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 rig count declined by one to 587 for the week ending 27/Sep, marking the sixth drop in seven weeks. Despite this, the rig count increased by six in Q3.</li>
<li>The US oil rig count fell by four to 484 after staying flat last week. Gas rigs rose by three to 99, marking its second increase in six weeks.</li>
<li>For the week ending 27/Sep, US energy producers added one rig in Texas and cut two in New Mexico and one in Louisiana.  </li>
</ul>


US rig count declined by one to 587 for the week ending 27/Sep, marking the sixth drop in seven weeks. Despite this, the rig count increased by six in Q3.
The US oil rig count fell by four to 484 after staying flat last week. Gas rigs rose by three to 99, marking its second increase in six weeks.
For the week ending 27/Sep, US energy producers added one rig in Texas and cut two in New Mexico and one in Louisiana.  


US Rig Count Drops for Second Straight Week as Oil Rigs Decline

Podcast by J.P. Morgan analysts on global markets, At Any Rate

At Any Rate

Podcast by J.P. Morgan analysts on global markets

Analysts from J.P. Morgan’s Research team take a closer look at the stories behind some of the biggest trends, themes and developments in markets today.

<ul><li>Commodity markets are down despite stimulatory measures from China, with oil prices falling due to increased supply from Libya and OPEC plus alliance</li><li>China's demand outlook for oil remains steady, with forecasts for oil demand growth unchanged despite stimulus measures</li><li>Base metals, particularly copper, have seen a price increase due to stronger demand impulses from China, with bullish outlook and potential upside risks for the first half of 2025</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.</em></p>

Commodity markets are down despite stimulatory measures from China, with oil prices falling due to increased supply from Libya and OPEC plus allianceChina's demand outlook for oil remains steady, with forecasts for oil demand growth unchanged despite stimulus measuresBase metals, particularly copper, have seen a price increase due to stronger demand impulses from China, with bullish outlook and potential upside risks for the first half of 2025This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Global FX and Commodities: Everything Everywhere All at once

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.

Macroeconomics

<ul><li>Hello everyone, and welcome back to our weekly positioning update!</li><li>Everything is about China these days, with both the PBoC and the Politburo preparing stimulus packages to save the Chinese economy from its nasty downturn.</li><li>While the stimulus initiatives are not very large, relatively speaking (roughly a percentage of GDP on average across stimulus packages), markets clearly see the heavy amounts of proposed stimulus as a “whatever it takes” signal, sparking a strong momentum trend in the Hang Seng and China proxies.</li></ul>

Hello everyone, and welcome back to our weekly positioning update!Everything is about China these days, with both the PBoC and the Politburo preparing stimulus packages to save the Chinese economy from its nasty downturn.While the stimulus initiatives are not very large, relatively speaking (roughly a percentage of GDP on average across stimulus packages), markets clearly see the heavy amounts of proposed stimulus as a “whatever it takes” signal, sparking a strong momentum trend in the Hang Seng and China proxies.

Positioning Watch – Markets Are Moving Away from the US (in FI)

<ul>
<li>For the week ending 20/Sep, US crude inventories declined by 4.5m barrels, surpassing expectations of a 1.3m barrel drawdown. Gasoline and distillate stockpiles also decreased more than analyst estimates.</li>
<li>US natural gas inventories rise 47 Bcf for the week ending 20/Sep, lower than analyst expectations of a 52 Bcf buildup. Inventories are 7.1% above the 5-year seasonal average.</li>
<li>BP and Shell experienced rating downgrades and target price reductions, while TotalEnergies and Exxon Mobil saw upward revisions in their target prices.</li>
</ul>


For the week ending 20/Sep, US crude inventories declined by 4.5m barrels, surpassing expectations of a 1.3m barrel drawdown. Gasoline and distillate stockpiles also decreased more than analyst estimates.
US natural gas inventories rise 47 Bcf for the week ending 20/Sep, lower than analyst expectations of a 52 Bcf buildup. Inventories are 7.1% above the 5-year seasonal average.
BP and Shell experienced rating downgrades and target price reductions, while TotalEnergies and Exxon Mobil saw upward revisions in their target prices.


[ETP 2024/39] WTI Prices Slip as Supply Concerns Ease; Nat-Gas Soars on Strong Demand Expectations

<ul>
<li>WTI futures increased 3.4% for the week ending 20/Sep, driven by the Fed's rate cut, supply disruptions in Libya, and falling US crude stockpiles, which alleviated demand concerns.</li>
<li>WTI options Put/Call volume ratio fell to 0.83 (20/Sep) from 1.30 (13/Sep) as put volume fell by 45.8% WoW while call volume fell by 14.6%.</li>
<li>WTI OI PCR grew to 0.77 for the week ending 20/Sep from 0.76 on 13/Sep. Call OI fell 16.7% WoW and put OI declined by 16.1%.</li>
</ul>


WTI futures increased 3.4% for the week ending 20/Sep, driven by the Fed's rate cut, supply disruptions in Libya, and falling US crude stockpiles, which alleviated demand concerns.
WTI options Put/Call volume ratio fell to 0.83 (20/Sep) from 1.30 (13/Sep) as put volume fell by 45.8% WoW while call volume fell by 14.6%.
WTI OI PCR grew to 0.77 for the week ending 20/Sep from 0.76 on 13/Sep. Call OI fell 16.7% WoW and put OI declined by 16.1%.


[US Crude Oil Options Weekly 2024/38] WTI Crude Rallies on Fed Rate Cut and Stronger Demand Outlook

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 Rig Count Drops for Second Straight Week as Oil Rigs Decline

For the week ending 27/Sept, the US rig count fell by 1 to 587. Oil rigs dropped by 4, while gas rigs rose by 3. In Q3, the rig count increased by...

Mint Finance

Global FX and Commodities: Everything Everywhere All at once

The bazooka stimulus in China has impacted oil, ag, and gas markets, with crude oil prices dropping due to expectations of increased supply, while...

At Any Rate

Positioning Watch – Markets Are Moving Away from the US (in FI)

Hello everyone, and welcome back to our weekly positioning update!Everything is about China these days, with both the PBoC and the Politburo...

Steno Research

[ETP 2024/39] WTI Prices Slip as Supply Concerns Ease; Nat-Gas Soars on Strong Demand Expectations

WTI reversed gains as supply disruptions eased amid persistent demand worries. In contrast, nat-gas prices surged on expectations of strong demand...

Mint Finance

[US Crude Oil Options Weekly 2024/38] WTI Crude Rallies on Fed Rate Cut and Stronger Demand Outlook

WTI prices rebounded last week on the back of a massive Fed rate cut and expectations of demand growth in the US. The Put/Call volume ratio fell to...

Mint Finance

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