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

Crude oil is a naturally occurring, unrefined petroleum product composed of hydrocarbon deposits and other organic materials. Crude oil can be refined to produce usable products such as gasoline, diesel and various forms of petrochemicals. It is a nonrenewable resource, also known as a fossil fuel, which means that it can't be replaced naturally at the rate we consume it and is therefore a limited resource.

<ul>
<li>WTI rose 0.81% for the W/E 09/Oct as Hormuz risks and Hurricane Isaias offset supply relief; rising skew and fund long liquidation point to a short-lived supply-risk premium.</li>
<li>Energy equities outpaced flat crude, with XLE and XOP rallying and AUM flowing into traditional energy ETFs, while clean-energy ICLN lagged.</li>
<li>Frontline's Q3 bookings suggest estimates are beatable after a record Q2, but Middle East de-escalation and new vessel supply threaten tanker rates.</li>
</ul>


WTI rose 0.81% for the W/E 09/Oct as Hormuz risks and Hurricane Isaias offset supply relief; rising skew and fund long liquidation point to a short-lived supply-risk premium.
Energy equities outpaced flat crude, with XLE and XOP rallying and AUM flowing into traditional energy ETFs, while clean-energy ICLN lagged.
Frontline's Q3 bookings suggest estimates are beatable after a record Q2, but Middle East de-escalation and new vessel supply threaten tanker rates.


Energy Weekly (W/E 09/Oct): WTI Holds Gains on Hormuz Risk, Frontline Tests Peak Rates

Equity Bottom-Up

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.

<ul>
<li>Halliburton keeps beating estimates, but its EPS beats are shrinking while SLB converts better. Q3 looks priced in, so Q4 guidance will drive both stocks.</li>
<li>Halliburton must lift its C&amp;P margins by 125–175 bps after a Q2 miss. SLB's USD 10 billion revenue target hinges on Middle East revenue recovering.</li>
<li>SLB puts hedge just below spot with scattered upside calls; Halliburton is balanced, with little appetite for a rally.</li>
</ul>


Halliburton keeps beating estimates, but its EPS beats are shrinking while SLB converts better. Q3 looks priced in, so Q4 guidance will drive both stocks.
Halliburton must lift its C&amp;P margins by 125–175 bps after a Q2 miss. SLB's USD 10 billion revenue target hinges on Middle East revenue recovering.
SLB puts hedge just below spot with scattered upside calls; Halliburton is balanced, with little appetite for a rally.


SLB and Halliburton Q3 2026 Preview: Q4 Guidance Takes Centre Stage

<ul>
<li>WTI gained 0.25% for the week but reversed sharply from its midweek highs as Saudi Arabia restored alternative export flows and fears of a prolonged supply loss eased.</li>
<li>Options volatility and skew fell after the initial supply shock, while managed money cut net longs, pointing to more cautious positioning as WTI slipped below USD 100.</li>
<li>Energy ETFs lagged crude despite selective AUM support, while Halliburton enters Q3 with North American pricing, Middle East activity and Venezuela as key catalysts.</li>
</ul>


WTI gained 0.25% for the week but reversed sharply from its midweek highs as Saudi Arabia restored alternative export flows and fears of a prolonged supply loss eased.
Options volatility and skew fell after the initial supply shock, while managed money cut net longs, pointing to more cautious positioning as WTI slipped below USD 100.
Energy ETFs lagged crude despite selective AUM support, while Halliburton enters Q3 with North American pricing, Middle East activity and Venezuela as key catalysts.


Energy Weekly (W/E 18/Sep): WTI Reverses, Risk Premium Unwinds, Halliburton Tests Pricing Power

Nordic American Tankers / Equity Bottom-Up

Nordic American Tankers Limited is a shipping company that owns and charters Suezmax tankers for oil transportation.  The Company's ships are all active in the spot freight market.

<ul>
<li>NAT has surged 142% YTD as sanctions and Middle East disruptions tighten the tanker market, pushing Suezmax earnings to record levels.</li>
<li>With 17 Suezmax vessels and two more on order, NAT has direct exposure to higher rates, with Q2 TCE already rising to USD 63,000/day.</li>
<li>The outlook hinges on sanctions, OPEC+ supply and fleet growth. NAT has a strong cash buffer, but its sharp re-rating leaves less room for weaker rates.</li>
</ul>


NAT has surged 142% YTD as sanctions and Middle East disruptions tighten the tanker market, pushing Suezmax earnings to record levels.
With 17 Suezmax vessels and two more on order, NAT has direct exposure to higher rates, with Q2 TCE already rising to USD 63,000/day.
The outlook hinges on sanctions, OPEC+ supply and fleet growth. NAT has a strong cash buffer, but its sharp re-rating leaves less room for weaker rates.


Nordic American Tankers: Riding the Suezmax Supply Squeeze

<ul>
<li>Washington is betting on Venezuelan oil: NABEP gives the U.S. unprecedented influence over future production, including equity, governance rights and priority access to output.</li>
<li>The supply impact is distant: NABEP’s current production is far below its target, while infrastructure, capital and field development could push meaningful new volumes into the 2030s.</li>
<li>Hormuz remains a different story: Venezuelan production cannot offset today’s disruption risk, leaving the current geopolitical premium largely intact despite the long-term supply option.</li>
</ul>


Washington is betting on Venezuelan oil: NABEP gives the U.S. unprecedented influence over future production, including equity, governance rights and priority access to output.
The supply impact is distant: NABEP’s current production is far below its target, while infrastructure, capital and field development could push meaningful new volumes into the 2030s.
Hormuz remains a different story: Venezuelan production cannot offset today’s disruption risk, leaving the current geopolitical premium largely intact despite the long-term supply option.


The Venezuela Oil Deal: A Decade-Out Supply Story Dressed as a Headline

Energy Transition | AI | Shifting World Order

Suhas Reddy
Oil and Gas
• Mint Finance

Energy Weekly (W/E 09/Oct): WTI Holds Gains on Hormuz Risk, Frontline Tests Peak Rates

WTI held gains on Hormuz and hurricane risks as funds de-risked and energy equities outperformed. Frontline's Q3 looks solid, but tanker rates...

Mint Finance

SLB and Halliburton Q3 2026 Preview: Q4 Guidance Takes Centre Stage

Halliburton and SLB report back-to-back, with Q4 guidance likely to drive the market reaction. We examine margin recovery, Middle East exposure,...

Mint Finance

Energy Weekly (W/E 18/Sep): WTI Reverses, Risk Premium Unwinds, Halliburton Tests Pricing Power

WTI reversed sharply after its midweek spike as Saudi export concerns eased, while cautious positioning and weak energy equities shaped the market.

Mint Finance

Nordic American Tankers: Riding the Suezmax Supply Squeeze

NAT’s 142% rally reflects a tightening Suezmax market as sanctions and Middle East disruptions squeeze tonnage, but its pure-play exposure also...

Mint Finance

The Venezuela Oil Deal: A Decade-Out Supply Story Dressed as a Headline

NABEP gives the U.S. greater control over Venezuela’s future oil supply, but years of investment and infrastructure work separate the deal from...

Mint Finance