Daily Brief Energy/Materials: CRH , Eqt Corp, Halliburton Co, Crude Oil, Ring Energy Inc, IAMGOLD Corp, Gold, Scorpio Tankers, SGX Rubber Future TSR20, Shin Etsu Chemical and more

• The S&P 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.
• We now expect two regular changes in December 2025. There are also multiple live M&A and special situation events likely to trigger intra-review index changes.

• The third-quarter earnings release for EQT Corporation highlights both operational advancements and strategic decisions that continue to shape its financial performance.
• The company reported a robust $484 million in free cash flow, despite facing $21 million in one-time costs associated with the Olympus transaction.
• Over the past four quarters, EQT has generated over $2.3 billion in free cash flow at an average natural gas price of $3.25 per million Btu.

• Halliburton’s strong Q3 earnings and strategic entry into the data-centre power market have fueled a sharp rally, underscoring investor confidence in its evolving growth strategy.
• Halliburton’s partnership with VoltaGrid marks a strategic shift away from reliance on oil and gas and positions the company to tap into the rapidly expanding data-centre segment. 
• Halliburton’s strong performance sets a positive tone for upcoming oil and gas earnings, signalling resilient drilling activity, steady investment discipline, and higher margins and price realisations.

• Crude oil futures were sharply higher Thursday after the US sanctioned Russian oil giants Rosneft and Lukoil, in a renewed bid to starve Moscow of revenues to fund its war with Ukraine.
• Front-month Dec25 ICE Brent futures were trading at $65.89/b (2053 BST) versus Wednesday’s settle of $62.59/b, while Dec25 NYMEX WTI was at $61.67/b against a previous close of $58.50/b.
• The announcement by the US Treasury was seen as the most decisive action yet during President Trump’s administration, with Lukoil and Rosneft directly controlling more than half of Moscow’s exports.

• In a pivotal year for IAMGOLD Corporation, the mid-tier Canadian gold miner is aggressively pivoting from a successful ramp-up of its flagship Côté Gold project toward strategic expansion opportunities.
• Fresh off achieving nameplate production at Côté well ahead of schedule and guiding toward full-year output of up to 820,000 ounces, IAMGOLD is now reportedly eyeing two key assets: Northern Superior Resources and Mines d’Or Orbec.
• These moves, if pursued, would be an emphatic signal of the company’s ambition to consolidate its position as a leading Canadian gold producer.

• A review of recent events/data impacting our investment themes and outlook
• A correction has finally started in the precious metals space
• What to do now in the sector for both the short and long term

• Leading Market Position with a Modern Fleet: Scorpio Tankers operates one of the world’s largest and youngest fleets of product tankers, providing a distinct competitive advantage in fuel efficiency and operational performance.
• Significant Operating Leverage in a Cyclical Market: The company’s earnings are highly sensitive to fluctuations in charter rates. Favorable market dynamics have driven substantial free cash flow generation, enabling significant debt reduction and increased shareholder returns.
• Balanced Outlook with Near-Term Tailwinds and Long-Term Headwinds: While the current market is supported by favorable supply/demand fundamentals, the outlook is tempered by a growing order book, potential shifts in trade routes, and a long-term decline in oil product demand.

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• July to August export volume increases but returns drop  
• Chinese exports pick up as it strikes deal with the US  
• Malaysia, Japan too cash in on lowering of US tariffs  

• Shin Etsu Chemical is a global leader in polyvinyl chloride (PVC) and semiconductor silicon wafers, granting it significant market influence and economies ofscale.
• The company is facing near-term headwinds, evidenced by disappointing FY26 guidance which forecasts a 14.4% decline in operating income, leading to recent stock price underperformance.
• Despite the cyclical downturn, Shin Etsu maintains a robust financial position, characterized by a strong balance sheet and significant cash flow, enabling substantial shareholder returns through buybacks.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.