Macro
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month values ▾
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|
| -0.50 | -0.25 | -0.53 | -0.25 | -0.25 | -0.30 | -0.30 | -0.30 | -0.30 | -0.30 | -0.30 | -0.30 |
The energy sector turned bearish this month, weighed down by escalating tensions in the Persian Gulf as the Iran-Iraq "Tanker War" intensifies, threatening supply stability and increasing operational risks for shippers and producers alike. While Chevron’s $13.2 billion acquisition of Gulf Oil signaled confidence in long-term assets and provided a modest boost, it was insufficient to offset broader regional instability. Geopolitical risk now dominates sentiment, overshadowing corporate consolidation.
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Texaco has agreed in principle to acquire Getty Oil for $9.8 billion, pending legal review, overtaking a competing bid from Pennzoil and triggering antitrust concerns. The merger would significantly expand Texaco's reserves and create a company with $37 billion in assets, but faces potential legal challenges from Pennzoil and possible scrutiny from U.S. antitrust authorities.
Chevron (Socal) is acquiring Gulf Oil for $13.2 billion to block a hostile bid by T. Boone Pickens, creating the third-largest U.S. oil company. The deal may face antitrust scrutiny and triggers a cash tender offer, pending acquisition of a majority stake. Gulf sought the 'white knight' move after fending off Pickens' earlier takeover attempt.