Daily Brief Energy/Materials: CRH , CMOC Group , Predictive Discovery, Natural Gas, Rubber Future SGX TSR20, Bellevue Gold , Targa Resources, HighPeak Energy Inc, Sealed Air Corp, Aptargroup Inc and more

• The SP 500 index tracks the 500 largest names listed in the US and it is one of the most highly-tracked indices in the world.
• In this insight, we take a look at the upcoming constituent changes in the run up to the December 2025 index rebal event.
• The index changes for the December 2025 rebal will be based on the open of 3rd December 2025 and announced after the close of 5th December 2025.

• CMOC (603993 CH) and Sungrow Power Supply (300274 CH) will replace S.F. Holding (002352 CH) and Bank of Jiangsu (600919 CH) in the ETFs at the close on 19 December.
• Passive trackers will need to trade between 0.1-0.5 days of ADV in the constituent changes.
• The adds have outperformed the deletes by a big margin over the last 6 months. After a period of underperformance in November, the adds have started moving higher again.

• Predictive Discovery (PDI AU) has disclosed a competing all-scrip scheme offer from Perseus Mining (PRU AU) at 0.136 Perseus shares per PDI share.
• The Perseus offer is attractive compared to peer resource multiples and historical trading ranges. The Board had deemed the proposal superior to the Robex Resources (RBX CN) merger transaction.
• Robex has five business days to exercise matching rights. Robex will struggle to match due to the large gap in the offer values. 

• Henry Hub surged on cold forecasts and record LNG demand, while TTF stayed soft due to tepid demand. Weather and LNG flows now drive a volatile winter spread.
• The Henry Hub–TTF spread faces exceptional uncertainty, shaped by diverging regional fundamentals. Henry Hub remains sensitive to U.S. forecast shifts, while TTF is anchored by strong EU storage.
• With weather driving short-term volatility, the spread remains highly unpredictable. Even steady U.S.–Europe LNG flows offer only partial stability as shifting forecasts and regional imbalances continue to reshape price dynamics.

Highlights

• Indonesian rubber exports worth over US$250 million in Sept

• Asia drives demand as US tariffs mellow to pave the way

• Prices firm but volatility persists with weather risks and soft demand

  Though the major consumer, China, tracked impressive increases in August and September compared to July, September witnessed a decline from the second-highest levels of the year in August, in both value and volume.

• Blue Gold Limited (BGL) has set out to create and distribute the world’s first global gold-backed digital currency, the Standard Gold Coin (SGC).
• Launch is planned for Q1 2026.
• The company intends to support the SGC with its own digital wallet (the One App), with launch planned for Q3 2026.

• Targa Resources Corporation’s third quarter 2025 earnings call presents a mixed yet optimistic picture of the company’s current performance and future trajectory.
• On one hand, the company posted record adjusted EBITDA and achieved substantial growth in NGL and natural gas volumes, primarily driven by increased activity in the Permian Basin.
• This places Targa on track to reach the top end of its annual guidance for 2025.

• Sealed Air Corporation delivered a mixed set of results that reflected both progress in its multiyear transformation and continued pressure from global macroeconomic trends.
• The company reported modest top-line performance, with third quarter sales of USD 1.35 billion increasing slightly on a reported basis but declining marginally in constant currency.
• Adjusted EBITDA rose mid-single digits, supported by cost controls and productivity gains despite slightly lower volumes and negative net price realization tied to inflation in labor and nondirect materials.

• AptarGroup, Inc.’s third-quarter earnings call highlighted several key aspects of its performance and strategic direction.
• The company reported adjusted earnings per share of $1.62 and a 6% increase in reported sales, with core sales growth of 1% year-over-year.
• The Pharma segment exhibited strength, particularly in proprietary drug delivery systems for central nervous system applications, asthma, COPD, and ophthalmic treatments.