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Oil Fell on Global Growth Concerns as US-China Trade War Escalates
Oil prices tumbled on Monday after the Chinese government announced it would impose tariffs on US imported goods worth $60 billion starting June 1.
Why OPEC’s Crude Oil Production Rose in July
On July 30, a Reuters survey showed that OPEC’s crude oil production increased by 70,000 bpd (barrels per day) to 32.64 MMbpd in July.
US Offshore Rig Count Fell by Two in Week 30
The US offshore rig count in Week 30, which ended July 27, was 16, one less than the previous week and eight less YoY (year-over-year).
Large Drop in US Gasoline Inventories Helped Oil Futures
US gasoline production decreased 0.4% to 10.3 MMbpd (million barrels per day) on July 13–20. The production decreased 1.3% from a year ago.
How Analysts Rate Noble, Pre-Q2 2018 Results
Analysts’ consensus rating for Noble is 3.2 on a scale of 1 (“strong buy”) to 5 (“strong sell”), meaning “hold.”
Is President Trump Helping Crude Oil Bulls or Bears?
WTI crude oil prices fell 8.2% on June 29–July 17. August WTI oil futures contracts rose 0.03% to $68.08 per barrel on July 17.
Diamond Offshore Has the Most ‘Sell’ Ratings among Peers
In this part of our series, we’ll compare Wall Street analysts’ consensus ratings for the offshore drilling companies we’ve been analyzing.
Comparing Offshore Drilling Companies’ Dividend Yields
Dividend yield indicates how much a company pays in dividends relative to its share price. It’s calculated as the dollar value of dividends as a percentage of the stock price.
Comparing Offshore Drilling Companies’ Liquidity
Along with a company’s long-term solvency, it’s important to look at its liquidity position.
US Gasoline Inventories Help Gasoline Futures
US gasoline futures rose 0.6% to $2.13 per gallon on July 5 due to the larger-than-expected drop in gasoline inventories.
Saudi Arabia’s Crude Oil Production Could Hit a New Record
Reuters estimates that Saudi Arabia’s crude oil production increased by 700,000 bpd to 10,700,000 bpd in June—compared to the previous month.
OPEC’s Crude Oil Production Rose in June
On July 2, a Reuters survey showed that OPEC’s crude oil production increased by 320,000 bpd (barrels per day) to 32,320,000 bpd in June.
Week 24: Where Was the US Offshore Rig Count Headed?
The US offshore rig count in Week 24, which ended June 15, was 20, the same as the previous week.
Saudi Arabia’s Oil Production Is near a Five-Month High
Saudi Arabia’s crude oil production increased by 60,000 bpd to 10,120,000 bpd in May—compared to the previous month.
Can US Crude Oil’s Recovery Be Sustained?
On June 11, US crude oil July futures rose 0.5% and settled at $66.10 per barrel.
US Crude Oil Prices Could Fall More
On June 4, US crude oil July futures fell 1.6% and settled at $64.75 per barrel—the lowest closing level for active US crude oil futures since April 9.
Week 21: Offshore Rig Count Is Flat Compared to Previous Week
Last week, the US offshore rig count was at 19, the same as it was in the previous week.
Analysts’ Target Price for Schlumberger as of May 25
On May 25, ~75.0% of the Wall Street analysts tracking Schlumberger rated it as a “buy” or some equivalent.
Wells Fargo Upgrades Rowan Companies to ‘Outperform’
RDC’s analyst recommendations Analysts’ consensus rating for Rowan (RDC) is 2.6, which means a “hold.” Peers Transocean (RIG), Diamond Offshore (DO), Noble (NE), and Ensco (ESV) also have “hold” ratings. Of the 31 analysts covering Rowan (RDC), 39% recommend “buy” or some equivalent, 55% recommend “hold,” and 6% recommend “sell.” Among the top offshore drilling stocks […]
Analysts Love Ensco: A Closer Look
In this series, we’ll discuss analysts’ ratings and recommendations for offshore drillers.
Understanding Schlumberger’s First-Quarter Drivers
Schlumberger’s production group witnessed the highest revenue growth (~35%) in the first quarter compared to Q1 2017, followed by the Drilling (7.1%) and Cameron (5%) groups.
US Crude Oil Inventory Data: What to Expect
In the week ending April 20, US crude oil inventories rose by ~2.17 MMbbls (million barrels) to ~429.7 MMbbls.
Analyzing the US Natural Gas Production Trend
PointLogic estimates that US dry natural gas production increased 0.6% to 80.1 Bcf (billion cubic feet) per day on April 19–25.
Estimates and Recommendations for Ensco ahead of 1Q18 Earnings
Of the 32 analysts covering Ensco (ESV), 44% recommend a “buy” or equivalent for the stock.
Rise in US Oil Inventories Could Help Oil Rise More
In the week ending April 13, US crude oil inventories fell by 1.1 MMbbls (million barrels) to ~427.6 MMbbls.
US Natural Gas Production Fell on April 12–18
PointLogic, a market intelligence company, estimates that US dry natural gas production fell 0.6% to 79.6 Bcf per day on April 12–18, 2018.
What Wall Street Forecasts for Halliburton ahead of 1Q18 Earnings
As of January 16, 2018, 89% of Wall Street analysts tracking Halliburton rated it a “buy” or some equivalent.
EIA Downgrades US Natural Gas Production Forecast for 2018
PointLogic, a market intelligence company, estimates that US dry natural gas production rose 0.3% to 80.1 Bcf per day on April 5-11, 2018.
Higher Inventories Might Help Oil Prices Rise
In the week ending March 30, 2018, US crude oil inventories fell by 4.6 MMbbls (million barrels) to ~425.3 MMbbls.
US Natural Gas Production Is near a Record Level
The EIA reported that US dry natural gas production declined 1.1% to 79.9 Bcf (billion cubic feet) per day in January 2018—compared to December 2017.
Oil Prices Could Fall after the EIA’s Inventory Data
In the week ending March 23, 2018, US crude oil inventories rose by 1.64 MMbbls (million barrels) to ~429.94 MMbbls.
Integrated Energy Stocks That Are on the Rise this Week
Continuing with the biggest movers in the energy sector, we’ll now look at the top gainers from the integrated energy sector in the US for the week that began on March 12.
US Dry Natural Gas Production Increased on March 8–14
According to PointLogic, US dry natural gas production increased 0.1% to 78.4 Bcf (billion cubic feet) per day on March 8–14, 2018.
Hedge Funds Decreased Net Long Positions in WTI Crude Oil
Hedge funds’ net long positions on WTI crude oil futures and options contracts decreased 4.3% to 446,023 on February 27–March 6, 2018.
Why Did US Dry Natural Gas Production Decline?
US dry natural gas production decreased 0.5% to 78.1 Bcf (billion cubic feet) per day on March 1–7, 2018, according to PointLogic.
US Natural Gas Inventories Declined
US natural gas inventories fell by 57 Bcf (billion cubic feet) to 1,625 Bcf on February 23–March 2, 2018, according to the EIA.
US Natural Gas Production Hits Record High
Monthly US natural gas production On February 28, 2018, the EIA (U.S. Energy Information Administration) released its monthly natural gas production data. It reported that US dry natural gas production rose 4.5% to a record high of 80.9 Bcf per day between November and December 2017. Production rose 7.3 Bcf (10%) per day year-over-year. US natural gas prices have fallen ~30% […]
Hedge Funds Reduce Net Long Positions in US Crude Oil
Hedge funds’ net long positions in US crude oil futures and options contracts declined by 22,151 or 4.6% to 450,641 on February 6–13, 2018.
Analyzing Iran’s Crude Oil Production
According to the EIA, Iran’s crude oil production increased by 10,000 bpd to 3.8 MMbpd in January 2018—compared to December 2017.
What’s Wall Street’s Forecast for Nabors Industries?
Approximately 66% of the Wall Street analysts tracking Nabors Industries rated it as a “buy” or some equivalent.
Shallow Water Drilling Permits Rose, Deepwater Permits Fell
In December 2017, no drilling permits were issued in the Gulf of Mexico’s shallow waters. In November, one drilling permit was issued.
Wall Street’s Forecasts for NOV after Its 4Q17 Earnings
In this article, we’ll take a look at Wall Street analysts’ forecasts for National Oilwell Varco (NOV) shares following its 4Q17 earnings release.
What’s the Short Interest in SLB and HAL after 4Q17?
Short interest in Schlumberger (SLB) as a percentage of its float was 2.0% as of January 31, 2018, compared to 1.2% as of January 31, 2017.
Why OPEC’s Crude Oil Production Rose in January
A Reuters survey showed that OPEC’s crude oil production increased by 100,000 bpd (barrels per day) to 32.4 MMbpd (million barrels per day) in January 2018.
Will China’s Crude Oil Imports Rise in 2018?
China’s crude oil imports increased 10% to 8.4 MMbpd (million barrels per day) in 2017 from 2016, according to China’s General Administration of Customs.
Rowan Companies: 4Q17 Analyst Estimates and Recommendations
Of the 33 analysts covering Rowan Companies (RDC), 30% recommend a “buy” or some equivalent for the stock, while 61% recommend a “hold.”
Analyst Recommendations for Transocean before 4Q17 Results
Of the 34 analysts covering Transocean, 44% recommend a “buy” or some equivalent for the stock, while 32% recommend a “hold.”
Global Crude Oil Supply Outages Could Push Oil Prices Higher
According to the EIA, global crude oil supply outages increased by 208,000 bpd or 14% to 1,738,000 bpd in December 2017—compared to November 2017.
What Were Baker Hughes’s Value Drivers in 4Q17?
From 4Q16 to 4Q17, the Oilfield Services segment of Baker Hughes, a GE company (BHGE), saw a 10% rise in revenue.
Transocean’s Key Updates Last Week
On January 18, 2018, Transocean announced that it concluded its shareholder meeting. Shareholders approved the acquisition of Songa Offshore.
Restarting the Wintershall Oilfields in Libya Could Impact Oil Prices
On January 21, the NOC (National Oil Corporation) of Libya said that it would restart the Wintershall AG’s Sara oilfield. NOC is a state-owned oil company.
US Natural Gas Inventories: Analyzing the Withdrawal This Week
A larger-than-expected withdrawal in natural gas inventories compared with the historical averages could support natural gas (UNG) prices this week.
Analyzing Schlumberger’s Revenues and Earnings in 4Q17
In fiscal 2017, Schlumberger’s (SLB) revenues increased 9% to $30.4 billion—compared to the same period in fiscal 2016.
US Crude Oil Inventories Fell 10% in the Last 10 Weeks
The EIA reported that US crude oil inventories declined by 6.9 MMbbls (million barrels) or 1.6% to 412.7 MMbbls on January 5–12, 2018.
Weatherford’s Stock Price Forecast
On January 16, Weatherford International’s (WFT) implied volatility (or IV) was ~64%. Its 3Q17 earnings were announced on November 1, 2017. Since then, its implied volatility has increased from 54% to the current level.
Will Rig Counts Affect Weatherford in 4Q17?
In 3Q17, Weatherford International’s (WFT) revenue share from North America was 39.7%, which compares favorably with the 37.6% revenue share from North America in 2Q17.
Global Crude Oil Supply Outages Are near a 4-Month High
Global crude oil supply outages increased by 208,000 bpd (barrels per day) to 1,738,000 bpd in December 2017—compared to the previous month.
US Dollar Hit a 3-Year Low: Good News for Crude Oil?
The US Dollar Index (UUP) fell 0.64% to 90.39 on January 16, 2018—the lowest level since December 2014.
Noble’s Analyst Recommendations at the Start of 2018
Noble (NE) was the third-best performer among top offshore drillers in terms of market returns in 2017.
Is Analyst Sentiment toward Ensco Turning Bullish?
Of the 32 analysts covering Ensco, 47% recommend a “buy” or some equivalent for ESV stock.
Cushing Inventories Fell 33% from the Peak
Analysts expect that Cushing crude oil inventories could have declined on January 5–12, 2018. A fall in Cushing inventories is bullish for oil prices.
US Natural Gas Consumption Could Hit a Record in 2018 and 2019
US natural gas consumption fell 14.4% to 102.6 Bcf (billion cubic feet) per day on January 4–10, 2018, according to PointLogic.
US Dollar Recovering from 3-Month Low: Bearish for Crude Oil?
The US Dollar Index fell ~9.8% in 2017. The dollar fell partly due to the improving economy outside the US. It was the worst annual drop since 2003.
Cushing Inventories Hit February 2015 Low
A Bloomberg survey estimated that the crude oil inventories at Cushing could have fallen by 1.5 MMbbls between December 29, 2017, and January 5, 2018.
Schlumberger: Analysts’ Recommendation before 4Q17
According to data compiled by Reuters, on January 2, 2018, 73% of the Wall Street analysts tracking Schlumberger rated it as a “buy” or some equivalent.
Worst Oilfield Services Growth Stocks with Respect to the Market
Weatherford International’s (WFT) stock price has fallen 16.0% through December 29, 2017, in the past year.
Will US Crude Oil Production Undermine Crude Oil Futures?
According to the EIA, US crude oil production increased by 28,000 bpd (barrels per day) to 9,782,000 bpd on December 22–29, 2017.
Weatherford International’s Valuation Compared to Its Peers
Weatherford International’s (WFT) EV (enterprise value) when scaled by a trailing 12-month adjusted EBITDA is close to the peer average in our group.
Weatherford International’s Historical Valuation
In 3Q17, Weatherford International’s (WFT) adjusted earnings were negative. So its PE (price-to-earnings) multiple wasn’t meaningful that quarter.
RBC Revised Its Target Prices for Offshore Drillers Last Week
In this article, we’ll take a look at RBC Capital’s revised target prices for three offshore drillers (IYE).
Natural Gas Inventories Could Help US Natural Gas Prices
A larger-than-expected withdrawal in US natural gas inventories compared to historical averages would help natural gas prices this week.
Why Oil Traders Are Tracking US Gasoline Inventories
US gasoline inventories rose by 0.5 MMbbls (million barrels) or 0.3% to 228.3 MMbbls from December 15 to 22, 2017, per the EIA.
How Many Drilling Permits Were Issued in November?
In November 2017, one drilling permit was issued in the shallow waters of the Gulf of Mexico.
What’s in Store for the US Offshore Rig Count?
The US offshore rig count stood at 19 in the week ended December 22, 2017.
Will US Crude Oil Inventories Drive Oil Prices to $62 per Barrel?
For the week ending December 15, 2017, US crude oil inventories fell for the fifth straight week. So far, nationwide inventories have fallen 9.8% in 2017.
US Crude Oil Rig Count: Almost Flat in the Last 5 Weeks
Baker Hughes published its US crude oil rig report on December 22, 2017. The US crude oil rig count was flat at 747 on December 15–22, 2017.
US Natural Gas Production Could Help Natural Gas Bears
According to PointLogic, US dry natural gas production rose 0.9% to 76.8 Bcf (billion cubic feet) per day on December 14–20, 2017.
Crude Oil Prices: Which Factor Could Change the Trend?
The EIA estimated that US crude oil production rose by 9,000 bpd (barrels per day) to 9,789,000 bpd on December 8–15, 2017.
Global Crude Oil Supply Outage Is near 2012 Low
According to the EIA, global crude oil supply outages fell by 10,000 bpd (barrels per day) or 0.7% to 1,555,000 bpd in November 2017.
Weatherford International’s Value Drivers in 3Q17
Revenues from Weatherford International’s (WFT) North America region saw robust revenue growth of ~20% from 3Q16 to 3Q17.
Cushing Inventories: Largest Weekly Fall since 2009
Cushing inventories fell by 3,317,000 barrels to 52.2 MMbbls (million barrels) on December 1–8, 2017, according to the EIA.
EIA Upgrades US Natural Gas Production for 2018
US dry natural gas production was flat at 76.1 Bcf (billion cubic feet) per day on December 7–13, 2017, according to PointLogic.
US Distillate Inventories Fell for the First Time in 4 Weeks
US distillate inventories fell by 1.3 MMbbls (million barrels) to 128.1 MMbbls on December 1–8, 2017, according to the EIA.
Will the EIA Upgrade US Crude Oil Production Estimates?
Weekly US crude oil production hit 9,707,000 bpd for the week ending December 1, 2017—the highest level ever.
Is US Natural Gas Production Helping Natural Gas Bears?
US dry natural gas production fell by 0.5 Bcf per day or 0.7% to 76.2 Bcf per day on November 30–December 6, 2017, according to PointLogic.
US Gasoline Inventories Add More Pain to Crude Oil Futures
According to the EIA, US gasoline inventories rose by 6,780,000 barrels to 220.8 MMbbls (million barrels) on November 24–December 1, 2017.
Traders Track US Crude Oil Production and Exports
US crude oil production rose by 290,000 bpd (barrels per day) or 3.1% to 9,481,000 bpd in September 2017—compared to the previous month.
Where Is the Offshore Rig Count Heading?
In October 2017, the international offshore rig count was 204—down 14 rigs from 190 in the previous month.
Production Cut Extension Could Influence US Natural Gas Rigs
Baker Hughes, a GE company, is scheduled to release its US crude oil and natural gas rig count report on December 1, 2017.
Oil Prices Fall despite the Draw in US Crude Oil Inventories
The EIA estimated that US crude oil inventories fell by 3.4 MMbbls (million barrels) to 453.7 MMbbls on November 17–24, 2017.
Improving US Crude Oil Drilling Costs and Oil Exports
US crude oil exports rose by 462,000 bpd or 41% to 1,591,000 bpd on November 10–17, 2017, according to the EIA.
Analyzing Libya’s Crude Oil Production
Libya is one of OPEC’s members. The EIA estimated that its crude oil production rose by 35,000 bpd or 3.8% to 960,000 bpd in October 2017.
OPEC’s Meeting Could Impact US Natural Gas Supply and Prices
PointLogic estimates that US natural gas production rose 0.4% to 75.9 Bcf (billion cubic feet) per day on November 16–22, 2017.
How Lower US Gasoline Inventories Help Crude Oil Futures
US gasoline inventories According to the EIA (U.S. Energy Information Administration), US gasoline inventories rose by 44,000 barrels to 210.4 MMbbls (million barrels) between November 10 and 17, 2017. However, gasoline inventories were 13.5 MMbbls (6.1%) lower than in the same period in 2016. The market estimated that US gasoline inventories would rise by 737,000 barrels between […]
Saudi Arabia Could Help the Global Oil Market
Saudi Arabia’s crude oil exports to the US fell to 525,000 bpd in October 2017—the lowest in 30 years. Exports fell due to ongoing output cuts.
How Nabors Industries’ Valuation Compares to Peers
As you can see in the table below, Baker Hughes, a GE Company (BHGE), is the largest company by market capitalization.
Cushing Inventories Could Pressure WTI Crude Oil Futures
The EIA estimated that Cushing’s crude oil inventories fell by 1,504,000 barrels to 63 MMbbls (million barrels) on November 3–10, 2017.
How Rig Count and Oil Prices Trended Last Week
The US offshore rig count for the week ending November 10, 2017, was 18, unchanged from the previous week.
US Gasoline Demand Could Drive Crude Oil Prices Higher
The EIA estimates that weekly US gasoline demand rose by 147,000 bpd (barrels per day) to 9,461,000 bpd on October 20–27, 2017.
How Transocean’s Backlog and Contracts Stack Up
Transocean’s backlog As of October 26, 2017, Transocean (RIG) had a backlog of $9.4 billion, compared with $10.2 billion in July 2017. A company’s backlog can give some indication of its future revenue. Backlog is the maximum contractual operating day rate multiplied by the number of days remaining in the firm contract period. Backlog breakup While 92% […]