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Energy & UtilitiesLaredo Petroleum: Top Underperformer in the Upstream Space
On January 11–18, Laredo Petroleum fell the most on our list of upstream energy stocks from XOP.
Energy & UtilitiesThese Were Last Week’s Weakest Energy Stocks
Integrated energy stock YPF Sociedad Anonima (YPF) was the second weakest on our list last week, and midstream stocks Western Gas Partners (WES) and Shell Midstream Partners (SHLX) ranked third and fourth.
Energy & UtilitiesLarge 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.
Energy & UtilitiesUS Crude Oil Production Is Steady
The EIA estimates that the US crude oil output was steady at 11 MMbpd on July 13–20. The production was steady for the second consecutive week.
Energy & UtilitiesWhat’s Causing Oasis Petroleum’s Stock Rise?
Oasis Petroleum (OAS) stock rose significantly in the run-up to the company’s Q1 2018 earnings release in early May, which didn’t disappoint.
Energy & UtilitiesLast Week’s Biggest Losses among Energy Stocks
Between April 20 and April 27, oilfield services stock Ensco (ESV) fell the most on our list of energy stocks.
Energy & UtilitiesWill 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.
Energy & UtilitiesUS and OECD’s Crude Oil Inventories Could Impact Oil’s Price Rally
US crude oil inventories decreased by 1.1 MMbbls to 411.6 MMbbls on January 12–19, 2018. They also fell ~12% in 2017.
MiscellaneousUS Distillate Inventories Fell for the Third Time in 10 Weeks
US distillate inventories fell by 3.8 MMbbls or 2.7% to 139.2 MMbbls on January 5–12, 2018. The inventories fell by 29.9 MMbbls or 18% from a year ago.
Energy & UtilitiesPDC Energy’s Performance: What Happened to the Stock in 2017?
We’ll now look at PDC Energy’s (PDCE) stock performance compared to the broader energy sector, the broader market, and energy prices.
Energy & UtilitiesUS Gasoline Inventories: More Concerns for Oil in 2018?
US gasoline inventories rose by 4.1 MMbbls (million barrels) to 237.3 MMbbls between December 29, 2017, and January 5, 2018.
Energy & UtilitiesWill 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.
Energy & UtilitiesInvestment Banks’ Estimates for Crude Oil Prices in 2018
WTI crude oil (USL) prices are at their 30-month high. The US benchmark also opened above $60 per barrel in January for the first time since 2014.
Energy & UtilitiesWill US Crude Oil Futures Test a 3-Year High?
US crude oil (USO) futures hit $60.73 per barrel in early morning trade on January 2, 2018—the highest level since June 2015.
Energy & UtilitiesUS Crude Oil Inventories Have Fallen ~10.6% in 2017
February WTI crude oil futures (DWT)(SCO) contracts rose 0.8% to $60.3 per barrel at 12:45 AM EST on December 29, 2017—the highest level since June 2015.
Energy & UtilitiesGlobal 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.
Energy & UtilitiesCushing 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.
Energy & UtilitiesChina’s Oil Imports Hit the Second-Highest Level in November
China’s crude oil imports rose by ~1,710,000 bpd (barrels per day) or 24% to ~9,010,000 bpd in November 2017—compared to the previous month.
Company & Industry OverviewsWhere Whiting Petroleum Stands Next to Peers
Whiting Petroleum’s (WLL) forward EV-to-EBITDA multiple of ~5.4x is mostly in line with the peer average of 5.5x.
Energy & UtilitiesIs OPEC Underestimating US Crude Oil Production?
US crude oil production rose by 25,000 bpd (barrels per day) or 0.3% to 9,707,000 bpd on November 24–December 1, 2017, according to the EIA.
Energy & UtilitiesHow Could US Tax Bill Affect Dollar and Crude Oil Prices?
The US Dollar Index advanced 0.1% to 92.8 last week. Consequently, it pressured oil prices during the week.
Energy & UtilitiesWill OPEC’s Meeting Disappoint Crude Oil Traders?
Goldman Sachs predicts that oil (USO) (DWT) prices might fall quickly if there’s any disappointing announcement in OPEC’s meeting.
Energy & UtilitiesCrude Oil Futures: What Could Drive Volatility This Week?
US crude oil (DWT) (UCO) futures hit $58.95 per barrel on November 24, 2017—the highest level in nearly three years.
Energy & UtilitiesUS Gasoline Inventories Are above the 5-Year Average
The EIA estimates that US gasoline inventories rose by 894,000 barrels or 0.4% to 210.4 MMbbls (million barrels) on November 3–10, 2017.
Energy & UtilitiesWill US Gasoline Demand Help Oil Bulls or Bears?
The EIA estimates that US gasoline demand rose by 35,000 bpd (barrels per day) or 0.4% to 9,496,000 bpd on October 27–November 3, 2017.
Energy & UtilitiesHow Long Will Production Cuts Help the Global Crude Oil Market?
The global oil supply is expected to average 97.99 MMbpd in 2017, which is 760,000 bpd or 0.8% higher than the oil supplies in 2016.
Energy & UtilitiesIs US Gasoline Demand Impacting Crude Oil Prices?
The EIA estimates that the four-week average US gasoline demand fell by 76,000 bpd (barrels per day) to 9,345,000 bpd on October 6–13, 2017.
Energy & UtilitiesOil Bears Track OECD’s Crude Oil Inventories
The EIA estimates that OECD’s oil inventories rose by 2.5 MMbbls to 2.98 MMbbls in September 2017—compared to August 2017.
Energy & UtilitiesUS Gasoline Inventories: Will Crude Oil’s Rally Be Short-Lived?
US gasoline inventories rose for the fourth straight week. The inventories are 8.5 MMbbls or 4% higher than the five-year average.
Energy & UtilitiesWhy US Crude Oil Production Hit a 5-Week Low
The US Energy Information Administration (or EIA) released its “Weekly Petroleum Status Report” on October 12. It estimates that US crude oil production fell by 81,000 bpd (barrels per day).
Energy & UtilitiesWhat Dennis Gartman Thinks about Crude Oil Prices
November WTI (West Texas Intermediate) crude oil futures’ moving averages suggest that crude oil prices could keep trading higher going forward.
Energy & UtilitiesCushing Inventories Are above Their 5-Year Average
Cushing crude oil inventories rose for the sixth consecutive week. Any rise in Cushing inventories is bearish for crude oil (USO) (USL) (SCO) prices.
Energy & UtilitiesOil Prices Fell despite the Draw in US Crude Oil Inventories
US crude oil (USL) (DBO) (OIL) prices fell on October 4, 2017, despite the massive draw in US crude oil inventories.
Energy & UtilitiesUS Gasoline Demand: Are the Crude Oil Bears Taking Control?
Weekly US gasoline demand rose by 81,000 bpd to 9.5 MMbpd on September 15–22, 2017. Gasoline demand rose by 642,000 bpd or 7.2% YoY.
Energy & UtilitiesIs the US Crude Oil Bull Market Sustainable?
Brent crude oil futures closed at $57.54 per barrel on September 29, 2017. Some OPEC officials think that $60 per barrel for crude oil isn’t sustainable.
Energy & UtilitiesWhat US Crude Oil Production’s 26-Month High Could Mean
On September 27, 2017, the EIA estimated that US crude oil production rose 37,000 bpd (barrels per day) to ~9.5 MMbpd from September 15–22, 2017.
Energy & UtilitiesIraq Could Extend the Output Cut Deal to December 2018
On September 19, 2017, Iraq’s oil minister indicated that major producers’ output cut deal would be extended beyond March 2018.
Energy & UtilitiesWill Major Oil Producers Extend the Output Cut Deal past March?
October WTI (West Texas Intermediate) crude oil (USO)(UCO)(DIG) futures contracts rose 0.16% and were trading at $49.98 per barrel in electronic trading at 2:10 AM EST on September 18.
Energy & UtilitiesWhy US Crude Oil Inventories Rose Again
On September 13, the EIA (U.S. Energy Information Administration) released its weekly crude oil inventory report.
Energy & UtilitiesRussia’s Crude Oil Production Hit a 1-Year Low
Russia’s crude oil production averaged ~11.0 MMbpd in 2016—the highest level in 30 years. Russia’s crude oil production could average 11.1 MMbpd in 2017.
Energy & UtilitiesHurricanes Could Impact Global and US Crude Oil Demand
West Texas Intermediate crude oil (DBO) (DIG) (XLE) futures contracts for October delivery rose 1.2% to $48.07 per barrel on September 11, 2017.
Energy & UtilitiesWhy the US Dollar Hit a 33-Month Low
The US Dollar Index fell 0.34% to 91.33 on September 8—the lowest level in the last 33 months. Prices fell due to the following factors.…
Energy & UtilitiesCould Crude Oil Futures Rise Due to Short Covering?
In this series, we’ll review US crude oil inventories, refinery demand, production, and gasoline and distillate inventories.
Energy & UtilitiesCrude Oil: Price Forecasts and Hedge Funds’ Position
Hedge funds increased their net long positions in US crude oil futures and options by 43,861 contracts or 18.4% to 282,362 contracts on July 25–August 1.
Energy & UtilitiesWill Saudi Arabia Remove Excess Oil from the Market?
Saudi Arabia is expected to cut exports 10% to North Asian refiners in September 2017 due to OPEC’s production cut deal.
Energy & UtilitiesCushing Inventories Fell 20% from the Peak
A preliminary market survey estimates that Cushing inventories fell on July 28–August 4, 2017. Inventories fell for the 11th consecutive week.
Energy & UtilitiesUS Crude Oil Production Hit a 16-Month High
The EIA estimates that US crude oil production could average 9.9 MMbpd in 2018. It would be the highest level ever. It could weigh on crude oil prices.
Energy & UtilitiesCrude Oil Futures Rose Due to Record Gasoline Demand
September WTI (West Texas Intermediate) crude oil futures contracts rose 0.87% to $49.59 per barrel on August 2, 2017.
Energy & UtilitiesWhy US Gasoline Demand Rose for 2nd Consecutive Month
The EIA (US Energy Information Administration) estimates that US gasoline demand rose 1.5% to 9.6 MMbpd (million barrels per day) in May 2017 compared to May 2016.
Energy & UtilitiesWill US Crude Oil Prices Stay above $50 per Barrel?
WTI crude oil prices have fallen almost 12.0% year-to-date due to the rise in production for the United States, Libya, Nigeria, Brazil, and Canada in 2017.
MiscellaneousUS Crude Oil Production Near 2-Year High
The EIA reported that US crude oil production rose 59,000 bpd to 9.4 MMbpd between June 30, 2017, and July 7, 2017.
Earnings ReportA Look at Anadarko’s 2Q17 Earnings Estimates
Anadarko Petroleum (APC) plans to release its 2Q17 earnings on July 24, 2017. APC’s 2Q17 revenue estimate stands at ~$2.5 billion compared to its 2Q16 revenues of ~$1.9 billion.
Company & Industry OverviewsCarrizo Oil and Gas Enhances Its Delaware Basin Position
On June 28, 2017, Carrizo Oil & Gas (CRZO) announced its intention to acquire properties owned by ExL Petroleum Management in the Delaware Basin.
MiscellaneousOPEC’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.
MiscellaneousDecoding US Crude Oil Price Forecasts and Moving Averages
August US crude oil (VDE) (IEZ) (XES) futures are trading above their 20-day moving average of $45 per barrel as of July 3, 2017.
MiscellaneousCushing Inventories Have Fallen 10% in the Last 10 Weeks
Cushing crude oil inventories have fallen 10% in the last ten weeks. A better-than-expected fall in Cushing inventories could support US crude oil prices.
Company & Industry OverviewsNoble Energy’s Oil Production Mix Has Increased in the DJ Basin
Noble Energy (NBL) holds the largest acreage position in the DJ Basin compared to its acreage positions in other plays in the US onshore space.
MiscellaneousLibya’s Crude Oil Production Is Helping Crude Oil Bears
On June 19, 2017, the National Oil Corporation of Libya reported that the country’s crude oil production rose by ~50,000 bpd to 885,000 bpd in June 2017.
MiscellaneousUS Distillate Inventories and Crude Oil Price Forecasts
The EIA reported that US distillate inventories rose by 0.3 MMbbls to 151.4 MMbbls on June 2–9, 2017. Inventories rose for the third straight week.
Company & Industry OverviewsAnadarko Petroleum’s Key Strategies This Year
Anadarko Petroleum’s key strategies In this part, we’ll discuss Anadarko Petroleum’s (APC) focus areas, cash-generation areas, and future value areas. As we saw in the previous part, Anadarko will focus on its US onshore and Gulf of Mexico operations in 2017. The company believes that its improving cash flow and cash position put it in […]
MiscellaneousOPEC’s Crude Oil Production: Key for Crude Oil Traders?
A Bloomberg survey estimates that OPEC’s crude oil production rose by 315,000 bpd to 32.21 MMbpd in May 2017—compared to the previous month.
MiscellaneousUS Dollar Hit a 7-Month Low: Where Are Crude Oil Bulls?
The US Dollar Index fell 0.6% to 96.6 on June 2, 2017—the lowest level in seven months. The US dollar fell due to a lower rise in US jobs in May 2017.
MiscellaneousUS Gasoline Demand Could Hit a Peak This Summer
The EIA estimated that four-week average US gasoline demand rose by 124,000 bpd (barrels per day) to 9,430,000 bpd on May 12–19, 2017.
MiscellaneousCould Bearish Drivers Halt US Crude Oil Price Recovery?
June WTI (West Texas Intermediate) crude oil (IXC) (IYE) (USO) futures contracts have risen ~5% from their five-month low as of May 15, 2017.
MiscellaneousWhy Did US Distillate Inventories Fall Again?
June diesel futures contracts rose 2.1% to $1.47 per gallon on May 10, 2017. Prices rose due to the larger-than-expected fall in distillate inventories.
MiscellaneousCushing Crude Oil Inventories Fell for 3rd Consecutive Week
Market surveys estimate that Cushing crude oil inventories rose between April 28 and May 5, 2017.
MiscellaneousWhy US Gasoline Inventories Rose for the Third Straight Week
A less-than-expected rise in gasoline inventories supported gasoline prices on May 3, 2017. Gasoline and crude oil (DIG) (SCO) (VDE) prices rose on May 3.
MiscellaneousUS Crude Oil Production Is near August 2015 High
The EIA (U.S. Energy Information Administration) reported that US crude oil production rose by 13,000 bpd (barrels per day) to 9,265,000 bpd on April 14–21.
MiscellaneousWill Global Crude Oil Supply Outages Support Crude Oil Prices?
Global crude oil supply outages rose 12.9% month-over-month, but fell 10% YoY. The rise in outages could have a positive impact on crude oil prices.
MiscellaneousUS Distillate Inventories Fell for the Tenth Straight Week
The EIA (U.S. Energy Information Administration) reported that US distillate inventories fell by 2 MMbbls to 148.3 MMbbls on April 7–14, 2017.
MiscellaneousIran’s Crude Oil Production Could Help Crude Oil Bulls
The EIA estimates that Iran’s crude oil production was flat at 3.8 MMbpd (million barrels per day) in March 2017—compared to February 2017.
MiscellaneousAnalyzing Crude Oil Price Forecasts for 2Q17
A market survey of 31 banks shows that US WTI crude oil prices could average $54.5 per barrel in 2Q17. In 2Q17, prices could break the February 2017 high.
MiscellaneousCould Russia’s Crude Oil Production Help Crude Oil Bulls?
Russia’s crude oil production is down ~179,000 bpd (barrels per day) from 11.23 MMbpd in October 2016 due to major producers’ production cut deal.
Macroeconomic AnalysisIraq’s Crude Oil Production: More Pain for Crude Oil Bears
The EIA estimates that Iraq’s crude oil production fell by 115,000 bpd (barrels per day) to 4.42 MMbpd in February 2017—compared to the previous month.
Macroeconomic AnalysisUS Crude Oil Imports Impact Inventories
US crude oil imports fell by 745,000 bpd to 7,405,000 bpd from March 3–10, 2017. Imports fell 9.1% week-over-week and 3.7% year-over-year.
Macroeconomic AnalysisProducers’ 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.
Macroeconomic AnalysisUS Crude Oil Production Hit a 13-Month High
US crude oil production is at the highest level since February 2016. The rise in crude oil production pressured crude oil prices on March 8, 2017.
Macroeconomic AnalysisOPEC’s Crude Oil Production Fell Again
A Bloomberg survey estimates that OPEC showed 104% compliance with targeted production cuts in February due to major producers’ production cut deal.
Macroeconomic AnalysisUS 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.
Macroeconomic AnalysisEIA’s Crude Oil Inventories Could Surprise Oil Traders
On February 22, the API released its weekly crude oil inventory report. It reported that US crude oil inventories fell by 0.88 MMbbls from February 10–17.
Earnings ReportHow Encana Plans to Widen Its Corporate Margin in 2017
By year-end 2017, Encana (ECA) plans to increase its corporate margin to more than $10 per boe (barrel of oil equivalent) from year-end 2016’s corporate margin of ~$6.4 per boe.
Macroeconomic AnalysisUS Distillate Inventories Are near a 7-Year High
The EIA (U.S. Energy Information Administration) reported that US distillate inventories fell by 0.7 MMbbls to 170.1 MMbbls from February 3–10, 2017.
Macroeconomic AnalysisOPEC versus US Crude Oil Production: Impact on Oil Prices
March WTI (West Texas Intermediate) crude oil (XLE) (USL) (UCO) futures contracts fell 1.7% and closed at $52.93 per barrel on February 13, 2017.
Macroeconomic AnalysisCould Major Oil Producers’ Production Cut Extend to 2H17?
Crude oil prices rose between November 15 and December 28, 2016, due to the expectation that major oil producers’ production cuts would curb oversupply.
Macroeconomic AnalysisWhy Are Traders Tracking Gasoline Demand?
The EIA estimated that four-week average US gasoline demand fell by 39,000 bpd (barrels per day) to 8,222,000 bpd from January 20–27, 2017.
Macroeconomic AnalysisUS Crude Oil Prices near 18-Month High: What’s Next?
US crude oil (BNO) (USO) (UCO) (IEZ) prices are near an 18-month high as of February 6, 2017. The S&P 500, Dow Jones, and NASDAQ are near all-time highs.
Macroeconomic AnalysisReality Check: Major Oil Producers’ Output Cut Plans
Crude oil prices have risen ~15% since November 2016 due to the expectation that major oil producers’ production cuts would curb oversupply in the market.
Company & Industry OverviewsThe Permian Boasts Lower Break-Even Than All Other Plays
It shouldn’t be surprising that oil and gas producers have been scrambling to add Permian acreage to their portfolios.
Earnings ReportMurphy Oil’s Production Guidance and Management Strategies
For 4Q16, Murphy Oil (MUR) expects total production of 162 Mboe (thousand barrels of oil equivalent) per day–164 Mboe per day.
Company & Industry OverviewsWhat’s PDC Energy’s 2017 Guidance?
According to PDCE’s presentation at the Goldman Sachs Energy Conference on January 5, 2017, it expects its 2017 capital program to be in the range of $725 million–$775 million.
Company & Industry OverviewsAnalyzing PDC Energy’s 3Q16 Production
In 3Q16, PDC Energy reported total production of ~65.3 Mboepd, ~39% higher compared to its total 3Q15 production of ~47 Mboepd.
Company & Industry OverviewsUnderstanding PDC Energy’s Core Delaware Acquisitions
On December 6, 2016, crude oil (USO) and natural gas (UNG) producer PDC Energy (PDCE) closed its previously announced transformative acquisition.
Company & Industry OverviewsWhat Are Analysts Targeting for Callon Petroleum?
CPE’s highest target price stands at $24, while its lowest target price stands at $12.42, and its median target price stands at $19.5.
Macroeconomic AnalysisLibya, Iran, and Nigeria Could Impact Crude Oil Prices in 2017
Libya’s crude oil production On December 20, 2016, Libya’s National Oil Corporation reported that pipelines leading from the Sharara and El Feel fields were reopened. The pipelines were closed for two years due to militant attacks. The pipelines are expected to add 270,000 bpd (barrels per day) of crude oil supply over the next three months. The […]
Company & Industry OverviewsWhat Are Analysts’ Targets for Whiting Petroleum?
Whiting Petroleum’s (WLL) high target price stands at $18.00. Its low target price is ~$6.90, and its median target price is $12.50.
Macroeconomic AnalysisGasoline Inventories Pressure Gasoline and Crude Oil Prices
For the week ending December 9, 2016, US gasoline inventories were 5% higher than they were in the same period in 2015.
Company & Industry OverviewsBill Barret’s DJ Basin Operating Margins: Greater Than Peers
Bill Barrett Corporation (BBG) had the highest unhedged operating margins among its peers in the DJ Basin, based on 3Q16 calculations.
Company & Industry OverviewsWhat Is Noble Energy’s Outlook for 2017 and Beyond?
On November 16, 2016, Noble Energy (NBL) provided its long-term outlook from 2016–2020. It also provided an update on its US onshore operations.
MiscellaneousHow Will the Bakken Divestiture Affect Whiting Petroleum?
Debt reduction could be one of the most advantageous trade-offs Whiting Petroleum (WLL) sees resulting from its Bakken midstream divestiture.
Macroeconomic AnalysisOPEC’s Crude Oil Production Hit a Record
OPEC’s crude oil production rose by 236,700 bpd (barrels per day) to 33,643,000 bpd in October 2016—compared to the previous month.