On July 8, Petrobras rose 3.08% in regular trading, trading at $16.76/share, with turnover of $270 million. The gain came amid a broad rally in the integrated oil and gas sector and was supported by fresh company-specific catalysts.
On the news front, the Mexican president announced on July 6 that Petrobras will partner with Mexico's national oil company Pemex to explore deep-water oil and gas resources in the Cantarell region. Additionally, Petrobras' CEO recently stated that oil prices appear to have stabilized in the $72-$75 per barrel range, and the company is restarting investment to deepen its presence in the Brazilian domestic market. In late June, the board approved a final investment decision for a $1.2 billion biorefining project at its Presidente Bernardes refinery in Sao Paulo state, with production capacity of up to 15,000 barrels per day of bio-jet fuel and renewable diesel.
Within the Integrated Oil and Gas sector, the overall sector strengthened broadly. Among individual stocks, Occidental up 5.74%, Shell up 4.72%, Exxon Mobil up 3.73%, Chevron up 3.59%, BP up 3.10%.
(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)
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