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 15/Nov, US crude inventories rose by 0.5m barrels, exceeding expectations of a 0.4m barrel increase. Gasoline stocks exceeded estimates, while distillates declined less than expected.</li>
<li>US natural gas inventories fell by 3 Bcf for the week ending 15/Nov, contrasting analyst expectations of a 2 Bcf buildup. Inventories are 6.4% above the 5-year seasonal average.</li>
<li>TD Cowen raised its PT on Exxon, while Morgan Stanely lowered its PT on Halliburton. Aramco and Sinopec began the construction of a refining and petrochemical complex in China.</li>
</ul>


For the week ending 15/Nov, US crude inventories rose by 0.5m barrels, exceeding expectations of a 0.4m barrel increase. Gasoline stocks exceeded estimates, while distillates declined less than expected.
US natural gas inventories fell by 3 Bcf for the week ending 15/Nov, contrasting analyst expectations of a 2 Bcf buildup. Inventories are 6.4% above the 5-year seasonal average.
TD Cowen raised its PT on Exxon, while Morgan Stanely lowered its PT on Halliburton. Aramco and Sinopec began the construction of a refining and petrochemical complex in China.


[ETP 2024/47] WTI Rises on Ukraine-Russia Tensions; Henry Hub Jumps on Cold Weather Forecasts

<ul>
<li>WTI futures dropped 4.77% for the week ending 15/Nov, pressured by a bleak demand outlook, a rising dollar, and weak economic data from China.</li>
<li>WTI options Put/Call volume ratio rose to 1.00 from 0.66 (08/Nov) last week, as call volume dropped by 57.3% WoW and put volume fell by 35.4%.  </li>
<li>WTI OI PCR climbed to 0.86 from 0.77 (08/Nov) last week. Call OI fell by 37.9% WoW, while put OI fell by 29.9%.</li>
</ul>


WTI futures dropped 4.77% for the week ending 15/Nov, pressured by a bleak demand outlook, a rising dollar, and weak economic data from China.
WTI options Put/Call volume ratio rose to 1.00 from 0.66 (08/Nov) last week, as call volume dropped by 57.3% WoW and put volume fell by 35.4%.  
WTI OI PCR climbed to 0.86 from 0.77 (08/Nov) last week. Call OI fell by 37.9% WoW, while put OI fell by 29.9%.


[US Crude Oil Options Weekly 2024/46] WTI Dropped Amid Weak Demand Outlook and Strong Dollar

<ul>
<li>OPEC cut its 2024 demand growth forecast by 5.7%, marking the fourth consecutive monthly downgrade, while the EIA and IEA raised their forecasts by 7.6% and 7%, respectively.</li>
<li>Although the EIA and IEA raised 2024 demand projections, they lowered 2025 estimates. They anticipate an oversupplied oil market in 2025, with supply growth expected to outpace demand.</li>
<li>The EIA raised Q4 2024 oil price forecasts on geopolitical tensions and inventory withdrawals but cut post-Q2 2025 estimates due to expectations of rising inventories from higher output.</li>
</ul>


OPEC cut its 2024 demand growth forecast by 5.7%, marking the fourth consecutive monthly downgrade, while the EIA and IEA raised their forecasts by 7.6% and 7%, respectively.
Although the EIA and IEA raised 2024 demand projections, they lowered 2025 estimates. They anticipate an oversupplied oil market in 2025, with supply growth expected to outpace demand.
The EIA raised Q4 2024 oil price forecasts on geopolitical tensions and inventory withdrawals but cut post-Q2 2025 estimates due to expectations of rising inventories from higher output.


OPEC Cuts 2024 Oil Demand Forecast Again; EIA and IEA Warn of Oil Oversupply in 2025

<ul>
<li>The US oil and gas rig count fell by 1 to 584 for the week ending on 15/Nov, after remaining steady for three weeks in a row.</li>
<li>For the week ending 08/Nov, US oil production inched down to 13.4m bpd after remaining at 13.5m bpd for four consecutive weeks.</li>
<li>US energy producers added two rigs in New Mexico and one in Pennsylvania while cutting two rigs in Texas and one each in Oklahoma and Utah.</li>
</ul>


The US oil and gas rig count fell by 1 to 584 for the week ending on 15/Nov, after remaining steady for three weeks in a row.
For the week ending 08/Nov, US oil production inched down to 13.4m bpd after remaining at 13.5m bpd for four consecutive weeks.
US energy producers added two rigs in New Mexico and one in Pennsylvania while cutting two rigs in Texas and one each in Oklahoma and Utah.


US Rig Count Falls After Remaining Steady for Three Consecutive Weeks

<ul>
<li>For the week ending 08/Nov, US crude inventories rose by 2.1m barrels, surpassing expectations of a 0.4m barrel increase. Meanwhile, gasoline and distillate stocks unexpectedly declined.</li>
<li>US natural gas inventories rose 42 Bcf for the week ending 08/Nov, exceeding analyst expectations of a 34 Bcf buildup. Inventories are 6.1% above the 5-year seasonal average.</li>
<li>Occidental beat revenue and EPS estimates by 0.7% and 34.8%, respectively led by higher hydrocarbon output. Analysts upgraded their 12-month PTs on Occidental, Chevron, Exxon, and Halliburton.</li>
</ul>


For the week ending 08/Nov, US crude inventories rose by 2.1m barrels, surpassing expectations of a 0.4m barrel increase. Meanwhile, gasoline and distillate stocks unexpectedly declined.
US natural gas inventories rose 42 Bcf for the week ending 08/Nov, exceeding analyst expectations of a 34 Bcf buildup. Inventories are 6.1% above the 5-year seasonal average.
Occidental beat revenue and EPS estimates by 0.7% and 34.8%, respectively led by higher hydrocarbon output. Analysts upgraded their 12-month PTs on Occidental, Chevron, Exxon, and Halliburton.


[ETP 2024/46] WTI Drops on Strong Dollar, Henry Hub Gains on Lower Output and Better Demand Outlook

United States

Crude oil is a naturally occurring, unrefined petroleum product composed of hydrocarbon deposits and other organic materials. Crude oil can be refined to produce usable products such as gasoline, diesel and various forms of petrochemicals. It is a nonrenewable resource, also known as a fossil fuel, which means that it can't be replaced naturally at the rate we consume it and is therefore a limited resource.

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Crude Oil (CL1 COM COMDTY)

[ETP 2024/47] WTI Rises on Ukraine-Russia Tensions; Henry Hub Jumps on Cold Weather Forecasts

US crude and gasoline inventories increased more than expected. Exxon's PT increased while Halliburton's was lowered. Aramco and Sinopec started...

Mint Finance

[US Crude Oil Options Weekly 2024/46] WTI Dropped Amid Weak Demand Outlook and Strong Dollar

WTI futures dropped 5.8% for the week ending on 15/Nov due to weak demand, a strong dollar, and poor Chinese economic data. The put/call volume...

Mint Finance

OPEC Cuts 2024 Oil Demand Forecast Again; EIA and IEA Warn of Oil Oversupply in 2025

OPEC cut its 2024 and 2025 demand growth forecast, while EIA and IEA raised projections for 2024 but lowered it for 2025. Supply is expected to...

Mint Finance

US Rig Count Falls After Remaining Steady for Three Consecutive Weeks

US oil and gas rig count drops slightly after remaining flat for straight weeks, US oil production slightly decreased but remains high.

Mint Finance

[ETP 2024/46] WTI Drops on Strong Dollar, Henry Hub Gains on Lower Output and Better Demand Outlook

US crude inventories rose more than expected, while gasoline and distillate stocks fell; nat-gas stocks also exceeded analyst expectations....

Mint Finance

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

[ETP 2024/47] WTI Rises on Ukraine-Russia Tensions; Henry Hub Jumps on Cold Weather Forecasts

​US crude and gasoline inventories increased more than expected. Exxon's PT increased while Halliburton's was lowered. Aramco and Sinopec started...

Mint Finance

[US Crude Oil Options Weekly 2024/46] WTI Dropped Amid Weak Demand Outlook and Strong Dollar

​WTI futures dropped 5.8% for the week ending on 15/Nov due to weak demand, a strong dollar, and poor Chinese economic data. The put/call volume...

Mint Finance

OPEC Cuts 2024 Oil Demand Forecast Again; EIA and IEA Warn of Oil Oversupply in 2025

​OPEC cut its 2024 and 2025 demand growth forecast, while EIA and IEA raised projections for 2024 but lowered it for 2025. Supply is expected to...

Mint Finance

US Rig Count Falls After Remaining Steady for Three Consecutive Weeks

​US oil and gas rig count drops slightly after remaining flat for straight weeks, US oil production slightly decreased but remains high.

Mint Finance

[ETP 2024/46] WTI Drops on Strong Dollar, Henry Hub Gains on Lower Output and Better Demand Outlook

​US crude inventories rose more than expected, while gasoline and distillate stocks fell; nat-gas stocks also exceeded analyst expectations....

Mint Finance

US crude and gasoline inventories increased more than expected. Exxon's PT increased while Halliburton's was lowered. Aramco and Sinopec started...

WTI futures dropped 5.8% for the week ending on 15/Nov due to weak demand, a strong dollar, and poor Chinese economic data. The put/call volume...

OPEC cut its 2024 and 2025 demand growth forecast, while EIA and IEA raised projections for 2024 but lowered it for 2025. Supply is expected to...

US oil and gas rig count drops slightly after remaining flat for straight weeks, US oil production slightly decreased but remains high.

US crude inventories rose more than expected, while gasoline and distillate stocks fell; nat-gas stocks also exceeded analyst expectations....