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>For the week ending 14/Feb, U.S. crude inventories increased by 4.6m barrels, exceeding expectations of a 3.2m barrel build. Gasoline stockpiles surprisingly fell, while distillate stocks dropped more than expected.</li>
<li>U.S. natural gas inventories fell by 196 Bcf for the week ending 14/Feb, beating analyst expectations of a 191 Bcf drawdown. Inventories are 5.3% below the 5-year seasonal average.</li>
<li>Occidental's Q4 adjusted EPS rose 8.1% YoY, beating estimates by 18.1%. However, it posted a net loss of USD 297 million. Wolfe Research, UBS, and Susquehanna raised price targets.</li>
</ul>


For the week ending 14/Feb, U.S. crude inventories increased by 4.6m barrels, exceeding expectations of a 3.2m barrel build. Gasoline stockpiles surprisingly fell, while distillate stocks dropped more than expected.
U.S. natural gas inventories fell by 196 Bcf for the week ending 14/Feb, beating analyst expectations of a 191 Bcf drawdown. Inventories are 5.3% below the 5-year seasonal average.
Occidental's Q4 adjusted EPS rose 8.1% YoY, beating estimates by 18.1%. However, it posted a net loss of USD 297 million. Wolfe Research, UBS, and Susquehanna raised price targets.


[ETP 2025/08] WTI Rises on Supply Disruptions, While Henry Hub Surges on Cold Snap

<ul>
<li>For the week ending 07/Feb, US crude inventories increased by 4.1m barrels, exceeding expectations of a 2.4m barrel build. Gasoline stockpiles surprisingly fell, while distillate stocks unexpectedly rose.</li>
<li>US natural gas inventories fell by 100 Bcf for the week ending 07/Feb, beating analyst expectations of a 90 Bcf drawdown. Inventories are 2.8% below the 5-year seasonal average.</li>
<li>BP’s Q4 net profit fell 48.5% QoQ and missed estimates by 2.5% due to weak refining margins. Chevron plans to trim workforce by 20% to cut costs. </li>
</ul>


For the week ending 07/Feb, US crude inventories increased by 4.1m barrels, exceeding expectations of a 2.4m barrel build. Gasoline stockpiles surprisingly fell, while distillate stocks unexpectedly rose.
US natural gas inventories fell by 100 Bcf for the week ending 07/Feb, beating analyst expectations of a 90 Bcf drawdown. Inventories are 2.8% below the 5-year seasonal average.
BP’s Q4 net profit fell 48.5% QoQ and missed estimates by 2.5% due to weak refining margins. Chevron plans to trim workforce by 20% to cut costs. 


[ETP 2025/07] Rising U.S. Crude Inventories Weigh on WTI, Henry Hub Soars on Frosty Forecasts

<ul>
<li>For the week ending 31/Jan, US crude inventories increased by 8.7m barrels, exceeding expectations of a 2.4m barrel build. Gasoline stockpiles unexpectedly rose, while distillate stocks fell more than expected.</li>
<li>US natural gas inventories fell by 174 Bcf for the week ending 31/Jan, beating analyst expectations of a 167 Bcf drawdown. Inventories are 4.4% below the 5-year seasonal average.</li>
<li>TotalEnergies’ Q4 adjusted earnings rose 8.1% QoQ and beat estimates by 4.8% led by robust growth in the LNG and Integrated Power divisions.</li>
</ul>


For the week ending 31/Jan, US crude inventories increased by 8.7m barrels, exceeding expectations of a 2.4m barrel build. Gasoline stockpiles unexpectedly rose, while distillate stocks fell more than expected.
US natural gas inventories fell by 174 Bcf for the week ending 31/Jan, beating analyst expectations of a 167 Bcf drawdown. Inventories are 4.4% below the 5-year seasonal average.
TotalEnergies’ Q4 adjusted earnings rose 8.1% QoQ and beat estimates by 4.8% led by robust growth in the LNG and Integrated Power divisions.


[ETP 2025/06] WTI Pressured by Macroeconomic Uncertainty; Henry Hub Rebounds on Colder Forecasts

<ul>
<li>For the week ending 24/Jan, US crude inventories increased by 3.5m barrels, missing expectations of a 2.2m barrel build. Gasoline stockpiles rose, while distillate stocks fell more than expected.</li>
<li>US natural gas inventories fell by 321 Bcf for the week ending 24/Jan, beating analyst expectations of a 317 Bcf drawdown. Inventories are 4.1% below the 5-year seasonal average.</li>
<li>Shell’s Q4 adjusted earnings dropped 38.3% QoQ and 49.9% YoY, missing estimates due to weak margins and oil prices. HSBC raised its PT on Chevron but cut it for Exxon.</li>
</ul>


For the week ending 24/Jan, US crude inventories increased by 3.5m barrels, missing expectations of a 2.2m barrel build. Gasoline stockpiles rose, while distillate stocks fell more than expected.
US natural gas inventories fell by 321 Bcf for the week ending 24/Jan, beating analyst expectations of a 317 Bcf drawdown. Inventories are 4.1% below the 5-year seasonal average.
Shell’s Q4 adjusted earnings dropped 38.3% QoQ and 49.9% YoY, missing estimates due to weak margins and oil prices. HSBC raised its PT on Chevron but cut it for Exxon.


[ETP 2025/05] WTI Falls on Trump’s Trade Policies; Henry Hub Drops on Milder Weather Forecasts

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

Cross Asset Strategy

<ul>
<li>Exposure levels and ownership reaches record highs for active GEM funds in GCC countries, yet 30% of funds remain without exposure.</li>
<li>Saudi Arabia and the United Arab Emirates dominate the ownership picture, with both at record high investment levels, driven by the Financials and Real Estate sectors</li>
<li>Al Rajhi Bank is the most widely held stock, with a top tier including Emaar Properties and Aldar Properties surging to record levels of investment in 2024.</li>
</ul>


Exposure levels and ownership reaches record highs for active GEM funds in GCC countries, yet 30% of funds remain without exposure.
Saudi Arabia and the United Arab Emirates dominate the ownership picture, with both at record high investment levels, driven by the Financials and Real Estate sectors
Al Rajhi Bank is the most widely held stock, with a top tier including Emaar Properties and Aldar Properties surging to record levels of investment in 2024.


EM Fund Positioning: GCC a Key Focus for EM Investors in 2025

Saudi Arabia

Saudi Arabian Oil Co., doing business as Saudi Aramco, operates as an oil exploration company. The Company focuses on hydrocarbons exploration, production, refining, distribution, and shipping, as well as provides crude oil marketing services. Saudi Aramco serves customers worldwide.

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Saudi Aramco (ARAMCO AB)

[ETP 2025/08] WTI Rises on Supply Disruptions, While Henry Hub Surges on Cold Snap

US crude inventories rose more than expected, gasoline stockpiles fell, and natural gas inventories beat analyst expectations. Occidental's Q4 EPS...

Mint Finance

[ETP 2025/07] Rising U.S. Crude Inventories Weigh on WTI, Henry Hub Soars on Frosty Forecasts

US crude inventories rose more than expected, gasoline stockpiles dropped, and distillate stocks rose unexpectedly. BP's Q4 profit fell and missed...

Mint Finance

[ETP 2025/06] WTI Pressured by Macroeconomic Uncertainty; Henry Hub Rebounds on Colder Forecasts

US oil inventories surged, with crude up by 8.7m barrels and gasoline stocks rising, while natural gas inventories fell more than expected. TTE's...

Mint Finance

[ETP 2025/05] WTI Falls on Trump’s Trade Policies; Henry Hub Drops on Milder Weather Forecasts

US oil inventories rose more than expected, while natural gas inventories fell more than expected. Shell's earnings declined due to weak margins...

Mint Finance

EM Fund Positioning: GCC a Key Focus for EM Investors in 2025

Record high exposure and ownership levels for active GEM funds in GCC countries, led by Saudi Arabia and the UAE. The region promises to be a key...

Steven Holden

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

[ETP 2025/08] WTI Rises on Supply Disruptions, While Henry Hub Surges on Cold Snap

​US crude inventories rose more than expected, gasoline stockpiles fell, and natural gas inventories beat analyst expectations. Occidental's Q4 EPS...

Mint Finance

[ETP 2025/07] Rising U.S. Crude Inventories Weigh on WTI, Henry Hub Soars on Frosty Forecasts

​US crude inventories rose more than expected, gasoline stockpiles dropped, and distillate stocks rose unexpectedly. BP's Q4 profit fell and missed...

Mint Finance

[ETP 2025/06] WTI Pressured by Macroeconomic Uncertainty; Henry Hub Rebounds on Colder Forecasts

​US oil inventories surged, with crude up by 8.7m barrels and gasoline stocks rising, while natural gas inventories fell more than expected. TTE's...

Mint Finance

[ETP 2025/05] WTI Falls on Trump’s Trade Policies; Henry Hub Drops on Milder Weather Forecasts

​US oil inventories rose more than expected, while natural gas inventories fell more than expected. Shell's earnings declined due to weak margins...

Mint Finance

EM Fund Positioning: GCC a Key Focus for EM Investors in 2025

​Record high exposure and ownership levels for active GEM funds in GCC countries, led by Saudi Arabia and the UAE. The region promises to be a key...

Steven Holden

US crude inventories rose more than expected, gasoline stockpiles fell, and natural gas inventories beat analyst expectations. Occidental's Q4 EPS...

US crude inventories rose more than expected, gasoline stockpiles dropped, and distillate stocks rose unexpectedly. BP's Q4 profit fell and missed...

US oil inventories surged, with crude up by 8.7m barrels and gasoline stocks rising, while natural gas inventories fell more than expected. TTE's...

US oil inventories rose more than expected, while natural gas inventories fell more than expected. Shell's earnings declined due to weak margins...

Record high exposure and ownership levels for active GEM funds in GCC countries, led by Saudi Arabia and the UAE. The region promises to be a key...