Natural gas prices have rallied after testing key support levels of $2.40 per MMBtu (British thermal units in millions).
The US active natural gas rig count fell by two to 195 for the week ending October 2, 2015.
Natural gas inventories rose by 98 Bcf (billion cubic feet) to 3,538 Bcf in the week ending September 25, which was the 26th straight week of increases.
Natural gas prices rose slightly by 0.16% and closed at $2.47 per MMBtu (British thermal units in millions) on October 7, 2015.
US distillate production rose in the week ended October 2, 2015, to 5.1 MMbpd compared to 5.0 MMbpd in the week ended September 25.
US distillate inventories fell by 2.5 MMbbls to 149.2 MMbbls in the week ended October 2, 2015. Inventories have now been falling three weeks in a row.
Gasoline production averaged 9.4 MMbpd over the four weeks ended October 2. That’s 4.3% higher than the 9.1 MMbpd average over the same period last year.
The EIA reported that US gasoline inventories increased 1.9 MMbbls to 223.9 MMbbls in the week ended October 2. Analysts had expected inventories to increase just 250,000 barrels.
The EIA reported that Cushing crude oil inventories rose 98,000 barrels to 53.1 MMbbls in the week ended October 2. This was the first increase in five weeks.
The decrease in refinery inputs caused the refinery utilization rate for the week of October 2 to fall to 87.5%. This was 2.3 percentage points less than the 89.8% utilization rate from the previous week.
The EIA estimates that US crude oil production rose 76,000 bpd to 9.2 MMbpd in the week ended October 2, 2015. This is 3.3% higher than last year’s level of 8.9 MMbpd.
As refiners enter the fall maintenance season, crude oil inventories typically rise as refiners reduce their demand for crude inputs.
WTI crude oil prices fell after rising for three days. Crude oil prices were trading close to the key resistance of $48 per barrel on October 7, 2015.
The EIA reported that crude oil stocks at Cushing, Oklahoma, rose by 0.1 MMbbls (million barrels) to 53 MMbbls for the week ending October 2, 2015.
Crude oil stocks rose due to the fall in the refinery demand. The EIA highlighted that the crude oil refinery demand fell to the lowest level in last seven months.
NYMEX-traded WTI crude oil futures contracts fell for the first time in the last four days. Crude oil prices fell by 1.5% and closed at $47.81 per barrel on October 7.
In this article, we’ll look at Wall Street’s forecasts for Schlumberger. About 72% of analysts tracking Schlumberger rate it a “buy,” 23% rate it a “hold,” and 5% recommend a “sell.”
Will acquisitions propel Schlumberger (SLB) forward? On August 26, SLB and Cameron International (CAM) entered into an agreement in which SLB will acquire all of CAM’s shares.
Schlumberger could see weaker earnings in 3Q15. Analysts expect EPS of $0.77, which is 12% lower than 2Q15 adjusted EPS but a sharp 48% fall from the year-ago quarter.
Analysts expect Schlumberger’s 3Q15 revenue to fall, but at a moderate rate. Their estimate for 3Q15 is $8.59 billion, which is 5% lower than 2Q15 adjusted revenues.