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Oil prices could hit $160 as ExxonMobil shareholders approve move to Texas

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Oil prices could hit $160 as ExxonMobil shareholders approve move to Texas

ExxonMobil’s Senior Vice President Neil Chapman issued a stark warning to the public that energy prices may explode upwards in the coming weeks on the same day his company’s board approved moving the company’s corporate structure from New Jersey to Texas

Speaking at the Bernstein Conference in New York on Thursday, Chapman warned that crude oil prices could go as high as $160 per barrel in the coming weeks as dwindling reserve inventories finally bottom out. 

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“We’re approaching unheard of inventory levels,” he said. “I mean really, really low levels. You can debate whether that’s going to hit those really low levels in two weeks or three weeks. Once you get to that point, then you’ll see prices shoot up.”

Prices have stayed low, Chapman posited, because of the release of strategic petroleum reserves by various nations. 

MARKETS JITTERY AHEAD OF KEY INFLATION DATA AS OIL PRICES SURGE ON IRAN TENSIONS

“Commercial inventories of crude oil, of liquids, think petroleum, gasoline, diesel, jet fuel, they’ve all run down. And running down those inventories has mitigated or offset, supplemented by the release of strategic petroleum reserves, which most of the Western countries have done. All of that has mitigated the impact,” Chapman explained. 

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Senior Vice President of ExxonMobil Neil Chapman gestures in front of a bright red background

Senior Vice President of ExxonMobil Neil Chapman gestures during the APEC CEO Summit in Port Moresby on Nov. 16, 2018, a part of the Asia-Pacific Economic Cooperation (APEC) Summit. (FAZRY ISMAIL/AFP via Getty Images / Getty Images)

He then warned that dated Brent, the primary benchmark for the price of crude oil in the global market, “will shoot up… up to $150, $160.” 

“And I think crude being in this sort of $90 to $110 for the last whatever it is, six weeks, has really been mitigated by running down inventories. It can’t last forever.” 

BP ABRUPTLY REMOVES CHAIRMAN ALBERT MANIFOLD AS STOCK PRICE TUMBLES 10%

Dated crude dropped from a monthly average of $117 in April to near $103 for May, declining sharply in recent days on news of progress in a peace deal between the U.S. and Iran. 

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A view of a residential area affected during the United States-Israeli military operations in the city of Karaj in Alborz province, several kilometers west of Tehran, Iran, on April 3, 2026. The area was struck on March 9. (Morteza Nikoubazl/NurPhoto via Getty Images / Getty Images)

However, it’s still far higher than it was before the U.S. and Israel launched a bombing campaign on Iran in late February, when it was hovering near $75 a barrel, according to S&P Global. 

Chapman delivered his message on the same day that Exxon shareholders approved a plan to move the company’s legal home from New Jersey to Texas. 

Exxon gas station in California

An Exxon gas station in Albany, California, on Thursday, May 1, 2025. (David Paul Morris/Bloomberg via Getty Images / Getty Images)

Citing Texas’ strong regulatory environment, ExxonMobil CEO Darren Woods said the state was a better fit for the company in a statement

“Aligning our legal home with our operating home, in a state that understands our business and has a stake in the company’s success, is important.”

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Ticker Security Last Change Change %
XOM EXXON MOBIL CORP. 145.26 -1.70 -1.16%

ExxonMobil already moved its headquarters to Texas in 1989 and all of its corporate leadership work from the Lone Star state already. The company said 75% of it’s U.S.-based workforce already work in Texas as well.

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Exxon first announced plans to make the move in March. 

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Definium to present phase 3 depression trial results Monday

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MoonLake reports phase 3 hidradenitis suppurativa trial results

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Chevy Silverado gets V8 power boost, high-tech overhaul for 2027

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Chevy Silverado gets V8 power boost, high-tech overhaul for 2027

Chevrolet is giving its Silverado pickup a major update with new V8 engines, a redesigned exterior and more technology inside the cabin.

The automaker on Tuesday introduced the next-generation 2027 Chevrolet Silverado 1500, calling it the “most powerful Silverado ever” and marking one of the pickup’s biggest updates in years. 

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The truck is expected to go on sale at the end of the year, with pricing to be announced later, according to the company.

“Silverado has earned truck customers’ trust over decades of hard work in the real world,” Scott Bell, vice president of Global Chevrolet, said in a statement. “With the next-generation 2027 Silverado 1500, we’re taking that legacy forward by building the most capable, refined and advanced Silverado lineup we’ve ever offered.”

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A 2027 Chevrolet Silverado 1500 Trail Boss in Trillium Metallic, a Silverado 1500 ZR2 in White Sands and a Silverado 1500 High Country in Black are shown, from left, on a mountain overlook.

A 2027 Chevrolet Silverado 1500 Trail Boss in Trillium Metallic, a Silverado 1500 ZR2 in White Sands and a Silverado 1500 High Country in Black are shown, from left, on a mountain overlook. (Chevrolet)

The 2027 Silverado will offer four powertrain options, including new 5.7-liter and 6.6-liter V8 engines. Chevrolet said the truck will have the most powerful naturally aspirated V8 engine in its class. 

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The lineup will also include an updated 2.7-liter TurboMax engine paired with a 10-speed transmission, along with the Duramax 3.0-liter Turbo-Diesel.

“From tough towing scenarios to the daily demands our customers put on their trucks, these next-generation V8s were engineered and proven to perform in the real world,” Mark Dickens, executive chief engineer at Chevrolet, said in a statement.

The 2027 Silverado will come in seven trims, including Work Truck, Custom, Custom Trail Boss, Silverado, Trail Boss, ZR2 and High Country.

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Chevrolet said the new lineup is designed to give buyers more choice, from work-focused trucks to off-road models and more premium versions. 

The ZR2 will be the most off-road-capable version, while the High Country will serve as the top luxury trim.

Inside, every 2027 Silverado will come with a new digital cockpit, including a standard 16.3-inch center display and a 12.2-inch driver information screen. 

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Chevrolet said the Silverado will offer Super Cruise driver-assistance technology with trailering capability, allowing hands-free driving while towing on compatible roads.

The truck also gets a new exterior design, including a stronger front end, new LED headlights and taillights and updated wheel openings.

GM DOUBLES DOWN ON AMERICAN MANUFACTURING WITH $4B INVESTMENT

The second-row interior of a 2027 Chevrolet Silverado 1500 High Country features Enoki trim and a panoramic sunroof.

The 2027 Chevrolet Silverado 1500 High Country features a panoramic sunroof and a tech-focused interior. (Chevrolet)

“The goal with the new Silverado was to create a truck that looks stronger, more modern with demanding presence at first glance, while staying true to the authentic truck character customers expect from Chevrolet,” Chevrolet Global Executive Design Director Phil Zak said in a statement.

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Additional details, including availability and MSRP, will be released later this year.

Chevrolet last introduced an all-new Silverado in December 2017, when it unveiled the fourth-generation 2019 Silverado, according to the company’s website.

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Major Updates in Government, Finance, Travel, and Culture

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Major Highlights Spanning Government, Finance, Travel, and Culture

Economic and Infrastructure Developments

Land Bridge and Malacca Strait Alternative

Thailand has revived its ambitious $30 billion Land Bridge project, a coast-to-coast corridor designed to challenge the dominance of the Malacca Strait. The proposal aims to create an alternative shipping route across the Thai peninsula, though analysts caution that bypassing Malacca remains a significant logistical and financial challenge given port capacity and regional competition. Reuters | Thailand Business News

Foreign Investment and Financial Inflows

Thailand is experiencing a notable surge in foreign investment, with inflows topping 154 billion baht in the first five months of the year, representing a 73% increase year-on-year. Bloomberg reports that funds are exiting Indonesia in favor of Thailand, signaling growing investor confidence. The government is also launching Thailand FastPass on June 23 to streamline and accelerate the investment approval process. Bloomberg | Nation Thailand

Energy and Offshore Drilling

Valeura Energy has successfully completed its Nong Yao drilling campaign in the Gulf of Thailand, including the region’s first multi-lateral well — a significant technical milestone. The campaign consisted of eight wells and is expected to boost Gulf of Thailand production. Separately, the US has streamlined civil nuclear export approvals to Thailand, stepping up support for the country’s energy diversification ambitions. Thailand Business News | Offshore Engineer Magazine

Semiconductor Ambitions

Thailand is advancing plans to become ASEAN’s semiconductor manufacturing centre, positioning the country as a key player in the global tech supply chain amid ongoing shifts in electronics production away from China. TV BRICS

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Tourism and Travel

Vietnam Challenges Thailand’s Tourism Dominance

Vietnam is rapidly emerging as Southeast Asia’s fastest-growing tourism destination, threatening Thailand’s longstanding regional leadership. Driven by visa-free policy reforms, expanded airline networks, and a surge in Chinese outbound tourism, Vietnam is on track to overtake Thailand in visitor numbers. Thailand recorded a 25% drop in tourists from the Middle East, further pressuring its tourism targets. Travel and Tour World | Nikkei Asia

Visa and Tourism Policy Changes

Thailand is reviewing its visa-free stay policies, joining a global trend prioritizing tourism quality over sheer quantity. Phuket is pushing a hotel levy rising to 3% to generate billion-baht revenue for infrastructure and visitor experience improvements. Meanwhile, Norse Atlantic has expanded Thailand winter flight programs from the UK, Norway, and Sweden. Travel and Tour World | Thailand Business News

Chiang Mai as a Retirement and Expat Hub

Chiang Mai continues to attract retirees and expatriates from around the world, with the city experiencing a 140% boom in women-only co-living spaces. Expats cite the lower cost of living, quality lifestyle, and welcoming community as key draws. Indian couples and international relocators have publicly shared stories of enjoying equivalent rents with significantly better quality of life compared to their home countries. Business Insider | Thailand Business News


Culture, Sports, and Media

T-Pop and Soft Power

Thailand’s music industry is gaining international momentum, with T-Pop increasingly compared to South Korea’s K-Pop phenomenon. Thailand is also leveraging cultural exports, including the popularity of same-sex romance dramas, which have attracted millions of global viewers according to Bloomberg.

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Sports Highlights

Thailand’s national volleyball team secured their first Volleyball Nations League 2026 victory, guided by Sasipapron Janthawisut. Meanwhile, Faridabad bodybuilder Manish Rajput won gold in Thailand, defeating a Pakistani rival. Thailand also features in the newly released Captain Tsubasa II: World Fighters game, with dedicated Japan vs. Thailand gameplay content released. Volleyball World


This summary reflects aggregated news reporting and does not represent editorial positions of any individual publication.

Source : Google News – Search

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Northern Small Cap Value Fund Q1 2026 Commentary

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Don’t Confuse Small-Cap Benchmark With Small-Cap Strategy

Northern Trust Asset Management is a global investment manager that helps investors navigate changing market environments in efforts to realize their long-term objectives.

Entrusted with $1.2 trillion in assets under management as of March 31, 2024, we understand that investing ultimately serves a greater purpose and believe investors should be compensated for the risks they take — in all market environments and any investment strategy. That’s why we combine robust capital markets research, expert portfolio construction and comprehensive risk management in an effort to craft innovative and efficient solutions that seek to deliver targeted investment outcomes.

As engaged contributors to our communities, we consider it a great privilege to serve our investors and our communities with integrity, respect and transparency.

Northern Trust Asset Management is composed of Northern Trust Investments, Inc., Northern Trust Global Investments Limited, Northern Trust Fund Managers (Ireland) Limited, Northern Trust Global Investments Japan, K.K., NT Global Advisors, Inc., 50 South Capital Advisors, LLC, Northern Trust Asset Management Australia Pty Ltd, and investment personnel of The Northern Trust Company of Hong Kong Limited and The Northern Trust Company. Note: This account is not managed or monitored by Northern Trust Asset Management, and any messages sent via Seeking Alpha will not receive a response. For inquiries or communication, please use Northern Trust Asset Management’s official channels.

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Ramiro Valdes, lauded as hero of Cuban revolution, dies at 94

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People ticketed for vandalizing Washington Reflecting Pool to be fully prosecuted, US Attorney Pirro says

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France faces economic slack as structural shifts weigh on demand- Citi

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Inflation Data, FedEx, Micron, KB Home, Darden, and More to Watch This Week

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BlackRock Emerging Markets Fund Q1 2026 Commentary

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