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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.
How Do US Gasoline Inventories Impact Oil Futures?
The EIA reported that US gasoline inventories decreased by 2.5 MMbbls to 231 MMbbls on July 20–27. However, the inventories increased 1.4% YoY.
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.
Venezuela’s Crashing Oil Production Supports Oil Bulls
The EIA estimates that Venezuela’s crude oil output decreased by 65,000 bpd to 1,360,000 bpd in June—compared to the previous month.
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.”
Large Drop in US Gasoline Inventories Supports Crude Oil
The EIA (U.S. Energy Information Administration) released its gasoline inventory data yesterday, reporting that US gasoline inventories fell by 3.2 MMbbls (million barrels) to 235.8 MMbbls last week but rose by 4.6 MMbbls (2%) YoY (year-over-year).
US Offshore Rig Count Remained Steady Last Week
The US offshore rig count in Week 28, which ended July 13, was at 19, the same as the previous week and two rigs lower YoY (year-over-year).
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: Decoding Last Week’s Data
The EIA reported that US gasoline inventories decreased by 0.7 MMbbls (million barrels) to 239 MMbbls on June 29–July 6.
Libya’s Crude Oil Production and Its Effect on Oil Prices
Yesterday, the EIA (U.S. Energy Information Administration) released its monthly short-term energy outlook report.
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.
US Gasoline Futures Rose despite Higher Gasoline Inventories
The EIA reported that US gasoline inventories increased by 1.2 MMbbls (million barrels) to 241.2 MMbbls on June 15–22.
Decoding Crude Oil Supply Outages: Canada and Libya in Focus
Canada’s crude oil supply is estimated to decline ~10% in July due to an electricity outage that shut down the Syncrude facility in Alberta.
Week 25: Offshore Rig Count Falls by Two from the Previous Week
The US offshore rig count was 18 in Week 25, which was two lower than the previous week.
Which Integrated Energy Stocks Are Gaining This Week?
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 June 18.
Libya’s Supply Outage Impacts Crude Oil Prices
WTI oil futures contracts fell 1.2% to $64.90 per barrel on June 19. The iShares US Energy ETF (IYE) fell ~0.2% on the same day.
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.
How an Export Boost Could Affect US Natural Gas Prices
On May 31, the U.S. Energy Information Administration released its monthly US natural gas export data.
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.
Can US Natural Gas Futures Trend Higher Next Week?
US natural gas futures decreased 0.8% from May 31 to June 7.
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.
Transocean: 5 Analysts Raised the Target Price in May
The consensus 12-month target price for Transocean is $12.79, which implies a potential upside of 1.8% from its market price of $12.57 on May 30.
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.
Schlumberger Management’s Views for 2018
In this series, we’ll analyze Schlumberger’s top-line and bottom-line growth, balance sheet, free cash flow, and growth drivers.
What’s Pushing Oil Prices Higher?
On May 21, US crude oil July futures rose 1.4% and settled at $72.35 per barrel—the highest closing level since November 26, 2014.
What Could Hinder Oil’s Upward Journey?
On May 14, US crude oil June futures rose 0.4% and settled at $70.96 per barrel.
Change in Inventory Levels Could Support Oil Prices
In the week ending April 27, US crude oil inventories rose by ~6.2 MMbbls to ~436 MMbbls. The market expected a rise of 1 MMbbls in the EIA’s data on May 2.
What’s the Short Interest in SLB and HAL after 1Q18?
As of May 3, the short interest in Schlumberger (SLB) as a percentage of its float was 1.60%—compared to 1.5% as of May 3, 2017.
RBC Raises Target Price for Rowan Companies
In this article, we’ll look at analysts’ revised recommendations and target prices for Rowan Companies (RDC) after its 1Q18 release.
International Rig Count Impacted SLB and HAL’s 1Q18 Revenues
Schlumberger’s (SLB) 1Q18 revenues from international operations declined 1%—compared to 1Q17.
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.
Tranocean’s Revenue Could Rise in 1Q18
For Transocean (RIG), analysts project revenue of just over $636 million in 1Q18—a 5.3% rise from its revenue of $604 million in 4Q17.
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.
Analyzing Baker Hughes’s Value Drivers in 1Q18
From 1Q17 to 1Q18, Baker Hughes’s Oilfield Services segment saw 12% higher revenues, followed by the Digital Solutions segment.
Analyzing Schlumberger’s Revenue and Earnings in 1Q18
Schlumberger (SLB) released its 1Q18 financial results on April 20. Let’s take a look at what drove its earnings during the quarter.
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.
Credit Suisse Upgraded Ensco and Downgraded Diamond Offshore
On April 13, 2018, Credit Suisse reduced the target price for Noble (NE) to $5 from $6. The consensus 12-month target price for Noble is $4.56.
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.
Rise in the Oil Inventory: What the Market Should Expect
In the week ending April 6, 2018, US crude oil inventories rose by 3.3 MMbbls (million barrels) to ~428.6 MMbbls.
Analyzing Baker Hughes’s Revenues and Earnings in 4Q17
From 4Q16 to 4Q17, Baker Hughes, a GE Company’s (BHGE), Oilfield Services segment saw 10% higher revenues, followed by Digital Solutions (up 4.3%).
Schlumberger’s Earnings Drivers in 4Q17
Schlumberger’s Production group witnessed the highest revenue growth of ~40% in 4Q17—compared to 4Q16.
Schlumberger: Inside Management’s Views for 2018
Schlumberger’s (SLB) management thinks that crude oil market sentiment has been a positive catalyst for OFS companies.
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.
Rowan Companies Secured a New Contract Last Week
Rowan Companies (RDC) announced that its rig, Rowan Viking, secured a five-well contract with Shell UK (RDS.A) for work in the North Sea.
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.
These Integrated Energy Stocks Are Gaining this Week
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 April 2.
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.
Analysts’ Revisions: Transocean, Ensco, and Diamond Offshore
On March 15, 2018, Credit Suisse assumed coverage of Transocean (RIG) with an “outperform” rating and a target price of $16.
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.
Crude Oil Prices: Tension between the US and Iran
Increasing geopolitical tension between the US and Iran has been supporting oil prices since March 16, 2018.
Analysts’ Recommendations for Offshore Drillers
Of the 32 analysts covering Ensco (ESV), 43% recommend a “buy” or some equivalent, 41% recommend a “hold,” and 16% recommend a “sell.”
Analyzing Offshore Drilling Companies’ 4Q17 Performance
In their 4Q17 conference calls, all of the offshore drillers seemed positive about the offshore drilling outlook in 2018.
Inventory Data This Week Could Push Oil Higher
In the week ending March 16, 2018, US crude oil inventories declined by 2.6 MMbbls (million barrels) to ~428.3 MMbbls.
Does Saudi Arabia Support the Production Cut Extension?
On March 22, Saudi Arabia said that it would support extending the supply cuts into 2019. WTI and Brent oil prices rose more than 2% on March 23.
Decoding US Natural Gas Production on March 15–21
The EIA estimates that US natural gas production could average ~81.7 Bcf per day in 2018 and ~82.67 Bcf per day in 2019.
Geopolitical Tensions between the US and Iran Impact Oil Prices
Rising geopolitical tensions between the US and Iran supported crude oil prices on March 16, 2018.
What Analysts Think about Transocean in March 2018
According to Reuters, the consensus rating for Transocean (RIG) is 2.74, which means a “hold” on a scale of one (strong buy) to five (strong sell).
What Analysts Recommend for Rowan Companies
Of the 33 analysts covering Rowan (RDC), 33% recommend a “buy” or some equivalent for the stock, while 57% of the analysts recommend a “hold.”
US Crude Oil Futures Could Trend Higher
May US crude oil futures were above their 100-day, 50-day, and 20-day moving averages on March 16, 2018, which suggests that prices could trend higher.
Cushing Inventories Increased for the First Time in 12 Weeks
A larger decline in Cushing inventories could have a positive impact on oil prices. US crude oil futures rose 1.8% to $62.41 per barrel on March 16, 2018.
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.
Iran’s Crude Oil Production Is Important for the Oil Market
Iran targets to increase its oil production to 4.7 MMbpd by 2021. An increase in production from Iran could pressure oil prices.
Which Drivers Could Limit the Upside for Crude Oil Futures?
On March 13, 2018, the American Petroleum Institute is scheduled to release its weekly US crude oil inventory report.
Cushing Inventories Hit December 2014 Low
Analysts estimate that Cushing inventories could have declined on March 2–9. The EIA is scheduled to release its crude oil inventories report on March 14.
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.
Has the Short Interest in SLB, HAL, BHGE, and NOV Changed?
The short interest in Schlumberger (SLB) as a percentage of its float was 1.7% as of March 5, 2018—compared to 1.0% as of March 6, 2017.
International Rig Count and OFS Companies’ 2017 Revenues
In 2017, Schlumberger’s (SLB) revenues generated outside North America decreased 2%—compared to 2016.
Cushing Inventories Could Support Oil Prices This Week
Bloomberg estimates that Cushing inventories could have declined by 600,000 barrels on February 23–March 2, 2018.
US: Top Crude Oil Producer in the World?
The EIA estimates that US crude oil production could hit a record high of 10,590,000 bpd in 2018—the highest annual production average ever.
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% […]
US Natural Gas Inventories Reach Lowest Week 8 Level since 2014
US natural gas inventories The EIA (U.S. Energy Information Administration) released its US natural gas inventories report on March 1, 2018. It reported that US natural gas inventories fell by 78 Bcf (billion cubic feet), or 4.4%, to 1,682 Bcf in Week 8 of 2018 (February 16–23). Inventories were 680 Bcf (29%) lower than a year prior. […]
Schlumberger: Analysts’ Target Price on February 27
On February 27, 2018, ~76% of the analysts tracking Schlumberger rated it as a “buy,” 21% rated it as a “hold,” and ~3% rated it as a “sell.”
Analyzing Schlumberger’s Drivers in 4Q17
Schlumberger’s Production group witnessed the highest revenue growth (~40% rise) in 4Q17—compared to 4Q16.
Schlumberger: Management’s Views for 2018
Schlumberger (SLB) thinks that the crude oil market sentiment has been a positive catalyst for oilfield equipment and services companies.
Rowan on the Street: Recommendations before the 4Q17 Results
The consensus rating for RDC stock is now ~2.7, which is a “hold.”
Will Crude Oil Futures Breach 3-Year Highs?
April US crude oil futures were above their 20-day, 50-day, and 100-day moving averages on February 26. Prices could trend higher.
Cushing Inventories near December 2014 Low
Analysts estimate that Cushing inventories could have declined on February 16–23. The EIA is scheduled to release its inventories report on February 28.
US Natural Gas Inventories Could Pressure Natural Gas Prices
The EIA released its weekly US natural gas inventories report on February 22. US natural gas inventories fell by 124 Bcf to 1,760 Bcf on February 9–16.
Diamond Offshore Gives 1Q18 Cost Guidance
In 4Q17, Diamond Offshore Drilling’s (DO) drilling expenses rose 3% from the previous quarter and 17.2% from the previous year.
Gasoline Inventories Could Weigh on Crude Oil Futures
US gasoline inventories increased by 1.4 MMbbls (million barrels) on February 9–16, 2018, according to the API.
Analyzing Libya’s Crude Oil Production
Libya’s crude oil production increased by 45,000 bpd (barrels per day) or 4.8% to 965,000 bpd in January 2018—compared to the previous month.
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.