulf Strait Authority, the body Iran has set up to manage the Strait of Hormuz, the Treasury Department said last night.
- Natural gas is down (0.4%) to $3.082 with July becoming the front-month today. EIA storage data for week-ended 22-May is due at 10:30 ET with consensus expecting a build of +96 Bcf vs the 5-year average of +97 Bcf. Working gas heading into the update stands at 2.391 Tcf, 149 Bcf or +6.6% above the 5-year average. TTF is up +4.3% this morning.
- Pricing
- E&P:
- CVX has filed a request to acquire a >70% stake in an offshore block southwest of Greece from Helleniq Energy. Reuters.
- DEC was initiated with a buy rating at Gerdes Energy Research, target $30.
- Services:
- SLB announces expanded collaboration with Vår Energi to scale well planning and integrated field development planning across its Norwegian Continental Shelf operations.
- BKR announced two significant contract extensions with Equinor to provide integrated drilling and well services solutions, as well as wireline intervention services. These multi-year extensions will support Equinor’s offshore hydrocarbon production goals in the North Sea.
- VAL holder Oak Hill Advisors files notice of proposed sale of 1.49M shares.
- FLOC was initiated with a neutral at Citi, target $31
- Refiners:
- PBF – The 160K bpd Torrance refinery experienced an unplanned flaring due to a leak at one of the hydroheater units according to a person familiar with the matter who added that production was likely impacted.
- On Deck:
- Thursday 28-May
-
-
- EIA weekly natural gas storage 10:30 ET
- DOE WPSR 12:00 ET
-
-
- Friday 29-May
-
-
- EIA Petroleum Supply Monthly
- EIA Natural Gas Monthly
- BKR Rig Count 13:00 ET
- Brent July, RBOB June, and ULSD June contracts all expire
-
-
- Monday 1-June
- SPR update
- Tuesday 2-June
- API data
- RBC Capital Global Energy, Power & Infrastructure Conference
- Wednesday 3-June
- DOE Weekly Petroleum Status Report 10:30 ET
- RBC Capital Global Energy, Power & Infrastructure Conference
- Thursday 4-June
- EIA weekly natural gas storage 10:30 ET
- Friday 5-June
- BKR weekly rig count 13:00 ET
- Sunday 7-June
- OPEC-7 meeting
- Monday 1-June
StreetAccount Sector Summary – Metals & Mining Pre Market
- Synopsis:
- Daily update: Following yesterday’s higher close, futures signal a lower start this morning with the S&P (0.2%) and the Dow (0.2%) thus far in the pre-market.
- Gold prices are trading near two-month lows today largely due to a stronger US dollar, along with the ongoing inflationary concerns amid elevated oil prices. Elsewhere, investors look forward to core PCE inflation report due today in order to get further clarity surrounding the upcoming monetary policy decisions.
- HSBC analysts believe further upside for silver is limited as the metal remains overvalued, while Macquarie analysts see meaningful downside risk for silver if the macro situation deteriorates further, as per CNBC.
- In terms of equity research, UBS initiated coverage of Lundin Gold with a buy rating and a price target of C$103.
- Pre-Market: B (1.4%), FCX (1.5%), NEM (2.0%)
- Metals Snapshot:
- Gold (1.37)% to $4387.6/oz, Monthly (6.52)%, YTD +1.07%:
- Silver (2.08)% to $73.34/oz, Monthly (2.25)%, YTD +3.88%:
- Copper (0.17)% to $6.3295/lb, Monthly +5.12%, YTD +11.4%:
- Aluminum (0.56)% to $3738/mt, Monthly +0%, YTD +0%:
- Nickel +1.05% to $18755/mt, Monthly +0%, YTD +0%:
- Zinc (1.43)% to $3516/mt, Monthly +0%, YTD +0%:
- VanEck Gold Miners ETF (1.98)% to $83.75, Monthly (7.72)%, YTD (0.38)%:
- VanEck Junior Gold Miners ETF (2.37)% to $109.89, Monthly (7.34)%, YTD (1.07)%:
- US Dollar +0.14% to $99.349, Monthly +0.87%, YTD +1.04%:
- CBOE Volatility Index +1.09% to $18.6, Monthly (7.23)%, YTD +12.51%:
- Precious Metals:
- FISH.CN announced its operating and financial results for the Q1/2026 period. During the quarter, royalty revenue of $999,378 was earned given 8,924 silver ounces earned. Earnings per share amounted to $0.0 for the quarter. Subsequent to March 31, the company received and sold 548.463 ounces of gold for $2.60M pertaining to the Gold Purchase Agreement with Mako Mining Corp.
- AGI.CN announced that its BOD has declared a quarterly dividend of $0.04 per common share. Additionally, the company repurchased 753,600 shares at a cost of $30.0M, or $39.84 per share, under its NCIB thus far in May 2026. Including the upcoming dividend, the Company has returned $63.6M to shareholders thus far in 2026 through dividends and share buybacks.
- WGO.CN announced the commencement of its fully funded 2026 exploration program on its district scale land package in the emerging White Gold District, located in Yukon, Canada. The primary objectives include resource growth and expansion within, adjacent and in close proximity to the company’s known gold resources comprised of the Golden Saddle, Arc, Ryan’s Surprise, and VG deposits. Elsewhere, the company is also advancing its maiden preliminary economic assessment on the White Gold project, which is expected to be delivered in the near term.
- Base Metals:
- CIA.CN reported its Q4/2026 results (three-month period ended March 31, 2026) which were highlighted by iron ore concentrate production of 3.4M wmt (+8% y/y), while quarterly iron ore concentrate sales amounted to 3.5M dmt (-1% y/y). Elsewhere, total material mineral and hauled amounted to 20.9M wmt (+3% y/y). Regarding the DRPF project, the initial saleable production is anticipated to occur by the end of June 2026.
- CCJ announced on May 27 after the market close that the Key Lake mill and McArthur River mine have returned to full production activities following a disruption caused by flooding in northern Saskatchewan. Cameco’s FY/2026 consolidated production outlook remains unchanged.
- GWM.CN announced preliminary results from its 2026 district-scale airborne geophysical program at the Company’s wholly-owned Clarence Stream Gold Project located in southwest New Brunswick. Preliminary airborne geophysics support the interpretation that the South and Southwest deposits may occur along opposing limbs of a regional-scale fold structure. Initial drilling of the South-Limb Target Trend has commenced, with core logging and sampling underway and assays pending.
- HBM announced that the Toronto Stock Exchange has approved its notice of intention to commence a NCIB. Pursuant to the NCIB, Hudbay is authorized to acquire up to a maximum of nearly 19.864M Shares, representing 5% of its issued and outstanding Shares as of May 21, 2026, for cancellation over a 12-month period. Hudbay may begin to purchase Shares on June 1, 2026 and the NCIB will terminate on May 31, 2027.
- On Deck:
- Thursday 28th
Economic: US Initial Jobless Claims (08:30), US Continuing Claims (08:30), US Core Durable Orders (08:30), US Core PCE (08:30), US Durable Orders ex transport (08:30), US Durable Orders (08:30), US GDP Chain Price (first revision) (08:30), US GDP (first revision) (08:30), US Personal Spending (08:30), US Personal Income (08:30), US New Home Sales (10:00), US EIA Natural Gas Inventories (10:30)
-
- Friday 29th
Economic: UK Nationwide House Price Index y/y (02:00), Germany Unemployment Rate (04:00), Germany Preliminary CPI y/y (08:00), US Wholesale Inventories (Preliminary) (08:30), US Chicago PMI (09:45)
-
- Saturday 30th
Economic: China Non Manufacturing PMI y/y (21:30), China official Manufacturing PMI y/y (21:30)
May 27, 2026:
StreetAccount Sector Summary – Metals & Mining Post Market
- Synopsis:
- Daily update: Following yesterday’s mixed close, equities ended slightly higher today with the S&P +0.0% and the Dow +0.4% as momentum names ended slightly lower for first time in five sessions. Gold finished (1.1%) at $4,451.10/oz, while WTI ended (4.8%) at $89.41/bbl.
- Commodities ended mostly negative as more noise than news surrounded US-Iran talks, but the market continues to expect a deal on the horizon.
- The Minneapolis Fed’s Neel Kashkari said that next rate move could go either way. The prolonged Iran war could lead to multiple hikes.
- Sentiment is also being shaped by the highly anticipated PCE inflation numbers with headline PCE inflation seen at +0.5% m/m and +3.8% y/y as per consensus.
- China has reportedly set export quotas for urea fertilizer, potentially easing rising global prices amid supply disruptions.
- BMO Capital Markets maintained Silvercorp Metals at an outperform rating with a $21 per share target. Scotiabank maintained Pecoy Copper Corp at a Sector Outperform rating with a C$3 per share target. Scotiabank maintained SQM at a Sector Outperform rating with a $100 per share target.
- Notable Gainers: CLF +7.1%, MOS +4.9%, FMC +4.1%
- Notable Decliners: NEM (3.7%), MP (2.7%), DOW (2.2%)
- Metals Snapshot:
- Gold (1.14)% to $4450.8/oz, Monthly (6.12)%, YTD +2.53%:
- Silver (2.19)% to $74.925/oz, Monthly (1.95)%, YTD +6.12%:
- Copper (0.99)% to $6.3335/lb, Monthly +5.09%, YTD +11.47%:
- Aluminum +1.43% to $3759/mt, Monthly +0%, YTD +0%:
- Nickel +0.05% to $18560/mt, Monthly +0%, YTD +0%:
- Zinc +0.63% to $3567/mt, Monthly +0%, YTD +0%:
- VanEck Gold Miners ETF (3.46)% to $85.44, Monthly (9.43)%, YTD (0.38)%:
- VanEck Junior Gold Miners ETF (3.51)% to $112.56, Monthly (9.04)%, YTD (1.07)%:
- US Dollar +0.03% to $99.196, Monthly +0.67%, YTD +0.89%:
- CBOE Volatility Index (2.23)% to $18.45, Monthly (11.54)%, YTD +11.6%:
- Notable Gainers
- +4.4% SQM (Sociedad Quimica y Minera de Chile): reported total revenues for the three months ended March 31, 2026 of $1,760.1M compared to total revenues of $1,036.6 for the same period last year. Net income amounted to $364.7M or $1.28 per share, compared to $137.5M or $0.48 per share for the same period last year. From the lithium segment, sales volumes reached approximately 69,000 metric tons of LCE as operations continued at full capacity. As per developments, the company is finalizing the documentation required to begin the environmental permitting process for the Salar Futuro project.
- +2.7% QTWO.CN (Q2 Metals): announced the commencement of the 2026 Summer Exploration Program at the Cisco Lithium Project, located within the greater Nemaska traditional territory of the Eeyou Istchee, James Bay region of Quebec. The largest field program to date at the Cisco Lithium Project has started with the summer program targeting approximately 20,000m of drilling. Environmental baseline studies have started along with a PEA study which has been initiated as well. Assays from 17 winter drill holes are still pending.
- +1.6% ORV.CN (Orvana Minerals): Provided a further update on its deep drilling campaign at its wholly-owned Taguas Project in San Juan, Argentina. The FY/2026 program comprised 2 drill holes, totaling 2,173.7m drilled. First drill hole TADD-278 reached 1,331.7m and second TADD-279, 842m. The program has been concluded in anticipation of the winter season. Highlight assays included 2m grading 32.34 g/t Au and 0.06% Cu, 16.8m at 0.32 g/t Au and 0.81% Cu and 37.0m at 0.86 g/t Au and 0.69% Cu.
- +0.0% MGG.CN (Minaurum Gold): reported continued high-grade drill results from the Europa Sur, Travesia, and San Jose Vein Zones, as part of its ongoing Phase II, 50,000m resource expansion program at the Alamos Silver Project in Sonora, Mexico. Highlight assays included 3.20m grading 882 g/t AgEq, 6.20m grading 374 g/t AgEq and 1.95m grading 255 g/t AgEq.
- Notable Decliners
- -4.2% SVM (Silvercorp Metals): reported financial and operating results for the quarter ended March 31, 2026 (fiscal Q4/2026). Highlights for the quarter included record adjusted EBITDA of $98.1M and record adjusted net income of $0.27 per share. During the quarter production amounted to 1.5M silver ounces and 2,492 gold ounces for 1.6M AgEq ounces. At an AISC of $17.35 per ounce during the quarter, the figure represented an increase of 21% y/y due largely to higher government taxes.
- -0.7% ATX.CN (ATEX Resources): announced additional drill results from the Valeriano Copper-Gold Project located in the Atacama region of Chile. Highlight assay results included 228m of 0.82% CuEq (0.54% Cu, 0.23 g/t Au) from ATXD19A and 400m of 0.56% CuEq (0.42% Cu, 0.10 g/t Au, 1.0 g/t Ag, 67.1 g/t Mo) from ATXD35. Management stated that drilling has been increasingly outlining a broader mineralized corridor hosted within rhyolite units adjacent to the B2B zone.
- On Deck:
- Friday 29th
Economic: UK Nationwide House Price Index y/y (02:00), Germany Unemployment Rate (04:00), Germany Preliminary CPI y/y (08:00), US Wholesale Inventories (Preliminary) (08:30), US Chicago PMI (09:45)
StreetAccount Sector Summary – Energy Post-Market
- Commodities
- WTI (5.6%) to $88.68
- Brent (5.3%) to $94.29
- Natural gas +5.0% to $3.040 (June)
- RBOB (2.7%) to $3.13 (June)
- ULSD (3.2%) to $3.60 (June)
- Oil: Crude benchmarks closed lower on another noisy day of U.S.-Iran headlines. At oil’s close the Dollar Index was up +0.09% while the S&P 500 was up +0.07%. WTI and Brent accelerated to the downside after Iran television reported that a draft of an unofficial framework for a preliminary MOU with the United States has been worked up. WTI and Brent bottomed at $86.15 and $94.45 respectively before rallying to levels they were at prior to that report after the White House denied a MOU had been reached. The extent of the initial drop was a bit surprising as the reported framework looked more like an Iranian wish-list rather than a compromise between the two sides. While both sides continue to talk tough, negotiations continue and most market participants believe the administration wants to get a deal done. Bloomberg this afternoon said tanker traffic in the Strait has faded to a crawl. More reports overnight followed up others Monday stating Asian nations outside of China have crude and refinery runs tracking higher in May vs April, thanks in part to the continuing decline of Chinese imports. Ukraine attacks on Russian energy infrastructure continue. API data out this afternoon ahead of the DOE Weekly Petroleum Status Report tomorrow had a crude draw of (2.8M). Consensus for tomorrow has a crude draw of (5.0M), a gasoline draw of (3.0M), and a distillate draw of (2.0M). Commercial crude stocks on the week competed with a 9.1M barrel SPR release. Heading into the numbers tomorrow, crude stocks are (2.0%) below the 5-year, gasoline (6.0%) below, distillate (11.0%) below.
- Blockade:TankerTrackers has 60M barrels of Iranian trapped on tankers due to the U.S. blockade
- Natural Gas: The June contract closed up +5.0% to $3.040 and expired while July closed up +2.8% to $3.095 as overnight forecasts for the coming two weeks added CDD’s. Early-cycle data for today has LNG feedgas flows running at 18.1 Bcf with volumes at Golden Pass recovering back up to 400 MMcfd after a drop last week. Production today is tracking lower by over (1.0) Bcf d/d to back below 107 Bcfd. LSEG puts month-to-date production at 109.5 Bcf, down (300) MMcfd m/m. We get EIA weekly storage data at 12:00 ET tomorrow with consensus expecting a build of +94 Bcf vs the 5-year average +97 Bcf. The 12-month strip is at $3.318. TTF was down (3.3%) after a +3.2% move higher Tuesday. European storage as of 25-May was at 38.5 of capacity, (26.1%) below the 5-year average.
- Stocks
- The S&P 500 Energy Index (1.52%) vs the S&P 500 +0.02% The XLE (1.50%). The XOP (1.65%) with the vast majority of oil and gas E&P’s endin the day lower, oil underperforming. US integrated majors were all down (1.0%) to (1.3%). The OSX (3.29%), the OIH (3.98%). Service subgroups all closed firmly lower. The S&P 1500 Refining & Marketing Index (0.15%), PBF +1.4% and CVI +1.1% leading, DINO (0.7%) and VLO (0.5%) lagging. The Alerian MLP ETF (1.20%).
- Trading Highlights:
- Stocks – Gainers
- +0.5% ~PSX~ (Phillips 66): was upgraded to outperform at Mizuho Securities
- +0.4% ~CRK~ (Comstock Resources): was upgraded to buy at Gerdes Energy Research after a (29%) depreciation since 8-April, now reflecting over 20% equity value upside.
- Stocks – Decliners
- -5.4% ~BORR~ (Borr Drilling): to issue notes of $1.6B due in 2032 and 2034 to fully refinance senior 2028 10% notes and a portion of senior 2030 10.375% secured notes.
- -5.3% ~PTEN~ (Patterson-UTI Energy): Capital One Securities raised Q2 and 2026 ad EBITDA estimates following the positive update provided Tuesday in slide presentation. The firms 2026/2027 adj EBITDA estimates are +5%/+$14% above the street. Remains a Top Pick.
- -4.3% ~KGS~ (Kodiak Gas Services): was initiated overweight at Wells Fargo.
- -2.4% ~CRC~ (California Resources): announced it has reached the first carbon dioxide injection at Carbon TerraVault.
- -1.2% ~CVX~ (Chevron): ?shareholders rejected a proposal that would have required an independent board chair separate from the CEO role, according to preliminary ?voting results at the annual ?meeting on Wednesday. Reuters
- -1.2% ~XOM~ (Exxon Mobil): shareholders approve company plans to redomicile in Texas.
- -1.2% ~FANG~ (Diamondback Energy): TPH&co. reiterated its Buy rating and Top Pick status as valuation remains compelling.
- Mizuho Securities: The firm expects the impact of the Iran crisis on global oil prices and refining cracks to be prolonged relative to Nymex, while their nat gas price outlook remains relatively unchanged despite recent weakness. Raise 2026/2027 oil price outlook by 25%/6% while their refining cracks outlook was increased by +61% this year and +51% next year. See dislocated valuations in large-cap, oil focused E&P’s and nat gas-focused E&P’s with more selective opportunities in refining and SMID E&P’s. Top Picks are DVN, EQT, PR.
- GPOR (1.1%) upgraded to outperform
- PARR +0.1% upgraded to outperform
- PSX +0.4% upgraded to outperform
- DINO (0.7%) downgraded to neutral.
- KOS (6.3%) downgraded to underperform
- Stocks – Gainers
- Post-close News:
- VAL holder Oak Hill Advisors files notice of proposed sale of 1.49M shares
- On Deck:
- Thursday 28-May
-
-
- EIA weekly natural gas storage 10:30 ET
- DOE WPSR 12:00 ET
-
-
- Friday 29-May
-
-
- EIA Petroleum Supply Monthly
- EIA Natural Gas Monthly
- BKR Rig Count 13:00 ET
- Brent July, RBOB June, and ULSD June contracts all expire
-
-
- Monday 1-June
- SPR update
- Tuesday 2-June
- API data
- RBC Capital Global Energy, Power & Infrastructure Conference
- Wednesday 3-June
- DOE Weekly Petroleum Status Report 10:30 ET
- RBC Capital Global Energy, Power & Infrastructure Conference
- Thursday 4-June
- EIa weekly natural gas storage 10:30 ET
- Friday 5-June
- BKR weekly rig count 13:00 ET
- Sunday 7-June
- OPEC-7 meeting
- Monday 1-June
