|Day's range||51.00 - 52.95|
The U.S. and Canadian oil rig count fell for the third week in a row, but the lower number of deployed rigs didn’t keep oil prices from falling on Friday afternoon
A joint venture between troubled Venezuelan state oil company PDVSA and China’s CNPC in the South American country has doubled its oil production in the past seven months
On December 14, China reported the November industrial output growth at 5.4% on a year-over-year basis—the lowest growth since early 2016. The industrial output growth was below the expectation. China’s retail sales growth rate was also at a multiyear low. China was the second-largest oil consumer in the world. Any slowdown in China’s economy would be a negative development for crude oil prices. At 7:43 AM EST, US crude oil prices have lost $0.34 from the last closing level.
Currently, Marathon Petroleum (MPC) trades at a forward PE ratio of 8.1x, above its peer average of 7.7x. Marathon Petroleum’s peers Valero Energy (VLO) and Phillips 66 (PSX) also trade above their peer average. Valero and Phillips 66 stocks trade at 8.3x and 9.0x their forward PE, respectively.
Investing.com - Oil prices rose on Thursday as the International Energy Agency forecast that the market would rebalance faster than it originally thought.
The price spike in Canadian crude is unlikely to last and is looking more as a knee-jerk reaction to the announcement of production cuts that have not yet gone into effect
In the previous part, we looked at Marathon Petroleum’s (MPC) moving average trend. Now, we’ll consider its implied volatility to forecast its stock price range until the end of the year.
In this part, we’ll look at Marathon Petroleum’s (MPC) moving averages trend in the current quarter. Before that, let’s see briefly how Marathon Petroleum’s moving averages have trended in 2018.
Investing.com - Oil prices gained on Thursday in Asia after the Energy Information Administration (EIA) reported a drop in U.S. crude stockpiles.
OPEC and its partners managed to reach an agreement to cut 1.2 million bpd of production, but the vague commitment and the size of the cut could fail to send prices up much higher
OPEC expects demand for its crude to be slightly lower in 2019, averaging 31.4 million bpd, down by 100,000 bpd from last month's forecast
Marathon Petroleum Stock Has Fallen 26% in Q4: What's Next? Marathon Petroleum’s (MPC) dividend yield has risen due to a fall in its stock price. Before we review the stock’s yield trend, let’s look at the company’s dividend payment in the current quarter.
The crude oil volumes traded this year are on track for a record high as China’s yuan-denominated trades are offsetting lower activity in the Brent benchmark
Investing.com - U.S. crude oil inventories fell less than expected last week, the Energy Information Administration said in its weekly report on Wednesday.
The European Bank for Reconstruction and Development, established to help foster democracy-building projects in former communist countries, on Wednesday adopted a strategic plan that rules out direct financing of coal plants and mines -- despite opposition from the U.S., the bank’s single biggest shareholder.
The natural gas rig count was at 198 last week—nine more than the previous week. The natural gas rig count has fallen ~87.7% from its record level of 1,606 in 2008. Since September, natural gas prices have risen nearly 38%, which might be luring natural gas producers to increase their production.
With the production cut agreement that’s set to be implemented in 2019, US crude oil’s downside could be limited. Traders think that the recent flow of funds from oil to the natural gas market might stop, which could be a negative development for natural gas prices.
Bank of America Merrill Lynch (BAC) expects Brent crude oil to average ~$70 per barrel in 2019, according to a CNBC report. The OPEC and non-OPEC agreement to cut 1.2 MMbpd (million barrels per day) of oil from the October production level in 2019 would be the key driver for US crude oil prices going forward.
Investing.com - Oil prices rose on Wednesday in Asia following reports of a production loss of 315,000 barrels per day (bpd) from the El Sharara oilfield, which was seized at the weekend by a local militia group.
Oil prices only rallied modestly after OPEC and partners announced a new round of output cuts, and volatile global markets now seem to have put a cap on crude
The global oil markets could be about to see some drastic geopolitical changes as OPEC and Non-OPEC formalize cooperation in the first quarter of next year