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 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

<ul>
<li>For the week ending 10/Jan, US crude inventories fell by 2m barrels, missing expectations of a 3.5m barrel decrease. Gasoline and distillate stockpiles rose more than expected.</li>
<li>US natural gas inventories fell by 258 Bcf for the week ending 10/Jan, slightly missing analyst expectations of a 260 Bcf drawdown. Inventories are 2.5% above the 5-year seasonal average.</li>
<li>BP forecasts tepid Q4 earnings on low refining margins and upstream output, while TotalEnergies expects higher production and gas prices to offset lower oil prices.</li>
</ul>


For the week ending 10/Jan, US crude inventories fell by 2m barrels, missing expectations of a 3.5m barrel decrease. Gasoline and distillate stockpiles rose more than expected.
US natural gas inventories fell by 258 Bcf for the week ending 10/Jan, slightly missing analyst expectations of a 260 Bcf drawdown. Inventories are 2.5% above the 5-year seasonal average.
BP forecasts tepid Q4 earnings on low refining margins and upstream output, while TotalEnergies expects higher production and gas prices to offset lower oil prices.


[ETP 2025/03] WTI Rises on Falling Stockpiles, Henry Hub Fluctuates on Volatile Weather Forecasts

<ul>
<li>For the week ending 03/Jan, U.S. crude inventories fell by 1m barrels, missing expectations of a 1.8m barrel decrease. Gasoline and distillate stockpiles rose more than expected.</li>
<li>U.S. natural gas inventories fell by 40 Bcf for the week ending 03/Jan, moderately beating analyst expectations of a 39 Bcf drawdown. Inventories are 6.5% above the 5-year seasonal average.</li>
<li>Analysts lowered 12-month PTs on Exxon, BP, Halliburton, TotalEnergies, and SLB. Morgan Stanley upgraded rating on Shell to Overweight and raised PT to USD 79.8 from USD 66.5.</li>
</ul>


For the week ending 03/Jan, U.S. crude inventories fell by 1m barrels, missing expectations of a 1.8m barrel decrease. Gasoline and distillate stockpiles rose more than expected.
U.S. natural gas inventories fell by 40 Bcf for the week ending 03/Jan, moderately beating analyst expectations of a 39 Bcf drawdown. Inventories are 6.5% above the 5-year seasonal average.
Analysts lowered 12-month PTs on Exxon, BP, Halliburton, TotalEnergies, and SLB. Morgan Stanley upgraded rating on Shell to Overweight and raised PT to USD 79.8 from USD 66.5.


[ETP 2025/02] Bearish EIA Inventory Report Drags WTI Prices, Henry Hub Rebounds on Tightening Supply

<ul>
<li>For the week ending 27/Dec, U.S. crude inventories fell by 1.2m barrels, missing expectations of a 2.4m barrel decrease. Gasoline and distillate stockpiles rose more than expected.</li>
<li>U.S. natural gas inventories fell by 116 Bcf for the week ending 27/Dec, missing analyst expectations of a 127 Bcf drawdown. Inventories are 4.7% above the 5-year seasonal average.</li>
<li>JP Morgan lowered its 12-month PT for Halliburton and Schlumberger but maintained its “Overweight” ratings. Saudi Aramco revised fuel and natural gas prices for cement production starting from 01/Jan.</li>
</ul>


For the week ending 27/Dec, U.S. crude inventories fell by 1.2m barrels, missing expectations of a 2.4m barrel decrease. Gasoline and distillate stockpiles rose more than expected.
U.S. natural gas inventories fell by 116 Bcf for the week ending 27/Dec, missing analyst expectations of a 127 Bcf drawdown. Inventories are 4.7% above the 5-year seasonal average.
JP Morgan lowered its 12-month PT for Halliburton and Schlumberger but maintained its “Overweight” ratings. Saudi Aramco revised fuel and natural gas prices for cement production starting from 01/Jan.


[ETP 2025/01] WTI Rises on Improved Chinese Outlook, Henry Hub Reverses Uptrend

<ul>
<li>For the week ending 20/Dec, U.S. crude inventories fell by 4.2m barrels, beating expectations of a 0.7m barrel decrease. Distillate stocks fell more than expected, while gasoline inventories unexpectedly rose.</li>
<li>U.S. natural gas inventories fell by 93 Bcf for the week ending 20/Dec, missing analyst expectations of a 98 Bcf drawdown. Inventories are 4.9% above the 5-year seasonal average.</li>
<li>Chevron signed a 20-year deal with Energy Transfer for 2 million tonnes of LNG annually. Stifel lowered Schlumberger's 12-month price target while maintaining a Buy rating.</li>
</ul>


For the week ending 20/Dec, U.S. crude inventories fell by 4.2m barrels, beating expectations of a 0.7m barrel decrease. Distillate stocks fell more than expected, while gasoline inventories unexpectedly rose.
U.S. natural gas inventories fell by 93 Bcf for the week ending 20/Dec, missing analyst expectations of a 98 Bcf drawdown. Inventories are 4.9% above the 5-year seasonal average.
Chevron signed a 20-year deal with Energy Transfer for 2 million tonnes of LNG annually. Stifel lowered Schlumberger's 12-month price target while maintaining a Buy rating.


[ETP 2024/52] WTI Recovers on China’s Stimulus Plans, Henry Hub Falls on Volatile Weather Forecasts

United States

Schlumberger Limited is an oil services company. The Company, through its subsidiaries, provides a wide range of services, including technology, project management and information solutions to the international petroleum industry as well as advanced acquisition and data processing surveys.

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Schlumberger Ltd (SLB US)

[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

[ETP 2025/03] WTI Rises on Falling Stockpiles, Henry Hub Fluctuates on Volatile Weather Forecasts

US crude inventories fell less than expected, while gasoline and distillate stockpiles rose. Nat-gas inventories fall for ninth week straight. BP...

Mint Finance

[ETP 2025/02] Bearish EIA Inventory Report Drags WTI Prices, Henry Hub Rebounds on Tightening Supply

US crude inventories fell less than expected, while gasoline and distillate stockpiles rose; nat-gas withdrawal beat expectations. Analysts...

Mint Finance

[ETP 2025/01] WTI Rises on Improved Chinese Outlook, Henry Hub Reverses Uptrend

US crude inventories fell less than expected, while gasoline and distillate stockpiles rose. Natural gas inventories also fell below expectations....

Mint Finance

[ETP 2024/52] WTI Recovers on China’s Stimulus Plans, Henry Hub Falls on Volatile Weather Forecasts

US crude inventories beat expectations, while nat-gas inventories missed analyst expectations. Chevron signed a 20-year LNG deal with Energy...

Mint Finance

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

[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

[ETP 2025/03] WTI Rises on Falling Stockpiles, Henry Hub Fluctuates on Volatile Weather Forecasts

​US crude inventories fell less than expected, while gasoline and distillate stockpiles rose. Nat-gas inventories fall for ninth week straight. BP...

Mint Finance

[ETP 2025/02] Bearish EIA Inventory Report Drags WTI Prices, Henry Hub Rebounds on Tightening Supply

​US crude inventories fell less than expected, while gasoline and distillate stockpiles rose; nat-gas withdrawal beat expectations. Analysts...

Mint Finance

[ETP 2025/01] WTI Rises on Improved Chinese Outlook, Henry Hub Reverses Uptrend

​US crude inventories fell less than expected, while gasoline and distillate stockpiles rose. Natural gas inventories also fell below expectations....

Mint Finance

[ETP 2024/52] WTI Recovers on China’s Stimulus Plans, Henry Hub Falls on Volatile Weather Forecasts

​US crude inventories beat expectations, while nat-gas inventories missed analyst expectations. Chevron signed a 20-year LNG deal with Energy...

Mint Finance

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

US crude inventories fell less than expected, while gasoline and distillate stockpiles rose. Nat-gas inventories fall for ninth week straight. BP...

US crude inventories fell less than expected, while gasoline and distillate stockpiles rose; nat-gas withdrawal beat expectations. Analysts...

US crude inventories fell less than expected, while gasoline and distillate stockpiles rose. Natural gas inventories also fell below expectations....

US crude inventories beat expectations, while nat-gas inventories missed analyst expectations. Chevron signed a 20-year LNG deal with Energy...