Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>Our global near-term outlook remains neutral on MSCI ACWI (in place since our 3/17/26 Int'l Macro Vision); we downgraded our outlook after ACWI-US broke below $141.50 support.</li>
<li>We downgraded our outlook to bearish on U.S. equities (S&amp;P 500) on March 31. Global equities have held up a bit better, and crucial support held at $134 on ACWI-US.</li>
<li>While we remain defensive and are concerned that ACWI-US will break down, we would only turn bearish on global equities if ACWI-US breaks below $134.</li>
</ul>


Our global near-term outlook remains neutral on MSCI ACWI (in place since our 3/17/26 Int'l Macro Vision); we downgraded our outlook after ACWI-US broke below $141.50 support.
We downgraded our outlook to bearish on U.S. equities (S&amp;P 500) on March 31. Global equities have held up a bit better, and crucial support held at $134 on ACWI-US.
While we remain defensive and are concerned that ACWI-US will break down, we would only turn bearish on global equities if ACWI-US breaks below $134.


Upgrading Norway to Overweight; Stay Defensive. Buys in Utilities, Energy, and Materials

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Thematic (Sector/Industry)

<ul>
<li>ONGC has floated $18-20 billion global tender for deepwater drilling rigs under the Samudra Manthan, targeting  3x jump in India's exploratory drilling rate from 30 to 100 wells by FY2027.</li>
<li>India imports 88% of its crude oil; the Hormuz closure has exposed this as a live fiscal and inflation emergency, with Brent near $120/bbl, the rupee breaching 95.</li>
<li>India's past exploration drives have stalled on policy inconsistency and under-investment; the real test is whether a crisis-induced spending surge can survive diplomacy and falling crude prices.</li>
</ul>


ONGC has floated $18-20 billion global tender for deepwater drilling rigs under the Samudra Manthan, targeting  3x jump in India's exploratory drilling rate from 30 to 100 wells by FY2027.
India imports 88% of its crude oil; the Hormuz closure has exposed this as a live fiscal and inflation emergency, with Brent near $120/bbl, the rupee breaching 95.
India's past exploration drives have stalled on policy inconsistency and under-investment; the real test is whether a crisis-induced spending surge can survive diplomacy and falling crude prices.


India's Samdura Manthan: How the Hormuz Crisis Launched India's Great Oil Expedition?

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>Major Western oil giants posted strong Q3 2025 profits as surging refining margins and trading gains offset volatility and sustained production strength.</li>
<li>Ukrainian strikes and escalating Western sanctions on Russia tightened global product supply, pushing refining margins higher and supporting downstream earnings.</li>
<li>Refining margins are likely to stay elevated as prolonged sanctions, supply disruptions, and seasonal maintenance sustain tightness despite potential demand headwinds.</li>
</ul>


Major Western oil giants posted strong Q3 2025 profits as surging refining margins and trading gains offset volatility and sustained production strength.
Ukrainian strikes and escalating Western sanctions on Russia tightened global product supply, pushing refining margins higher and supporting downstream earnings.
Refining margins are likely to stay elevated as prolonged sanctions, supply disruptions, and seasonal maintenance sustain tightness despite potential demand headwinds.


Big Oil Gained in Q3 as Sanctions and Strikes on Russia Drove Refining Margins Higher

<ul>
<li>WTI crude prices are on the way to close the week higher, supported by trade optimism, better economic data from the U.S., and ongoing geopolitical tensions.  </li>
<li>U.S. natural gas slips as mild weather, strong production, and unclear short-term demand weigh on prices.</li>
<li>Chevron adds John Hess to its board after merger approval; Shell tops Q2 estimates; Aramco partners with Cloudera to bring AI to energy.</li>
</ul>


WTI crude prices are on the way to close the week higher, supported by trade optimism, better economic data from the U.S., and ongoing geopolitical tensions.  
U.S. natural gas slips as mild weather, strong production, and unclear short-term demand weigh on prices.
Chevron adds John Hess to its board after merger approval; Shell tops Q2 estimates; Aramco partners with Cloudera to bring AI to energy.


[ETP 2025/31] WTI Climbs While Henry Hub Swings; Shell Beat Estimates; Aramco Bets on AI

<ul>
<li>Chevron’s arbitration win over ExxonMobil unlocks Guyana’s Stabroek Block, a key asset underpinning its USD 53 billion Hess acquisition.</li>
<li>SLB outperformed Q2 estimates despite YoY declines and also completed its ChampionX acquisition amid regulatory challenges.</li>
<li>WTI crude found support late-week after better-than-expected economic data tempered demand fears, despite early pressure from inventory and macro concerns.</li>
</ul>


Chevron’s arbitration win over ExxonMobil unlocks Guyana’s Stabroek Block, a key asset underpinning its USD 53 billion Hess acquisition.
SLB outperformed Q2 estimates despite YoY declines and also completed its ChampionX acquisition amid regulatory challenges.
WTI crude found support late-week after better-than-expected economic data tempered demand fears, despite early pressure from inventory and macro concerns.


[ETP 2025/29] Chevron Secures Guyana Win as SLB Surprises; WTI Slips, Henry Hub Snaps Losing Streak

Netherlands

Shell PLC explores and refines petroleum products. The Company produces and imports fuels, chemicals, and lubricants, as well as operates service station networks. Shell serves clients worldwide.

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Shell (SHEL US)

Upgrading Norway to Overweight; Stay Defensive. Buys in Utilities, Energy, and Materials

Upgrading Norway to Overweight; Stay Defensive. Buys in global Utilities, Energy, and Materials. $ACWI support at $134 holding for now, but still...

Vermilion Research

India's Samdura Manthan: How the Hormuz Crisis Launched India's Great Oil Expedition?

ONGC aims to boost India's exploratory drilling rate with $18-20 billion global tender for deepwater rigs under Samudra Manthan, as country faces...

Sudarshan Bhandari

Big Oil Gained in Q3 as Sanctions and Strikes on Russia Drove Refining Margins Higher

Western oil giants saw healthy profits in Q3 due to high refining margins and trading gains, driven by Ukrainian strikes and sanctions on Russia....

Mint Finance

[ETP 2025/31] WTI Climbs While Henry Hub Swings; Shell Beat Estimates; Aramco Bets on AI

WTI crude prices rise on trade optimism and geopolitical tensions, while U.S. natural gas prices fall due to mild weather and strong production....

Mint Finance

[ETP 2025/29] Chevron Secures Guyana Win as SLB Surprises; WTI Slips, Henry Hub Snaps Losing Streak

Chevron's arbitration win over ExxonMobil unlocks key asset in Guyana, Hess acquisition; SLB outperforms Q2 estimates with ChampionX acquisition;...

Mint Finance

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Upgrading Norway to Overweight; Stay Defensive. Buys in Utilities, Energy, and Materials

Upgrading Norway to Overweight; Stay Defensive. Buys in global Utilities, Energy, and Materials. $ACWI support at $134 holding for now, but still...

Vermilion Research

India's Samdura Manthan: How the Hormuz Crisis Launched India's Great Oil Expedition?

​ONGC aims to boost India's exploratory drilling rate with $18-20 billion global tender for deepwater rigs under Samudra Manthan, as country faces...

Sudarshan Bhandari

Big Oil Gained in Q3 as Sanctions and Strikes on Russia Drove Refining Margins Higher

​Western oil giants saw healthy profits in Q3 due to high refining margins and trading gains, driven by Ukrainian strikes and sanctions on Russia....

Mint Finance

[ETP 2025/31] WTI Climbs While Henry Hub Swings; Shell Beat Estimates; Aramco Bets on AI

​WTI crude prices rise on trade optimism and geopolitical tensions, while U.S. natural gas prices fall due to mild weather and strong production....

Mint Finance

[ETP 2025/29] Chevron Secures Guyana Win as SLB Surprises; WTI Slips, Henry Hub Snaps Losing Streak

​Chevron's arbitration win over ExxonMobil unlocks key asset in Guyana, Hess acquisition; SLB outperforms Q2 estimates with ChampionX acquisition;...

Mint Finance

ONGC aims to boost India's exploratory drilling rate with $18-20 billion global tender for deepwater rigs under Samudra Manthan, as country faces...

Western oil giants saw healthy profits in Q3 due to high refining margins and trading gains, driven by Ukrainian strikes and sanctions on Russia....

WTI crude prices rise on trade optimism and geopolitical tensions, while U.S. natural gas prices fall due to mild weather and strong production....

Chevron's arbitration win over ExxonMobil unlocks key asset in Guyana, Hess acquisition; SLB outperforms Q2 estimates with ChampionX acquisition;...