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Oil & Gas Atlas
Oil surges on unrest in Egypt
Energy Market Indices WoW Changes
⇒ S&P/TSX Energy Index: +1.6%
⇒ S&P 500 E&P Index: -1.5%
⇒ Oil Service Sector Index: +4.2%
⇒ UK FTSE Oil & Gas Producers Index: +0.4%
⇒ Asia Pacific Oil & Gas Producers Index: -1.0%
Weekly Market Recap
Last Friday, WTI gained more than 4% over the previous day on unrest in Egypt and
pushed Brent to over US$99/bbl. DOE crude oil inventories rose 4.8mmbbl,
compared to median expectations for a build of 1.2mmbbl. At 340.6mmbbl, US crude
inventories are now 4.3% above last year’s levels. The premium of Brent to WTI
reached US$12/bbl, its largest gap ever due to high supplies at Cushing. Despite
cold weather in the eastern US and a weekly draw of 174bcf (essentially in line with
estimates), NYMEX gas was down nearly 9% WoW.
In Egypt, police and military clashed with mobs of protestors in the streets of Cairo
who were calling for President Hosni Mubarak to step down. Oil prices surged the
most since September 2009 as the market grew more concerned that the escalating
tensions could force closure of the Suez Canal, which is used to transport an
estimated 1.5mmbbl/day of oil to European markets. As this recent protest comes on
the heels of the protests that erupted in Tunisia, there is also concern that the
momentum could spread to major oil producing countries of the Middle East, further
affecting supply.
Notable in the US E&P space was Apache’s 8.6% drop WoW in response to the
uncertainty in Egypt. The company announced that its oil and gas production remain
operational and will continue to monitor the situation. On a smaller scale, Canadianlisted
small cap, Transglobe Energy was down 6% WoW.
In the Canadian E&P large cap space, Canadian Oil Sands reported 4Q10 CFPS
(from operations) of C$0.77, solidly beating Macquarie’s estimate of C$0.66 and
C$0.68 consensus. Despite a planned turnaround on Coker 8-1 that started in
September and carried into late October, the company delivered strong operating
performance. Improved reliability saw net production at 115.9mbbl/d, well above
3Q10 levels of 96.5mbbl/d. The stock gained 1.4% on Friday over the previous day.
The Baker Hughes gas rig count was reported at 913, up 7 WoW and compares to
the count at 861 last year. The total rig count stands at 1,732.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Oil & Gas Atlas
Oil surges on unrest in Egypt
Energy Market Indices WoW Changes
⇒ S&P/TSX Energy Index: +1.6%
⇒ S&P 500 E&P Index: -1.5%
⇒ Oil Service Sector Index: +4.2%
⇒ UK FTSE Oil & Gas Producers Index: +0.4%
⇒ Asia Pacific Oil & Gas Producers Index: -1.0%
Weekly Market Recap
Last Friday, WTI gained more than 4% over the previous day on unrest in Egypt and
pushed Brent to over US$99/bbl. DOE crude oil inventories rose 4.8mmbbl,
compared to median expectations for a build of 1.2mmbbl. At 340.6mmbbl, US crude
inventories are now 4.3% above last year’s levels. The premium of Brent to WTI
reached US$12/bbl, its largest gap ever due to high supplies at Cushing. Despite
cold weather in the eastern US and a weekly draw of 174bcf (essentially in line with
estimates), NYMEX gas was down nearly 9% WoW.
In Egypt, police and military clashed with mobs of protestors in the streets of Cairo
who were calling for President Hosni Mubarak to step down. Oil prices surged the
most since September 2009 as the market grew more concerned that the escalating
tensions could force closure of the Suez Canal, which is used to transport an
estimated 1.5mmbbl/day of oil to European markets. As this recent protest comes on
the heels of the protests that erupted in Tunisia, there is also concern that the
momentum could spread to major oil producing countries of the Middle East, further
affecting supply.
Notable in the US E&P space was Apache’s 8.6% drop WoW in response to the
uncertainty in Egypt. The company announced that its oil and gas production remain
operational and will continue to monitor the situation. On a smaller scale, Canadianlisted
small cap, Transglobe Energy was down 6% WoW.
In the Canadian E&P large cap space, Canadian Oil Sands reported 4Q10 CFPS
(from operations) of C$0.77, solidly beating Macquarie’s estimate of C$0.66 and
C$0.68 consensus. Despite a planned turnaround on Coker 8-1 that started in
September and carried into late October, the company delivered strong operating
performance. Improved reliability saw net production at 115.9mbbl/d, well above
3Q10 levels of 96.5mbbl/d. The stock gained 1.4% on Friday over the previous day.
The Baker Hughes gas rig count was reported at 913, up 7 WoW and compares to
the count at 861 last year. The total rig count stands at 1,732.
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