Chevron’s capex Earlier, we looked at Chevron’s (CVX) broad strategy for the near future. In this part, we’ll look at Chevron’s capex. Chevron’s (CVX) capex focuses mostly on the upstream segment.…
In this series, we’ll look at Chevron’s (CVX) financial and operational performance by assessing its capex, business segment dynamics, and upstream and downstream performance.
On March 21, 2017, WTI (West Texas Intermediate) crude oil (UCO) (USO) (OIIL) (SCO) active futures were trading at a discount of $3.60 per barrel to Brent crude oil (BNO) active futures.
Active crude oil (DBO) (OIIL) (USL) futures are now trading at a discount of $2.70 to futures contracts 12 months from now, the highest since January 26, 2017.
US crude oil (DBO) (USL) (OIIL) futures contracts for May delivery fell 0.2% between March 14, 2017, and March 21, 2017.
US commercial crude oil inventories fell ~0.2 MMbbls (million barrels) in the week ending March 10, 2017.
The US oil rig count reached 631 in the week ending March 17, 2017, a 14 rig rise over the previous week, according to data released by Baker Hughes (BHI).
US crude oil (USO) (OIIL) (USL) (DBO) futures contracts for May delivery closed at $48.24 per barrel on March 21, 2017.
In the past three months, Tidewater stock has fallen 76.8%, while its short-interest-to-equity float ratio has risen 71.2%.
In the past five trading days, Tidewater stock has risen 15.9%—the highest rise among high implied volatility companies.
On March 21, 2017, Tidewater’s (TDW) had the highest implied volatility among OFS constituents of OIH. TDW’s implied volatility was 164.5% on that day.
The EIA estimated that four-week average US gasoline demand rose by 205,000 bpd (barrels per day) to 8,968,000 bpd from March 3–10, 2017.
For the week ending March 10, 2017, the EIA reported that US gasoline inventories fell by 3.1 MMbbls to 246.3 MMbbls.
On March 21, 2017, the API released its weekly crude oil inventory report. It reported that US crude oil inventories fell by 4.5 MMbbls from March 10–17.
Crude oil prices are trading at a four-month low. However, broader markets like the S&P 500 and the NASDAQ Composite Index are near all-time highs.
Crude oil (XOP) (UCO) (USL) prices hit a 20-month high on February 23, 2017, due to major producers’ production cut deal. Prices are ~12% below their peak.
After showing weakness for three consecutive trading weeks, crude oil opened lower this week. Crude oil continues to move lower.
After a weak performance on Tuesday, European markets opened lower and fell in the morning session on March 22.
After gaining for two consecutive trading days, China’s Shanghai Composite Index pulled back and gave up gains on March 22.
Teekay LNG Partners (TGP) stock has risen 37.9% in the past year as of March 20, 2017.