The EIA estimates that US crude oil production fell by 1,074,000 bpd (barrels per day) to 8,406,000 bpd on October 6–13, 2017.
The EIA estimates that crude oil inventories fell by 5.7 MMbbls to 456.4 MMbbls on October 6–13, 2017—the lowest levels since August 25, 2017.
December US crude oil (UCO) (USL) (OIL) futures contracts were trading flat at $52.26 per barrel in electronic exchange at 2:20 AM EST on October 19, 2017.
Crude oil prices are at a three-week high due to geopolitical tensions in Iraq and major producers’ ongoing production cuts.
As of October 18, 2017, Stanley Black & Decker (SWK) is being tracked by 22 analysts. About 59.0% of them have recommended a “buy” for the stock, and 41.0% have recommended a “hold.”
As of October 18, 2017, analysts are expecting Stanley Black & Decker (SWK) to post adjusted EPS of $1.87 in 3Q17, an 11.2% rise YoY.
Stanley Black & Decker (SWK) is set to announce its 3Q17 earnings on October 24, 2017. As of October 18, 2017, analysts are expecting it to post revenues of $3.2 billion, a 9.4% rise YoY.
Chevron (CVX) has seen a rise in its short interest (as a percentage of outstanding shares) from 1.2% on July 3, 2017, to the current level of 1.5%.
CVX is trading at a forward PE (price-to-earnings ratio) of 25.4x above its peer average of 18.9x.
In October 2017, 25 analysts rated CVX. Of the total, 16 analysts have assigned a “buy” or “strong buy” rating.
In this part, we’ll look at Chevron’s (CVX) stock price forecast range based on its implied volatility for the ten-day period up to its earnings.
On July 3, 2017, Chevron’s (CVX) 50-day moving average stood below its 200-day moving average.
Overall, WTI prices have risen 10.2% since July 3. In the stated period, WTI prices have been considerably influenced by Hurricane Harvey.
Chevron is likely to see growth in its upstream and downstream earnings in 3Q17 over 3Q16.
Chevron (CVX) is expected to post its 3Q17 results on October 27, 2017. In 2Q17, CVX’s revenues surpassed Wall Street analysts’ estimate by 8.0%.
On October 16, 2017, all analysts tracking Flotek Industries rated it as a “buy” or some equivalent.
Flotek Industries’ correlation coefficient with the Dow Jones Industrial Average since October 12, 2016, is 0.12.
Short interest in Flotek Industries (FTK) as a percentage of its float was 20.3% on October 16, 2017, compared to 22.8% on June 30, 2017.
On October 16, 2017, Flotek Industries’ (FTK) implied volatility was ~66%.
The US rig count increased 14% in 2Q17 over 1Q17. Since June 30, 2017, the US rig count has decreased 1% until the week ended October 13, 2017.