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.

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Commodities

<ul>
<li>US oil and gas rig count fell by one to 585 for the week ending 23/Aug, marking a decline in rig count for the second straight week.</li>
<li>US oil rig count was unchanged at 483, after falling by two the week prior. Gas rigs fell by one to 97, after rising by one the previous week.</li>
<li>For the week ending 16/Aug, US crude oil production rose back to its record high of 13.4m bpd, after slipping down to 13.3m bpd the week prior.  </li>
</ul>


US oil and gas rig count fell by one to 585 for the week ending 23/Aug, marking a decline in rig count for the second straight week.
US oil rig count was unchanged at 483, after falling by two the week prior. Gas rigs fell by one to 97, after rising by one the previous week.
For the week ending 16/Aug, US crude oil production rose back to its record high of 13.4m bpd, after slipping down to 13.3m bpd the week prior.  


US Rig Count Drops for Second Consecutive Week as Gas Rigs Dip

<ul>
<li>For the week ending 16/Aug, US crude inventories dropped by 4.6 mb, exceeding the expected 2 mb drawdown. Gasoline and distillate stocks also declined, surpassing analyst expectations.</li>
<li>US natural gas inventories rise 35 bcf for the week ending 16/Aug, exceeding analyst expectations of a 26 bcf buildup. Inventories are 12.6% above the 5-year seasonal average.</li>
<li>UBS cut its target prices on Halliburton and Schlumberger but raised it for ExxonMobil and Occidental. Jefferies lowered its target price on Chevron.</li>
</ul>


For the week ending 16/Aug, US crude inventories dropped by 4.6 mb, exceeding the expected 2 mb drawdown. Gasoline and distillate stocks also declined, surpassing analyst expectations.
US natural gas inventories rise 35 bcf for the week ending 16/Aug, exceeding analyst expectations of a 26 bcf buildup. Inventories are 12.6% above the 5-year seasonal average.
UBS cut its target prices on Halliburton and Schlumberger but raised it for ExxonMobil and Occidental. Jefferies lowered its target price on Chevron.


[ETP 2024/34] Oil Slips on Weak Economic Indicators in US & China; Nat Gas Battles Oversupply

<ul>
<li>US oil and gas rig count fell by two to 586 for the week ending 16/Aug, indicating a decline for the second time in three weeks.</li>
<li>US oil rig count fell by two to 483, after rising by three the previous week. Gas rigs increased by one to 98, after declining for three straight weeks.</li>
<li>For the week ending 09/Aug, US crude oil production fell back to 13.3m bpd, after hitting its record high of 13.4m bpd the week prior.  </li>
</ul>


US oil and gas rig count fell by two to 586 for the week ending 16/Aug, indicating a decline for the second time in three weeks.
US oil rig count fell by two to 483, after rising by three the previous week. Gas rigs increased by one to 98, after declining for three straight weeks.
For the week ending 09/Aug, US crude oil production fell back to 13.3m bpd, after hitting its record high of 13.4m bpd the week prior.  


Data-Driven Commodity Research, The Commodity Report

The Commodity Report

Data-Driven Commodity Research

A unique newsletter about commodities and macro analysis in a weekly format.

<ul><li>During last week, the International Energy Association (IEA) as well as OPEC both announced that demand for oil is slowing, revising down previous demand forecasts for the year and beyond.</li><li>The world is seeing a major deceleration in oil demand growth led by China, with inventories set to rise next year even if OPEC+ were to postpone its plans to ease output cuts, the IEA stated.</li><li>Meanwhile, the growth from the US won’t be able to offset the slowdown from China, according to the agency.</li></ul>

During last week, the International Energy Association (IEA) as well as OPEC both announced that demand for oil is slowing, revising down previous demand forecasts for the year and beyond.The world is seeing a major deceleration in oil demand growth led by China, with inventories set to rise next year even if OPEC+ were to postpone its plans to ease output cuts, the IEA stated.Meanwhile, the growth from the US won’t be able to offset the slowdown from China, according to the agency.

Copper Inventories Back at Pre-Covid Levels & Oil Demand Cuts Everywhere

<ul>
<li>For the week ending 09/Aug, US crude inventories increased by 1.4 mb for the first time in seven weeks, contrary to analyst expectations of a 1.9 mb drawdown.</li>
<li>US natural gas inventories fell by 6 Bcf, its first decline since 04/Apr. However, storage levels are up 6.8% YoY and 13% above the 5-year seasonal average.</li>
<li>Wells Fargo, UBS, and BMO Capital reduced their target prices on Occidental. BMO Capital lowered its targets on Chevron and Halliburton but raised its target on Exxon Mobil.</li>
</ul>


For the week ending 09/Aug, US crude inventories increased by 1.4 mb for the first time in seven weeks, contrary to analyst expectations of a 1.9 mb drawdown.
US natural gas inventories fell by 6 Bcf, its first decline since 04/Apr. However, storage levels are up 6.8% YoY and 13% above the 5-year seasonal average.
Wells Fargo, UBS, and BMO Capital reduced their target prices on Occidental. BMO Capital lowered its targets on Chevron and Halliburton but raised its target on Exxon Mobil.


[ETP 2024/33] Oil Lost Gains to Demand Concerns and Unexpected Build in US Inventories

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 Drops for Second Consecutive Week as Gas Rigs Dip

For the week ending 23/Aug, the US rig count fell by 1 to 585. Oil rig count stayed flat while the gas rig count fell by 1. US crude output inched...

Mint Finance

[ETP 2024/34] Oil Slips on Weak Economic Indicators in US & China; Nat Gas Battles Oversupply

Despite US crude stock plunging 4.6mb, prices fell on weak economic data from the US & China. The EU reached its 90% gas storage goal early. UBS...

Mint Finance

Dip in Oil Rigs Drives US Rig Count Down

For the week ending 16/Aug, the US rig count fell by 2 to 586. Oil rig count fell by 2 while the gas rig count rose by 1.US crude output rolled...

Mint Finance

Copper Inventories Back at Pre-Covid Levels & Oil Demand Cuts Everywhere

The world is seeing a major deceleration in oil demand growth led by China, with inventories set to rise next year even if OPEC+ were to postpone...

The Commodity Report

[ETP 2024/33] Oil Lost Gains to Demand Concerns and Unexpected Build in US Inventories

US crude inventories unexpectedly rose, while natural gas inventories fell for the first time since April. Major brokerages lowered target prices...

Mint Finance

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

US Rig Count Drops for Second Consecutive Week as Gas Rigs Dip

For the week ending 23/Aug, the US rig count fell by 1 to 585. Oil rig count stayed flat while the gas rig count fell by 1. US crude output inched...

Mint Finance

[ETP 2024/34] Oil Slips on Weak Economic Indicators in US & China; Nat Gas Battles Oversupply

Despite US crude stock plunging 4.6mb, prices fell on weak economic data from the US & China. The EU reached its 90% gas storage goal early. UBS...

Mint Finance

Dip in Oil Rigs Drives US Rig Count Down

For the week ending 16/Aug, the US rig count fell by 2 to 586. Oil rig count fell by 2 while the gas rig count rose by 1.US crude output rolled...

Mint Finance

Copper Inventories Back at Pre-Covid Levels & Oil Demand Cuts Everywhere

The world is seeing a major deceleration in oil demand growth led by China, with inventories set to rise next year even if OPEC+ were to postpone...

The Commodity Report

[ETP 2024/33] Oil Lost Gains to Demand Concerns and Unexpected Build in US Inventories

​US crude inventories unexpectedly rose, while natural gas inventories fell for the first time since April. Major brokerages lowered target prices...

Mint Finance

US crude inventories unexpectedly rose, while natural gas inventories fell for the first time since April. Major brokerages lowered target prices...