In today’s briefing:
- Korea Short Selling: Biggest Changes in Shorts & Trade Performance
- Quiddity Leaderboard MV Jr-Gold Miners Jun25: Flow Expectations
- Gold Road (GOR AU)’s U-Turn On Gruyere’s Underground Mine Estimates
- The Drill – The Commodity Onslaught (Still)
- Tariff Part II: Canada-Mexico Web Ensnares US; USTMA Projects Higher Volume
- Chord Energy Corporation: Leveraging Simul-Frac Technology To Up Their Game!
- Noble Corporation: An Insight Into Market Demand, Growth Prospects & Key Growth Drivers!
- Valeura Energy (TSX: VLE): Lower oil prices could generate acquisition opportunities
- PBF Energy’s Renewable Diesel Expansion & Strategic Ventures Can Truly Catalyze Its Growth!
- Arrow Exploration Corp. (AIM: AXL): Stable Production, 10% Cash Increase
Korea Short Selling: Biggest Changes in Shorts & Trade Performance
- The resumption of short selling in Korea came at a good time for investors, giving them some additional tools to manage market volatility.
- Short interest has increased from 0.17% to 0.23% of market cap for the KOSPI market and from 0.46% to 0.63% for the KOSDAR market.
- The KOSPI/KOSDAQ ratio has reverted a bit on profit taking, and the forecast index deletions have recovered a bit but should continue to see increase short interest.
Quiddity Leaderboard MV Jr-Gold Miners Jun25: Flow Expectations
- The MV Jr-Gold Miners index represents the performance of small-cap gold and silver mining companies listed around the world.
- This index is reviewed semiannually in March and September. There will be no index changes for the June 2025 index rebal event but there will be capping flows.
- We expect one-way flows of US$81mm for June 2025 which translates to a turnover of 1.4%.
Gold Road (GOR AU)’s U-Turn On Gruyere’s Underground Mine Estimates
- After rejecting Gold Fields (GFI SJ)‘s Offer last month, calling terms “low ball and opportunistic”, Gold Road (GOR AU) has done a bang-up job how NOT to underpin that position.
- After correcting minor information (on the 4th April) to an Australian Roadshow Investor Presentation, GOR has now retracted details of the underground mining potential at the Gruyere mine.
- But don’t expect any new developments in this transaction until after De Grey Mining (DEG AU)‘s Scheme vote on the 16th April.
The Drill – The Commodity Onslaught (Still)
- Greetings from Copenhagen.
- We were just about to wrap up this week’s edition of The Drill when the news hit: tariffs are officially on pause for all trade partners except China.
- So that initial line—“risk sentiment was improving a tad this afternoon as markets likely see the worst headlines and data behind us”—can now be upgraded to markets partying like there’s no tomorrow.
Tariff Part II: Canada-Mexico Web Ensnares US; USTMA Projects Higher Volume
- Components crossing US–Mexico–Canada corridor face disruption
- Reshoring production to US would involve multi-year lead times
- USTMA expects U.S. tire shipments of 340.4 million units in 2025
Chord Energy Corporation: Leveraging Simul-Frac Technology To Up Their Game!
- Chord Energy reported a transformational year in 2024, significantly strengthened by its strategic combination with Enerplus.
- This merger, completed in May 2024, positioned the company as a leading entity in the Williston Basin.
- The integration was marked by operational and corporate synergies, enhancing Chord Energy’s scale and efficiency.
Noble Corporation: An Insight Into Market Demand, Growth Prospects & Key Growth Drivers!
- Noble Corporation’s fourth-quarter 2024 earnings call provided a comprehensive overview of its operational and financial performance while highlighting key strategic initiatives and market outlook.
- The company recently completed the acquisition of Diamond Offshore, enhancing its positioning in the deepwater drilling market.
- This integration is progressing well, with $50 million of the targeted $100 million synergies already realized, reflecting operational efficiencies.
Valeura Energy (TSX: VLE): Lower oil prices could generate acquisition opportunities
- • 1Q25 production averaged 23.9 mboe/d, which is in line with previous indications.
- This included a planned seven-day annual maintenance shutdown at the Nong Yao field near the end of the quarter.
- Production resumed on 1 April.
PBF Energy’s Renewable Diesel Expansion & Strategic Ventures Can Truly Catalyze Its Growth!
- PBF Energy’s most recent commentary on its financial performance and operational highlights underscores a mix of operational resilience and external challenges.
- A notable incident was the fire at the Martinez refinery in early February, which has posed operational disruptions.
- While the company is in the early stages of investigating and recovering from this event, it emphasized appreciation for the quick response from first responders and reiterated its commitment to maintaining a strong relationship with local and state authorities.
Arrow Exploration Corp. (AIM: AXL): Stable Production, 10% Cash Increase
- Net production is currently exceeding 4.5 mboe/d, consistent with January levels.
- The CN HZ10 well, located in the northern area of the CN field, commenced production on 31 March, delivering 1,183 bbl/d of oil (591 bbl/d net to Arrow) with a 21% water cut from the Ubaque reservoir.
- The well is in the process of cleaning up, with the water cut gradually decreasing.
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