Oil Bulls Are Back As Crude Prices Inch Towards $60
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Chart Of The Week
- In early October, the average retail gasoline price in California topped $4 per gallon, which was only the second time that had occurred since 2014.
- California is geographically isolated, has few pipeline connections, and few refineries.
- The price spike occurred because of some refinery outages, combined with the brief oil price spike after the Abqaiq attack in Saudi Arabia.
- Chesapeake Energy (NYSE: CHK) was down more than 15 percent in midday trading on Tuesday after missing earnings results (more below). The shale gas driller reported disappointing earnings on lower output and lower prices. The company plans on slashing capex in 2020 by 30 percent.
- Pioneer Natural Resources (NYSE: PXD) narrowly beat earnings estimates. Revenues were off by 6 percent year-on-year, but production rose by 9 percent.
- Chevron (NYSE: CVX) saw its share price rise by more than 4 percent on Monday after news broke that it planned on selling its stake in the Azeri-Chirag-Gunashli oilfield in Azerbaijan for $1.57 billion.
Tuesday, November 5, 2019
Oil prices moved higher at the start of the week as signs of a trade breakthrough between the U.S. and China continue to gain steam and OPEC hints at making deeper production cuts. While bearish sentiment remains prevalent in oil mar....