U.S. stocks move: Total continues to rise over 1% pre-market as Q2 adjusted net profit increases by 68% year-on-year

Total Express July 24｜After closing up 1.55% yesterday, Total (TTE.US) continued to rise 1.16% in the U.S. pre-market today, at $87.23. According to reports, Total stated that the company’s adjusted net profit in the second quarter grew 68% year-on-year to $6.03 billion, largely driven by rising crude oil and refined product prices due to the Middle East conflict, offsetting declining profits in the natural gas business. This performance is basically in line with analysts’ expectations. Total’s CEO commented: “In an environment where energy prices remain high due to Middle East tensions, Total is leveraging its integrated business model and diversified asset portfolio.” “This year, operating cash flow (CFFO) is expected to be in the range of $35 billion to $40 billion. In Uganda, we anticipate reaching peak production by mid-2027, following commissioning in autumn this year. The Suriname project is expected to begin production in the first half of 2028, with progress currently at 40%.” On oil prices, ANZ Bank maintains its forecast of Brent at $92 per barrel by the end of Q3 2026, reflecting the uneven recovery in Gulf oil flows. Brent may rise to $120 per barrel if regional supply disruptions intensify and market buffers weaken. Goldman Sachs maintains its forecast for Brent at $80 per barrel in Q4 2026, assuming the Middle East situation de-escalates before Q4. Oil prices are expected to hold recent gains and receive support throughout July and August, driven mainly by lower Middle East output, summer travel demand, and slower releases from strategic petroleum reserves.