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>WTI crude prices are pressured by oversupply and weak sentiment, but received support late-week by a strong inventory draw and improved outlook for U.S.-EU trade talks. </li>
<li>U.S. natural gas prices dipped early due to high output and mild weather but recovered slightly on heat-driven demand, with ample storage limiting further upside.</li>
<li>Oil and gas corporate updates showed mixed earnings and strategy shifts, with Halliburton guiding lower, BP appointing a new chairman, and SLB falling despite beating expectations.</li>
</ul>


WTI crude prices are pressured by oversupply and weak sentiment, but received support late-week by a strong inventory draw and improved outlook for U.S.-EU trade talks. 
U.S. natural gas prices dipped early due to high output and mild weather but recovered slightly on heat-driven demand, with ample storage limiting further upside.
Oil and gas corporate updates showed mixed earnings and strategy shifts, with Halliburton guiding lower, BP appointing a new chairman, and SLB falling despite beating expectations.


[ETP 2025/30] TotalEnergies Lifts Payouts, BP Reboots Leadership; WTI Recovers While Henry Hub Drops

Equity Bottom-Up

<ul>
<li>Chevron’s Q2 2025 revenue is expected to drop 8% QoQ and 14.5% YoY. Its EPS is projected to drop 21.6% QoQ and 32.9% YoY.</li>
<li>Chevron’s Q2 earnings are expected to fall to their lowest level since 2021, primarily due to weak crude oil and natural gas prices.</li>
<li>Bearish sentiment dominates options positioning, with elevated put-call ratios and heavy put open interest near key support levels.</li>
</ul>


Chevron’s Q2 2025 revenue is expected to drop 8% QoQ and 14.5% YoY. Its EPS is projected to drop 21.6% QoQ and 32.9% YoY.
Chevron’s Q2 earnings are expected to fall to their lowest level since 2021, primarily due to weak crude oil and natural gas prices.
Bearish sentiment dominates options positioning, with elevated put-call ratios and heavy put open interest near key support levels.


[Earnings Preview] Chevron Faces the Heat as Earnings Projected to Slide and Traders Turn Defensive

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>Global base oils prices face more pressure versus feedstock/competing fuel prices, especially for light grades, and especially in Asia.</li><li>Heavy-grade price-premium to feedstock/competing fuel prices also faces more pressure in Asia than in other markets.</li><li>Dynamic increases prospect of any adjustments in output taking place in Asia ahead of other markets.</li></ul>

Global base oils prices face more pressure versus feedstock/competing fuel prices, especially for light grades, and especially in Asia.Heavy-grade price-premium to feedstock/competing fuel prices also faces more pressure in Asia than in other markets.Dynamic increases prospect of any adjustments in output taking place in Asia ahead of other markets.

Global base oils margins outlook: Week of 21 July

<ul><li>Asia’s Group II heavy-grade base oils cargo price-premium to US export prices widens in H1 July, further complicating arbitrage to Americas.</li><li>Asia's Group II light-grade price-discount to US export prices narrows, complicating arbitrage to Americas.</li><li>Asia’s firm Group II base oils prices contrast with steep price-discount to US export prices in Q2-Q3 2024.</li></ul>

Asia’s Group II heavy-grade base oils cargo price-premium to US export prices widens in H1 July, further complicating arbitrage to Americas.Asia's Group II light-grade price-discount to US export prices narrows, complicating arbitrage to Americas.Asia’s firm Group II base oils prices contrast with steep price-discount to US export prices in Q2-Q3 2024.

Global base oils arb outlook: Week of 21 July

<ul><li>US Group II base oils price-premium to feedstock/competing fuel prices stays in narrow range, increasingly lags year-earlier levels.</li><li>Base oils margins hold at levels that sustain incentive to maintain steady output.</li><li>Base oils prices hold at levels that facilitate removal of surplus supplies in overseas markets.</li></ul>

US Group II base oils price-premium to feedstock/competing fuel prices stays in narrow range, increasingly lags year-earlier levels.Base oils margins hold at levels that sustain incentive to maintain steady output.Base oils prices hold at levels that facilitate removal of surplus supplies in overseas markets.

Americas/EMEA base oils supply outlook: Week of 21 July

United States

Exxon Mobil Corporation operates petroleum and petrochemicals businesses on a worldwide basis.  The Company's operations include exploration and production of oil and gas, electric power generation, and coal and minerals operations. Exxon Mobil also manufactures and markets fuels, lubricants, and chemicals.

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Exxon Mobil (XOM US)

[ETP 2025/30] TotalEnergies Lifts Payouts, BP Reboots Leadership; WTI Recovers While Henry Hub Drops

WTI crude prices face pressure from oversupply and weak sentiment. US natural gas prices dip due to high output and mild weather. Oil & Gas...

Mint Finance

[Earnings Preview] Chevron Faces the Heat as Earnings Projected to Slide and Traders Turn Defensive

Chevron's Q2 earnings to hit lowest level since 2021, with revenue and EPS projected to drop significantly due to weak oil and gas prices. Bearish...

Mint Finance

Global base oils margins outlook: Week of 21 July

Global base oils prices face more pressure versus feedstock/competing fuel prices, especially for light grades, and especially in...

Base Oil News

Global base oils arb outlook: Week of 21 July

Asia’s Group II heavy-grade base oils cargo price-premium to US export prices widens in H1 July, further complicating arbitrage to...

Base Oil News

Americas/EMEA base oils supply outlook: Week of 21 July

US Group II base oils price-premium to feedstock/competing fuel prices stays in narrow range, increasingly lags year-earlier levels. Base oils...

Base Oil News

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

[ETP 2025/30] TotalEnergies Lifts Payouts, BP Reboots Leadership; WTI Recovers While Henry Hub Drops

​WTI crude prices face pressure from oversupply and weak sentiment. US natural gas prices dip due to high output and mild weather. Oil & Gas...

Mint Finance

[Earnings Preview] Chevron Faces the Heat as Earnings Projected to Slide and Traders Turn Defensive

​Chevron's Q2 earnings to hit lowest level since 2021, with revenue and EPS projected to drop significantly due to weak oil and gas prices. Bearish...

Mint Finance

Global base oils margins outlook: Week of 21 July

Global base oils prices face more pressure versus feedstock/competing fuel prices, especially for light grades, and especially in...

Base Oil News

Global base oils arb outlook: Week of 21 July

Asia’s Group II heavy-grade base oils cargo price-premium to US export prices widens in H1 July, further complicating arbitrage to...

Base Oil News

Americas/EMEA base oils supply outlook: Week of 21 July

US Group II base oils price-premium to feedstock/competing fuel prices stays in narrow range, increasingly lags year-earlier levels. Base oils...

Base Oil News

WTI crude prices face pressure from oversupply and weak sentiment. US natural gas prices dip due to high output and mild weather. Oil & Gas...

Chevron's Q2 earnings to hit lowest level since 2021, with revenue and EPS projected to drop significantly due to weak oil and gas prices. Bearish...