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 18/Oct, US crude inventories increased by 5.5m barrels, exceeding expectations of a 0.8m barrel build. Gasoline stocks defied expectations of decline while distillate inventories fell lesser-than-expected.  </li>
<li>US natural gas inventories rose 80 Bcf for the week ending 18/Oct, higher than analyst expectations of an 61 Bcf buildup. Inventories are 4.6% above the 5-year seasonal average.</li>
<li>Schlumberger missed revenue estimates by 1.2% but beat EPS forecasts by 0.6%, prompting analysts to cut target prices. Meanwhile, Saudi Aramco's CEO anticipates improved Chinese oil demand post-stimulus.</li>
</ul>


For the week ending 18/Oct, US crude inventories increased by 5.5m barrels, exceeding expectations of a 0.8m barrel build. Gasoline stocks defied expectations of decline while distillate inventories fell lesser-than-expected.  
US natural gas inventories rose 80 Bcf for the week ending 18/Oct, higher than analyst expectations of an 61 Bcf buildup. Inventories are 4.6% above the 5-year seasonal average.
Schlumberger missed revenue estimates by 1.2% but beat EPS forecasts by 0.6%, prompting analysts to cut target prices. Meanwhile, Saudi Aramco's CEO anticipates improved Chinese oil demand post-stimulus.


[ETP 2024/43] WTI Rebounds as Middle East Conflict Escalates; Henry Hub Rises on Improving Demand

<ul>
<li>For the week ending 11/Oct, US crude inventories decreased by 2.2m barrels, diverging from expectations of a 1.8m barrel build. Additionally, gasoline and distillate stockpiles also declined more than anticipated.</li>
<li>US natural gas inventories rose 76 Bcf for the week ending 11/Oct, lower than analyst expectations of an 80 Bcf buildup. Inventories are 4.6% above the 5-year seasonal average.</li>
<li>Halliburton, Schlumberger, and Occidental’s target prices were cut. Notably, analysts kept their Buy ratings on Reliance despite its net profit falling by 4.8% YoY.</li>
</ul>


For the week ending 11/Oct, US crude inventories decreased by 2.2m barrels, diverging from expectations of a 1.8m barrel build. Additionally, gasoline and distillate stockpiles also declined more than anticipated.
US natural gas inventories rose 76 Bcf for the week ending 11/Oct, lower than analyst expectations of an 80 Bcf buildup. Inventories are 4.6% above the 5-year seasonal average.
Halliburton, Schlumberger, and Occidental’s target prices were cut. Notably, analysts kept their Buy ratings on Reliance despite its net profit falling by 4.8% YoY.


[ETP 2024/42] WTI Falls as Supply Disruption Fears Subside, Nat-Gas Slides on Weaker Demand Outlook

Equity Bottom-Up

<ul>
<li>Shell expects Q3 refining margins to drop 28.6% QoQ to USD 5.5/bbl, driven by a sharp decline in oil prices. However, improved chemical margins are anticipated to offer some relief.</li>
<li>Between 2023 and 2025, Shell plans to invest USD 10 billion to USD 15 billion in low-carbon solutions globally, with a strategic emphasis on LNG.</li>
<li>Shell projects LNG to account for 26% of energy sales by 2030, up from 22% in 2023, while oil products will decrease from 48% to 39%.</li>
</ul>


Shell expects Q3 refining margins to drop 28.6% QoQ to USD 5.5/bbl, driven by a sharp decline in oil prices. However, improved chemical margins are anticipated to offer some relief.
Between 2023 and 2025, Shell plans to invest USD 10 billion to USD 15 billion in low-carbon solutions globally, with a strategic emphasis on LNG.
Shell projects LNG to account for 26% of energy sales by 2030, up from 22% in 2023, while oil products will decrease from 48% to 39%.


[Earnings Preview] Shell’s Refining Margins to Tighten in Q3; Upstream Output Gains to Soften Blow

<ul>
<li>For the week ending 04/Oct, US crude inventories rose by 5.8m barrels, exceeding expectations of a 2m barrel build. However, gasoline and distillate stockpiles fell more than expected.</li>
<li>US natural gas inventories rose by 82 Bcf for the week ending 04/Oct, higher than analyst expectations of a 73 Bcf buildup. Inventories are 5.1% above the 5-year seasonal average.</li>
<li>Chevron and Shell experienced target price upgrades, while Schlumberger and Occidental’s target prices were cut. Notably, BNP Paribas downgraded Exxon to Underperform from Neutral.</li>
</ul>


For the week ending 04/Oct, US crude inventories rose by 5.8m barrels, exceeding expectations of a 2m barrel build. However, gasoline and distillate stockpiles fell more than expected.
US natural gas inventories rose by 82 Bcf for the week ending 04/Oct, higher than analyst expectations of a 73 Bcf buildup. Inventories are 5.1% above the 5-year seasonal average.
Chevron and Shell experienced target price upgrades, while Schlumberger and Occidental’s target prices were cut. Notably, BNP Paribas downgraded Exxon to Underperform from Neutral.


[ETP 2024/41] WTI Rises Amid Supply Disruption Fears; Nat-Gas Demand Wanes Due to Hurricane Milton

<ul>
<li>For the week ending 27/Sep, US crude inventories rose by 3.9m barrels, contrasting expectations of a 1.5m barrel drawdown. Gasoline stockpiles also unexpectedly grew.</li>
<li>US natural gas inventories rose 55 Bcf for the week ending 27/Sep, lower than analyst expectations of a 59 Bcf buildup. Inventories are 5.7% above the 5-year seasonal average.</li>
<li>Chevron, Shell, Halliburton, and Schlumberger have all experienced target price downgrades, while Exxon Mobil received an upward revision to its target price. Notably, Goldman Sachs downgraded Occidental to Neutral.</li>
</ul>


For the week ending 27/Sep, US crude inventories rose by 3.9m barrels, contrasting expectations of a 1.5m barrel drawdown. Gasoline stockpiles also unexpectedly grew.
US natural gas inventories rose 55 Bcf for the week ending 27/Sep, lower than analyst expectations of a 59 Bcf buildup. Inventories are 5.7% above the 5-year seasonal average.
Chevron, Shell, Halliburton, and Schlumberger have all experienced target price downgrades, while Exxon Mobil received an upward revision to its target price. Notably, Goldman Sachs downgraded Occidental to Neutral.


[ETP 2024/40] WTI Prices Surge as Iran-Israel Tensions Rise; Nat-Gas Rallies on Output Cuts

United Kingdom

Shell PLC explores and refines petroleum products. The Company produces fuels, chemicals, and lubricants. Shell serves clients worldwide.

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Shell PLC (SHEL LN)

[ETP 2024/43] WTI Rebounds as Middle East Conflict Escalates; Henry Hub Rises on Improving Demand

US crude inventories surged, natural gas inventories rose, Schlumberger missed revenue but beat EPS, Saudi Aramco CEO optimistic about Chinese oil...

Mint Finance

[ETP 2024/42] WTI Falls as Supply Disruption Fears Subside, Nat-Gas Slides on Weaker Demand Outlook

US oil inventories see a surprise fall, while US nat-gas stock rises less than expected. Chevron sees a target price upgrade while HSBC expects a...

Mint Finance

[Earnings Preview] Shell’s Refining Margins to Tighten in Q3; Upstream Output Gains to Soften Blow

Shell expects lower oil prices to eat into refining margins in Q3 but anticipates higher upstream production. Analysts predict a YoY and QoQ...

Mint Finance

[ETP 2024/41] WTI Rises Amid Supply Disruption Fears; Nat-Gas Demand Wanes Due to Hurricane Milton

WTI prices rise as supply concerns outweigh demand worries and larger-than-expected build in US crude inventories. US nat-gas inventories also...

Mint Finance

[ETP 2024/40] WTI Prices Surge as Iran-Israel Tensions Rise; Nat-Gas Rallies on Output Cuts

WTI rose amid heightened supply concerns after Iran's missile attacks on Israel, yet long-term demand worries persist. US nat-gas reached a 16-week...

Mint Finance

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

[ETP 2024/43] WTI Rebounds as Middle East Conflict Escalates; Henry Hub Rises on Improving Demand

​US crude inventories surged, natural gas inventories rose, Schlumberger missed revenue but beat EPS, Saudi Aramco CEO optimistic about Chinese oil...

Mint Finance

[ETP 2024/42] WTI Falls as Supply Disruption Fears Subside, Nat-Gas Slides on Weaker Demand Outlook

​US oil inventories see a surprise fall, while US nat-gas stock rises less than expected. Chevron sees a target price upgrade while HSBC expects a...

Mint Finance

[Earnings Preview] Shell’s Refining Margins to Tighten in Q3; Upstream Output Gains to Soften Blow

Shell expects lower oil prices to eat into refining margins in Q3 but anticipates higher upstream production. Analysts predict a YoY and QoQ...

Mint Finance

[ETP 2024/41] WTI Rises Amid Supply Disruption Fears; Nat-Gas Demand Wanes Due to Hurricane Milton

​WTI prices rise as supply concerns outweigh demand worries and larger-than-expected build in US crude inventories. US nat-gas inventories also...

Mint Finance

[ETP 2024/40] WTI Prices Surge as Iran-Israel Tensions Rise; Nat-Gas Rallies on Output Cuts

WTI rose amid heightened supply concerns after Iran's missile attacks on Israel, yet long-term demand worries persist. US nat-gas reached a 16-week...

Mint Finance

US crude inventories surged, natural gas inventories rose, Schlumberger missed revenue but beat EPS, Saudi Aramco CEO optimistic about Chinese oil...

US oil inventories see a surprise fall, while US nat-gas stock rises less than expected. Chevron sees a target price upgrade while HSBC expects a...

WTI prices rise as supply concerns outweigh demand worries and larger-than-expected build in US crude inventories. US nat-gas inventories also...