Decoding the Future of MENA Financial Markets, MENA Market Lab

Denis Collot

Decoding the Future of MENA Financial Markets

MENA Market Lab

Decoding the future of Middle East and North Africa Financial markets

Cross Asset Strategy

<ul><li>Saudi’s Crown Prince successful visit in Washington.                             </li><li>Housing costs still driving inflation in GCC.</li><li>Construction an important part of Saudi activity. FX, watch out for the year-end turn.</li></ul>

Saudi’s Crown Prince successful visit in Washington.                             Housing costs still driving inflation in GCC.Construction an important part of Saudi activity. FX, watch out for the year-end turn.

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>Major Western oil giants posted strong Q3 2025 profits as surging refining margins and trading gains offset volatility and sustained production strength.</li>
<li>Ukrainian strikes and escalating Western sanctions on Russia tightened global product supply, pushing refining margins higher and supporting downstream earnings.</li>
<li>Refining margins are likely to stay elevated as prolonged sanctions, supply disruptions, and seasonal maintenance sustain tightness despite potential demand headwinds.</li>
</ul>


Major Western oil giants posted strong Q3 2025 profits as surging refining margins and trading gains offset volatility and sustained production strength.
Ukrainian strikes and escalating Western sanctions on Russia tightened global product supply, pushing refining margins higher and supporting downstream earnings.
Refining margins are likely to stay elevated as prolonged sanctions, supply disruptions, and seasonal maintenance sustain tightness despite potential demand headwinds.


Big Oil Gained in Q3 as Sanctions and Strikes on Russia Drove Refining Margins Higher

Equity/Index & Cross Asset Volatility Specialist, Cameron Design

Jay Cameron

Equity/Index & Cross Asset Volatility Specialist

Cameron Design

We specialize in financial products and volatility. Our strategies balance speed, data, and risk control to capture opportunities across global markets. Our research leverages AI and data analytics to continuously refine our algorithms and adapt to evolving market dynamics.

Equity Derivatives

<ul>
<li>We examine a strategy to capitalize on anticipated near-term price stability.</li>
<li>XOM's strong fundamentals and record production growth support positive outlook.</li>
<li>Record-Setting production in key basins supports strong cash flow and returns.</li>
</ul>


We examine a strategy to capitalize on anticipated near-term price stability.
XOM's strong fundamentals and record production growth support positive outlook.
Record-Setting production in key basins supports strong cash flow and returns.


Exxon Mobil: Navigating Volatility, Oil Majors

<ul>
<li>Chevron demonstrated strong operational momentum in Q3 2025, with record worldwide production of over 4 million barrels of oil equivalent per day with upside from the Hess integration.</li>
<li>The stock is trading at a premium valuation with a challenging but achievable growth path in terms of annual growth rates and revenues.</li>
<li>Given the current valuation and financial outlook, the upcoming Investor Day on November 12, 2025, presents a short-term window to potentially put on a single stock options strategy.</li>
</ul>


Chevron demonstrated strong operational momentum in Q3 2025, with record worldwide production of over 4 million barrels of oil equivalent per day with upside from the Hess integration.
The stock is trading at a premium valuation with a challenging but achievable growth path in terms of annual growth rates and revenues.
Given the current valuation and financial outlook, the upcoming Investor Day on November 12, 2025, presents a short-term window to potentially put on a single stock options strategy.


Chevron Volatility: Options-Ready for Investor Day

<ul>
<li>ConocoPhillips is executing its M&amp;A strategy, achieving major synergy savings and targeting over $2B in run-rate improvements by the end of next year, supporting its fundamental long-term outlook.</li>
<li>Projection of a $7B increase in incremental Free Cash Flow by 2029 is bullish, noting execution risks.</li>
<li>The balance of long-term value drivers and near-term market and restructuring risks suggests a  strategy that is positioned to benefit from limited price movement.</li>
</ul>


ConocoPhillips is executing its M&amp;A strategy, achieving major synergy savings and targeting over $2B in run-rate improvements by the end of next year, supporting its fundamental long-term outlook.
Projection of a $7B increase in incremental Free Cash Flow by 2029 is bullish, noting execution risks.
The balance of long-term value drivers and near-term market and restructuring risks suggests a  strategy that is positioned to benefit from limited price movement.


Trading ConocoPhillips Volatility, Oil Majors

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)

Middle East FX, November 21st 2025

Saudi’s Crown Prince successful visit in Washington. Housing costs still driving inflation in GCC. Construction an important part of Saudi activity.

MENA Market Lab

Big Oil Gained in Q3 as Sanctions and Strikes on Russia Drove Refining Margins Higher

Western oil giants saw healthy profits in Q3 due to high refining margins and trading gains, driven by Ukrainian strikes and sanctions on Russia....

Mint Finance

Exxon Mobil: Navigating Volatility, Oil Majors

Article highlights strategy to capitalize on XOM's positive outlook due to strong fundamentals, record production growth, and high cash flow from...

Jay Cameron

Chevron Volatility: Options-Ready for Investor Day

Chevron's Q3 2025 shows strong operational momentum and record production, with potential for growth despite premium valuation. Investor Day next...

Jay Cameron

Trading ConocoPhillips Volatility, Oil Majors

An option trade: ConocoPhillips is making strategic M&A moves to achieve over $2B in savings by next year, aiming for a $7B increase in Free Cash...

Jay Cameron

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Middle East FX, November 21st 2025

Saudi’s Crown Prince successful visit in Washington. Housing costs still driving inflation in GCC. Construction an important part of Saudi activity.

MENA Market Lab

Big Oil Gained in Q3 as Sanctions and Strikes on Russia Drove Refining Margins Higher

​Western oil giants saw healthy profits in Q3 due to high refining margins and trading gains, driven by Ukrainian strikes and sanctions on Russia....

Mint Finance

Exxon Mobil: Navigating Volatility, Oil Majors

​Article highlights strategy to capitalize on XOM's positive outlook due to strong fundamentals, record production growth, and high cash flow from...

Jay Cameron

Chevron Volatility: Options-Ready for Investor Day

​Chevron's Q3 2025 shows strong operational momentum and record production, with potential for growth despite premium valuation. Investor Day next...

Jay Cameron

Trading ConocoPhillips Volatility, Oil Majors

​An option trade: ConocoPhillips is making strategic M&A moves to achieve over $2B in savings by next year, aiming for a $7B increase in Free Cash...

Jay Cameron

Western oil giants saw healthy profits in Q3 due to high refining margins and trading gains, driven by Ukrainian strikes and sanctions on Russia....

Article highlights strategy to capitalize on XOM's positive outlook due to strong fundamentals, record production growth, and high cash flow from...

Chevron's Q3 2025 shows strong operational momentum and record production, with potential for growth despite premium valuation. Investor Day next...

An option trade: ConocoPhillips is making strategic M&A moves to achieve over $2B in savings by next year, aiming for a $7B increase in Free Cash...