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 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>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

<ul>
<li>US crude oil inventory declined by 12.2 million barrels as of the week ending on 28/Jun, the biggest drawdown since July 2023.</li>
<li>Henry Hub prices continued to decline from last week due to increased production and cooler weather forecasts.</li>
<li>Saudi Aramco awarded over USD 25 billion in contracts for gas expansion. Goldman Sachs lowered its target price on Saudi Aramco but maintained its “Neutral” rating.</li>
</ul>


US crude oil inventory declined by 12.2 million barrels as of the week ending on 28/Jun, the biggest drawdown since July 2023.
Henry Hub prices continued to decline from last week due to increased production and cooler weather forecasts.
Saudi Aramco awarded over USD 25 billion in contracts for gas expansion. Goldman Sachs lowered its target price on Saudi Aramco but maintained its “Neutral” rating.


[ETP 27/2024] Oil Prices Surge While Natural Gas Slides; Energy Majors' Gains Slowdown

<ul>
<li>Occidental trades at higher PE and PB valuations than Exxon Mobil, Chevron, Shell, TotalEnergies, and BP. European oil majors are cheaper than American peers.  </li>
<li>Occidental has been the Permian Basin's leading oil and gas producer for the past five years. </li>
<li>Occidental expects to close the USD 12 billion CrownRock acquisition by August. The deal is anticipated to boost its oil output by 170k bpd. </li>
</ul>


Occidental trades at higher PE and PB valuations than Exxon Mobil, Chevron, Shell, TotalEnergies, and BP. European oil majors are cheaper than American peers.  
Occidental has been the Permian Basin's leading oil and gas producer for the past five years. 
Occidental expects to close the USD 12 billion CrownRock acquisition by August. The deal is anticipated to boost its oil output by 170k bpd. 


Berkshire's Bullish Bet on Occidental Fails to Sway Market Sentiments

United Kingdom

Shell PLC explores and refines petroleum products. The Company produces fuels, chemicals, and lubricants. Shell serves clients worldwide.

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Shell PLC (SHEL LN)

[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

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

[ETP 27/2024] Oil Prices Surge While Natural Gas Slides; Energy Majors' Gains Slowdown

US crude oil inventory sees the biggest drawdown since July 2023. TotalEnergies exits South Africa to focus on Namibia. Jefferies cuts Chevron's...

Mint Finance

Berkshire's Bullish Bet on Occidental Fails to Sway Market Sentiments

Berkshire buys Occidental shares for nine straight trading days between 5/Jun-17/Jun. Occidental has the largest acreage in the Permian and has...

Mint Finance

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

[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

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

[ETP 27/2024] Oil Prices Surge While Natural Gas Slides; Energy Majors' Gains Slowdown

US crude oil inventory sees the biggest drawdown since July 2023. TotalEnergies exits South Africa to focus on Namibia. Jefferies cuts Chevron's...

Mint Finance

Berkshire's Bullish Bet on Occidental Fails to Sway Market Sentiments

Berkshire buys Occidental shares for nine straight trading days between 5/Jun-17/Jun. Occidental has the largest acreage in the Permian and has...

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...