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 oil and gas rig count fell by one to 582 for the week ending 06/Sep, marking a decline in rig count for the fourth consecutive week.</li>
<li>The US oil rig count is unchanged at 483 for the third consecutive week. Meanwhile, gas rigs declined by one to 94, marking their lowest level since April 2021.</li>
<li>For the week ending 30/Aug, US crude oil production stayed flat WoW at 13.3m bpd. In August, production reached a record high of 13.4m bpd on two occasions.</li>
</ul>


US oil and gas rig count fell by one to 582 for the week ending 06/Sep, marking a decline in rig count for the fourth consecutive week.
The US oil rig count is unchanged at 483 for the third consecutive week. Meanwhile, gas rigs declined by one to 94, marking their lowest level since April 2021.
For the week ending 30/Aug, US crude oil production stayed flat WoW at 13.3m bpd. In August, production reached a record high of 13.4m bpd on two occasions.


Drop in Gas Rigs Leads to Fourth Straight Weekly Decline in US Rig Count

Junior Finance Analyst, Steno Research

Ulrik Simmelholt

Junior Finance Analyst

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>Since July, US macroeconomic momentum has weakened substantially.</li><li>We are now back on a negative trajectory for cyclical growth, with signs of fading momentum in some service sectors, including leisure and hospitality.</li><li>In the spring, we observed a significant build-up of orders relative to inventories as manufacturers sought to bypass the latent pressure from trade tariffs by front-loading activity.</li></ul>

Since July, US macroeconomic momentum has weakened substantially.We are now back on a negative trajectory for cyclical growth, with signs of fading momentum in some service sectors, including leisure and hospitality.In the spring, we observed a significant build-up of orders relative to inventories as manufacturers sought to bypass the latent pressure from trade tariffs by front-loading activity.

EM Watch: China was WEAKENING even before the decline in Western demand

<ul>
<li>For the week ending 30/Aug, US crude inventories fell by 6.9m barrels, surpassing analysts expectations a 600k barrel drawdown. Distillate stocks surprisingly dropped, while gasoline inventories unexpectedly rose.</li>
<li>US natural gas inventories rise 13 bcf for the week ending 30/Aug, missing analyst expectations of a 26 bcf buildup. Inventories are 10.7% above the 5-year seasonal average.</li>
<li>ADNOC to acquire a 35% stake in ExxonMobil’s proposed low-carbon hydrogen facility. BPN Paribas raised the target price on Chevron, while Grupo Santander downgraded TotalEnergies.</li>
</ul>


For the week ending 30/Aug, US crude inventories fell by 6.9m barrels, surpassing analysts expectations a 600k barrel drawdown. Distillate stocks surprisingly dropped, while gasoline inventories unexpectedly rose.
US natural gas inventories rise 13 bcf for the week ending 30/Aug, missing analyst expectations of a 26 bcf buildup. Inventories are 10.7% above the 5-year seasonal average.
ADNOC to acquire a 35% stake in ExxonMobil’s proposed low-carbon hydrogen facility. BPN Paribas raised the target price on Chevron, while Grupo Santander downgraded TotalEnergies.


[ETP 2024/36] Oil Slumps as Supply Fears Fade; Nat-Gas Soars on Rising Demand Outlook

<ul>
<li>US natural gas prices rose 5.2% for the week ending 30/Aug, driven by warmer weather forecasts and low prices encouraging power generators to favour gas over coal.</li>
<li>Henry Hub Put/Call volume ratio fell to 1 from 1.34 the previous week as put volumes dropped by 38.5% WoW, while call volumes declined by 17.5%. </li>
<li>Put OI rose for expirations in Sep, Oct, and Nov, while call OI increased for contracts expiring in Dec, Jan, and Feb. </li>
</ul>


US natural gas prices rose 5.2% for the week ending 30/Aug, driven by warmer weather forecasts and low prices encouraging power generators to favour gas over coal.
Henry Hub Put/Call volume ratio fell to 1 from 1.34 the previous week as put volumes dropped by 38.5% WoW, while call volumes declined by 17.5%. 
Put OI rose for expirations in Sep, Oct, and Nov, while call OI increased for contracts expiring in Dec, Jan, and Feb. 


[US Nat Gas Options Weekly 2024/35] Henry Hub Rebounds on Hot Weather but Excess Supply Limits Gains

<ul>
<li>US oil and gas rig count fell by two to 583 for the week ending 30/Aug, marking a decline in rig count for the third straight week.</li>
<li>The US oil rig count remained unchanged at 483 for the second consecutive week. Meanwhile, gas rigs declined by two to 95, marking their lowest level since April 2021.</li>
<li>For the week ending 23/Aug, US crude oil production declined to 13.3m bpd bpd, down from the record high of 13.4m bpd reached the previous week.</li>
</ul>


US oil and gas rig count fell by two to 583 for the week ending 30/Aug, marking a decline in rig count for the third straight week.
The US oil rig count remained unchanged at 483 for the second consecutive week. Meanwhile, gas rigs declined by two to 95, marking their lowest level since April 2021.
For the week ending 23/Aug, US crude oil production declined to 13.3m bpd bpd, down from the record high of 13.4m bpd reached the previous week.


US Rig Count Falls for the Third Straight Week Led by a Decline in Gas Rigs

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)

Drop in Gas Rigs Leads to Fourth Straight Weekly Decline in US Rig Count

For the week ending 06/Sep, US rig count fell by 1 to 582. Oil rig count was unchanged for the third straight week, while the gas rig count fell by...

Mint Finance

EM Watch: China was WEAKENING even before the decline in Western demand

Since July, US macroeconomic momentum has weakened substantially. We are now back on a negative trajectory for cyclical growth, with signs of...

Steno Research

[ETP 2024/36] Oil Slumps as Supply Fears Fade; Nat-Gas Soars on Rising Demand Outlook

WTI hit a 2024 low on Wednesday as Libyan supply crisis eased & weak manufacturing in China and US fuelled demand concerns. Nat-gas surged on...

Mint Finance

[US Nat Gas Options Weekly 2024/35] Henry Hub Rebounds on Hot Weather but Excess Supply Limits Gains

Henry Hub Nat Gas prices closed the week ending 30/Aug higher led by warmer weather forecasts. Put/Call volume ratio fell sharply WoW as the put...

Mint Finance

US Rig Count Falls for the Third Straight Week Led by a Decline in Gas Rigs

For the week ending 30/Aug, US rig count fell by 2 to 583. Oil rig count stayed flat again while the gas rig count fell to its lowest since April...

Mint Finance

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