Leading Independent Investment Research, Morningstar, Inc.

Morningstar

Leading Independent Investment Research

Morningstar, Inc.

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. We offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors. 

Morningstar provides data on more than 500,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 16 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries, with more than $180 billion in assets under advisement or management as of June 30, 2015. We have operations in 27 countries.

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Thematic (Sector/Industry)

Crude markets have tightened a good deal in recent months, as strong demand growth and supply issues have pulled forward the industry recovery by about a year, relative to our previous outlook. Fundamentals after 2017 are looking particularly bullish for prices, and an oil price rally in 2018 is looking more and more likely (we've raised our 2018 West Texas Intermediate, or WTI, forecast to $65 per barrel).Even so, the strength of U.S. shale is lurking beneath the surface: Our analysis shows that the recent uptick in rigs and falling shale decline rates together are enough to stabilize U.S. crude production within six months. Remarkably, if activity isn't scaled back, U.S. production will begin growing in 2017 (albeit barely). This underscores the strength of U.S. tight oil: Should a price rally ensue, it is far too strong to not overheat and eventually snuff out any future oil price rally. We remain bearish on oil prices longer term, and we reiterate our midcycle oil price outlook of $55 WTI ($60 Brent).Analyst: Stephen Simko, CFA

Crude markets have tightened a good deal in recent months, as strong demand growth and supply issues have pulled forward the industry recovery by about a year, relative to our previous outlook. Fundamentals after 2017 are looking particularly bullish for prices, and an oil price rally in 2018 is looking more and more likely (we've raised our 2018 West Texas Intermediate, or WTI, forecast to $65 per barrel).Even so, the strength of U.S. shale is lurking beneath the surface: Our analysis shows that the recent uptick in rigs and falling shale decline rates together are enough to stabilize U.S. crude production within six months. Remarkably, if activity isn't scaled back, U.S. production will begin growing in 2017 (albeit barely). This underscores the strength of U.S. tight oil: Should a price rally ensue, it is far too strong to not overheat and eventually snuff out any future oil price rally. We remain bearish on oil prices longer term, and we reiterate our midcycle oil price outlook of $55 WTI ($60 Brent).Analyst: Stephen Simko, CFA

Oil Markets: Fundamentals Improving, but U.S. Shale Still Looms

Equity Analyst, TMT & Energy Specialist

HL Tan

Brent Oil prices have rallied by more than 18% since end-July'16 close, after new Saudi oil minister tipped for an 'OPEC deal' on oil production freeze, in the upcoming informal OPEC meet in Algeria from 26-28 September 2016. We are skeptical on execution, deal or no deal. Nevertheless, any headline news on supply cuts could result in near term oil volatility or fund re-positioning.Who is going to cut?<ul><li>
Collective production quota is difficult to enforce– Despite an explicit OPEC collective…</li></ul>

Brent Oil prices have rallied by more than 18% since end-July'16 close, after new Saudi oil minister tipped for an 'OPEC deal' on oil production freeze, in the upcoming informal OPEC meet in Algeria from 26-28 September 2016. We are skeptical on execution, deal or no deal. Nevertheless, any headline news on supply cuts could result in near term oil volatility or fund re-positioning.Who is going to cut?
Collective production quota is difficult to enforce– Despite an explicit OPEC collective…

Spain

Repsol S.A., through subsidiaries, explores for and produces crude oil and natural gas, refines petroleum, and transports petroleum products and liquefied petroleum gas (LPG).  The Company retails gasoline and other products through its chain of gasoline filling stations.  Repsol's petroleum reserves are in Spain, Latin America, Asia, North Africa, and the Middle East and United States.

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Repsol SA (REP SM)

Oil Markets: Fundamentals Improving, but U.S. Shale Still Looms

Crude markets have tightened a good deal in recent months, as strong demand growth and supply issues have pulled forward the industry recovery by...

Morningstar, Inc.

Oil Price - OPEC Deal or No Deal?

Brent Oil prices have rallied by more than 18% since end-July'16 close, after new Saudi oil minister tipped for an 'OPEC deal' on oil production...

HL Tan

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