Due to closing its Canadian asset divestitures on May 17, ConocoPhillips (COP) reduced its 2Q17 production guidance to 1,365 Mboepd–1,405 Mboepd.
On May 17, 2017, ConocoPhillips (COP) closed the divestitures of its 50% non-operated interest in oil sands mining operations and gas assets.
Last week, crude oil (USO) and gas (UNG) producer ConocoPhillips (COP) saw its stock price underperform crude oil prices by a wide margin.
In this article, we’ll highlight some important events for the week ahead that could affect crude oil (USO) and natural gas (UNG) prices.
Our chart of the week shows the relationship between crude oil (DBO)(UCO)(USL) prices and the changes in its forward curve.
In the past year, Weatherford International’s (WFT) stock has fallen 11% as of May 12, 2017.
On May 18, 2017, there were 38 analyst recommendations on Devon Energy (DVN). These recommendations include nine “strong buy,” 17 “buy,” and 12 “hold” recommendations.
In the week ending May 19, upstream company Energen (EGN) gained the most with a rise of 10.8%.
After hitting a 2017 low of $45.52 on May 4, 2017, US crude oil (USO) July futures prices rose 5.2% in the week ended May 19, 2017.
The CFTC’s report showed that hedge funds decreased their net long positions in US crude oil futures and options for the fourth straight week.
Baker Hughes (BHI) released its weekly US crude oil rig count on May 19, 2017. It reported that US crude oil rigs rose by eight to 720 on May 12–19, 2017.
Market surveys estimate that Cushing crude oil inventories fell on May 12–19. A fall in crude oil inventories at Cushing could support US crude oil prices.
July WTI (West Texas Intermediate) crude oil (USL) (SCO) (BNO) futures contracts rose more than ~5% for the week ending May 19, 2017.
The US energy sector contributed to ~6.3% of the S&P 500 (SPY) on May 19, 2017. Oil and gas are major parts of the energy sector.
The dollar (UUP) is near a six-month low due to President Trump’s inability to deliver massive tax subsidies and fiscal stimulus.
June WTI (West Texas Intermediate) crude oil (VDE) (XLE) (RYE) futures contracts rose 2% and settled at $50.33 per barrel on May 19, 2017.
After gaining for two consecutive trading weeks, crude oil prices continued to strengthen and traded higher in the early hours on May 22.
For Seadrill, two analysts recommended a “buy” and two recommended a “hold.” Five analysts recommended a “sell” and one recommended a “strong sell.”
Analysts expect Seadrill’s EBITDA to fall 20% in 1Q17. Analysts estimate that its 1Q17 EBITDA will be $257 million—compared to $354 million in 4Q16.
Analysts expect Seadrill’s (SDRL) revenue to be just over $546 million in 1Q17—an 18% fall from its 4Q16 revenue of $667 million and a fall of 38% YoY.