In today’s briefing:
- New World Resources (NWC AU): Kinterra Capital Emerges With A 12% Stake
- Boss Energy (ASX: BOE) – Transitioning to Tier-1 Producer with Strong Quarterly Momentum
- HINDZINC – ₹12,000 Cr Smelter Expansion Approved Amid Long-Term Growth Push
- Carnarvon Energy UPDATE(CVN)
- Global base oils margins outlook: Week of 16 June
- [US Nat Gas Options Weekly 2025/24] Henry Hub Slips on Tepid Demand and Subdued Export Flows
- [US Crude Oil Options Weekly 2025/24] WTI Surged on Mideast Tensions and U.S.-China Trade Optimism
- Americas/EMEA base oils supply outlook: Week of 16 June
- Americas/EMEA base oils demand outlook: Week of 16 June
- Global base oils arb outlook: Week of 16 June
New World Resources (NWC AU): Kinterra Capital Emerges With A 12% Stake
- In New World Resources (NWC AU)’s Possible Interloper. I noted NWC’s shares trading through Central Asia Metals (CAML LN)‘s A$0.05/share terms. An opportunistic investor (s) or a third party bidder?
- Toronto-Based PE outfit Kinterra Capital has now declared a 11.99% stake, paying upward of A$0.051/share.
- New World Resources (NWC AU)is currently in a trading halt due to “a potential material variation, including a proposed increase in Scheme Consideration, to a change of control transaction“.
Boss Energy (ASX: BOE) – Transitioning to Tier-1 Producer with Strong Quarterly Momentum
- Boss delivered a robust March 2025 quarter, with Honeymoon generating free cash flow and production ramping sharply.
- The company targets ~2.9M lbs annual output by FY27, supported by Alta Mesa and multiple exploration assets.
- Valuations remain attractive at ~8× forward P/E, though uranium price volatility and execution risks persist.
HINDZINC – ₹12,000 Cr Smelter Expansion Approved Amid Long-Term Growth Push
- HZL has approved a ₹12,000 crore investment to set up a 250 KTPA integrated zinc smelter at Debari as part of its 2x capacity expansion plan.
- While smelting investments are not inherently value-accretive due to low TCs, they are necessary to process captive ore and minimize logistics costs.
- The overall growth outlook remains strong, but the pending mine lease expiries by 2030 pose a material long-term risk.
Carnarvon Energy UPDATE(CVN)
- Yes, I know I wrote this one up a year ago, but things have changed to make this a more interesting investment opportunity.
- I would recommend holding this in an account where you can sit on it for a few years.
- The ultimate IRR will be attractive, but this isn’t a quick flip.
Global base oils margins outlook: Week of 16 June
- Global base oils margins fall as feedstock/competing fuel prices surge.
- Sharp fall in base oils margins reflect impact of higher crude/diesel prices rather than any sudden change in base oils supply-demand fundamentals.
- Fall in base oils margins comes at a time of year when supply-demand fundamentals are already starting to face downward pressure.
[US Nat Gas Options Weekly 2025/24] Henry Hub Slips on Tepid Demand and Subdued Export Flows
- For the week ending 13/Jun, U.S. natural gas prices fell by 5.4% on the back of mild near-term demand, softening LNG exports, and rising storage levels.
- For the week ending 06/Jun, the EIA reported that U.S. natural gas inventories rose by 109 Bcf, higher than analyst expectations of a 108 Bcf build.
- Henry Hub OI PCR inched up by 0.86 on 13/Jun compared to 0.85 on 06/Jun. Call OI increased by 4.3% WoW, while put OI grew by 5.5%.
[US Crude Oil Options Weekly 2025/24] WTI Surged on Mideast Tensions and U.S.-China Trade Optimism
- WTI futures surged by 13% for the week ending 13/Jun on the back of rising geopolitical tensions in the Middle East and easing trade tensions between the U.S. and China.
- The U.S. rig count fell by four to 555. The oil rig count fell by three to 439, while gas rigs inched down by one to 113.
- WTI OI PCR grew to 0.89 on 13/Jun compared to 0.83 on 06/Jun. Call OI rose by 5.9% WoW, while put OI grew by 14.5%.
Americas/EMEA base oils supply outlook: Week of 16 June
- US base oils margins fall as crude and heating oil prices surge.
- Margins had previously been trending lower slowly.
- Steady-to-lower margins coincided with muted domestic demand and improving supply fundamentals following completion of most plant maintenance work.
Americas/EMEA base oils demand outlook: Week of 16 June
- US base oils demand could get support from expectations of steady-to-higher prices following surge in crude oil prices.
- Weakening supply-demand fundamentals previously put pressure on adjustment in base oils prices to reflect that dynamic.
- Concern about exposure to lower prices incentivized buyers to limit their procurement plans.
Global base oils arb outlook: Week of 16 June
- US Group III 4cSt base oils price rises in June to highest level in almost nine months.
- US Group III 4cSt price rises relative to Group II base oils, relative to feedstock prices and relative to other regions.
- US Group III price-strength coincides with tighter global Group III supply-demand fundamentals and growing number of signals reflecting those tighter fundamentals.
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