Petrobras Earnings Disappoint Despite Oil, Refining Tailwinds
Published . Updated .
Covered by 2 outlets: Energy Connects, Bloomberg.
Who covered it: Center 1 · Not rated 1. How we rate outlets
Key takeaways
- Brazil’s state-controlled oil producer earnings missed estimates in the third-quarter despite record oil and gas production and a favorable backdrop of high
- Exposed: USO, XLE, CRAK, BWET, EWZ
- Market reaction: USO +2.4% on the day (still updating); XLE +1.6% on the day (still updating); BWET +4.9% on the day (still updating)
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Brazil’s state-controlled oil producer earnings missed estimates in the third-quarter despite record oil and gas production and a favorable backdrop of high
Directly affected
- PBR Petrobras - Petroleo Brasileiro
Named in this report.
Indirectly affected
- USO United States Oil Fund
United States Oil Fund: its price follows crude oil. Linked by “oil” (oil) in this story.
- XLE Energy Select Sector SPDR
Energy Select Sector SPDR: its price follows crude oil. Linked by “oil” (oil) in this story.
- CRAK VanEck Oil Refiners ETF
VanEck Oil Refiners ETF: it holds refiners, whose margins move with fuel prices. Linked by “refining” (refining) in this story.
- UNG United States Natural Gas Fund
United States Natural Gas Fund: it follows natural-gas prices. Linked by “gas” (natural gas) in this story.
- EWZ iShares MSCI Brazil ETF
iShares MSCI Brazil ETF holds stocks listed in Brazil, which this story is about (“petrobras”).
- XOM ExxonMobil Holdings
ExxonMobil Holdings (petroleum refining): oil producers' profits rise and fall with crude prices. Linked by “oil” (oil) in this story.
- CVX Chevron
Chevron (petroleum refining): oil producers' profits rise and fall with crude prices. Linked by “oil” (oil) in this story.
- COP ConocoPhillips
ConocoPhillips (petroleum refining): oil producers' profits rise and fall with crude prices. Linked by “oil” (oil) in this story.
Price reaction, T-5 to T+3
| Ticker | T-5 | T-3 | T-1 | T0 | T+1 | T+2 | T+3 |
|---|---|---|---|---|---|---|---|
| PBR | +7.39% | +1.42% | base | -0.99% | after close | after close | after close |
| USO | +2.78% | +4.95% | base | +2.37% | after close | after close | after close |
| XLE | +2.11% | -0.95% | base | +1.57% | after close | after close | after close |
| CRAK | +4.45% | -1.14% | base | +1.90% | after close | after close | after close |
| UNG | -10.81% | -10.24% | base | +1.15% | after close | after close | after close |
| EWZ | +0.37% | -0.44% | base | +1.06% | after close | after close | after close |
| XOM | +3.07% | +0.89% | base | +1.25% | after close | after close | after close |
| CVX | +2.73% | +0.67% | base | +0.78% | after close | after close | after close |
| COP | +0.96% | +0.52% | base | +1.36% | after close | after close | after close |
Closing-price change versus T-1, the last close before the story. T0 to T+3 fill in after each market close. Prices: Alpaca IEX.
Petrobras Earnings Disappoint Despite Oil, Refining Tailwinds Energy Connects
Source: Energy Connects
The price since 10 Nov 2026: United States Oil Fund (USO) versus the S&P 500
| Company | When | Move | Status |
|---|---|---|---|
| COP | that day | +1.36% | still updating |
| COP | three days earlier | +0.52% | final price |
| COP | five days earlier | +0.96% | final price |
| Vaneck Etf Trust (CRAK) | that day | +1.90% | still updating |
| Vaneck Etf Trust (CRAK) | three days earlier | -1.14% | final price |
| Vaneck Etf Trust (CRAK) | five days earlier | +4.45% | final price |
| Chevron (CVX) | that day | +0.78% | still updating |
| Chevron (CVX) | three days earlier | +0.67% | final price |
| Chevron (CVX) | five days earlier | +2.73% | final price |
| Ishares Msci Brazil Etf (EWZ) | that day | +1.06% | still updating |
| Ishares Msci Brazil Etf (EWZ) | three days earlier | -0.44% | final price |
| Ishares Msci Brazil Etf (EWZ) | five days earlier | +0.37% | final price |
| PBR | that day | -0.99% | still updating |
| PBR | three days earlier | +1.42% | final price |
| PBR | five days earlier | +7.39% | final price |
| UNG | that day | +1.15% | still updating |
| UNG | three days earlier | -10.24% | final price |
| UNG | five days earlier | -10.81% | final price |
| United States Oil Fund (USO) | that day | +2.37% | still updating |
| United States Oil Fund (USO) | three days earlier | +4.95% | final price |
| United States Oil Fund (USO) | five days earlier | +2.78% | final price |
| Select Sector Spdr Tr (XLE) | that day | +1.57% | still updating |
| Select Sector Spdr Tr (XLE) | three days earlier | -0.95% | final price |
| Select Sector Spdr Tr (XLE) | five days earlier | +2.11% | final price |
| ExxonMobil Holdings (XOM) | that day | +1.25% | still updating |
| ExxonMobil Holdings (XOM) | three days earlier | +0.89% | final price |
| ExxonMobil Holdings (XOM) | five days earlier | +3.07% | final price |
Trades by members of Congress and officials in the stocks in this story
- Rep. Pete Sessions sold ExxonMobil Holdings (XOM), worth $1,001 - $15,000 on 14 Oct 2026. That is 27 days before publication. Filed 27 Oct 2026. View the filing.
- Rep. Kevin Hern sold ExxonMobil Holdings (XOM) (jointly held), worth $100,001 - $250,000 on 31 Aug 2026. That is 71 days before publication. Filed 25 Sep 2026. View the filing.
- Rep. Pete Sessions sold Chevron (CVX), worth $15,001 - $50,000 on 14 Oct 2026. That is 27 days before publication. Filed 27 Oct 2026. View the filing.
- Rep. Kevin Hern sold Chevron (CVX) (jointly held), worth $15,001 - $50,000 on 23 Sep 2026. That is 48 days before publication. Filed 13 Oct 2026. View the filing.
- Rep. Maria Elvira Salazar bought Chevron (CVX), worth $1,001 - $15,000 on 2 Sep 2026. That is 69 days before publication. Filed 7 Oct 2026. View the filing.
- Rep. Michael T. McCaul sold Conocophillips (COP) (held by a spouse), worth $1,001 - $15,000 on 26 Aug 2026. That is 76 days before publication. Filed 14 Oct 2026. View the filing.
- Rep. Michael T. McCaul sold Conocophillips (COP) (held by a spouse), worth $1,001 - $15,000 on 24 Aug 2026. That is 78 days before publication. Filed 14 Oct 2026. View the filing.
- Donald J Trump, an executive branch official, bought Conocophillips (COP), worth $1,000,001 - $5,000,000 on 21 Aug 2026. That is 81 days before publication. Filed 8 Oct 2026. View the filing.
Public disclosure filings, not a recommendation. The filing link is the source document. News use of these reports still sits under 5 U.S.C. § 13107(c).
Who collects and who pays in energy
Companies tied to this story
- USO United States Oil Fund
United States Oil Fund (USO) is linked, with no stored direction, medium confidence in the 10 Nov 2026 story “Petrobras Earnings Disappoint Despite Oil, Refining Tailwinds.” Reason on file: United States Oil Fund: its price follows crude oil. Linked by “oil” (oil) in this story
- XLE Select Sector Spdr Tr
In “Petrobras Earnings Disappoint Despite Oil, Refining Tailwinds,” Select Sector Spdr Tr (XLE) is linked, with no stored direction, medium confidence. Reason on file: Energy Select Sector SPDR: its price follows crude oil. Linked by “oil” (oil) in this story
- CRAK Vaneck Etf Trust
In “Petrobras Earnings Disappoint Despite Oil, Refining Tailwinds,” Vaneck Etf Trust (CRAK) is linked, with no stored direction, medium confidence. Reason on file: VanEck Oil Refiners ETF: it holds refiners, whose margins move with fuel prices. Linked by “refining” (refining) in this story
- BWET Amplify Commodity Trust
For “Petrobras Earnings Disappoint Despite Oil, Refining Tailwinds,” Amplify Commodity Trust (BWET) is linked, with no stored direction, medium confidence. Reason on file: Breakwave Tanker Shipping ETF: it tracks tanker freight rates. Linked by “oil” (tanker shipping) in this story
- EWZ Ishares Msci Brazil Etf
In “Petrobras Earnings Disappoint Despite Oil, Refining Tailwinds,” Ishares Msci Brazil Etf (EWZ) is linked, with no stored direction, medium confidence. Reason on file: iShares MSCI Brazil ETF holds stocks listed in Brazil, which this story is about (“petrobras”)
- XOM ExxonMobil Holdings
For “Petrobras Earnings Disappoint Despite Oil, Refining Tailwinds,” ExxonMobil Holdings (XOM) is linked, with no stored direction, medium confidence. Reason on file: ExxonMobil Holdings (petroleum refining): oil producers' profits rise and fall with crude prices. Linked by “oil” (oil) in this story
- CVX Chevron
In “Petrobras Earnings Disappoint Despite Oil, Refining Tailwinds,” Chevron (CVX) is linked, with no stored direction, medium confidence. Reason on file: Chevron (petroleum refining): oil producers' profits rise and fall with crude prices. Linked by “oil” (oil) in this story
- VLO Valero Energy
Valero Energy (VLO) is linked, with no stored direction, medium confidence in the 10 Nov 2026 story “Petrobras Earnings Disappoint Despite Oil, Refining Tailwinds.” Reason on file: Valero Energy (petroleum refining): refiners' margins move with crude and fuel prices. Linked by “refining” (refining) in this story
How energy news reaches United States Oil Fund (USO)
On 10 Nov 2026, “Petrobras Earnings Disappoint Despite Oil, Refining Tailwinds” is the story that connects United States Oil Fund (USO) to Energy.
What ties United States Oil Fund (USO) to the headline is this: United States Oil Fund: its price follows crude oil. Linked by “oil” (oil) in this story
Also listed, Select Sector Spdr Tr (XLE): Energy Select Sector SPDR: its price follows crude oil. Linked by “oil” (oil) in this story
Dates and price levels for United States Oil Fund (USO)
USO traded between 143.02 and 171.80 across 20 sessions. The latest close on file is 148.41. XLE traded between 63.05 and 70.15 across 20 sessions. The latest close on file is 66.70.
The energy score for United States Oil Fund (USO)
54 out of 100Price not final
“Petrobras Earnings Disappoint Despite Oil, Refining Tailwinds” scores 54 out of 100. The score uses 2 sources, and 8 linked companies. The price is not final yet.