Petrobras Surges as LNG Export Plans Counter Oil Price Slump

Oil prices declined on Thursday, but Petrobras bucked the trend. The state-controlled producer in Brazil rose 2.8% that day and added another 0.9% on Friday.

The oil backdrop was straightforward: West Texas Intermediate fell 1% to $82.73 a barrel, while Brent slid 0.5% to $89.30. However, Petrobras' move was driven by a different catalyst.

Bloomberg reported that the company is considering shipping liquefied natural gas (LNG) to Asia, where buyers are scrambling to replace lost supply from Qatar. This potential shift in what drives profits helps explain why Petrobras rose despite the broader oil complex softening.