HOUSTON, July 22, 2021 (GLOBE NEWSWIRE) -- W&T Offshore, Inc. (NYSE: WTI) today announced the timing of its second quarter 2021 earnings release and conference call.
WTI Shrugs Off Unexpectedly Large Crude Inventory Build After the initial tumble last night - after API reported an unexpected build in crude inventories (and big build in gasoline stocks) - oil prices have surged higher overnight and across the US equity market open as all those Monday fears appear to be evaporating once again. Risk-on is the main driver, said Giovanni Staunovo, an analyst at UBS Group AG in Zurich. I still believe oil fundamentals themselves are supportive, but the last 72 hours were primarily driven by shifts in investors attitude to risk. Maybe this morning''s official data will reignote some sense of fundamentals in the energy complex however fleeting. API Crude +806k (-5.4mm exp) Cushing -3.57mm Gasoline +3.31mm (-1.0mm exp) Distillates DOE Crude +2.11mm (-3.7mm exp) Cushing -1.347mm Gasoline -121k (-1.0mm exp) Distillates -1.349mm Analysts expected a 9th straight weekly draw in crude stocks, even after API reported an unexpected build, but were wrong when the official data showed an even bigger 2.11mm barrel increase.
WTI (futures on Nymex) is paring back gains below $67, having stalled its tepid recovery from two-month lows of $65.61. At the time of writing, the US
WTI picks up bids to $66.81, up 0.50% intraday, amid Tuesdays Asian session. The black gold dropped to the lowest since late May the previous day aft
WTI settles down $5.39 to $66.42 I read a great note today from RBC arguing that the physical market is tight inventories continuing to draw down to some of the lowest levels in 6 years. On top of that, China and Indian are refining more than they''re importing so they''ll be back as buyers soon. By Adam Button
WTI Extends Losses After (Delayed) Inventory Data Firstly, we note that, for the first time that we can recall, the official data was delayed due to a delay in uploading data. We expect to post the #WeeklyPetroleumStatusReport at 11am EDT today. EIA (@EIAgov) July 14, 2021 The delay continued until 1130ET. This is highly unusual for a report that is so fundamental to oil market transparency. * * * After tagging 33-month highs yesterday, oil prices have been chaotic overnight as API inventory data mixed with reports and denials from UAE/OPEC+ over a deal have left WTI lower so far. However, even if a deal is done, timing will remain an issue. Even if OPEC decides to raise output in August, that crude will not reach refineries until after the August peak-demand period will be over, Ed Morse, head of commodities research at Citigroup Inc., said in an email. The next $1 one way or the other may be driven by the official inventory data, as industry watchers would consider APIs report of a nearly 5m bbl build in diesel bearish, if the U.S. government confirms it.
WTI (futures on Nymex) has turned south towards the midpoint of the $74 level after the recovery ran into offers just shy of the $75 mark. The mixed m
WTI struggles to keep late Wednesdays bounce off a three-week low around $71.70 amid the early Asian morning on Thursday. The energy benchmarks late
WTI oil is consolidating in early Wednesday after Tuesdays sharp pullback from new highest level in almost seven years. Oil price fell 3.3% on Tuesday, registering the biggest one-day drop since Apr 5, mainly hit by the failure of OPEC+ group members to agree on extending existing production cuts to the end of next year,  The post WTI Oil Outlook: Oil Is Consolidating After Tuesdays 3.3% Drop appeared first on Action Forex .
One For The History Books: A New Control Regime In Oil By Larry McDonald, author of The Bear Traps Report You have to give pause when you think that the only news in markets that mattered today is OPEC+ and what the next move is by them. We live in a world with growing demand, shrinking supply. ESG matters, climate change, inflation, Iran, etc, mean nothing today in the global crude market. All people want to know is what OPEC+ is going to do next. So clearly IT is an important issue for the market before we tackle anything else. The sticking point in the talks the UAE (United Arab Emirates) want a higher baseline after large-scale CAPEX investments in recent years production capacity and wants to boost production by 700mbd. On the other hand, the Saudis do not want to offend the Russians and other players by adjusting the UAE baseline. *BRENT CRUDE SURPASSES $77 PER BARREL FOR FIRST TIME SINCE 2018 Bloomberg Gasoline, Summer Driving Season After the U.S. handed far more control over the price of oil to the Saudis and Russians, consumers are paying the price.
Oil prices extended gains on Thursday, with the West Texas Intermediate surpassing the $75 threshold and reaching a level last seen in October 2018. The investors were focused on the meeting of the O
An unexpected jump in gasoline stocks, along with Delta COVID-19 variant concerns and OPEC+ producer group supply uncertainties, are pulling crude oil
WTI (futures on Nymex) is extending its corrective downside into the second straight day on Tuesday, as the bears gear up for a test of the $72 mark.
W&T Offshore found using ticker (WTI) have now 3 analysts in total covering the stock. The consensus rating is ''Buy''. The range between the high target price and low target price is between 5.5 and 4 with a mean TP of 4.67. With the stocks previous close at 4.88 this would imply there is a potential downside of -4.3%. The 50 day moving average now sits at 4.17 while the 200 day moving average is 3.33. The market cap for the company is $707m. Visit the company website at: /> [stock_market_widget type="chart" symbol="WTI" chart="bar" range="6mo" interval="1d" line-color="rgb(49, 125, 189)"] W&T Offshore, an independent oil and natural gas producer, engages in the acquisition, exploration, and development of oil and natural gas properties in the Gulf of Mexico. The company sells crude oil, natural gas liquids, and natural gas. It holds working interest in approximately 43 offshore fields in federal and state waters. The company also owns interest in approximately 146 offshore structures.
WTI Fails to Extend Overnight OPEC+ Gains Despite Big Crude Draw Oil prices are up overnight, with WTI topping $74 (and Brent topping $75 - a fresh two year high), after a bigger than expected crude draw reported by API . Prices were also buoyed by reports that OPEC+ is considering raising production by 500k barrels a day (which is less than the widely expected 1mm b/d). In another supportive voice for oil prices, OPEC Secretary General Mohammad Barkindo said on Wednesday at the meeting of the organizations economic think-tank, the Economic Commission Board (ECB), that the latest market developments point to much better conditions and improved outlooks of the oil market and global economy. U.S. Oil inventories were expected to drop by 6.3 million barrels for the week ended June 18, aided by the lifting of domestic restrictions amid vaccinations, and by exports. However, the emergence of a new variants in regions where vaccinations are slower may pressure the global economic recovery, and with it demand, according to Vince Piazza, senior energy analyst at Bloomberg Intelligence.