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>US oil and gas rig count fell by two to 586 for the week ending 16/Aug, indicating a decline for the second time in three weeks.</li>
<li>US oil rig count fell by two to 483, after rising by three the previous week. Gas rigs increased by one to 98, after declining for three straight weeks.</li>
<li>For the week ending 09/Aug, US crude oil production fell back to 13.3m bpd, after hitting its record high of 13.4m bpd the week prior.  </li>
</ul>


US oil and gas rig count fell by two to 586 for the week ending 16/Aug, indicating a decline for the second time in three weeks.
US oil rig count fell by two to 483, after rising by three the previous week. Gas rigs increased by one to 98, after declining for three straight weeks.
For the week ending 09/Aug, US crude oil production fell back to 13.3m bpd, after hitting its record high of 13.4m bpd the week prior.  


<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>EIA maintained its 2024 oil demand forecast but cut its 2025 estimate by 160k bpd. OPEC reduced its 2024 and 2025 forecasts by 135k and 65k bpd, respectively.</li>
<li>Total production of OPEC members obliged to implement supply cuts averaged 21.45m bpd in July, exceeding the target by 1%.</li>
<li>EIA lowered its 2024 and 2025 oil price forecasts due to slower demand growth. However, it still expects prices to rise in H22024 led by a decline in inventories.</li>
</ul>


EIA maintained its 2024 oil demand forecast but cut its 2025 estimate by 160k bpd. OPEC reduced its 2024 and 2025 forecasts by 135k and 65k bpd, respectively.
Total production of OPEC members obliged to implement supply cuts averaged 21.45m bpd in July, exceeding the target by 1%.
EIA lowered its 2024 and 2025 oil price forecasts due to slower demand growth. However, it still expects prices to rise in H22024 led by a decline in inventories.


EIA and OPEC Cut Demand Forecasts Amid China Slowdown; EIA Predicts Limited Oil Price Growth

<ul>
<li>US oil and gas rig count increased by two to 588 for the week ending 09/Aug, following a decline the week prior.</li>
<li>US oil rig count rose by three to 485, after remaining flat the previous week. Gas rigs decreased by one to 97, marking a third consecutive weekly decline.</li>
<li>For the week ending 02/Aug, US crude oil production hit a record 13.4 mbpd, following four weeks of steady output at 13.3 mbpd.</li>
</ul>


US oil and gas rig count increased by two to 588 for the week ending 09/Aug, following a decline the week prior.
US oil rig count rose by three to 485, after remaining flat the previous week. Gas rigs decreased by one to 97, marking a third consecutive weekly decline.
For the week ending 02/Aug, US crude oil production hit a record 13.4 mbpd, following four weeks of steady output at 13.3 mbpd.


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 2024/34] 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

Dip in Oil Rigs Drives US Rig Count Down

For the week ending 16/Aug, the US rig count fell by 2 to 586. Oil rig count fell by 2 while the gas rig count rose by 1.US crude output rolled...

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

EIA and OPEC Cut Demand Forecasts Amid China Slowdown; EIA Predicts Limited Oil Price Growth

EIA and OPEC cut oil demand forecasts, while OPEC members exceeded supply cut targets in July. EIA foresees rising oil prices in late 2024 despite...

Mint Finance

US Rig Count Climbs on Oil Rig Gains

For the week ending 09/Aug, the US rig count rose by 2 to 588, driven by a 3-rig increase in oil rigs, while gas rigs fell by 1. US crude output...

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

Dip in Oil Rigs Drives US Rig Count Down

For the week ending 16/Aug, the US rig count fell by 2 to 586. Oil rig count fell by 2 while the gas rig count rose by 1.US crude output rolled...

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

EIA and OPEC Cut Demand Forecasts Amid China Slowdown; EIA Predicts Limited Oil Price Growth

​EIA and OPEC cut oil demand forecasts, while OPEC members exceeded supply cut targets in July. EIA foresees rising oil prices in late 2024 despite...

Mint Finance

US Rig Count Climbs on Oil Rig Gains

For the week ending 09/Aug, the US rig count rose by 2 to 588, driven by a 3-rig increase in oil rigs, while gas rigs fell by 1. US crude output...

Mint Finance

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

EIA and OPEC cut oil demand forecasts, while OPEC members exceeded supply cut targets in July. EIA foresees rising oil prices in late 2024 despite...