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Understanding Occidental’s Correlation with Crude Oil Prices
In this article, we’ll try to quantify any correlation between OXY and crude oil prices.
Did Crude Oil Move ConocoPhillips’s Stock Last Week?
As we saw in the previous part of this series, ConocoPhillips’s (COP) stock price was up by 3.70% for the week ended June 22.
What’s Behind Hess’s Strong Performance This Year?
This year, Hess (HES) has been the Energy Select Sector SPDR ETF’s (XLE) second-strongest energy stock.
ConocoPhillips’s Stock Underperformed Crude Oil Prices Last Week
As we saw in the previous part of this series, ConocoPhillips’s (COP) stock price was down ~6%. Crude oil (SCO) fell more than 1%. So, it’s clear that COP’s stock price underperformed crude oil prices.
Did Crude Oil Move ConocoPhillips Stock Last Week?
For the week ended June 1, ConocoPhillips stock had a correlation of ~5% with crude oil prices.
Crude Oil and ConocoPhillips Stock Last Week
For the week ended May 18, ConocoPhillips stock had a correlation of ~54% with crude oil.
ConocoPhillips’s Correlation with Crude Oil
As we saw in the previous part of this series, ConocoPhillips’s (COP) stock price was almost unchanged for the week ended April 6.
Is the Correction in ConocoPhillips Stock Over?
For the week ending March 23, crude oil (USO) prices increased strongly. Let’s take a look.
ConocoPhillips Stock’s Narrow Trading Range Last Week
Last week, crude oil (USO) prices increased marginally from $62.04 per barrel to $62.41 per barrel, an increase of less than 1%.
Why Denbury Resources Is Outperforming in 2018
In 2018 so far, Denbury Resources (DNR) is turning out to be the fifth-best-performing energy stock from the US oil and gas production, or upstream, sector.
Understanding ConocoPhillips Stock’s Correlation with Crude Oil
ConocoPhillips’s stock performance As we saw in the previous part of this series, ConocoPhillips’s (COP) stock price rose ~2% in the week ended March 9, while crude oil (UWT) (SCO) (DWT) rose ~1%, suggesting that COP stock followed crude oil. In this part, we’ll try to quantify this correlation between COP stock and crude oil. ConocoPhillips’s stock […]
Crude Oil Prices versus ConocoPhillips Stock Last Week
As we saw in the previous part of this series, ConocoPhillips’s (COP) stock price has fallen significantly, more than 5% for the week ended March 2.
Did Crude Oil Prices Move ConocoPhillips’s Stock Last Week?
ConocoPhillips’s (COP) stock price rose more than 4% in the week ended February 23. Crude oil and natural gas prices each rose ~3%.
Why ConocoPhillips Is Highly Correlated With Crude Oil
ConocoPhillips’s stock performance As we discussed previously, ConocoPhillips’s (COP) stock price fell ~9% in the week ended February 9, and the price of crude oil (USO) (SCO) fell almost 10%. Therefore, ConocoPhillips’s stock price seems to have followed crude oil prices. In this part, we’ll discuss the correlation between ConocoPhillips and crude oil. ConocoPhillips’s stock price correlation In […]
ConocoPhillips’s Yearly Revenue Growth despite Big Asset Sales
For 4Q17, ConocoPhillips (COP) reported revenues of ~$8.7 billion, which was higher than the Wall Street analyst consensus of ~$7.6 billion.
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.
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.
US 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.
OPEC Could Extend Crude Oil Production Cuts beyond 2018
March US crude oil futures contracts fell 0.9% to $65.56 per barrel on January 29, 2018. Brent oil futures fell 1.5% to $69.46 per barrel on the same day.
Southwestern Energy Didn’t Follow Natural Gas to the Upside
Southwestern Energy’s (SWN) stock price fell ~2.7% for the week ending January 26, 2018. Natural gas (UGAZ) (DGAZ) (UNG) prices increased ~10.0%.
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.
How the Energy Sector Performed in 2017
In this series, we’ll look at the best-performing and worst-performing stocks of the Energy Select Sector SPDR ETF (XLE) and analyze the earnings and developments behind the movements.
US Distillate Inventories Rose for the Eighth Time in 10 Weeks
US distillate inventories rose by 0.64 MMbbls (million barrels) to 139.8 MMbbls on January 12–19, 2018, according to the EIA.
Will the US Dollar and Inventories Impact Crude Oil Futures?
March US crude oil (DBO) (UWT) futures contracts increased 1.8% to $65.61 per barrel on January 24, 2018.
Cushing Inventories Hit January 2015 Low
A Bloomberg survey estimates that the crude oil inventories at Cushing could have declined by 2.3 MMbbls (million barrels) on January 12–19, 2018.
US 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.
India’s Crude Oil Imports Hit a Record in 2017
India is the world’s third-largest crude oil consumer. Its oil imports hit a record in 2017. India’s crude oil imports rose 1.8% to 4.3 MMbpd in 2017.
OECD’s Crude Oil Inventories: Trump Card for Crude Oil Bulls?
The EIA estimates that global crude oil inventories could rise in 2018 and 2019, which is bearish for oil prices.
Traders Could Start Booking a Profit in Crude Oil Futures
On January 16, 2018, Goldman Sachs said that crude oil prices could exceed its forecast in the coming months.
Will US Oil Production Pressure Crude Oil Futures?
February WTI crude oil futures contracts fell 0.9% to $63.73 per barrel on January 16. Brent oil futures fell 1.6% to $69.15 per barrel on the same day.
Will Crude Oil Futures Rise or Fall This Week?
WTI crude oil (SCO) futures settled at $64.30 per barrel on January 12, 2018—the highest level since December 2014.
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 Distillate Inventories Rose for the Seventh Time in 8 Weeks
US distillate inventories rose by 4.2 MMbbls (million barrels) to 143.1 MMbbls between December 29, 2017, and January 5, 2018.
US Crude Oil Production Fell and Boosted Oil Futures
US crude oil production fell by 290,000 bpd (barrels per day) or 3% to 9,492,000 bpd between December 29, 2017, and January 5, 2018.
Crude Oil Futures Continued to Rally, Wall Street Fell
February WTI crude oil futures contracts also rose 1% to $63.57 per barrel on January 10, 2018. It’s the highest settlement since December 2014.
EIA Upgraded Crude Oil Price Forecasts for 2018
The EIA forecast that Brent (BNO) crude oil would average $59.74 per barrel in 2018—4.3% higher than the previous estimates in December 2017.
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.
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.
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.
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.
US Crude Oil Rigs Could Impact Crude Oil Prices in 2018
Baker Hughes released its US crude oil rig count report on December 29. It reported that US crude oil rigs were flat at 747 on December 22–29, 2017.
Will the US Dollar Help Crude Oil Bulls or Bears in 2018?
The US Dollar Index fell 0.5% to 92.12 on December 29, 2017—the fourth consecutive day of losses. It’s near a three-month low.
Will Crude Oil Prices Start 2018 on a Positive Note?
A Reuters survey estimated that Brent and US crude oil prices could average $58.84 per barrel and $54.78 per barrel in 2018.
Cushing Inventories Rose for the First Time in Nearly 2 Months
Cushing inventories rose by 754,000 barrels or 1.4% to 52.9 MMbbls (million barrels) on December 8–15, 2017, according to the EIA.
US Distillate Inventories Rose for the Fourth Time in 5 Weeks
US distillate inventories rose for the fourth time in the last five weeks. They rose ~3% in the last five weeks, which is bearish for diesel and oil prices.
Libya’s Crude Oil Production Is near a 4-Year High
The EIA estimates that Libya’s crude oil production rose by 20,000 bpd (barrels per day) or 2.1% to 980,000 bpd in November 2017.
US Gasoline’s Demand Trend Is Changing
The EIA estimates that four-week average US gasoline demand fell by 21,000 bpd (barrels per day) to 9.1 MMbpd on December 1–8, 2017.
Will US Crude Oil Futures Be Range Bound This Week?
WTI crude oil (USO) futures hit $58.95 per barrel on November 24, 2017—the highest level in nearly three years.
US Crude Oil Rigs Indicate Future US Crude Oil Production
Baker Hughes released its weekly US crude oil rig report on December 15, 2017. US crude oil rigs fell by four to 747 or 0.5% on December 8–15, 2017.
US Gasoline Inventories: Turning Point for Crude Oil Futures?
US gasoline inventories rose by 5.6 MMbbls (million barrels) or 2.6% to 226.5 MMbbls on December 1–8, 2017.
US Crude Oil Production Has Risen 16% since July 2016
US crude oil production rose by 73,000 bpd (barrels per day) to 9,780,000 bpd on December 1–8, 2017, according to the EIA.
Why Anadarko Petroleum’s Net Debt Decreased in 2017
As of September 30, 2017, Anadarko Petroleum’s (APC) total debt stood at ~$15.6 billion. With ~$5.3 billion in cash and cash equivalents, its net debt is ~$10.3 billion at the end of 3Q17.
Why Occidental Petroleum Saw Its Debt Level Increase
As of September 30, 2017, Occidental Petroleum’s (OXY) total debt was ~$9.8 billion. With ~$1.8 billion in cash and cash equivalents, its net debt is ~$8 billion at the end of 3Q17.
Crude Oil Prices Could End 2017 on a High Note
A Reuters poll estimated that WTI crude oil (USL) prices could average $54.78 per barrel in 2018 after extending the production cuts.
US Crude Oil Inventories Have Fallen 16% from Their Peak
US crude oil inventories fell by 5.6 MMbbls (million barrels) or 1.2% to 448.1 MMbbls on November 24–December 1, 2017, according to the EIA.
OPEC’s Crude Oil Production Hit a 6-Month Low
US crude oil (UWT) (SCO) futures contracts for January delivery fell 0.42% and were trading at $57.38 per barrel at 1:00 AM EST on December 6, 2017.
Why EPE Is the Third-Worst-Performing Upstream Stock Year-to-Date
Year-to-date, EPE has fallen sharply from its 2016 close of $6.55 to $1.80 on December 1, 2017—a sizeable decrease of ~73.0%.
How OPEC and Russia Are Helping US Crude Oil Producers
January West Texas Intermediate (or WTI) crude oil (USO) (SCO) futures contracts fell 0.65% and were trading at $57.98 per barrel at 1:10 AM EST on December 4, 2017.
US Gasoline Inventories Weighed on Crude Oil Futures
US gasoline inventories rose by 3,627,000 barrels to 214 MMbbls (million barrels) on November 17–24, 2017, according to the EIA.
US Crude Oil Inventory Report Might Disappoint Traders
An unexpected increase in US oil inventories pressured WTI oil (USO) (UCO) prices in post-settlement trade on November 28, 2017.
Will Russia Comply with the Crude Oil Production Cut Pact?
On November 24, 2017, Russia said that it would support extending the production cut beyond March 2018.
Crude 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.
Why US Crude Oil Production Could Hit a Record High in 2018
US crude oil production According to the EIA (U.S. Energy Information Administration), US crude oil production rose 13,000 bpd (barrels per day) to 9,658,000 bpd between November 10 and 17, 2017. Production, which rose for the fifth straight week, has been pressuring oil (SCO) prices in the last few weeks. Production has risen 977,000 bpd (11.3%) year-over-year. Any […]
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.
Iraq’s Production and Exports Impact Crude Oil Futures
The EIA estimated that Iraq’s crude oil production fell by 185,000 bpd (barrels per day) to 4,355,000 bpd in October 2017—compared to the previous month.
US Crude Oil Rigs Were Flat Last Week
Baker Hughes reported that US oil rig counts were flat at 738 on November 10–17, 2017. The rigs rose 63.3% from the same period in 2016.
US Dollar Could Benefit Crude Oil Futures This Week
The US Dollar Index fell 0.3% to 94.4 on November 17, 2017. It supported US crude oil (DBO) (SCO) prices on the same day.
US Crude Oil Inventories: Bearish Driver for Crude Oil
The EIA estimates that US oil inventories rose by 1,854,000 barrels to 458.9 MMbbls (million barrels) on November 3–10, 2017.
US Crude Oil Prices Could Pressure Natural Gas Futures
Baker Hughes is scheduled to release its US crude oil and natural gas rig count report on November 11, 2017.
Unexpected Build in US Crude Oil Inventories Pressures Oil Futures
The EIA (or US Energy Information Administration) released its Weekly Petroleum Status Report on November 8, 2017.
Russia’s Crude Oil Exports Could Pressure Oil Futures
Russia’s energy ministry estimates that the country’s crude oil exports rose 2% or by 160,000 bpd (barrel per day) in the first nine months of 2017.
Did Occidental Petroleum Generate Positive Free Cash Flow in 3Q17?
On a year-over-year basis, OXY’s 3Q17 operating cash flow was ~65% higher than the ~$650 million it generated in 3Q16.
Will Non-OPEC and US Crude Oil Production Impact Oil Prices?
The EIA (U.S. Energy Information Administration) estimates that US crude oil production rose by 46,000 bpd to 9,553,000 bpd on October 20–27, 2017.
Russia’s Crude Oil Production Rose in October
Russia’s crude oil production rose by 20,000 bpd (barrels per day) to 10,930,000 bpd in October 2017—compared to September 2017.
US Crude Oil Inventories and Production Impact Crude Oil Prices
The market expects that US crude oil inventories could have fallen by 2.5 MMbbls (million barrels) on October 20–27, 2017.
What to Expect from Pioneer Natural Resources’ Cash Flow in 3Q17
Wall Street analysts expect Pioneer Natural Resources (PXD) to report year-over-year higher cash flow of ~$491 million in 3Q17 compared to ~$441 million in 3Q16.
What to Expect from Occidental Petroleum’s 3Q17 Revenues
For 3Q17, Wall Street analysts expect Occidental Petroleum (OXY) to report revenues of ~$3.1 billion.
US Gas Rigs Hit 5-Month Low: Good or Bad for Natural Gas Futures?
Baker Hughes is scheduled to release its weekly US oil and gas rig report on October 27, 2017.
Analyzing Devon Energy’s 3Q17 Revenues Expectations
For 3Q17, Wall Street analysts expect Devon Energy (DVN) to report revenues of ~$3.17 billion. On a year-over-year basis, DVN’s 3Q17 revenues expectations are ~10% higher compared with 3Q16 revenues of ~$2.88 billion.
US Distillate Inventories Fell for the Seventh Time in 8 Weeks
US diesel futures fell on October 25, 2017, despite the massive fall in distillate inventories. They fell 0.2% to $1.81 per gallon on the same day.
What to Expect from Crude Oil Prices in 2018
The EIA estimates that US crude oil (USO) (UCO) prices could average $49.7 per barrel in 2017—1.7% higher than the survey in September 2017.
Libya’s Crude Oil Production: Time to Sell Oil Futures?
Libya plans to pump 1.25 million barrels per day of crude oil by December 2017. An increase in Libya’s crude oil production could weigh on oil prices.
What Really Moved ConocoPhillips Stock Last Week?
For the week ending October 20, ConocoPhillips stock showed a negative correlation of -15% with crude oil (USO) (SCO).
Will US Oil Rigs Support Crude Oil Bulls?
US crude oil rigs are near a five-month low. West Texas Intermediate (or WTI) crude oil (UWT) (DWT) prices are down 8.8% year-to-date (or YTD).
How Geopolitical Tensions Are Affecting Oil Prices
Supply outages in the Kurdistan region supported crude oil (BNO) (USO) (USL) prices last week.
Is US Natural Gas Production Bearish for Natural Gas?
US dry natural gas production will likely average ~73.6 Bcf/d in 2017. It will likely rise by 4.9 Bcf/d or 6.6% to 78.5 Bcf/d in 2018.
Lower US Crude Oil Inventories Help Crude Oil Bulls
The EIA estimates that crude oil inventories fell by 5.7 MMbbls to 456.4 MMbbls on October 6–13, 2017—the lowest levels since August 25, 2017.
Why 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).
Why Encana Stock Moved Last Week
Encana’s (ECA) stock price fell ~5% last week. Encana’s stock price was under pressure due to falling crude oil and natural gas prices.
US Dollar Is near a 10-Week High, Could Upset Crude Oil Bulls
The US Dollar Index fell 0.1% to 93.55 on October 9, 2017. However, it rose almost 1.1% last week. The US dollar (UUP) is near a ten-week high.
Is Stone Energy’s Free Cash Flow Trending in the Right Direction?
In 1Q17, Stone Energy’s (SGY) total operating revenue was ~$95 million, ~17% higher than it was in 1Q16.
Analyzing Southwestern Energy’s 3Q17 Revenue Expectations
For 3Q17, Wall Street analysts expect Southwestern Energy (SWN) to report revenues of ~$759 million.
Oil 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.
What Really Moved W&T Offshore Stock Last Week?
W&T Offshore (WTI) stock rose ~7% last week (ended September 29), while crude oil and the SPDR S&P 500 ETF (SPY) rose ~2% and ~0.7%, respectively.
Why ConocoPhillips Stock Moved Last Week
For the week ending September 29, 2017, ConocoPhillips stock had a correlation of ~18% with crude oil (USO) (SCO).
US Crude Oil Rig Count Could Be Slower in 4Q17
On September 29, 2017, Baker Hughes (BHI) reported that the US crude oil rig count rose by six to 750 on September 22–29, 2017.
How Record US Crude Oil Exports Are Impacting Crude Oil Inventories and Prices
On September 27, the EIA released its weekly report, estimating that US crude oil inventories fell to 470.9 MMbbls from September 15–22, 2017.
Chart in Focus: Marathon Oil’s Hedging Effectiveness
According to Marathon Oil’s (MRO) financials, MRO reported total (non-cash and cash) gains of ~$43.0 million on its 2Q17 crude oil and natural gas derivatives.
How Marathon Oil’s Divestiture Affected Its Production Mix
In 2Q17, Marathon Oil’s (MRO) production mix from continuing operations was ~47.0% crude oil and condensate, ~15.0% natural gas liquids, and ~38.0% natural gas.
Why Marathon Oil Had Sequential Production Growth in 2Q17
For 2Q17, Marathon Oil (MRO) reported total production of 389.0 Mboepd (thousand barrels of oil equivalent per day). Total production excludes production from Libya.
