Hess’s Guyana interests Hess (HES), ExxonMobil (XOM), and CNOOC (CEO) jointly own interests in the Stabroek Block, located approximately 120 miles offshore Guyana. Hess, ExxonMobil, and CNOOC have 30%, 45%, and 25% stakes in the venture, respectively, and XOM is the operator. Hess and its partners sanctioned the first phase of a planned multiphase development of the Liza Field […]
Continuing with the biggest movers in the energy sector, we’ll now look at the top gainers from the US integrated energy sector for the week starting December 11.
Cenovus Energy is the biggest loser this week from the integrated energy sector. It has fallen from last week’s close of $11.26 to $10.17 on November 15.
The China Caixin Manufacturing PMI (Purchasing Managers’ Index) rose to 50.6 in July from 48.6 in June. This indicates renewed improvement in operating conditions.
China’s urban fixed-asset investments grew by 9.0% year-over-year in the first six months of 2016, compared with a 9.6% growth from January to May 2016.
In the previous three parts of this series, we covered bullish catalysts for crude oil prices. Now, let’s look at some important bearish drivers for crude oil prices in 2016.
The World Bank projected that China’s economy will decelerate to a 6.7% growth rate in 2016, which would be 0.2 percentage points lower than one year prior.
We think that 2016 will be challenging for the Chinese economy. With policy support and improved credit conditions, economic activity stabilized in 1Q16.
From a purely net asset value return standpoint, the Invesco Pacific Growth Fund Class A (TGRAX) fell the least among its peer group during the one-year period ending March 31, 2016.
The Caixin China Manufacturing PMI rose to 49.7 in March—its highest level 13 months—from 48.0 in February, indicating deterioration in operating conditions.
China’s exports fell sharply by 25.4% YoY (year-over-year) in February—compared to a decline of 11.2% in January. It was the largest decline since May 2009.
The Year of the Monkey is believed to be energetic and positive. Leading up to the New Year, the Shanghai Stock Exchange Composite Index was flat for the week ending February 5 and closed at 2,763.49 points.
In NAV (net asset value) terms, in the one year period ending January 2016, Invesco Pacific Growth Fund (TGRAX) came in second place among our nine funds.
The Invesco Pacific Growth Fund, under normal circumstances, will invest “at least 80% of its net assets in securities of issuers in the Pacific region.”
Chinese energy companies CNOOC (CEO), China Petroleum & Chemical Corporation (SNP), and PetroChina (PTR) have fallen below their 100-day and 20-day moving averages by an average of 2.2% and 6%, respectively.
Kuwait has the lowest cost of extraction of crude oil at $8.5 per barrel. Alternatively, Iran has a cost of extraction that lies around $12.6 per barrel.
According to China’s General Administration of Customs, China’s exports fell 1.4% year-over-year in December 2015, compared to a fall of 6.8% in November.
The Shanghai Stock Exchange (or SSE) Composite Index was dragged down 2.4% from December 22 to December 29 and ended at 3,563.7 points on December 29, 2015.
The SSE Composite Index rose after the US Federal Reserve decided to raise the interest rate by 25 basis points. From December 9–16, 2015, the index rose 1.3% and closed at 3,516.2 points on December 16.
AQMIX gave a total YTD return of 4.1% to its investors. It’s better than the market S&P 500’s (SPY) YTD return of 3.5%. AQMIX is an alternative mutual fund.
The Caixin China Manufacturing PMI was 48.6 in November, slightly up from 48.3 in October, as manufacturing units signaled stabilized output in November.
The SSE Composite Index fell 5.3% week-over-week and ended at 3,436.3 points on November 27, 2015, after several large broking houses came under investigation.
There are indications that China’s foreign trade is shrinking. Exports fell 6.9% YoY to $192.4 billion in October compared to a decline of 3.7% in September.
The SSE Composite Index fell 0.25% and closed at 3,580.8 points for the week ended November 13, 2015. The SSE Composite Index was down after most of China’s macroeconomic indicators pointed to a slowdown.
For the one-month ended September 30, 2015, the Clough China Fund Class A (CHNAX) stands out as the worst performer of our China-focused mutual funds with a return of -2.2%.
Due to recent stock market turbulence in China’s stock market, the SSE (Shanghai Stock Exchange) Composite Index was down 22.7% month-over-month and ended at 3,200.23 points on September 11.
China’s stock market has been in turmoil since June 2015. Its stock market had been soaring, but after May, there was a share selloff, which led to a crash.
Revenues increased primarily on account of higher offshore activity in Mexico, Russia, and North America. Rig revenue from Saxon also attributed to the growth.
