Oil Little Changed As Supply Concerns Ease

Oil prices steadied on Friday, but were on course for their first weekly drop in months as supply concerns ease.

Brent crude futures for January delivery rose 0.1 percent to $83.72 a barrel, while U.S. crude futures for December settlement were little changed at $82.83.

Both benchmarks were on track to fall about 1 percent for the week – the first weekly drop in 10 weeks for WTI and the first in eight weeks for Brent – after U.S. crude stockpiles rose more than expected last week and Iran said talks with world powers on its nuclear program would resume by the end of November.

Attention now turns to next Thursday’s meeting of the Organization of the Petroleum Exporting Countries and its allies including Russia, a group called OPEC+.

Analysts expect the top producers to stick to their plan to add 400,000 barrels per day of supply each month until April 2022.

Concerns about erratic demand growth persist, with China submitting a renewed emissions cutting plan that promised to peak carbon pollution before 2030.

Saudi Arabia has cautioned that, with an unclear demand picture, there could be a ‘huge uplift’ in global oil stocks in 2022.

Huadi International Rally Ends, Stock Slips 40%

Shares of Huadi International Group Co., Ltd. (HUDI) are slipping nearly 40% on Friday morning despite no stock related news to negatively impact the shares.

HUDI is currently trading at $17.20, down $11.10 or 39.22%, on the Nasdaq. The stock had been on a strong rally since its debut in February. In the one-month period ending on October 28, the stock had gained over 560%. The stock closed yesterday’s trading at $28.30.

Huadi International manufactures and sells industrial stainless steel seamless pipes and tubes in China. The company’s products are used in several industries, including the oil and gas transmission, chemistry engineering, food processing, medical devices, aeronautics and astronautics.

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Arteris IP Prices IPO Of 5 Mln Shares At $14/shr

Arteris IP, a provider of on-chip interconnect fabric and IP-XACT-based IP deployment technologies provider, said it has priced its initial public offering of five million shares of its common stock at $14 per share.

The shares are expected to begin trading on the Nasdaq Global Market on October 27, under the ticker symbol ‘AIP,’ and the offering is expected to close on October 29.

The gross proceeds from the offering are expected to be at $70 million. All of the shares are being offered by Arteris IP. In addition, the California-headquartered firm has granted the underwriters a 30-day option to purchase up to 0.75 million additional shares of its common stock at the IPO price.

Jefferies LLC and Cowen are serving as lead book-runners and BMO Capital Markets is serving as joint book-running manager for the offering, whereas Northland Capital Markets and Rosenblatt Securities are acting as co-managers for the offering.

Wacker Neuson Q3 Preliminary EBIT Rises; Lifts FY Outlook

Wacker Neuson Group reported that preliminary profit before interest and tax (EBIT) for the third-quarter 2021 was 44.7 million euros compared to 22.8 million euros last year.

The company expects group revenues for the third-quarter amount to 461.4 million euros compared to 390.8 million euros last year.

Based on the development of business to date and taking the prevailing conditions as well as the opportunities and risks facing the Wacker Neuson Group into consideration, the Executive Board raised its revenue and earnings guidance for fiscal 2021 as a whole.

The company now expects annual EBIT margin to be in the range of 9.3 to 9.7 percent and revenue of 1.775 billion euros to 1.825 billion euros. Previously, it expected EBIT margin to be 8.75 – 9.50 percent and revenue of 1.75 billion euros – 1.80 billion euros.

The company said it will publish the final results for the third quarter on November 10, 2021.

Aurubis Q4 Preliminary EBT Down

Aurubis AG (AIAGY.PK,AIAGF.PK) reported that its fourth quarter preliminary operating earnings before taxes (EBT) was 85 million euros, compared to 88 million euros in the prior year.

For the entire fiscal year 2020/21, the Group now expects overall excellent operating earnings before taxes (EBT) of 353 million euros, compared to 221 million euros in the previous year. The preliminary result therefore exceeds the forecast range of 270 million euros – 330 million euros operating EBT for the fiscal year.

IFRS earnings before taxes (EBT) in fiscal year 2020/21 are 826 million euros according to preliminary figures compared to 367 million euros in the prior year.

The final figures for fiscal year 2020/21 will be released on December 3,
2021.

Huntsman Corp. Q3 adjusted earnings Beat Estimates

Huntsman Corp. (HUN) reported earnings for its third quarter that advanced from the same period last year.

The company’s earnings totaled $209 million, or $0.94 per share. This compares with $48 million, or $0.22 per share, in last year’s third quarter.

Excluding items, Huntsman Corp. reported adjusted earnings of $239 million or $1.08 per share for the period.

Analysts had expected the company to earn $0.93 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter rose 51.7% to $2.29 billion from $1.51 billion last year.

Huntsman Corp. earnings at a glance:

-Earnings (Q3): $239 Mln. vs. $70 Mln. last year.
-EPS (Q3): $1.08 vs. $0.32 last year.
-Analysts Estimate: $0.93
-Revenue (Q3): $2.29 Bln vs. $1.51 Bln last year.