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Jefferies has upgraded TotalEnergies and Repsol to 'buy' while downgrading Galp Energia to 'underperform' in its European oil review. The firm anticipates that buybacks will enhance valuations in the sector, projecting growth beyond these effects for Repsol and TotalEnergies. In contrast, Galp's growth strategy, particularly its focus on the Mopane field, is viewed as unrealistic. Rating changes include TotalEnergies upgraded to 'buy' with a price target of EUR 66, and Repsol upgraded to 'buy' with a target of EUR 19.
TotalEnergies SE rose 3.00% in after-hours trading; Chevron rose 0.78% in after-hours trading, with a transaction volume of USD 6.29 million; ExxonMobil rose 0.38% in after-hours trading, with a transaction volume of USD 1.88 million; Occidental Petroleum rose 0.07% in after-hours trading, with a transaction volume of USD 765,400
Northwest European gasoline refinery profit margins fell by $1.07 to $7.82 per barrel. Trading activity included 14,000 metric tons of Eurobob E5 gasoline sold by Equinor, Trafigura, and Glencore to BP, Aramco, and TotalEnergies, along with 10,000 tons of Eurobob E10 gasoline sold by Shell and Exxon to Varo. A Reuters poll predicts Brent crude will average $61.27 per barrel in 2026, down from previous estimates. EU-27 and UK gasoline exports averaged 729,000 barrels per day in December, a decline from November's 903,000 bpd.
Singapore and China have launched an e-CNY pilot for Singapore travelers, allowing them to open and top-up e-CNY wallets for payments in China. This initiative is part of broader financial cooperation, including green finance, cross-border financing, and RMB market growth. MAS also appointed DBS Bank as the second RMB clearing bank in Singapore and supports Chinese corporates' secondary listings in Singapore. Additionally, MAS and CSRC will advance ETF product launches and facilitate access to China's bond market for institutional investors.
Oman has received the first batch of wind turbines for the Riyah 1 and Riyah 2 projects, which will provide 234MW of clean energy. These turbines, the tallest in the country, will power Petroleum Development Oman facilities, saving natural gas and reducing carbon emissions. The wind farms, part of a 2024 agreement between OQ Alternative Energy and TotalEnergies, support Oman's Vision 2040 goals to achieve Net-Zero by 2050.
