Chart Alert: Gold Major Bullish Breakout as USD Debasement Narrative Takes Hold

ConocoPhillips started oil production at its $800M Coyote 3SX project in Alaska, ahead of schedule and under budget. The project, in the Kuparuk River Unit, aims for 12,000 bpd peak production, leveraging existing infrastructure. The company expects increased production to support the Trans-Alaska Pipeline System.

Chevron's Venezuelan crude shipments are helping stabilize U.S. gas prices amid the Iran conflict. The company's operations have increased output by 15%, with plans for further growth. However, the situation is complex due to political and legal challenges in Venezuela and the U.S.

Gold and silver prices surged after the US Treasury announced doubling its buybacks of long-term bonds, reducing yields and boosting bond prices. Gold rose $100 to $4460 per ounce, while silver rebounded above $65. The SPDR S&P500 ETF (SPY) and GLD gold ETF also gained. The Treasury's move aims to support liquidity, impacting markets and housing.

A report by World Oil indicates that major oil companies saw profits surge to $90 billion in Q2 2025, nearly double the same period in 2024, due to supply disruptions in the Strait of Hormuz. Key beneficiaries include Saudi Aramco ($33B), BP ($5.73B), and Chevron ($12B). The surge is linked to geopolitical tensions and rising oil prices, with Brent crude climbing from $68 to $100 per barrel. Critics call for windfall taxes on oil companies.

Guyana's oil revenue will increase as ExxonMobil and partners have recovered $40B in costs. Under the 2016 PSA, cost oil allocation drops from 75 to 20 barrels per 100. Guyana and partners will split 80 barrels. ExxonMobil accelerated cost recovery due to high oil prices. Guyana aims to produce 1M barrels/day by Q4 2026, up from 900K-920K.

ExxonMobil (XOM) stock rose 2% Tuesday as energy stocks outperformed. The company awarded $1.1B in contracts for its Rovuma LNG project. Analysts have a consensus Buy rating with a $168.33 price target. The stock is up 1.97% at $164.64.