Marathon Oil’s recent performance

Marathon Oil (MRO) has seen a strong rally in the past month. The company has risen ~15% from its lows of $19 in August. The recent rally in Marathon Oil could be due to the gains in crude oil prices and a slight improvement in the price differentials. Global supply concerns including Iran sanctions and a decline in US inventories continue to drive the positive momentum in crude oil prices. US crude oil went past $71 per barrel on September 19. Overall, WTI has risen ~10.0% from its August lows.

Marathon Oil Has Risen ~27% in 2018

Similarly, natural gas has risen 5.0% from its September lows of $2.772 per MMBtu (million British thermal units). For Marathon Oil, ~57% of the company’s average daily production was crude oil during the second quarter, ~19% was natural gas liquids, and ~24% was natural gas. Liquids formed ~76% of the company’s average daily production during the second quarter.

Marathon Oil’s performance in 2018

Overall, Marathon Petroleum has gained 28.5% since the beginning of 2018. At the same time, US crude oil has increased 18.6%, while natural gas has fallen 1.5%. Apache (APA) and EOG Resources (EOG) have gained 10.9% and 10.0% in 2018, respectively. The SPDR S&P Oil & Gas Exploration & Production ETF (XOP) has gained 13.6%. Marathon Oil is outperforming XOP by ~1,500 basis points.

Series overview

In this series, we’ll discuss whether Marathon Oil could continue to rise from here. We’ll discuss Marathon Oil’s technical indicators and price forecast. We’ll also look at the recent institutional activity in Marathon Oil and analysts’ recommendations.

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