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 10/Jan, US crude inventories fell by 2m barrels, missing expectations of a 3.5m barrel decrease. Gasoline and distillate stockpiles rose more than expected.</li>
<li>US natural gas inventories fell by 258 Bcf for the week ending 10/Jan, slightly missing analyst expectations of a 260 Bcf drawdown. Inventories are 2.5% above the 5-year seasonal average.</li>
<li>BP forecasts tepid Q4 earnings on low refining margins and upstream output, while TotalEnergies expects higher production and gas prices to offset lower oil prices.</li>
</ul>


For the week ending 10/Jan, US crude inventories fell by 2m barrels, missing expectations of a 3.5m barrel decrease. Gasoline and distillate stockpiles rose more than expected.
US natural gas inventories fell by 258 Bcf for the week ending 10/Jan, slightly missing analyst expectations of a 260 Bcf drawdown. Inventories are 2.5% above the 5-year seasonal average.
BP forecasts tepid Q4 earnings on low refining margins and upstream output, while TotalEnergies expects higher production and gas prices to offset lower oil prices.


[ETP 2025/03] WTI Rises on Falling Stockpiles, Henry Hub Fluctuates on Volatile Weather Forecasts

Junior Finance Analyst, Steno Research

Ulrik Simmelholt

Junior Finance Analyst

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>Before we begin, let’s discuss the Trump tariffs, as he increasingly sounds serious about them.</li>
<li>His recent message on Truth Social suggests he is ready to roll out a series of initiatives next week, including those on trade, cryptocurrency, and a range of other topics.</li>
<li>Every counterpart we speak to expects Trump to take action over the course of his presidency but also anticipates him backing down if the market pushes back against tariffs with a stronger USD, higher bond yields, and weaker risk sentiment.</li>
</ul>


Before we begin, let’s discuss the Trump tariffs, as he increasingly sounds serious about them.
His recent message on Truth Social suggests he is ready to roll out a series of initiatives next week, including those on trade, cryptocurrency, and a range of other topics.
Every counterpart we speak to expects Trump to take action over the course of his presidency but also anticipates him backing down if the market pushes back against tariffs with a stronger USD, higher bond yields, and weaker risk sentiment.


The Drill: What if Trump is not bluffing ahead of next week?

<ul>
<li>WTI futures rose 3.5% for the week ending 10/Jan, driven by tightening U.S. sanctions on Russian crude oil and bullish U.S. economic data.   </li>
<li>WTI options Put/Call volume ratio dropped to 0.83 from 1.03 (03/Jan) last week, as call volume surged by 128.3% WoW while put volume increased by 82.9%.  </li>
<li>WTI OI PCR rose to 0.94 from 0.93 last week. Call OI climbed up by 7.1% WoW, while put OI rose by 8.5%.</li>
</ul>


WTI futures rose 3.5% for the week ending 10/Jan, driven by tightening U.S. sanctions on Russian crude oil and bullish U.S. economic data.   
WTI options Put/Call volume ratio dropped to 0.83 from 1.03 (03/Jan) last week, as call volume surged by 128.3% WoW while put volume increased by 82.9%.  
WTI OI PCR rose to 0.94 from 0.93 last week. Call OI climbed up by 7.1% WoW, while put OI rose by 8.5%.


[US Crude Oil Options Weekly 2025/02] WTI Rises for Third Straight Week Due to Supply Disruptions

<ul>
<li>The U.S. oil and gas rig count dropped for the first time in six weeks, as it fell by 5 to 584 for the week ending 10/Jan.</li>
<li>For the week ending 03/Jan, U.S. oil production moderately fell to 13.56m bpd from 13.57m bpd the week prior.</li>
<li>U.S. oil rig count fell by 2 to 482 while gas rigs dropped by 3 to 100. Producers cut three rigs in Texas and one each from Utah and Colorado.</li>
</ul>


The U.S. oil and gas rig count dropped for the first time in six weeks, as it fell by 5 to 584 for the week ending 10/Jan.
For the week ending 03/Jan, U.S. oil production moderately fell to 13.56m bpd from 13.57m bpd the week prior.
U.S. oil rig count fell by 2 to 482 while gas rigs dropped by 3 to 100. Producers cut three rigs in Texas and one each from Utah and Colorado.


U.S. Rig Count Drops After Remaining Steady for Four Straight Weeks

Podcast by J.P. Morgan analysts on global markets, At Any Rate

At Any Rate

Podcast by J.P. Morgan analysts on global markets

Analysts from J.P. Morgan’s Research team take a closer look at the stories behind some of the biggest trends, themes and developments in markets today.

<ul><li>China implementing stimulus measures to boost growth</li><li>Cold weather leading to increased demand for heating fuel oil</li><li>Global oil inventories at record lows, with improving sentiment on China leading to potential increase in domestic demand.</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.</em></p>

China implementing stimulus measures to boost growthCold weather leading to increased demand for heating fuel oilGlobal oil inventories at record lows, with improving sentiment on China leading to potential increase in domestic demand.This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

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 2025/03] WTI Rises on Falling Stockpiles, Henry Hub Fluctuates on Volatile Weather Forecasts

US crude inventories fell less than expected, while gasoline and distillate stockpiles rose. Nat-gas inventories fall for ninth week straight. BP...

Mint Finance

The Drill: What if Trump is not bluffing ahead of next week?

Before we begin, let’s discuss the Trump tariffs, as he increasingly sounds serious about them. His recent message on Truth Social suggests he is...

Steno Research

[US Crude Oil Options Weekly 2025/02] WTI Rises for Third Straight Week Due to Supply Disruptions

WTI futures rose due to U.S. sanctions on Russian oil and positive economic data, with a drop in Put/Call volume ratio and an increase in OI PCR.

Mint Finance

U.S. Rig Count Drops After Remaining Steady for Four Straight Weeks

US oil and gas rig count drops for the first time in six weeks, with oil production also slightly decreasing. Number of active U.S. oil and gas...

Mint Finance

Global Commodities: Right on cue

Global crude oil prices near $80, driven by low inventories, supply concerns, and winter demand, are expected to remain steady in the 70s due to...

At Any Rate

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

[ETP 2025/03] WTI Rises on Falling Stockpiles, Henry Hub Fluctuates on Volatile Weather Forecasts

​US crude inventories fell less than expected, while gasoline and distillate stockpiles rose. Nat-gas inventories fall for ninth week straight. BP...

Mint Finance

The Drill: What if Trump is not bluffing ahead of next week?

Before we begin, let’s discuss the Trump tariffs, as he increasingly sounds serious about them. His recent message on Truth Social suggests he is...

Steno Research

[US Crude Oil Options Weekly 2025/02] WTI Rises for Third Straight Week Due to Supply Disruptions

​WTI futures rose due to U.S. sanctions on Russian oil and positive economic data, with a drop in Put/Call volume ratio and an increase in OI PCR.

Mint Finance

U.S. Rig Count Drops After Remaining Steady for Four Straight Weeks

​US oil and gas rig count drops for the first time in six weeks, with oil production also slightly decreasing. Number of active U.S. oil and gas...

Mint Finance

Global Commodities: Right on cue

Global crude oil prices near $80, driven by low inventories, supply concerns, and winter demand, are expected to remain steady in the 70s due to...

At Any Rate

US crude inventories fell less than expected, while gasoline and distillate stockpiles rose. Nat-gas inventories fall for ninth week straight. BP...

WTI futures rose due to U.S. sanctions on Russian oil and positive economic data, with a drop in Put/Call volume ratio and an increase in OI PCR.

US oil and gas rig count drops for the first time in six weeks, with oil production also slightly decreasing. Number of active U.S. oil and gas...