Global Cross-Asset Energy Analyst, VAC Investments

Aaditya Chintalapati, CFA

Global Cross-Asset Energy Analyst

Thematic (Sector/Industry)

<h2>Oil Price</h2>We saw another strong week for WTI and Brent Crude prices, with both up c.2% to USD 56.74/bbl and USD 63.52/bbl, respectively. This is the highest oil price seen since mid-2015 and is driven by market anticipation of an extension to OPEC's production cut beyond March 2018. Further, heightened geopolitical risks in oil-producing countries in the Middle East (Saudi Arabia &amp; Lebanon) and Latin America also contributed to rising oil prices. This was however modestly moderated by growth in…

Oil PriceWe saw another strong week for WTI and Brent Crude prices, with both up c.2% to USD 56.74/bbl and USD 63.52/bbl, respectively. This is the highest oil price seen since mid-2015 and is driven by market anticipation of an extension to OPEC's production cut beyond March 2018. Further, heightened geopolitical risks in oil-producing countries in the Middle East (Saudi Arabia &amp; Lebanon) and Latin America also contributed to rising oil prices. This was however modestly moderated by growth in…

Energy Expert

Thierry Bros, PhD

<a href="https://www.smartkarma.com/entities/812" target="_blank" data-smartkarma-citation="entities:812:1">Total Sa (FP FP)</a> signed <a href="https://www.total.com/en/media/news/press-releases/total-acquires-engie-s-upstream-lng-business-and-becomes-the-second-largest-global-lng-player" target="_blank">an agreement</a> with <a href="https://www.smartkarma.com/entities/21449" target="_blank" data-smartkarma-citation="entities:21449:1">Engie SA (ENGI FP)</a> to acquire its liquefied natural gas (LNG) assets for an overall enterprise value of $1.49bn. This portfolio includes participating interests in liquefaction plants, notably the interest in the Cameron LNG project in the US, long term LNG sales and purchase agreements, an LNG tanker fleet as well as access to regasification capacities in Europe. Additional payments of up to $550m could be payable in case of an improvement in the oil…

Total Sa (FP FP) signed an agreement with Engie SA (ENGI FP) to acquire its liquefied natural gas (LNG) assets for an overall enterprise value of $1.49bn. This portfolio includes participating interests in liquefaction plants, notably the interest in the Cameron LNG project in the US, long term LNG sales and purchase agreements, an LNG tanker fleet as well as access to regasification capacities in Europe. Additional payments of up to $550m could be payable in case of an improvement in the oil…

Total Acquires Engie's LNG to Become #2 Player in a Growing LNG Business Where Optionality Is Key

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

MSCI Emerging Markets Index / Technical Analysis

Sector trends are telling a bullish narrative. Cyclical sectors continue to lead, with tech at the helm, and defensive segments still exhibit lagging relative strength trends. Combined, this relationship is visible in the consumer discretionary/staples ratio, which is breaking out to multi-year highs. In today’s report we highlight the following themes:<ul><li>Auto stocks are breaking out -- buy. Highlighted charts include: Daimler (DAI-DE), Ford (F), Hyundai Motor (005380-KR), Peugeot (UG-FR), Renault (RNO-FR), and Volkswagen (VOW-DE). Increase exposure... see page 4-5</li><li>Energy is bottoming -- buy (reiteration). We highlight a wide selection of actionable names, both small- and large-caps, developed and emerging... see page 6-9</li></ul>

Sector trends are telling a bullish narrative. Cyclical sectors continue to lead, with tech at the helm, and defensive segments still exhibit lagging relative strength trends. Combined, this relationship is visible in the consumer discretionary/staples ratio, which is breaking out to multi-year highs. In today’s report we highlight the following themes:Auto stocks are breaking out -- buy. Highlighted charts include: Daimler (DAI-DE), Ford (F), Hyundai Motor (005380-KR), Peugeot (UG-FR), Renault (RNO-FR), and Volkswagen (VOW-DE). Increase exposure... see page 4-5Energy is bottoming -- buy (reiteration). We highlight a wide selection of actionable names, both small- and large-caps, developed and emerging... see page 6-9

Int'l Equity Strategy: Buy Energy, Global Autos

We are seeing a majority of energy-related equities stage bullish price and RS reversals, emerging from bullish bases and breaking to multi-month highs.In this report we focus on bullish opportunities in E&amp;P companies.  We will continue to monitor the service related names for signs of similar price action.Highlighted and actionable charts: TOT, RDS.A, BP, PBR, EOG, OXY, APC, MRO, MUR, IMO, ECA, CXO, CLR, COG, XEC, PDCE, SRCI and SM.

We are seeing a majority of energy-related equities stage bullish price and RS reversals, emerging from bullish bases and breaking to multi-month highs.In this report we focus on bullish opportunities in E&amp;P companies.  We will continue to monitor the service related names for signs of similar price action.Highlighted and actionable charts: TOT, RDS.A, BP, PBR, EOG, OXY, APC, MRO, MUR, IMO, ECA, CXO, CLR, COG, XEC, PDCE, SRCI and SM.

On 7 September, <a href="https://www.smartkarma.com/entities/711" target="_blank" data-smartkarma-citation="entities:711:1">Santos Ltd (STO AU)</a><a href="https://www.santos.com/media-centre/announcements/glng-gas-to-be-supplied-into-the-east-coast-domestic-market/" target="_blank">announced</a> an additional delivery of 0.8 bcm gas into Australian domestic market that would otherwise have been exported as LNG as the new 5-year Australian Domestic Gas Security Mechanism (ADGSM) could start curtailing LNG exports from January 2018.   To ensure that there is a secure supply of gas to meet the needs of Australian consumers, including households and industry, the ADGSM can require, if necessary, LNG exporters which are drawing gas in net terms…

On 7 September, Santos Ltd (STO AU)announced an additional delivery of 0.8 bcm gas into Australian domestic market that would otherwise have been exported as LNG as the new 5-year Australian Domestic Gas Security Mechanism (ADGSM) could start curtailing LNG exports from January 2018.   To ensure that there is a secure supply of gas to meet the needs of Australian consumers, including households and industry, the ADGSM can require, if necessary, LNG exporters which are drawing gas in net terms…

Santos Commits Again More Gas to Domestic Market as Australian Gas Security Mechanism Decision Looms

France

TOTAL S.A. explores for, produces, refines, transports, and markets oil and natural gas. The Company also operates a chemical division which produces polypropylene, polyethylene, polystyrene, rubber, paint, ink, adhesives, and resins. TOTAL operates gasoline filling stations in Europe, the United States, and Africa.

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TotalEnergies (TTE FP)

Global E&Ps: Energy Weekly Vol. 1

Oil PriceWe saw another strong week for WTI and Brent Crude prices, with both up c.2% to USD 56.74/bbl and USD 63.52/bbl, respectively. This is the...

Aaditya Chintalapati, CFA

Total Acquires Engie's LNG to Become #2 Player in a Growing LNG Business Where Optionality Is Key

Total Sa (FP FP) signed an agreement with Engie SA (ENGI FP) to acquire its liquefied natural gas (LNG) assets for an overall enterprise value of...

Thierry Bros, PhD

Int'l Equity Strategy: Buy Energy, Global Autos

Sector trends are telling a bullish narrative. Cyclical sectors continue to lead, with tech at the helm, and defensive segments still exhibit...

Vermilion Research

Energy Stocks Bottoming

We are seeing a majority of energy-related equities stage bullish price and RS reversals, emerging from bullish bases and breaking to multi-month...

Vermilion Research

Santos Commits Again More Gas to Domestic Market as Australian Gas Security Mechanism Decision Looms

On 7 September, Santos Ltd (STO AU)announced an additional delivery of 0.8 bcm gas into Australian domestic market that would otherwise have been...

Thierry Bros, PhD

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