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>US oil rig count stabilises at 479 as of the week ending on 5/July, after falling for five consecutive weeks.</li>
<li>The US natural gas rig count rose by 4 to 101, yet it remains 34 rigs lower than the count from the same week last year</li>
<li>Drilling activities in the US remain soft as upstream players prioritise shareholder returns over increasing output.</li>
</ul>


US oil rig count stabilises at 479 as of the week ending on 5/July, after falling for five consecutive weeks.
The US natural gas rig count rose by 4 to 101, yet it remains 34 rigs lower than the count from the same week last year
Drilling activities in the US remain soft as upstream players prioritise shareholder returns over increasing output.


US Oil Rig Decline Halts While Gas Rig Count Increases

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.

Cross Asset Strategy

<ul><li>Coming into June, we wrote that the biggest “risk” was that we moved towards a goldilocks scenario.</li><li>While our portfolio returns have mostly mirrored that regime (outside of Crypto), we have to admit that the growth component of the equation has slowed somewhat relative to our model base case.</li><li>We reassess the picture on a macro level and on a quant basis in this analysis.</li></ul>

Coming into June, we wrote that the biggest “risk” was that we moved towards a goldilocks scenario.While our portfolio returns have mostly mirrored that regime (outside of Crypto), we have to admit that the growth component of the equation has slowed somewhat relative to our model base case.We reassess the picture on a macro level and on a quant basis in this analysis.

Macro Regime Indicator – Growth is the dark horse in July..

<ul>
<li>US crude oil inventory declined by 12.2 million barrels as of the week ending on 28/Jun, the biggest drawdown since July 2023.</li>
<li>Henry Hub prices continued to decline from last week due to increased production and cooler weather forecasts.</li>
<li>Saudi Aramco awarded over USD 25 billion in contracts for gas expansion. Goldman Sachs lowered its target price on Saudi Aramco but maintained its “Neutral” rating.</li>
</ul>


US crude oil inventory declined by 12.2 million barrels as of the week ending on 28/Jun, the biggest drawdown since July 2023.
Henry Hub prices continued to decline from last week due to increased production and cooler weather forecasts.
Saudi Aramco awarded over USD 25 billion in contracts for gas expansion. Goldman Sachs lowered its target price on Saudi Aramco but maintained its “Neutral” rating.


[ETP 27/2024] Oil Prices Surge While Natural Gas Slides; Energy Majors' Gains Slowdown

Junior Finance Analyst, Steno Research

Ulrik Simmelholt

Junior Finance Analyst

Macroeconomics

<ul><li>Greetings from Copenhagen! We’ll take a look at freight rates, copper, and crude from an inflation angle.</li><li>But before we do that, let’s have a quick look at Henry Hub.</li><li>The front-month Henry Hub natural gas prices continue to face downward pressure, primarily influenced by an abundance in gas stock levels.</li></ul>

Greetings from Copenhagen! We’ll take a look at freight rates, copper, and crude from an inflation angle.But before we do that, let’s have a quick look at Henry Hub.The front-month Henry Hub natural gas prices continue to face downward pressure, primarily influenced by an abundance in gas stock levels.

Energy Cable: Increases in freight rates not transferring into goods inflation (for now)

<ul>
<li>Occidental trades at higher PE and PB valuations than Exxon Mobil, Chevron, Shell, TotalEnergies, and BP. European oil majors are cheaper than American peers.  </li>
<li>Occidental has been the Permian Basin's leading oil and gas producer for the past five years. </li>
<li>Occidental expects to close the USD 12 billion CrownRock acquisition by August. The deal is anticipated to boost its oil output by 170k bpd. </li>
</ul>


Occidental trades at higher PE and PB valuations than Exxon Mobil, Chevron, Shell, TotalEnergies, and BP. European oil majors are cheaper than American peers.  
Occidental has been the Permian Basin's leading oil and gas producer for the past five years. 
Occidental expects to close the USD 12 billion CrownRock acquisition by August. The deal is anticipated to boost its oil output by 170k bpd. 


Berkshire's Bullish Bet on Occidental Fails to Sway Market Sentiments

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 Oil Rig Decline Halts While Gas Rig Count Increases

US oil & gas rig count rebounds after four weeks of decline, with gas rigs boosting the total while oil rigs remain stable. In the Permian Basin,...

Mint Finance

Macro Regime Indicator – Growth is the dark horse in July..

Coming into June, we wrote that the biggest “risk” was that we moved towards a goldilocks scenario. While our portfolio returns have mostly...

Steno Research

[ETP 27/2024] Oil Prices Surge While Natural Gas Slides; Energy Majors' Gains Slowdown

US crude oil inventory sees the biggest drawdown since July 2023. TotalEnergies exits South Africa to focus on Namibia. Jefferies cuts Chevron's...

Mint Finance

Energy Cable: Increases in freight rates not transferring into goods inflation (for now)

Greetings from Copenhagen! We’ll take a look at freight rates, copper, and crude from an inflation angle. But before we do that, let’s have a...

Steno Research

Berkshire's Bullish Bet on Occidental Fails to Sway Market Sentiments

Berkshire buys Occidental shares for nine straight trading days between 5/Jun-17/Jun. Occidental has the largest acreage in the Permian and has...

Mint Finance

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