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>The US oil and gas rig count fell by one to 585 for the week ending 18/Oct, marking the fourth decline in five weeks.</li>
<li>The US oil rig count increased by one to 482. Meanwhile, gas rigs decreased by two to 99, falling below 100 again.</li>
<li>For the week ending 18/Oct, US energy producers added one rig each in Colorado and Oklahoma but cut two in Texas.</li>
</ul>


The US oil and gas rig count fell by one to 585 for the week ending 18/Oct, marking the fourth decline in five weeks.
The US oil rig count increased by one to 482. Meanwhile, gas rigs decreased by two to 99, falling below 100 again.
For the week ending 18/Oct, US energy producers added one rig each in Colorado and Oklahoma but cut two in Texas.


US Rig Count Falls for the Fourth Time in Five Weeks

<ul>
<li>OPEC cuts demand growth estimates for the third consecutive month, lowering its 2024 and 2025 forecasts by 4.9% and 5.7%, respectively, citing demand weakness in China.</li>
<li>Total production of OPEC members obliged to implement supply cuts averaged 21.32m bpd in September, exceeding the target by 180k bpd.</li>
<li>The EIA reduced its 2024 and 2025 oil price forecasts due to September's sharp decline but expects prices to rise from current levels on declining oil inventories.</li>
</ul>


OPEC cuts demand growth estimates for the third consecutive month, lowering its 2024 and 2025 forecasts by 4.9% and 5.7%, respectively, citing demand weakness in China.
Total production of OPEC members obliged to implement supply cuts averaged 21.32m bpd in September, exceeding the target by 180k bpd.
The EIA reduced its 2024 and 2025 oil price forecasts due to September's sharp decline but expects prices to rise from current levels on declining oil inventories.


OPEC, EIA, and IEA Slash Demand Forecasts Again; EIA Sees US LNG Exports Boosting Henry Hub Prices

<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>US natural gas prices fell 7.8% for the week ending 11/Oct, marking a second straight weekly decline as Hurricane Milton reduced electricity demand, driving down Henry Hub prices.</li>
<li>Henry Hub Put/Call volume ratio fell to 0.69 (11/Oct) from 0.98 the previous week as put volumes fell by 27.3% WoW, while call volumes rose by 2.8%.</li>
<li>Put OI increased for contracts expiring in November and April while call OI rose for expiries in December, January, February, and March.</li>
</ul>


US natural gas prices fell 7.8% for the week ending 11/Oct, marking a second straight weekly decline as Hurricane Milton reduced electricity demand, driving down Henry Hub prices.
Henry Hub Put/Call volume ratio fell to 0.69 (11/Oct) from 0.98 the previous week as put volumes fell by 27.3% WoW, while call volumes rose by 2.8%.
Put OI increased for contracts expiring in November and April while call OI rose for expiries in December, January, February, and March.


[US Nat Gas Options Weekly 2024/41] Henry Hub Extends Decline as Hurricane Milton Destroys Demand

<ul>
<li>The US oil and gas rig count rose by one to 586 for the week ending 11/Oct, marking an increase after falling for three consecutive weeks.</li>
<li>The US oil rig count increased by two to 481. Meanwhile, gas rigs decreased by one to 101, after gaining six rigs over the last two weeks.</li>
<li>For the week ending 11/Oct, US energy producers added six rigs in Texas and one in Oklahoma but cut two each in Pennsylvania, Louisiana, and New Mexico.</li>
</ul>


The US oil and gas rig count rose by one to 586 for the week ending 11/Oct, marking an increase after falling for three consecutive weeks.
The US oil rig count increased by two to 481. Meanwhile, gas rigs decreased by one to 101, after gaining six rigs over the last two weeks.
For the week ending 11/Oct, US energy producers added six rigs in Texas and one in Oklahoma but cut two each in Pennsylvania, Louisiana, and New Mexico.


US Rig Count Rises After Falling for Three Consecutive Weeks

United States

Natural gas is a naturally occurring hydrocarbon gas mixture consisting primarily of methane, but commonly including varying amounts of other higher alkanes, and sometimes a small percentage of carbon dioxide, nitrogen, hydrogen sulfide, or helium. It is formed when layers of decomposing plant and animal matter are exposed to intense heat and pressure supplied by existing under the surface of the Earth over millions of years. The energy that the plants originally obtained from the sun is stored in the form of chemical bonds in the gas.

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Natural Gas (NATURAL GAS COMDTY)

US Rig Count Falls for the Fourth Time in Five Weeks

US oil and gas rig count drops by one to 585, with gas rigs falling below 100 again, while oil rig count increases by one. Energy producers add...

Mint Finance

OPEC, EIA, and IEA Slash Demand Forecasts Again; EIA Sees US LNG Exports Boosting Henry Hub Prices

OPEC and EIA cut demand growth estimates for 2024 and 2025, citing weakness in China, while EIA lowers oil price forecasts for the same years but...

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

[US Nat Gas Options Weekly 2024/41] Henry Hub Extends Decline as Hurricane Milton Destroys Demand

US Nat Gas prices closed the week ending 11/Oct lower, marking the second straight weekly fall. The Put/Call volume ratio fell as put volumes...

Mint Finance

US Rig Count Rises After Falling for Three Consecutive Weeks

For the week ending 11/Oct, the US rig count grew by 1 to 586. Oil rigs increased by 2, while gas rigs fell by 1. US oil and gas producers added...

Mint Finance

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

US Rig Count Falls for the Fourth Time in Five Weeks

​US oil and gas rig count drops by one to 585, with gas rigs falling below 100 again, while oil rig count increases by one. Energy producers add...

Mint Finance

OPEC, EIA, and IEA Slash Demand Forecasts Again; EIA Sees US LNG Exports Boosting Henry Hub Prices

​OPEC and EIA cut demand growth estimates for 2024 and 2025, citing weakness in China, while EIA lowers oil price forecasts for the same years but...

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

[US Nat Gas Options Weekly 2024/41] Henry Hub Extends Decline as Hurricane Milton Destroys Demand

US Nat Gas prices closed the week ending 11/Oct lower, marking the second straight weekly fall. The Put/Call volume ratio fell as put volumes...

Mint Finance

US Rig Count Rises After Falling for Three Consecutive Weeks

For the week ending 11/Oct, the US rig count grew by 1 to 586. Oil rigs increased by 2, while gas rigs fell by 1. US oil and gas producers added...

Mint Finance

US oil and gas rig count drops by one to 585, with gas rigs falling below 100 again, while oil rig count increases by one. Energy producers add...

OPEC and EIA cut demand growth estimates for 2024 and 2025, citing weakness in China, while EIA lowers oil price forecasts for the same years but...

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...