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.

Equity Bottom-Up

<ul>
<li>Shell reaffirmed its strategy, prioritizing efficiency, LNG growth, and shareholder returns, unlike BP’s strategic shift back to hydrocarbons after an aggressive renewables push.</li>
<li>As the world’s largest LNG trader, Shell plans 4%-5% annual LNG sales growth, capitalizing on rising global demand while maintaining financial discipline and emissions targets</li>
<li>Shell aims to save USD 5 - 7 billion by 2028, cut capex to USD 20 - 22 billion, and streamline operations to enhance free cash flow and investor returns.</li>
</ul>


Shell reaffirmed its strategy, prioritizing efficiency, LNG growth, and shareholder returns, unlike BP’s strategic shift back to hydrocarbons after an aggressive renewables push.
As the world’s largest LNG trader, Shell plans 4%-5% annual LNG sales growth, capitalizing on rising global demand while maintaining financial discipline and emissions targets
Shell aims to save USD 5 - 7 billion by 2028, cut capex to USD 20 - 22 billion, and streamline operations to enhance free cash flow and investor returns.


Shell’s Next Phase: Leaner Operations, Stronger Cash Flow, and Higher Shareholder Returns

Commodities

<ul>
<li>For the week ending 28/Mar, U.S. crude inventories rose by 6.2m barrels (vs. expectations of 0.2k fall), and gasoline stockpiles fell less than expected.</li>
<li>US natural gas inventories rose by 29 Bcf for the week ending 28/Mar, exceeding analyst expectations of a 27 Bcf build. Inventories are 4.3% below the 5-year seasonal average.</li>
<li>Chevron sold its Texas gas assets for USD 525 million, while Exxon, Occidental, Schlumberger, and Aramco had their price targets cut.</li>
</ul>


For the week ending 28/Mar, U.S. crude inventories rose by 6.2m barrels (vs. expectations of 0.2k fall), and gasoline stockpiles fell less than expected.
US natural gas inventories rose by 29 Bcf for the week ending 28/Mar, exceeding analyst expectations of a 27 Bcf build. Inventories are 4.3% below the 5-year seasonal average.
Chevron sold its Texas gas assets for USD 525 million, while Exxon, Occidental, Schlumberger, and Aramco had their price targets cut.


[ETP 2025/14] WTI Plummets on Tariffs and OPEC Output Hike, Henry Hub Supported by Cooler Weather

Global Editor, Base Oil News

Iain Pocock

Global Editor

Global Base Oils and Lubricants Markets

Base Oil News

Base Oil News focuses on the interplay between fundamentals and prices in the global base oils and lubricants markets.

Baseoilnews.com combines daily, weekly and monthly base oils and lubes fundamentals data from every region of the world to build the most comprehensive and up-to-date global picture of the state of the market.

The data and analysis provide key tools to understand current market developments and opportunities and to anticipate how the market is likely to behave in the coming months.

Base oils producers, lube blenders and consumers can then better plan accordingly.

Baseoilnews.com analyses and publishes market news and data every day as it breaks.

<ul><li>US base oils export price-discount to US domestic prices stays narrower in Q1 2025 vs year-earlier.</li><li>Narrower export price-discount points to more manageable supply surplus at end-2024 and early this year, when domestic demand faced seasonal slowdown.</li><li>More manageable supply surplus follows firm export volumes through H2 2024 and early this year.</li></ul>

US base oils export price-discount to US domestic prices stays narrower in Q1 2025 vs year-earlier.Narrower export price-discount points to more manageable supply surplus at end-2024 and early this year, when domestic demand faced seasonal slowdown.More manageable supply surplus follows firm export volumes through H2 2024 and early this year.

Global base oils arb outlook: Week of 31 March

<ul><li>Global base oils prices slip relative to firmer feedstock/competing fuel prices.</li><li>Base oils margins in most markets remain at levels that point to balanced-to-tight supply-demand fundamentals, incentivizing refiners to maintain higher output.</li><li>FOB Asia base oils prices fall vs gasoil prices.</li></ul>

Global base oils prices slip relative to firmer feedstock/competing fuel prices.Base oils margins in most markets remain at levels that point to balanced-to-tight supply-demand fundamentals, incentivizing refiners to maintain higher output.FOB Asia base oils prices fall vs gasoil prices.

Global base oils margins outlook: Week of 31 March

<ul><li>US base oils prices mostly stay in narrow range vs VGO prices, contrast with surging premium to VGO this time a year ago.</li><li>Margins hold in narrow range this year even as extensive round of plant maintenance tightens supply.</li><li>Supply could face additional disruption from markets like Canada, depending on impact and reaction to imposition of any US tariffs.</li></ul>

US base oils prices mostly stay in narrow range vs VGO prices, contrast with surging premium to VGO this time a year ago.Margins hold in narrow range this year even as extensive round of plant maintenance tightens supply.Supply could face additional disruption from markets like Canada, depending on impact and reaction to imposition of any US tariffs.

Americas/EMEA base oils supply outlook: Week of 31 March

United Kingdom

BP plc is an oil and petrochemicals company.  The Company explores for and produces oil and natural gas, refines, markets, and supplies petroleum products, generates solar energy, and manufactures and markets chemicals.  BP's chemicals include terephthalic acid, acetic acid, acrylonitrile, ethylene and polyethylene.

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BP PLC (BP/ LN)

Shell’s Next Phase: Leaner Operations, Stronger Cash Flow, and Higher Shareholder Returns

Shell focuses on efficiency, LNG growth, and shareholder returns, contrasting with BP's return to hydrocarbons; plans to save billions, cut capex,...

Mint Finance

[ETP 2025/14] WTI Plummets on Tariffs and OPEC Output Hike, Henry Hub Supported by Cooler Weather

US oil inventories rose significantly, while gasoline stockpiles fell less than expected. Natural gas inventories also exceeded expectations,...

Mint Finance

Global base oils arb outlook: Week of 31 March

US base oils export price-discount to US domestic prices stays narrower in Q1 2025 vs year-earlier. Narrower export price-discount points to more...

Base Oil News

Global base oils margins outlook: Week of 31 March

Global base oils prices slip relative to firmer feedstock/competing fuel prices. Base oils margins in most markets remain at levels that point to...

Base Oil News

Americas/EMEA base oils supply outlook: Week of 31 March

US base oils prices mostly stay in narrow range vs VGO prices, contrast with surging premium to VGO this time a year ago. Margins hold in narrow...

Base Oil News

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Shell’s Next Phase: Leaner Operations, Stronger Cash Flow, and Higher Shareholder Returns

​Shell focuses on efficiency, LNG growth, and shareholder returns, contrasting with BP's return to hydrocarbons; plans to save billions, cut capex,...

Mint Finance

[ETP 2025/14] WTI Plummets on Tariffs and OPEC Output Hike, Henry Hub Supported by Cooler Weather

​US oil inventories rose significantly, while gasoline stockpiles fell less than expected. Natural gas inventories also exceeded expectations,...

Mint Finance

Global base oils arb outlook: Week of 31 March

US base oils export price-discount to US domestic prices stays narrower in Q1 2025 vs year-earlier. Narrower export price-discount points to more...

Base Oil News

Global base oils margins outlook: Week of 31 March

Global base oils prices slip relative to firmer feedstock/competing fuel prices. Base oils margins in most markets remain at levels that point to...

Base Oil News

Americas/EMEA base oils supply outlook: Week of 31 March

US base oils prices mostly stay in narrow range vs VGO prices, contrast with surging premium to VGO this time a year ago. Margins hold in narrow...

Base Oil News

Shell focuses on efficiency, LNG growth, and shareholder returns, contrasting with BP's return to hydrocarbons; plans to save billions, cut capex,...

US oil inventories rose significantly, while gasoline stockpiles fell less than expected. Natural gas inventories also exceeded expectations,...