Venezuela’s Crude Oil Production Is Vital for Oil Bulls
Venezuela is OPEC’s sixth-largest crude oil producer. The EIA estimates that Venezuela’s crude oil production fell by 30,000 bpd to 1.91 MMbpd in October.
According to the EIA, US crude oil exports rose by 260,000 bpd to 1,129,000 bpd on November 3–10, 2017. Exports rose 30% week-over-week.
According to the API, US gasoline demand averaged 9,300,000 bpd (barrels per day) in October 2017. It was the highest level ever.
January US crude oil (UWT) (USO) futures contracts rose 1.5% to $57.66 per barrel in electronic trading at 1:08 AM EST on November 22, 2017.
January WTI (West Texas Intermediate) crude oil (DBO) (OIL) futures contracts rose 0.7% to $56.83 per barrel on November 21, 2017.
Crude oil started this week on a weaker note. Crude oil opened higher on November 22 and traded at the highest levels since July 2015.
On November 17, short interest as a percentage of float, or the short interest ratio, for Chesapeake Energy (CHK) stock was ~19.1%.
Approximately 65.5% of Wall Street analysts have rated Chesapeake Energy (CHK) stock a “hold” while ~10.3% rated it a “buy.”
Chesapeake Energy stock’s (CHK) current implied volatility is ~53%, which is 3% lower than its 15-day average of ~54.7%.
Chesapeake Energy (CHK) took a slight fall last week even as crude oil prices (UCO)(DBO) slid. Chesapeake Energy stock fell ~3%, compared to the previous week, which ended on November 10.
In 3Q17, 433 funds bought ConocoPhillips’s (COP) stock, and 713 funds sold COP stock.
As of November 17, 2017, ConocoPhillips (COP) had an implied volatility of 12.0%, which is lower than its implied volatility of 21.5% at the end of 3Q17.
On October 6, 2017, ConocoPhillips (COP) announced a 4Q17 dividend of $0.265 per share on its common stock.
For the week ending November 17, ConocoPhillips (COP) stock had shown the highest correlation of ~91% with natural gas (UNG).
As of November 17, 2017, around 42.9% of analysts covering ConocoPhillips (COP) have “buy” recommendations on the stock.
For the week ending November 17, 2017, crude oil (USO) prices fell marginally from $56.76 per barrel to $56.71 per barrel, a decrease of 0.05%.
On November 17, 2017, the short interest ratio (or short interest as a percentage of float) for Whiting Petroleum (WLL) stock was ~18.7%. In comparison, the short interest ratio in WLL…
About 15.2% of analysts tracking Whiting Petroleum (WLL) stock have recommended “buy,” 21.2% have recommended “strong buy,” and 45.5% have recommended “hold.” The average broker target price of $30.98 implies a return…
Whiting Petroleum (WLL) stock’s implied volatility is ~65%, which is ~6% lower than its 15-day average of ~69.3%. Peers Hess (HES) and Continental Resources (CLR) have lower implied volatility, of…
Whiting Petroleum (WLL) stock fell ~11% in the week ended November 17. The stock seems to have seen extended losses from the week before, when it finalized a one-for-four reverse stock split.