|Day's range||66.52 - 68.10|
Norway’s oil industry faces new problems in the form of political uncertainty over which areas the country should open up for exploratory drilling in order to counter production declines
Oil prices inched higher on Tuesday morning, ahead of this week’s inventory report, as markets expect reduced oil supply from Iran in the next few months
In the week ending on August 17, the oil rig count was unchanged at 869—the highest level since the week ending March 6, 2015. The oil rig count stayed above the range of 858–863. The oil rig count was in this range between May 25 and August 3.
On August 20, US crude oil October futures rose 0.3% and settled at $65.42 per barrel. Short covering might have supported the oil prices. On the same day, the Energy Select Sector SPDR ETF (XLE) rose 0.7%. The small rise in energy stocks might have contributed to the 0.2% and 0.3% rise in the S&P 500 Index (SPY) and the Dow Jones Industrial Average Index (DIA), respectively, on August 20. Read Oil Could Impact US Equity Indexes’ Upside to learn more.
In the previous two parts, we discussed Marathon Petroleum’s (MPC) growth possibilities and refining earnings expectations. Marathon Petroleum is covered by 14 analysts. For Marathon Petroleum, 13 analysts (or 93%) assigned “buy” or “strong buy” ratings on the stock.
Marathon Petroleum’s refining earnings are influenced by the blended LLS 6-3-2-1 crack, the LLS-WTI spread, and the sweet-sour differential. According to Marathon Petroleum, a dollar-per-barrel rise in the blended LLS 6-3-2-1 crack expands its annual net income by $590 million. A dollar-per-barrel shift in the sweet-sour and LLS-WTI spreads alters the company’s annual income by $300 million and $90 million, respectively.
Marathon Petroleum (MPC) is progressing on its growth trajectory with its capital expenditure and the ongoing acquisition of Andeavor (ANDV). In 2018, Marathon Petroleum plans to spend $4.0 billion on the capex—60% is expected to be in the Midstream segment, 24% in the Refining segment, and 13% in the Speedway segment.
Investing.com - Oil prices were mixed on Tuesday as the crude supply is expected to lower due once U.S. beings imposing economic sanctions against Iran in November.
The US dollar fell against the Japanese yen initially during trading on Monday, to kick off the week. However, we continue to find support underneath and as a result it looks as if we are very much range bound.
After a somewhat quiet summer, oil markets could become a lot more volatile as sanctions on Iran and possible demand destruction take their toll on oil prices
In one of its latest memos, the U.S. department of Energy has said that the U.S. can use its oil resources with more flexibility, embracing an energy dominance agenda
On August 10–17, the United States Oil ETF (USO) fell 2.8%, the United States 12-Month Oil ETF (USL) fell 2.3%, and the ProShares Ultra Bloomberg Crude Oil ETF (UCO) fell 5.2%. These ETFs track US crude oil futures.
Iran’s permanent envoy to OPEC, Kazem Gharibabadi has reminded the members of the cartel that no other country can overtake its production or export quotas
The plan to overhaul the emission rule is by far going to be President Donald Trump's biggest move to revive the ailing U.S. coal industry.
On August 16, US crude oil’s implied volatility was 23.4%—at par to its 15-day average. The inverse relationship between oil prices and oil’s implied volatility is illustrated in the following graph.
Iranian oil minister says France's oil giant Total SA has pulled out of Iran after cancelling gas project.
Based on China Petroleum & Chemical Corporation’s (HKG:386) earnings update in March 2018, analyst consensus outlook appear vastly optimistic, with earnings expected to grow by a high double-digit of 50.81%Read More...
With natural gas rapidly approaching the so-called “Shoulder Season”, bearish traders are counting on a big drop in demand and a steady-to-higher rise in production. In a perfect situation, this scenario should lead to lower prices over the near-term. In order for a bearish scenario to develop, temperatures are going to have to remain at average or below average levels and production has to remain over 80 Bcf/d.
A decade ago, analysts suggested that U.S. oil companies target Venezuela’s Citgo refineries as compensation for Venezuela’s expropriation of their assets, and now, that may finally become a reality
After months of delays, disasters and bad PR, Exxon’s Papua New Guinea project seems to be on its way up, and with the trade war escalating, it could end up being more profitable than expected