Tag Archive for: crudeprices

Wall Street stocks rose to start the year, with energy shares in focus after US forces captured Venezuelan President Nicolás Maduro.

Oil Shares Rise After Venezuela Raid

U.S. stocks moved higher on Monday, supported by gains in energy companies and major banks. The S&P 500 added 0.6% to 6,902.05, the Dow Jones Industrial Average climbed 1.2% to a record 48,977.18, and the Nasdaq rose 0.7% to 23,395.82. Smaller-company stocks also advanced, with the Russell 2000 up 1.6%, while European markets generally increased as well.

Energy stocks strengthened after U.S. forces captured Venezuelan President Nicolás Maduro in a weekend operation, drawing renewed attention to the country’s oil sector. U.S. crude rose 1.7% to $58.32 a barrel and Brent gained 1.7% to $61.76. Chevron jumped 5.1%, Exxon Mobil rose 2.2%, and Halliburton gained 7.8% after President Donald Trump discussed a plan for U.S. oil companies to help rebuild Venezuela’s industry, where output is currently around 1.1 million barrels per day and could rise with investment.

Investors also tracked moves in other markets and upcoming economic reports. Gold rose 2.8%, silver gained 7.9%, and bitcoin traded near $94,700. Treasury yields eased, with the 10-year at 4.15%. This week’s calendar includes data on services activity and jobs that could influence expectations for Federal Reserve policy; markets have been anticipating the Fed will keep rates unchanged at its meeting later in January.

Source: AP News
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A surge of supply from non-OPEC nations like US, Brazil, and Guyana has surprised oil markets this year.

No matter how much OPEC cuts oil production, other countries will ‘fill the hole,’ trader says

Despite efforts by Saudi Arabia and Russia to prop up crude prices by cutting production, countries like Guyana, Brazil and the US have pumped more oil than ever.

That supply is now so strong that even if OPEC+ slashes more production, the spigot of oil from non-members will continue to douse the market.

“I think it’s more of a supply story going into 2024,” Rebecca Babin, senior equity trader for CIBC Private Wealth, told CNBC on Monday. “There’s a lot of fear that no matter what OPEC does, no matter how much they cut, there are producers — non-OPEC producers — that are just going to fill the hole they keep digging.”

She added, “We’re looking at 2024 and we’re concerned that the market is actually going to end up being oversupplied.”

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Source: yahoo!finance

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West Texas Intermediate (WTI) crude (CL=F) prices averaged US$82.10 for the three months ended Sept. 30.

Oil and gas earnings: Crude price spike prompts analyst calls for ‘much stronger’ Q3

Oil and Gas Earnings:

Oil and Gas Earnings: Imperial Oil is set to kick off third-quarter oil and gas earnings on Friday.

A fresh read on how companies fared as benchmark crude prices climbed to a 10-month high above US$94 per barrel.

West Texas Intermediate (WTI) crude (CL=F) prices averaged US$82.10 for the three months ended Sept. 30.

That reporting period preceded increased volatility that has roiled commodity markets amid of a widening war in the Middle East

RBC Capital Markets analyst Greg Pardy is calling for Canadian oil and gas companies to showcase “much stronger financial performance amid robust upstream-downstream commodity price.”

He points to an 11% quarterly jump in WTI prices, as the loonie held steady against the U.S. dollar.

Oil Prices Caught Tailwinds

“Oil prices caught tailwinds in the third-quarter fueled by expectations of a soft-landing and Saudi Arabia’s extended unilateral one million barrel per day production cut through the remainder of the year,” Pardy wrote in a recent note to clients.

Among the oilsands-weighted majors – Canadian Natural Resources, Suncor Energy, Cenovus Energy, and Imperial – he estimates free cash flow jumped 127% in the third quarter, as the group shaved $3.1 billion from its collective net debt pile.

National Bank, Travis Wood highlights “significant strengthening in crude prices quarter-over-quarter,” as well as the absence of impacts on production.

“We are expecting cash flow per share to be up by 23% on a quarter-over-quarter basis,” he wrote.

The iShares S&P/TSX Capped Energy Index ETF – a basket of Canada’s largest oilsands stocks – has added more than nine per cent year-to-date.

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Source: yahoo!finance

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