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.

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Commodities

<ul>
<li>WTI futures rose 6.1% for the week ending 13/Dec, driven by China's policy easing plans and supply concerns from sanctions on Russia and Iran.</li>
<li>WTI options Put/Call volume ratio fell 1.15 from 1.24 (06/Dec) last week, as call volume rose by 21.7% WoW while put volume increased by 12.6%.  </li>
<li>WTI OI PCR fell to 0.85 from 0.88 last week. Call OI rose by 7.0% WoW, while put OI increased by 3.3%.</li>
</ul>


WTI futures rose 6.1% for the week ending 13/Dec, driven by China's policy easing plans and supply concerns from sanctions on Russia and Iran.
WTI options Put/Call volume ratio fell 1.15 from 1.24 (06/Dec) last week, as call volume rose by 21.7% WoW while put volume increased by 12.6%.  
WTI OI PCR fell to 0.85 from 0.88 last week. Call OI rose by 7.0% WoW, while put OI increased by 3.3%.


[US Crude Oil Options Weekly 2024/50] WTI Gains on China Optimism and Sanction-Driven Concerns

Global Commodities, Mint Finance

Srinidhi Raghavendra

Global Commodities

<ul>
<li>The US oil and gas rig count remained unchanged at 589 for the week ending on 13/Dec, after rising by seven the previous week.</li>
<li>For the week ending 06/Dec, US oil production rose to a new high of 13.63m bpd from 13.50m bpd the week prior.</li>
<li>The number of active US oil rigs was steady at 482, while the US gas rig count rose by one to 103.</li>
</ul>


The US oil and gas rig count remained unchanged at 589 for the week ending on 13/Dec, after rising by seven the previous week.
For the week ending 06/Dec, US oil production rose to a new high of 13.63m bpd from 13.50m bpd the week prior.
The number of active US oil rigs was steady at 482, while the US gas rig count rose by one to 103.


US Rig Count Steady After Strong Surge Last Week

<ul>
<li>OPEC cut its 2024 demand growth forecast for the fifth consecutive time this year. It lowered its 2024 and 2025 forecast 11.5% and 5.8%, respectively.</li>
<li>The EIA and IEA lowered their 2024 demand projections by 10.1% and 8.7%, respectively. However, they raised their 2025 projections by 5.7% and 11.1%, respectively.</li>
<li>The EIA reduced 2024 and 2025 price forecasts for WTI and Brent, citing higher non-OPEC+ production and subdued demand, which are expected to drive global inventory builds after Q1 2025.</li>
</ul>


OPEC cut its 2024 demand growth forecast for the fifth consecutive time this year. It lowered its 2024 and 2025 forecast 11.5% and 5.8%, respectively.
The EIA and IEA lowered their 2024 demand projections by 10.1% and 8.7%, respectively. However, they raised their 2025 projections by 5.7% and 11.1%, respectively.
The EIA reduced 2024 and 2025 price forecasts for WTI and Brent, citing higher non-OPEC+ production and subdued demand, which are expected to drive global inventory builds after Q1 2025.


OPEC Cuts Demand Forecasts for Fifth Straight Month; EIA Lowers Price Outlook on Supply Glut

<ul>
<li>For the week ending 06/Dec, US crude inventories fell by 1.4m barrels, beating expectations of a 1m barrel decrease. However, gasoline and distillate stocks rose more than expected again.</li>
<li>US natural gas inventories fell by 190 Bcf for the week ending 06/Dec, beating analyst expectations of a 175 Bcf drawdown. Inventories are 4.6% above the 5-year seasonal average.</li>
<li>Wells Fargo raised its 12-month PT for Chevron but lowered targets for Shell and Occidental. Exxon targets a CAGR of 10% in earnings and 8% in cash flow through 2030.</li>
</ul>


For the week ending 06/Dec, US crude inventories fell by 1.4m barrels, beating expectations of a 1m barrel decrease. However, gasoline and distillate stocks rose more than expected again.
US natural gas inventories fell by 190 Bcf for the week ending 06/Dec, beating analyst expectations of a 175 Bcf drawdown. Inventories are 4.6% above the 5-year seasonal average.
Wells Fargo raised its 12-month PT for Chevron but lowered targets for Shell and Occidental. Exxon targets a CAGR of 10% in earnings and 8% in cash flow through 2030.


[ETP 2024/50] WTI Rebounds on Outlook of Better Demand in 2025; Henry Hub Rises but Remains Volatile

<ul>
<li>WTI futures dropped 1.8% for the week ending 06/Dec, as concerns of oversupply in 2025 offset the impact of OPEC extending cuts and rising geopolitical tensions.</li>
<li>WTI options Put/Call volume ratio jumped to 1.24 from 0.82 (29/Nov) last week, as call volume rose by 19.8% WoW while put volume surged by 81%.  </li>
<li>WTI OI PCR remained unchanged at 0.88 from last week. Call OI rose by 3.3% WoW, while put OI increased by 3.6%.</li>
</ul>


WTI futures dropped 1.8% for the week ending 06/Dec, as concerns of oversupply in 2025 offset the impact of OPEC extending cuts and rising geopolitical tensions.
WTI options Put/Call volume ratio jumped to 1.24 from 0.82 (29/Nov) last week, as call volume rose by 19.8% WoW while put volume surged by 81%.  
WTI OI PCR remained unchanged at 0.88 from last week. Call OI rose by 3.3% WoW, while put OI increased by 3.6%.


[US Crude Oil Options Weekly 2024/49] WTI Fell for the Second Straight Week on Supply Concerns

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)

[US Crude Oil Options Weekly 2024/50] WTI Gains on China Optimism and Sanction-Driven Concerns

WTI futures surged 6.1% on China policy easing and supply concerns from Russia and Iran sanctions. Put/Call volume ratio dropped as call volume...

Mint Finance

US Rig Count Steady After Strong Surge Last Week

US oil and gas rig count holds steady as US oil production reaches new high. The number of active US oil rigs was steady at 482, while the US gas...

Mint Finance

OPEC Cuts Demand Forecasts for Fifth Straight Month; EIA Lowers Price Outlook on Supply Glut

OPEC, EIA, and IEA all lowered 2024 demand forecasts citing Weak demand from China. They expect a oversupplied market in 2025 due to increased...

Mint Finance

[ETP 2024/50] WTI Rebounds on Outlook of Better Demand in 2025; Henry Hub Rises but Remains Volatile

US crude inventories fell more than expected, but gasoline and distillate stocks rose. Natural gas inventories beat expectations. Wells Fargo...

Mint Finance

[US Crude Oil Options Weekly 2024/49] WTI Fell for the Second Straight Week on Supply Concerns

WTI futures fell 1.8% due to oversupply concerns despite OPEC cuts and geopolitical tensions. Put/Call ratio rose significantly with call volume...

Mint Finance

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

[US Crude Oil Options Weekly 2024/50] WTI Gains on China Optimism and Sanction-Driven Concerns

​WTI futures surged 6.1% on China policy easing and supply concerns from Russia and Iran sanctions. Put/Call volume ratio dropped as call volume...

Mint Finance

US Rig Count Steady After Strong Surge Last Week

​US oil and gas rig count holds steady as US oil production reaches new high. The number of active US oil rigs was steady at 482, while the US gas...

Mint Finance

OPEC Cuts Demand Forecasts for Fifth Straight Month; EIA Lowers Price Outlook on Supply Glut

​OPEC, EIA, and IEA all lowered 2024 demand forecasts citing Weak demand from China. They expect a oversupplied market in 2025 due to increased...

Mint Finance

[ETP 2024/50] WTI Rebounds on Outlook of Better Demand in 2025; Henry Hub Rises but Remains Volatile

​US crude inventories fell more than expected, but gasoline and distillate stocks rose. Natural gas inventories beat expectations. Wells Fargo...

Mint Finance

[US Crude Oil Options Weekly 2024/49] WTI Fell for the Second Straight Week on Supply Concerns

​WTI futures fell 1.8% due to oversupply concerns despite OPEC cuts and geopolitical tensions. Put/Call ratio rose significantly with call volume...

Mint Finance

WTI futures surged 6.1% on China policy easing and supply concerns from Russia and Iran sanctions. Put/Call volume ratio dropped as call volume...

US oil and gas rig count holds steady as US oil production reaches new high. The number of active US oil rigs was steady at 482, while the US gas...

OPEC, EIA, and IEA all lowered 2024 demand forecasts citing Weak demand from China. They expect a oversupplied market in 2025 due to increased...

US crude inventories fell more than expected, but gasoline and distillate stocks rose. Natural gas inventories beat expectations. Wells Fargo...

WTI futures fell 1.8% due to oversupply concerns despite OPEC cuts and geopolitical tensions. Put/Call ratio rose significantly with call volume...