Daily Brief Energy/Materials: SGX Rubber Future TSR20, BHP Group Ltd, Crude Oil, Natural Gas, New Zealand Energy, Equinor ASA, Corteva , TotalEnergies , Vishnu Chemicals and more

• Japanese tire firms mull option of broadening production base in US  
• May explore low-cost Southeast Asian destinations too  
• Diversifying supply-chain network to be on top of agenda  

• BHP plans for a small increase in uranium production at Olympic Dam, with speculation on the impact
• Interview with Grant Isaac from Cameco sheds light on the uranium market trends

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• WTI futures fell by 2.1% for the week ending 07/Feb on the back of uncertain trade policy, growing U.S. crude stockpiles, and a strengthening dollar.
• WTI options Put/Call volume ratio fell to 1.18 from 1.31 (31/Jan) last week, as call volume fell by 51% WoW while put volume dropped by 56.1%.  
• WTI OI PCR fell to 0.98 from 1.00 last week. Call OI rose by 5.2% WoW, while put OI grew by 3.5%.

• For the week ending 07/Feb, U.S. natural gas prices gained 8.7% on the back of colder weather forecasts, rising LNG exports, and falling inventories.
• Henry Hub Put/Call volume ratio decreased to 1.33 from 1.50 (31/Jan) the previous week as call volumes fell by 26.7% WoW, while put volumes declined by 35%. 
• Henry Hub OI PCR rose to 0.97 from 0.96 from last week. Call OI rose by 5.6% WoW, while put OI increased by 7.2%.

• The U.S. oil and gas rig count rose for the second straight week, increasing by 4 to 586 for the week ending 07/Feb.
• For the week ending 31/Jan, U.S. oil production rose to 13.48m bpd from 13.24m bpd the week prior.
• The number of active oil rigs rose by 1 to 480 and gas rigs grew by 2 to 100. The number of rigs in Permian basin remained unchanged at 303.

• • Tariki-5A has been put on production at a stable rate of 1 mmcf/d plus 25-30 bbl/d of condensate.
• This is less than anticipated (2-5.5 mmcf/d during clean-up with deliverability estimates of ~12 mmcf/d based on wellhead data) due to liquid loading in the tubing and difficulties in managing liquid slugging at Waihapa after ~30 km of pipeline.
• NZE is considering remediation operations to reduce the amount of liquid production, which could increase wellhead pressure and potentially gas production.

• Equinor ASA’s Q3 earnings report presents mixed signals, with both promising and challenging aspects evident in its operational and financial activities.
• On the positive side, Equinor delivered solid financial results despite a challenging environment with numerous planned turnarounds.
• The company reported an adjusted operating income of $6.9 billion before tax and an IFRS net income of $2.3 billion.

• Corteva Agriscience concluded 2024 with performance in line with expectations and a strategic focus on sustaining value creation through 2027.
• Despite operating in less than ideal market conditions, the company achieved 20% operating EBITDA margins for the first time, maintaining flat year-over-year operating EBITDA.
• Notably, the Crop Protection segment showed resilience with double-digit organic sales growth and an 800 basis points margin improvement in the fourth quarter, driven primarily by strong demand in Brazil.

• TotalEnergies’ 2024 results presentation and 2025 outlook meeting provides critical insights into the company’s ongoing operations and future strategy.
• TotalEnergies has continued to execute its dual-pillar strategy focused on oil and gas, particularly LNG, and integrated power.
• The 2024 performance highlights notable achievements and challenges across these areas.

• Vishnu Chemicals (VCL IN) posted strong Q3 financials with 22% revenue, 55% EBITDA, and 66% PAT YoY growth; new capex in chromium and expansion of barium, Strontium Carbonate production underway.
• Capacity of chromium has potential to operate at 90% utilization level, where Barium segment is operating at  60-70%, can be used till 80-85%.
• Company is plan to gain market share in US due to reduced competition.