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 25/Oct, US crude inventories fell by 0.5m barrels, against expectations of a 1.5m barrel increase. Gasoline stocks also bucked forecasts of a build. </li>
<li>US natural gas inventories rose 78 Bcf for the week ending 25/Oct, marginally lower than analyst expectations of a 79 Bcf buildup. Inventories are 4.8% above the 5-year seasonal average.</li>
<li>Shell and Chevron exceeded both revenue and EPS estimates, while Exxon and BP topped EPS but missed on revenue. TotalEnergies beat revenue expectations but fell short on EPS.</li>
</ul>


For the week ending 25/Oct, US crude inventories fell by 0.5m barrels, against expectations of a 1.5m barrel increase. Gasoline stocks also bucked forecasts of a build. 
US natural gas inventories rose 78 Bcf for the week ending 25/Oct, marginally lower than analyst expectations of a 79 Bcf buildup. Inventories are 4.8% above the 5-year seasonal average.
Shell and Chevron exceeded both revenue and EPS estimates, while Exxon and BP topped EPS but missed on revenue. TotalEnergies beat revenue expectations but fell short on EPS.


[ETP 2024/44] WTI Rallies on Healthier Demand Outlook; Henry Hub Stumbles Under Weather Woes

Equity Bottom-Up

<ul>
<li>Chevron set to report Q3 earnings on 01/Nov, with analysts expecting revenue and EPS to fall by 7% YoY and 8.9%, respectively. Outlook is bearish due to lower crude prices.</li>
<li>Chevron's OI PCR at 0.95 signals neutral sentiment, while an 97% IV percentile indicates high volatility. Call OI strikes are focused on strikes of 150, 155, and 157.5.</li>
<li>Chevron’s short interest fell for the second consecutive biweekly period, reaching 53.51 million shares (2.95% of float) as of 15/Oct—a 0.6% fall from 30/Sep.</li>
</ul>


Chevron set to report Q3 earnings on 01/Nov, with analysts expecting revenue and EPS to fall by 7% YoY and 8.9%, respectively. Outlook is bearish due to lower crude prices.
Chevron's OI PCR at 0.95 signals neutral sentiment, while an 97% IV percentile indicates high volatility. Call OI strikes are focused on strikes of 150, 155, and 157.5.
Chevron’s short interest fell for the second consecutive biweekly period, reaching 53.51 million shares (2.95% of float) as of 15/Oct—a 0.6% fall from 30/Sep.


[Pre Earnings Options Flash] Chevron’s OI PCR Shows Neutral Sentiment Amid High Implied Volatility

<ul>
<li>Exxon Mobil will report Q3 earnings on 01/Nov, with analysts expecting a 6.3% YoY rise in revenue but an 11% fall in EPS, due to weaker crude oil prices.</li>
<li>Exxon Mobil's OI PCR at 0.69 signals neutral sentiment, while an 84% IV percentile indicates high volatility. Its volume PCR is also in the neutral territory.</li>
<li>Exxon Mobil’s short interest rose from the previous biweekly period, reaching 41.27 million shares as of 15/Oct—a 6.3% increase from 30/Sep and a 16.5% rise since 15/Jul.</li>
</ul>


Exxon Mobil will report Q3 earnings on 01/Nov, with analysts expecting a 6.3% YoY rise in revenue but an 11% fall in EPS, due to weaker crude oil prices.
Exxon Mobil's OI PCR at 0.69 signals neutral sentiment, while an 84% IV percentile indicates high volatility. Its volume PCR is also in the neutral territory.
Exxon Mobil’s short interest rose from the previous biweekly period, reaching 41.27 million shares as of 15/Oct—a 6.3% increase from 30/Sep and a 16.5% rise since 15/Jul.


[Pre Earnings Options Flash] Exxon Mobil OI PCR Neutral While Short Interest Rises

<ul>
<li>For the week ending 11/Oct, US crude inventories decreased by 2.2m barrels, diverging from expectations of a 1.8m barrel build. Additionally, gasoline and distillate stockpiles also declined more than anticipated.</li>
<li>US natural gas inventories rose 76 Bcf for the week ending 11/Oct, lower than analyst expectations of an 80 Bcf buildup. Inventories are 4.6% above the 5-year seasonal average.</li>
<li>Halliburton, Schlumberger, and Occidental’s target prices were cut. Notably, analysts kept their Buy ratings on Reliance despite its net profit falling by 4.8% YoY.</li>
</ul>


For the week ending 11/Oct, US crude inventories decreased by 2.2m barrels, diverging from expectations of a 1.8m barrel build. Additionally, gasoline and distillate stockpiles also declined more than anticipated.
US natural gas inventories rose 76 Bcf for the week ending 11/Oct, lower than analyst expectations of an 80 Bcf buildup. Inventories are 4.6% above the 5-year seasonal average.
Halliburton, Schlumberger, and Occidental’s target prices were cut. Notably, analysts kept their Buy ratings on Reliance despite its net profit falling by 4.8% YoY.


[ETP 2024/42] WTI Falls as Supply Disruption Fears Subside, Nat-Gas Slides on Weaker Demand Outlook

<ul>
<li>For the week ending 04/Oct, US crude inventories rose by 5.8m barrels, exceeding expectations of a 2m barrel build. However, gasoline and distillate stockpiles fell more than expected.</li>
<li>US natural gas inventories rose by 82 Bcf for the week ending 04/Oct, higher than analyst expectations of a 73 Bcf buildup. Inventories are 5.1% above the 5-year seasonal average.</li>
<li>Chevron and Shell experienced target price upgrades, while Schlumberger and Occidental’s target prices were cut. Notably, BNP Paribas downgraded Exxon to Underperform from Neutral.</li>
</ul>


For the week ending 04/Oct, US crude inventories rose by 5.8m barrels, exceeding expectations of a 2m barrel build. However, gasoline and distillate stockpiles fell more than expected.
US natural gas inventories rose by 82 Bcf for the week ending 04/Oct, higher than analyst expectations of a 73 Bcf buildup. Inventories are 5.1% above the 5-year seasonal average.
Chevron and Shell experienced target price upgrades, while Schlumberger and Occidental’s target prices were cut. Notably, BNP Paribas downgraded Exxon to Underperform from Neutral.


[ETP 2024/41] WTI Rises Amid Supply Disruption Fears; Nat-Gas Demand Wanes Due to Hurricane Milton

United States

Chevron Corporation is an integrated energy company with operations in countries located around the world.  The Company produces and transports crude oil and natural gas.  Chevron also refines, markets, and distributes fuels as well as is involved in chemical operations, mining operations, power generation and energy services.

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Chevron Corp (CVX US)

[ETP 2024/44] WTI Rallies on Healthier Demand Outlook; Henry Hub Stumbles Under Weather Woes

US crude and gasoline inventories defy expectations, while natural gas storage sees above normal increase. Shell & Chevron outperform revenue and...

Mint Finance

[Pre Earnings Options Flash] Chevron’s OI PCR Shows Neutral Sentiment Amid High Implied Volatility

Chevron’s Q3 revenue and EPS are expected to fall YoY lower crude oil prices amid extensive maintenance in Q3. OI PCR implies neutral sentiment....

Mint Finance

[Pre Earnings Options Flash] Exxon Mobil OI PCR Neutral While Short Interest Rises

Exxon Mobil’s Q3 revenue is expected to rise but its EPS is anticipated to fall due to weak refining margins. OI and volume PCR imply neutral...

Mint Finance

[ETP 2024/42] WTI Falls as Supply Disruption Fears Subside, Nat-Gas Slides on Weaker Demand Outlook

US oil inventories see a surprise fall, while US nat-gas stock rises less than expected. Chevron sees a target price upgrade while HSBC expects a...

Mint Finance

[ETP 2024/41] WTI Rises Amid Supply Disruption Fears; Nat-Gas Demand Wanes Due to Hurricane Milton

WTI prices rise as supply concerns outweigh demand worries and larger-than-expected build in US crude inventories. US nat-gas inventories also...

Mint Finance

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

[ETP 2024/44] WTI Rallies on Healthier Demand Outlook; Henry Hub Stumbles Under Weather Woes

​US crude and gasoline inventories defy expectations, while natural gas storage sees above normal increase. Shell & Chevron outperform revenue and...

Mint Finance

[Pre Earnings Options Flash] Chevron’s OI PCR Shows Neutral Sentiment Amid High Implied Volatility

Chevron’s Q3 revenue and EPS are expected to fall YoY lower crude oil prices amid extensive maintenance in Q3. OI PCR implies neutral sentiment....

Mint Finance

[Pre Earnings Options Flash] Exxon Mobil OI PCR Neutral While Short Interest Rises

Exxon Mobil’s Q3 revenue is expected to rise but its EPS is anticipated to fall due to weak refining margins. OI and volume PCR imply neutral...

Mint Finance

[ETP 2024/42] WTI Falls as Supply Disruption Fears Subside, Nat-Gas Slides on Weaker Demand Outlook

​US oil inventories see a surprise fall, while US nat-gas stock rises less than expected. Chevron sees a target price upgrade while HSBC expects a...

Mint Finance

[ETP 2024/41] WTI Rises Amid Supply Disruption Fears; Nat-Gas Demand Wanes Due to Hurricane Milton

​WTI prices rise as supply concerns outweigh demand worries and larger-than-expected build in US crude inventories. US nat-gas inventories also...

Mint Finance

US crude and gasoline inventories defy expectations, while natural gas storage sees above normal increase. Shell & Chevron outperform revenue and...

US oil inventories see a surprise fall, while US nat-gas stock rises less than expected. Chevron sees a target price upgrade while HSBC expects a...

WTI prices rise as supply concerns outweigh demand worries and larger-than-expected build in US crude inventories. US nat-gas inventories also...