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 14/Mar, U.S. crude inventories rose 1.7m barrels (vs. expectations of 0.8m build), gasoline stockpiles fell below expectations, and distillate inventories declined more than anticipated.</li>
<li>US natural gas inventories rose by 9 Bcf for the week ending 14/Mar, more than analyst expectations of a 3 Bcf build. Inventories are 10% below the 5-year seasonal average.</li>
<li>Barclays cut Exxon's price target to USD 135 from USD 137 with an Overweight rating, while Citigroup lowered Occidental's target to USD 51 from USD 56 with a Neutral rating.</li>
</ul>


For the week ending 14/Mar, U.S. crude inventories rose 1.7m barrels (vs. expectations of 0.8m build), gasoline stockpiles fell below expectations, and distillate inventories declined more than anticipated.
US natural gas inventories rose by 9 Bcf for the week ending 14/Mar, more than analyst expectations of a 3 Bcf build. Inventories are 10% below the 5-year seasonal average.
Barclays cut Exxon's price target to USD 135 from USD 137 with an Overweight rating, while Citigroup lowered Occidental's target to USD 51 from USD 56 with a Neutral rating.


[ETP 2025/12] WTI Gains on Geopolitical Uncertainty, Henry Hub Falls on Rising Nat-Gas Stockpiles

<ul>
<li>WTI futures rose 0.2% for the week ending 14/Mar, reversing a seven-week losing streak, driven by Middle East tensions and tighter-than-expected U.S. crude inventories.</li>
<li>U.S. rig count remained unchanged at 592, after falling by one last week. The oil rig count grew by one to 487 and gas rigs fell by one to 100.</li>
<li>WTI OI PCR rose to 0.93 on 14/Mar from 0.91 on 07/Mar. Call OI increased by 5.6% WoW, while put OI rose by 7.6%.</li>
</ul>


WTI futures rose 0.2% for the week ending 14/Mar, reversing a seven-week losing streak, driven by Middle East tensions and tighter-than-expected U.S. crude inventories.
U.S. rig count remained unchanged at 592, after falling by one last week. The oil rig count grew by one to 487 and gas rigs fell by one to 100.
WTI OI PCR rose to 0.93 on 14/Mar from 0.91 on 07/Mar. Call OI increased by 5.6% WoW, while put OI rose by 7.6%.


[US Crude Oil Options Weekly 2025/11] WTI Snaps Losing Streak on Rising Geopolitical Tensions

<ul>
<li>For the week ending 07/Mar, US crude inventories increased by 1.4m barrels, missing expectations of a 2.1m barrel build. Meanwhile, gasoline and distillate stockpiles fell more than expected.</li>
<li>US natural gas inventories fell by 62 Bcf for the week ending 07/Mar, lower than analyst expectations of a 46 Bcf drawdown. Inventories are 11.9% below the 5-year seasonal average.</li>
<li>SNB Capital and United Securities cut Aramco's price targets. TotalEnergies CEO expects LNG prices to decline by decade’s end.</li>
</ul>


For the week ending 07/Mar, US crude inventories increased by 1.4m barrels, missing expectations of a 2.1m barrel build. Meanwhile, gasoline and distillate stockpiles fell more than expected.
US natural gas inventories fell by 62 Bcf for the week ending 07/Mar, lower than analyst expectations of a 46 Bcf drawdown. Inventories are 11.9% below the 5-year seasonal average.
SNB Capital and United Securities cut Aramco's price targets. TotalEnergies CEO expects LNG prices to decline by decade’s end.


[ETP 2025/11] Weak Demand and Trade Tensions Weigh on Crude, Volatile Weather Pressures Henry Hub

<ul>
<li>Norges Bank repurchased sizable stakes in BP, Chevron, Exxon, Halliburton, and SLB after fully exiting these positions in Q3, mirroring its Q2 buying spree.</li>
<li>Mediolanum International Funds sold its entire BP stake, Westwood Global Investments exited Shell, and Old Mission Capital divested from TotalEnergies.</li>
<li>BlackRock, State Street, and J.P. Morgan reduced their stakes in Chevron, while BNY Mellon and UBS Group increased their holdings.</li>
</ul>


Norges Bank repurchased sizable stakes in BP, Chevron, Exxon, Halliburton, and SLB after fully exiting these positions in Q3, mirroring its Q2 buying spree.
Mediolanum International Funds sold its entire BP stake, Westwood Global Investments exited Shell, and Old Mission Capital divested from TotalEnergies.
BlackRock, State Street, and J.P. Morgan reduced their stakes in Chevron, while BNY Mellon and UBS Group increased their holdings.


Investment Shifts in Oil & Gas Giants: Institutional Moves in Q4 2024

Head of Research and Global Chief Strategist, Steno Research

Andreas Steno

Head of Research and Global Chief Strategist

Macro and Geopolitical Research House

Steno Research

Steno Research is a new macro and geopolitical research house. We are based out of Copenhagen, Denmark, but have an international team and a strong network of sources and partners around the world. The team is lead by Andreas Steno, previous global head of strategy at Nordea Bank, and Mikkel Rosenvold, former chief consultant in the Danish Ministry of Finance.

<ul><li>Hello, and welcome back to our weekly editorial on commodities and geopolitics.</li><li>Trump is keeping us busy yet again, threatening to impose another 25 percentage points (which was pulled back a couple of hours later, as usual) on top of the steel and aluminum tariffs, targeting the Canadian car industry at the same time.</li><li>By now, it’s very clear that his main agenda is to move jobs and factories to the U.S. by limiting imports—but the question remains: will he actually follow through?</li></ul>

Hello, and welcome back to our weekly editorial on commodities and geopolitics.Trump is keeping us busy yet again, threatening to impose another 25 percentage points (which was pulled back a couple of hours later, as usual) on top of the steel and aluminum tariffs, targeting the Canadian car industry at the same time.By now, it’s very clear that his main agenda is to move jobs and factories to the U.S. by limiting imports—but the question remains: will he actually follow through?

The Drill – The gameplan for peace in Ukraine

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 2025/12] WTI Gains on Geopolitical Uncertainty, Henry Hub Falls on Rising Nat-Gas Stockpiles

US crude inventories rose more than expected, gasoline stockpiles fell short, and natural gas inventories exceeded analyst predictions. Barclays...

Mint Finance

[US Crude Oil Options Weekly 2025/11] WTI Snaps Losing Streak on Rising Geopolitical Tensions

WTI futures rebounded after seven weeks, driven by Middle East tensions and tight U.S. crude inventories. Oil rig count steady at 487, gas rigs...

Mint Finance

[ETP 2025/11] Weak Demand and Trade Tensions Weigh on Crude, Volatile Weather Pressures Henry Hub

US crude inventories rise, missing expectations, while gasoline and distillate stockpiles fall. Aramco's price targets cut, TotalEnergies CEO...

Mint Finance

Investment Shifts in Oil & Gas Giants: Institutional Moves in Q4 2024

Norges Bank reacquires major oil stock stakes, while other funds and institutions make significant divestments and adjustments in their portfolios.

Mint Finance

The Drill – The gameplan for peace in Ukraine

Hello, and welcome back to our weekly editorial on commodities and geopolitics. Trump is keeping us busy yet again, threatening to impose another...

Steno Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

[ETP 2025/12] WTI Gains on Geopolitical Uncertainty, Henry Hub Falls on Rising Nat-Gas Stockpiles

​US crude inventories rose more than expected, gasoline stockpiles fell short, and natural gas inventories exceeded analyst predictions. Barclays...

Mint Finance

[US Crude Oil Options Weekly 2025/11] WTI Snaps Losing Streak on Rising Geopolitical Tensions

​WTI futures rebounded after seven weeks, driven by Middle East tensions and tight U.S. crude inventories. Oil rig count steady at 487, gas rigs...

Mint Finance

[ETP 2025/11] Weak Demand and Trade Tensions Weigh on Crude, Volatile Weather Pressures Henry Hub

​US crude inventories rise, missing expectations, while gasoline and distillate stockpiles fall. Aramco's price targets cut, TotalEnergies CEO...

Mint Finance

Investment Shifts in Oil & Gas Giants: Institutional Moves in Q4 2024

​Norges Bank reacquires major oil stock stakes, while other funds and institutions make significant divestments and adjustments in their portfolios.

Mint Finance

The Drill – The gameplan for peace in Ukraine

Hello, and welcome back to our weekly editorial on commodities and geopolitics. Trump is keeping us busy yet again, threatening to impose another...

Steno Research

US crude inventories rose more than expected, gasoline stockpiles fell short, and natural gas inventories exceeded analyst predictions. Barclays...

WTI futures rebounded after seven weeks, driven by Middle East tensions and tight U.S. crude inventories. Oil rig count steady at 487, gas rigs...

US crude inventories rise, missing expectations, while gasoline and distillate stockpiles fall. Aramco's price targets cut, TotalEnergies CEO...

Norges Bank reacquires major oil stock stakes, while other funds and institutions make significant divestments and adjustments in their portfolios.