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 13/Dec, US crude inventories fell by 0.9m barrels, missing forecasts. Gasoline stocks rose more than anticipated, while distillate inventories declined more than expected.</li>
<li>US natural gas inventories fell by 125 Bcf for the week ending 13/Dec, beating analyst expectations of a 123 Bcf drawdown. Inventories are 3.8% above the 5-year seasonal average.</li>
<li>Major analysts lowered their 12-month PTs on Exxon, SLB, Halliburton, and Occidental. Also, Barclays downgraded its rating on Halliburton to Equalweight from Overweight.</li>
</ul>


For the week ending 13/Dec, US crude inventories fell by 0.9m barrels, missing forecasts. Gasoline stocks rose more than anticipated, while distillate inventories declined more than expected.
US natural gas inventories fell by 125 Bcf for the week ending 13/Dec, beating analyst expectations of a 123 Bcf drawdown. Inventories are 3.8% above the 5-year seasonal average.
Major analysts lowered their 12-month PTs on Exxon, SLB, Halliburton, and Occidental. Also, Barclays downgraded its rating on Halliburton to Equalweight from Overweight.


[ETP 2024/51] Fed’s Hawkish Tone Drags WTI Prices, Henry Hub Soars on Rising LNG Exports

Research and consultancy, Tabbush Report

Daniel Tabbush

Research and consultancy

Tabbush Report

We provide research and consultancy on Asian banks. Our focus is on what we call “Asian bank research, without the noise.” We are interested in the most critical swing-factors for banks, the NPL and credit cycle, and where we believe there is a gap between perception and reality. We often focus on the less studied components of bank financial statements.  Our research is highly thematic, sometimes examining unlisted banks and companies as a window on mainstream banks. 

Being independent allows us to look at smaller banks, often overlooked by others. Analysis of BIS bank guidelines in the context of Asia, is also a focal point, while we also analyze global banks operating in the region. We use what we believe is the most comprehensive, reliable financials database, SNL Financial. S&P Capital IQ augments our database, with corporate data and CEIC, with economics. 

Asian bank research, without the noise.

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bank-ozk" target="_blank" data-smartkarma-citation="entities:28708:1" rel="noopener">Bank OZK (OZK US)</a> has more CRE loans to total loans of any US bank at 72% in 3Q24</li>
<li>Risks of CRE loans are real now and historically, they have high loss rates, in bad times</li>
<li>The bank is seeing a surge in NPAs , but its credit costs are lagging - make up in 4Q24?</li>
</ul>



Bank OZK (OZK US) has more CRE loans to total loans of any US bank at 72% in 3Q24
Risks of CRE loans are real now and historically, they have high loss rates, in bad times
The bank is seeing a surge in NPAs , but its credit costs are lagging - make up in 4Q24?


Bank OZK - Most CRE Loans/Total Loans of Any US Bank & Dramatically Worsening Credit Metrics

Thematic (Sector/Industry)

<ul>
<li>US large banks are showing sharply expanding loans in recent weeks, in granular HFD</li>
<li>This comes as their higher cost Jumbo Time Deposits are now showing negative growth</li>
<li>There are positive implications for net interest income, NIM and net profit delta of large US banks</li>
</ul>


US large banks are showing sharply expanding loans in recent weeks, in granular HFD
This comes as their higher cost Jumbo Time Deposits are now showing negative growth
There are positive implications for net interest income, NIM and net profit delta of large US banks


US Banks - HFD Shows Sharply Expanding Loans, with Newly Negative Growth in Jumbo Time Deposits

<ul>
<li>For the week ending 06/Dec, US crude inventories fell by 1.4m barrels, beating expectations of a 1m barrel decrease. However, gasoline and distillate stocks rose more than expected again.</li>
<li>US natural gas inventories fell by 190 Bcf for the week ending 06/Dec, beating analyst expectations of a 175 Bcf drawdown. Inventories are 4.6% above the 5-year seasonal average.</li>
<li>Wells Fargo raised its 12-month PT for Chevron but lowered targets for Shell and Occidental. Exxon targets a CAGR of 10% in earnings and 8% in cash flow through 2030.</li>
</ul>


For the week ending 06/Dec, US crude inventories fell by 1.4m barrels, beating expectations of a 1m barrel decrease. However, gasoline and distillate stocks rose more than expected again.
US natural gas inventories fell by 190 Bcf for the week ending 06/Dec, beating analyst expectations of a 175 Bcf drawdown. Inventories are 4.6% above the 5-year seasonal average.
Wells Fargo raised its 12-month PT for Chevron but lowered targets for Shell and Occidental. Exxon targets a CAGR of 10% in earnings and 8% in cash flow through 2030.


[ETP 2024/50] WTI Rebounds on Outlook of Better Demand in 2025; Henry Hub Rises but Remains Volatile

Podcast of business and financial stories, Behind the Money

Behind the Money

Podcast of business and financial stories

From hostile takeovers to C-suite intrigue, Behind the Money takes you inside the business and financial stories of the moment with reporting from Financial Times journalists around the world.

<ul><li>Uncertainty around Trump administration's policies, including deregulation and potential impacts on banking and the economy, may create challenges and opportunities for the banking sector in the next four years</li><li>The US banking sector is expected to remain strong and dominant, with potential growth for top banks like JP Morgan and Wells Fargo.</li><li>The future of banking may see a divide between larger, stronger banks and fewer smaller institutions, with potential changes in the private credit sector.</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.</em></p>

Uncertainty around Trump administration's policies, including deregulation and potential impacts on banking and the economy, may create challenges and opportunities for the banking sector in the next four yearsThe US banking sector is expected to remain strong and dominant, with potential growth for top banks like JP Morgan and Wells Fargo.The future of banking may see a divide between larger, stronger banks and fewer smaller institutions, with potential changes in the private credit sector.This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

What Trump’s presidency means for banking

United States

Wells Fargo & Company is a diversified financial services company providing banking, insurance, investments, mortgage, leasing, credit cards, and consumer finance.  The Company operates through physical stores, the Internet and other distribution channels across North America and elsewhere internationally.

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Wells Fargo & Co (WFC US)

[ETP 2024/51] Fed’s Hawkish Tone Drags WTI Prices, Henry Hub Soars on Rising LNG Exports

US crude inventories fell, but gasoline stocks rose and natural gas inventories beat expectations. Major analysts lowered PTs on Exxon, SLB,...

Mint Finance

Bank OZK - Most CRE Loans/Total Loans of Any US Bank & Dramatically Worsening Credit Metrics

Commercial real estate (CRE) loans are risky in the US normally and especially now. Bank OZK is most exposed, with dramatic worsening of credit...

Daniel Tabbush

US Banks - HFD Shows Sharply Expanding Loans, with Newly Negative Growth in Jumbo Time Deposits

US large banks show loans accelerating (but not riskier CRE loans) and with higher cost Jumbo time deposit growth now turning negative in new...

Daniel Tabbush

[ETP 2024/50] WTI Rebounds on Outlook of Better Demand in 2025; Henry Hub Rises but Remains Volatile

US crude inventories fell more than expected, but gasoline and distillate stocks rose. Natural gas inventories beat expectations. Wells Fargo...

Mint Finance

What Trump’s presidency means for banking

Uncertainty around Trump administration's policies, including deregulation and potential impacts on banking and the economy, may create challenges...

Behind the Money

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

[ETP 2024/51] Fed’s Hawkish Tone Drags WTI Prices, Henry Hub Soars on Rising LNG Exports

​US crude inventories fell, but gasoline stocks rose and natural gas inventories beat expectations. Major analysts lowered PTs on Exxon, SLB,...

Mint Finance

Bank OZK - Most CRE Loans/Total Loans of Any US Bank & Dramatically Worsening Credit Metrics

Commercial real estate (CRE) loans are risky in the US normally and especially now. Bank OZK is most exposed, with dramatic worsening of credit...

Daniel Tabbush

US Banks - HFD Shows Sharply Expanding Loans, with Newly Negative Growth in Jumbo Time Deposits

US large banks show loans accelerating (but not riskier CRE loans) and with higher cost Jumbo time deposit growth now turning negative in new...

Daniel Tabbush

[ETP 2024/50] WTI Rebounds on Outlook of Better Demand in 2025; Henry Hub Rises but Remains Volatile

​US crude inventories fell more than expected, but gasoline and distillate stocks rose. Natural gas inventories beat expectations. Wells Fargo...

Mint Finance

What Trump’s presidency means for banking

Uncertainty around Trump administration's policies, including deregulation and potential impacts on banking and the economy, may create challenges...

Behind the Money

US crude inventories fell, but gasoline stocks rose and natural gas inventories beat expectations. Major analysts lowered PTs on Exxon, SLB,...

US crude inventories fell more than expected, but gasoline and distillate stocks rose. Natural gas inventories beat expectations. Wells Fargo...