Oil and Gas, Mint Finance

Suhas Reddy

Oil and Gas

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

Commodities

<ul>
<li>For the week ending 16/Aug, US crude inventories dropped by 4.6 mb, exceeding the expected 2 mb drawdown. Gasoline and distillate stocks also declined, surpassing analyst expectations.</li>
<li>US natural gas inventories rise 35 bcf for the week ending 16/Aug, exceeding analyst expectations of a 26 bcf buildup. Inventories are 12.6% above the 5-year seasonal average.</li>
<li>UBS cut its target prices on Halliburton and Schlumberger but raised it for ExxonMobil and Occidental. Jefferies lowered its target price on Chevron.</li>
</ul>


For the week ending 16/Aug, US crude inventories dropped by 4.6 mb, exceeding the expected 2 mb drawdown. Gasoline and distillate stocks also declined, surpassing analyst expectations.
US natural gas inventories rise 35 bcf for the week ending 16/Aug, exceeding analyst expectations of a 26 bcf buildup. Inventories are 12.6% above the 5-year seasonal average.
UBS cut its target prices on Halliburton and Schlumberger but raised it for ExxonMobil and Occidental. Jefferies lowered its target price on Chevron.


[ETP 2024/34] Oil Slips on Weak Economic Indicators in US & China; Nat Gas Battles Oversupply

<ul>
<li>For the week ending 09/Aug, US crude inventories increased by 1.4 mb for the first time in seven weeks, contrary to analyst expectations of a 1.9 mb drawdown.</li>
<li>US natural gas inventories fell by 6 Bcf, its first decline since 04/Apr. However, storage levels are up 6.8% YoY and 13% above the 5-year seasonal average.</li>
<li>Wells Fargo, UBS, and BMO Capital reduced their target prices on Occidental. BMO Capital lowered its targets on Chevron and Halliburton but raised its target on Exxon Mobil.</li>
</ul>


For the week ending 09/Aug, US crude inventories increased by 1.4 mb for the first time in seven weeks, contrary to analyst expectations of a 1.9 mb drawdown.
US natural gas inventories fell by 6 Bcf, its first decline since 04/Apr. However, storage levels are up 6.8% YoY and 13% above the 5-year seasonal average.
Wells Fargo, UBS, and BMO Capital reduced their target prices on Occidental. BMO Capital lowered its targets on Chevron and Halliburton but raised its target on Exxon Mobil.


[ETP 2024/33] Oil Lost Gains to Demand Concerns and Unexpected Build in US Inventories

<ul>
<li>US crude inventories fell for the sixth straight week by 3.7 mb, exceeding the 1.6 mb decline expected by analysts. However, gasoline stocks rise by 1.3 mb.</li>
<li>For the week ending 02/Aug, US natural gas inventories were up 8.2% YoY and 14.9% above the 5-year seasonal average.</li>
<li>Occidental shares surged as it beat Q2 EPS estimates by 32.5%. Exxon and Aramco also exceeded EPS forecasts, while Chevron fell short.</li>
</ul>


US crude inventories fell for the sixth straight week by 3.7 mb, exceeding the 1.6 mb decline expected by analysts. However, gasoline stocks rise by 1.3 mb.
For the week ending 02/Aug, US natural gas inventories were up 8.2% YoY and 14.9% above the 5-year seasonal average.
Occidental shares surged as it beat Q2 EPS estimates by 32.5%. Exxon and Aramco also exceeded EPS forecasts, while Chevron fell short.


[ETP 32/2024] Oil Prices Rebound; Occidental, Exxon, and Aramco Beat Earnings Estimates

<ul>
<li>The milder drop in crude oil prices was reflected in energy stocks on Monday, with most major oil and gas companies, outperforming the S&amp;P 500.</li>
<li>Most of the oil companies’ volume PCR was elevated on Monday and Friday, with Haliburton’s volume PCR exceptionally high at 3.66 on Monday (5/Aug).</li>
<li>On 5/Aug, all major energy companies saw a rise in implied volatility due to recession fears, except Shell, whose IV dropped slightly to 20.01% from 20.28% on Friday.</li>
</ul>


The milder drop in crude oil prices was reflected in energy stocks on Monday, with most major oil and gas companies, outperforming the S&amp;P 500.
Most of the oil companies’ volume PCR was elevated on Monday and Friday, with Haliburton’s volume PCR exceptionally high at 3.66 on Monday (5/Aug).
On 5/Aug, all major energy companies saw a rise in implied volatility due to recession fears, except Shell, whose IV dropped slightly to 20.01% from 20.28% on Friday.


Oil & Gas Giants Hit by Recession-Driven Sell-Off but Outperform the S&P 500

<ul>
<li>US crude inventories fell for the fifth consecutive week by 3.4 mb, exceeding the 1.6 mb decline expected by analysts. Gasoline stocks also decreased by 3.7 mb.</li>
<li>As of the week ending 26/Jul, US natural gas inventories were up 8.4% YoY and 15.7% above the 5-year seasonal average.</li>
<li>European oil majors beat Q2 profit estimates. BP’s Q2 underlying net profit beat estimates by 7.7%. Shell’s Q2 EPS beat estimates by 5.1%. </li>
</ul>


US crude inventories fell for the fifth consecutive week by 3.4 mb, exceeding the 1.6 mb decline expected by analysts. Gasoline stocks also decreased by 3.7 mb.
As of the week ending 26/Jul, US natural gas inventories were up 8.4% YoY and 15.7% above the 5-year seasonal average.
European oil majors beat Q2 profit estimates. BP’s Q2 underlying net profit beat estimates by 7.7%. Shell’s Q2 EPS beat estimates by 5.1%. 


[ETP 31/2024] Oil Prices Surge on Middle East Tensions; BP and Shell Beat Earnings Expectations

United States

Occidental Petroleum Corporation explores for, develops, produces, and markets crude oil and natural gas.  The Company also manufactures and markets a variety of basic chemicals, vinyls and performance chemicals. Occidental also gathers, treats, processes, transports, stores, trades and markets crude oil, natural gas, NGLs, condensate and carbon dioxide (CO2) and generates and markets power.

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Occidental Petroleum (OXY US)

[ETP 2024/34] Oil Slips on Weak Economic Indicators in US & China; Nat Gas Battles Oversupply

Despite US crude stock plunging 4.6mb, prices fell on weak economic data from the US & China. The EU reached its 90% gas storage goal early. UBS...

Mint Finance

[ETP 2024/33] Oil Lost Gains to Demand Concerns and Unexpected Build in US Inventories

US crude inventories unexpectedly rose, while natural gas inventories fell for the first time since April. Major brokerages lowered target prices...

Mint Finance

[ETP 32/2024] Oil Prices Rebound; Occidental, Exxon, and Aramco Beat Earnings Estimates

US crude inventory falls. Nat-gas inventory up YoY. Oxy beats Q2 EPS estimates by 32%. XOM & Aramco beat forecasts. WTI IVs soared to YTD high of...

Mint Finance

Oil & Gas Giants Hit by Recession-Driven Sell-Off but Outperform the S&P 500

Energy stocks outperformed the S&P 500 on Monday despite a drop in crude oil prices, with elevated volume PCR and rising IV for most oil & gas...

Mint Finance

[ETP 31/2024] Oil Prices Surge on Middle East Tensions; BP and Shell Beat Earnings Expectations

US crude inventories and gasoline stocks continue to decline, while US natural gas inventories are up YoY. European oil majors surpass Q2 profit...

Mint Finance

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

[ETP 2024/34] Oil Slips on Weak Economic Indicators in US & China; Nat Gas Battles Oversupply

Despite US crude stock plunging 4.6mb, prices fell on weak economic data from the US & China. The EU reached its 90% gas storage goal early. UBS...

Mint Finance

[ETP 2024/33] Oil Lost Gains to Demand Concerns and Unexpected Build in US Inventories

​US crude inventories unexpectedly rose, while natural gas inventories fell for the first time since April. Major brokerages lowered target prices...

Mint Finance

[ETP 32/2024] Oil Prices Rebound; Occidental, Exxon, and Aramco Beat Earnings Estimates

US crude inventory falls. Nat-gas inventory up YoY. Oxy beats Q2 EPS estimates by 32%. XOM & Aramco beat forecasts. WTI IVs soared to YTD high of...

Mint Finance

Oil & Gas Giants Hit by Recession-Driven Sell-Off but Outperform the S&P 500

​Energy stocks outperformed the S&P 500 on Monday despite a drop in crude oil prices, with elevated volume PCR and rising IV for most oil & gas...

Mint Finance

[ETP 31/2024] Oil Prices Surge on Middle East Tensions; BP and Shell Beat Earnings Expectations

​US crude inventories and gasoline stocks continue to decline, while US natural gas inventories are up YoY. European oil majors surpass Q2 profit...

Mint Finance

US crude inventories unexpectedly rose, while natural gas inventories fell for the first time since April. Major brokerages lowered target prices...

Energy stocks outperformed the S&P 500 on Monday despite a drop in crude oil prices, with elevated volume PCR and rising IV for most oil & gas...

US crude inventories and gasoline stocks continue to decline, while US natural gas inventories are up YoY. European oil majors surpass Q2 profit...