BTC iShares U.S. Oil Equipment & Services ETF
How a Fed Rate Hike Could Hurt Crude Oil Prices
The US Dollar Index (DXY) has risen 8% against global currencies in 2015. The rising dollar should put further pressure on the pessimistic oil market.
Does Nabors Industries Expect Rig Count to Rise in the Near Term?
Nabor Industries’s Drilling & Rig Services segment accounted for nearly all of the company’s revenues in 2Q16.
Wall Street Analysts’ Targets for SLB, HAL, NOV, and WFT
Approximately 90% of the analysts tracking Halliburton (HAL) recommended a “buy,” ~8% recommended a “hold,” and the rest recommended a “sell.”
Cushing Crude Oil Inventories: What Does the Future Hold?
Bloomberg surveys projected that Cushing crude oil inventories fell by 0.7 MMbbls (million barrels) for the week ending June 3—compared to the previous week.
Which Oilfield Service Major Achieved Earnings Progress in 2017?
Halliburton (HAL) recorded a net loss of ~$463 million in 2017—a sharp improvement compared to a net loss of $5.73 billion in 2016.
What Are the Key Bearish Drivers for Crude Oil Prices in 2016?
Multiyear low crude oil prices impact domestic and international oil producers’ margins like PetroChina, Comstock Resources, Whiting Petroleum, and Denbury Resources.
Cushing Inventories Rise for the First Time in 12 Weeks
Cushing is the largest crude oil storage hub in the United States. A market survey estimates that Cushing inventories fell from August 4 to August 11.
Crude Oil Prices Rally Due to Short Covering
WTI (West Texas Intermediate) crude oil futures contracts for January delivery rose slightly by 0.4% and closed at $43.04 per barrel on Wednesday.
Short Interest in Weatherford International on August 4
As of August 4, 2017, Weatherford International’s (WFT) short interest as a percentage of its float was 15.8%—unchanged compared to June 30, 2017.
Inside Patterson-UTI Energy’s Current Valuation Compared to Peers
Patterson-UTI Energy’s EV, when scaled by trailing-12-month adjusted EBITDA, is lower than the group peer average.
US Crude Oil Inventories Could Reach Record Levels
On February 22, the API will release its weekly crude oil inventory report. US crude oil inventories could have risen from February 10–17, 2017.
Russia’s Central Bank: Crude Oil Prices Could Hit $40 per Barrel
Brent crude oil prices could fall as low as $40 per barrel by the end of 2017 if OPEC doesn’t extend major producers’ production cut deal in 2H17.
Why Goldman Sachs Revised Its Crude Oil Price Forecast
Goldman Sachs (GS) forecast that Brent crude oil prices could test $50 per barrel in 2H16 due to recent supply outages.
Hopes for Oil Producer Meeting Boosted Prices for Last 2 Months
The Doha meeting was originally scheduled for March 2016. However, due to scheduling difficulties, it had to be postponed, which led to a rise in crude oil price volatility.
Libya’s Crude Oil Production Reached a 3-Year High
Libya’s National Oil Corporation reported that the country’s crude oil production rose by 300,000 bpd between September 2016 and January 2017.
Major Banks Predict Crude Might Trade Like This For the Rest of 2016
December 2016 WTI crude oil contracts are trading at a discount of $4 per barrel to December 2017 WTI crude oil contracts—the widest gap in almost 8 months.
OPEC Could Pressure US Natural Gas Prices in 2018
US natural gas rigs rose 35% in the last 12 months, while US natural gas prices (UNG) fell 20% during this period.
What Are the Key Drivers for the Crude Oil Market This Week?
July West Texas Intermediate crude oil futures contracts trading in NYMEX rose by 2.9% and settled at $49.37 per barrel on June 20, 2016.
API Crude Oil Stocks Could Add More Pain for Crude Oil Prices
On April 19, the API will release its weekly crude oil inventory report. The US crude oil inventory rose by 6.22 MMbbls for the week ending April 8, 2016.
Will the Fed and US Dollar Impact Crude Oil Prices?
The US dollar and crude oil (IEZ) (PXI) are usually inversely related. A rise in the US dollar makes crude oil more expensive for oil importers.
Producers’ Production Cut Deal: Will the Extension Happen?
Crude oil (IEZ) (RYE) (USO) (XOP) prices rose ~16% between November 15, 2016, and March 6, 2017, due to major oil producers’ production cut deal.
Natural Gas Prices Are Trading Close to $2 per MMBtu
November natural gas futures contracts are following their long-term downward trend. Prices are trading close to the key support of $2 per MMBtu.
US Crude Oil Inventories Could Hit a New Record
On March 7, the API (American Petroleum Institute) will release its weekly crude oil inventory report. US crude oil inventories are at an all-time high.
Oil Traders Focus on US Crude Oil Inventories
On January 31, the API released its weekly crude oil inventory report. It reported that US crude oil inventories rose by 5.8 MMbbls from January 20–27.
Why the US Crude Oil Rig Count Is Slowing
Baker Hughes reported that the US crude oil rig count fell by five to 744 on September 15–22, 2017. Rigs fell for the third straight week.
How Could Lower Production Impact Apache Corporation’s Revenues?
Excluding the effect of hedges, Apache Corporation’s (APA) average realized crude oil (USO) price in 4Q15 was $38.86 per barrel, down ~45% from $70.81 per barrel in 4Q14.
Crude Oil Prices Have Fallen 11% since October 9
December WTI crude oil futures contracts trading in NYMEX fell by 1.4% on Monday, October 26, 2015. Crude oil prices fell for the second day.
Will Global Crude Oil Demand Fall in 2017 and 2018?
The IEA downgraded the global crude oil demand estimates for 2017 and 2018, which weighed on oil (USO) (USL) prices on November 14, 2017.
Will US Crude Oil Inventories Pressure Oil Prices?
September US crude oil (BNO) (IEZ) (UCO) futures contracts fell 0.3% to $46.4 per barrel in electronic trading at 2:15 AM EST on July 19, 2017.
What Short Interest in Weatherford Indicates
Weatherford International’s (WFT) short interest as a percentage of its float was 14.9% as of May 22, 2017, compared to ~14% as of March 31, 2017.
US Crude Oil Production Is near 4-Year Low
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.
What’s the Short Interest in Weatherford International?
Weatherford International’s (WFT) short interest as a percentage of its float was 16.7% as of May 26, 2017, compared to ~14% as of March 31, 2017.
US and Brent Crude Oil Price Forecast for the Next 6 Months
Brent crude oil futures are trading below their 20-day, 50-day, 100-day, and 200-day moving averages of $49.9, $51.6, $53.3, and $53.8 per barrel.
Will Russia’s Oil Production Fall in the Coming Months?
Russia’s Energy Ministry reported that its oil production fell in the first half of April 2017 due to major producers’ production cut deal.
OPEC’s Spare Crude Oil Production Capacity near 7-Month High
The EIA estimated that OPEC’s spare crude oil production capacity increased by 60,000 bpd (barrels per day), or 2.8%, to 2.1 MMbpd (million barrels per day) in November 2017 compared with the previous month.
Short Interest in Weatherford International as of April 7
Weatherford International’s (WFT) short interest as a percentage of float was 14.1% as of April 7, 2017, compared to 10.5% as of December 30, 2016.
Russia’s Crude Oil Production Hits Record: What’s Next?
Russia’s crude oil production rose by 2,000 bpd (barrels per day) to 11.23 MMbpd (million barrels per day) in November 2016 compared to the previous month.
Cushing Crude Oil Inventories’ Record Highs: Impact on Oil
Market surveys estimate that Cushing crude oil inventories fell from February 10 to 17, 2017. A fall in crude oil inventories at Cushing could support US crude oil prices.
Could Iran Influence the Crude Oil Market?
On August 23, Reuters reported that Iran showed interest in joining major oil producers’ meeting meant to freeze output and support crude oil prices.
US Crude Oil Futures Are near 3-Week Low: What’s Next?
US crude oil (XLE) (XOP) (IEZ) futures contracts for September delivery fell 0.1% to $47.55 per barrel on August 15, 2017.
How Did Halliburton Turn Its Free Cash Flow Positive in 2017?
Halliburton’s (HAL) CFO (cash flow from operating activities) in 2017 was a significant improvement over 2016.
Why Traders Are Tracking the API’s Crude Oil Inventories
A market survey estimates that US crude oil inventories fell by 2.83 MMbbls on June 23–30, 2017. Gasoline inventories might have fallen by 0.5 MMbbls.
OPEC Mania Is Back: Will Crude Oil Soar?
US crude oil rose on November 18 due to the market’s belief that OPEC (Organization of the Petroleum Exporting Countries) members might cut their output.
Jeffrey Gundlach: The Junk Bond Market Needs Higher Oil Prices
Jeffrey Gundlach also warned about the high-yield market (HYG) (JNK). He said the “clock is running out” for energy companies (IEZ) due to low oil (USO) prices.
Gasoline Futures and Crude Oil Prices Diverged
April gasoline futures fell 1.3% to $1.58 per gallon on March 15, 2017. Prices fell despite the fall in US gasoline inventories.
US Crude Oil Rigs Recovered from a Two-Month Low
US crude oil rigs rose by three to 861 on July 20–27. The rigs hit 858 for the week ending July 20—near the lowest level since May 18.
How Do Large OFS Companies’ Valuations Stack Up?
Schlumberger’s enterprise value (or EV) when scaled by trailing-12-month (or TTM) adjusted EBITDA is lower than the peer average in our group here.
US Crude Oil Rigs Rose the Most since June 2017
Baker Hughes released its weekly oil and gas rig count report on November 10. It estimated that US oil rig counts rose by nine to 738 on November 3–10.
Will Natural Gas Prices Hold above $2 per MMBtu
Long-term bearish momentum is dragging natural gas prices to record lows. All the fundamental drivers are supporting the bearish traders.
Bottom Fishing: Natural Gas Prices Could Rally
The long-term bearish momentum could cause natural gas prices to fall, and the next support for natural gas prices could be seen at $2 per MMBtu.
Will Russia’s Crude Oil Production Impact Crude Oil Prices?
Russia is the largest crude oil producer in the world. Its crude oil production was flat at 11.1 MMbpd in February 2017—compared to the previous month.
What Does Patterson-UTI Energy’s Historical Valuation Suggest?
Patterson-UTI Energy’s forward PE multiple isn’t available, which indicates negative earnings in the next 12 months.
Crude Oil Prices Tumble Due to Slowing Refinery Demand
September West Texas Intermediate crude oil futures contracts trading on the NYMEX fell by 3.7% and closed at $40.06 per barrel on August 1, 2016.
Crude Oil Prices Fell below 200-Day Moving Average
So far, crude oil prices and broader markets such as the S&P 500 (SPY) (SPX-INDEX) are diverging in 2017. SPY has risen 4.9% YTD (year-to-date).
Oil Prices, World Oil Consumption, and Global Economic Growth
Steady world oil consumption would support oil prices in 2017. The change in world consumption is expected to average 1.6% in 2017.
Saudi Arabia’s Real Crude Oil Production and Export Plans
The EIA estimates that Saudi Arabia’s crude oil production rose by 50,000 bpd to 10.03 MMbpd in May 2017—the highest level in the last five months.
What Was the Short Interest in Weatherford on June 2?
Weatherford International’s (WFT) short interest as a percentage of its float was 16.6% as of June 2, 2017, compared to 13.9% as of March 31, 2017.
Crude Oil Prices Rose Due to Geographical Tensions
The US benchmark WTI crude oil futures contracts for December delivery rose by 2.5% on November 16. Crude oil prices rose due to possible supply disruptions.
US Crude Oil Production Could Hit a Record
The EIA reported that US crude oil production rose by 32,000 bpd (barrels per day) to 9,429,000 bpd on July 7–14, 2017. Production is at a two-year high.
Weatherford International’s Short Interest on May 12
Weatherford International’s (WFT) short interest as a percentage of its float was 14.9% on May 12, 2017, compared to ~14% on March 31, 2017.
US Crude Oil Imports from Saudi Arabia Hit a 7-Year Low
US crude oil imports have fallen 4.5% YTD. US crude oil imports from Saudi Arabia are at a seven-year low at 524,000 bpd for the week ending July 14, 2017.
US Crude Oil Inventories Fell 10% from Their Peak
The EIA reported that US crude oil inventories fell by 1.5 MMbbls (million barrels) or 0.3% to 481.8 MMbbls on July 21–July 28, 2017.
US Crude Oil Inventories Hit a New All-Time High
April West Texas Intermediate crude oil (ERX) (USO) (UCO) futures contracts were flat at $54.45 per barrel in electronic trading at 12:40 AM EST on February 24, 2017.
Will US Natural Gas Futures Fall More?
US natural gas (GASL) futures contracts for January delivery were below their 20-day, 50-day, and 100-day moving averages on December 14, 2017.
US Distillate Inventories Are near a 3-Year Low
US distillate inventories fell by 302,000 barrels to 128.9 MMbbls (million barrels) on October 20–27, 2017. It’s the lowest level since April 10, 2015.
What Could Offset OPEC’s Crude Oil Production Cut Deal?
US crude oil production rose by 22,000 bpd to 9,342,000 bpd on May 19–26, 2017. Production is near the highest level since August 14, 2015.
US Crude Oil Production: Highest Level since March 2016
The EIA estimates that US crude oil production will average 8,980,000 bpd and 9,530,000 bpd in 2017 and 2018, respectively.
What’s Up with Halliburton’s Net Debt-to-Equity Ratio?
On March 31, 2018, Halliburton’s (HAL) net debt was $8.57 billion, 3% lower than its net debt of $8.88 billion on March 31, 2017.
Schlumberger’s Earnings Made Progress in 9M17
In 9M17, Schlumberger reported a net income of $749 million—a huge improvement compared to 9M16 when it recorded a net loss of nearly $1.48 billion.
Monthly US Crude Oil Production Hit May 2016 High
The EIA reported that monthly US crude oil production rose by 60,000 bpd (barrels per day) to 8.8 MMbpd in January 2017—compared to the previous month.
Gasoline Inventories Could Push Crude Oil Prices to a New Low
The API released its weekly inventory report on May 2, 2017. It estimated that US gasoline inventories fell by 1.9 MMbbls (million barrels) on April 21–28.
How US Crude Oil Production Affects Crude Oil Prices
The EIA (U.S. Energy Information Administration) reported that US crude oil production rose 14,000 bpd (barrels per day) to 8,464,000 bpd between October 7 and October 14, 2016.
How the US Dollar and Brexit Are Affecting Crude Oil Prices
Prior to the Brexit referendum, WTI (West Texas Intermediate) crude oil futures contracts for August delivery rose by 2% and settled at $50.11 per barrel on Thursday, June 23, 2016.
EIA Downgraded Crude Oil Price Forecasts for 2017 and 2018
The EIA estimates that US WTI and Brent crude oil prices will average $55.1 per barrel and $57.1 per barrel, respectively, in 2018.
OPEC’s Crude Oil Production Fell in October
Reuters estimates that OPEC’s crude oil production fell by 80,000 bpd (barrels per day) to 32,780,000 bpd in October 2017—compared to the previous month.
Analyzing China’s Crude Oil Imports and Demand
Bloomberg estimates that China’s crude oil imports fell by 810,000 bpd (barrels per day) to 8.4 MMbpd (million barrels per day) in April 2017.
Will Technip-FMC Merger Change the Pecking Order in OFS Industry?
Schlumberger (SLB), the oilfield services (or OFS) industry leader, generated $35.4 billion in revenues in 2015. It will continue to be the industry leader even after the FMC-Technip merger.
How OPEC’s Spare Crude Oil Production Capacity Is Recovering
The EIA estimates that OPEC’s spare crude oil production capacity rose 35,000 bpd (barrels per day) to 2 MMbpd (million barrels per day) in August 2017.
Gasoline Inventories Could Fall from All-Time High Levels
The API released its weekly inventory report on February 22, 2017. It estimated that US gasoline inventories fell by 0.9 MMbbls from February 10–17, 2017.
Crude Oil Prices Fell Due to the Appreciating US Dollar
December WTI crude oil futures contracts trading in NYMEX fell by 2.6% on November 17. Crude oil prices resumed a downward trend.
Why Did WTI Fall More than Brent Crude Oil Prices?
WTI crude oil futures contracts for January delivery fell by 4.7% during the first week of December. Crude oil prices were volatile due to OPEC’s meeting.
Cushing Crude Oil Stocks and Nationwide Inventory Diverge
On October 29, 2015, Genscape reported that the crude oil inventory at Cushing, Oklahoma, continued to fall. The inventory fell for the second straight week.
OPEC’s Crude Oil Exports: Bullish or Bearish for Traders?
Reuters estimates that OPEC’s crude oil exports rose by 450,000 bpd to 25.92 MMbpd in June 2017—compared to the previous month.
Strong Demand and Production Cuts Could Impact Crude Oil Futures
US crude oil futures (DWT) (UCO) contracts for March delivery rose 0.96% to $66.14 per barrel on January 26, 2018.
Crude Oil Futures and Wall Street Extends the Rally
US crude oil futures contracts for February delivery also rose 0.6% to $62.01 per barrel on January 4, 2018—the highest settlement since December 2014.
Institutional Investors Seem Bearish on National Oilwell Varco
The Vanguard Group, Dodge & Cox, and First Eagle Investment Management are the top three institutional investors in National Oilwell Varco.
Short Interest in Schlumberger as of May 25
Since May 26, 2017, short interest in SLB has increased 1.4%.
What Schlumberger’s Historical Valuations Suggest
On March 29, Schlumberger’s (SLB) stock price was 4.0% lower than on December 29, 2017.
Gauging Short Interest in Keane Group as of May 25
As of May 25, 2018, short interest in Keane Group (FRAC) as a percentage of its float was 13.4%, compared to 32.5% as of May 25, 2017.
What’s the Short Interest in Helix Energy Solutions on May 10?
Since May 10, 2017, short interest in HLX has gone down 15%.
What Were TechnipFMC’s Earnings Drivers in 1Q18?
TechnipFMC (FTI) released its 1Q18 financial results on May 9. From 1Q17 to 1Q18, the Subsea segment’s revenue decreased 14%.
Analysts’ Forecasts for Schlumberger, Post-1Q18 Earnings Release
In this article, we’ll look at Wall Street analysts’ forecasts for Schlumberger (SLB) following its 1Q18 earnings release.
Wall Street’s Forecasts for Weatherford after 1Q18 Earnings
In this article, we’ll look at Wall Street analysts’ forecasts for Weatherford International (WFT) stock following the company’s 1Q18 earnings release.
How National Oilwell Varco’s Short Interest Compares
Short interest in National Oilwell Varco (NOV) as a percentage of its float was 6.1% as of April 16, 2018.
What Analysts Expect for National Oilwell Varco in 1Q18
In 1Q18, Wall Street analysts expect National Oilwell Varco (NOV) to post adjusted EPS (earnings per share) of -$0.01, compared with -$0.04 in 4Q17.
Gauging Short Interest in Baker Hughes, a GE Company
Short interest in Baker Hughes, a GE Company (BHGE), as a percentage of its float was 5.7% as of April 12, 2018, compared to 2.7% as of April 12, 2017.
Short Interest in Nabors Industries on February 12
On February 12, 2018, short interest in Nabors Industries (NBR) as a percentage of its float was 18.6% compared to 7.8% on February 13, 2017.
Wall Street’s Forecasts for Weatherford after Its 4Q17 Earnings
Wall Street analysts’ mean target price for Weatherford International (WFT) on February 2 was ~$5.30. WFT is currently trading at ~$3.50, implying an ~52.0% upside at its current price.
US Crude Oil Inventories Limit the Upside for Oil Prices
The EIA reported that US crude oil inventories increased by 6.8 MMbbls (million barrels) to 418.3 MMbbls on January 19–26, 2018.
Wall Street’s Forecasts for Baker Hughes after Its 4Q17 Earnings
In this article, we’ll look at Wall Street analysts’ forecasts for shares of Baker Hughes, a GE company (BHGE) following its 4Q17 earnings release.