Barring significant disruptions to oil flows, the market looks reasonably well supplied in 2024, with higher-than-expected non-OPEC+ production increases set to outpace oil demand growth by a healthy margin. Global oil supply is forecast to rise by 1.5 mb/d to a new high of 103.5 mb/d in 2024. The Americas – led by the United States, Brazil, Guyana and Canada – will dominate gains in 2024, just as the region did last year. After a steep rise in output in 4Q23, global oil supply is expected to decline this month as a blast of cold weather sweeping through the United States and Canada takes a toll on oil operations.
- WTI is the underlying commodity of the New York Mercantile Exchange’s (NYMEX) oil futures contract and is considered a high-quality oil that is easily refined.
- On an international level there are a number of different types of crude oil, each of which have different properties and prices.
- The reference oil traded most frequently and of major significance for the USA is West Texas Intermediate (WTI), while the most important in Asia is Dubai Fateh.
- Because the supply of crude oil is limited but demand is constantly increasing, the price of oil is also continuously rising.
- Zacks provides the average brokerage recommendation (ABR) for thousands of stocks for most of the leading investment web sties.
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But those will be short lived price spikes from which only the most nimble of traders will benefit. OPEC+, the influential global consortium of oil producers, has maintained production cuts since the middle of 2023, primarily because it fears a global supply/demand imbalance due to increased production from non-OPEC aligned countries. Oil production increases have been higher than expected by almost everyone, and when balanced against global oil demand that is growing at a slower rate than many anticipated, the seeds of an oversupply situation have been planted. W&T Offshore Inc.’s WTI board approved a special dividend of 63 cents a share, marking the second consecutive year the independent oil and natural gas company is making the special payment.
Oil Market Report – January 2024
Oil prices will head lower, and WTI prices will likely find their way towards $50 in 2024. New Rank-Based ScoringMarketRank™ is calculated by averaging available category scores (with extra weight given to analysis and valuation), then ranking the company’s weighted average against that of other companies. A court in Hong Kong on Monday ordered the liquidation of China Evergrande, the world’s most indebted property developer. China’s real estate sector faces a debt crisis that is weighing on the country’s economy, raising worries among traders that Beijing’s demand for crude could be softer as a result.
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Brent is also tied to more worldwide oil markets and serves as an international benchmark, meaning that more factors are influencing its price. Furthermore, transporting WTI overseas to Brent crude’s market could come at a cost that would make WTI unable to compete with Brent crude in terms of pricing. 1 Wall Street equities research analysts have issued “buy,” “hold,” and “sell” ratings for W&T Offshore in the last year. The consensus among Wall Street equities research analysts is that investors should “buy” WTI shares.
The company was founded by Tracy W. Krohn in 1983 and is headquartered in Houston, TX. The significance of a benchmark in the oil market is that benchmarks serve as a reference price for buyers and sellers of crude oil. Oil benchmarks are https://bigbostrade.com/ frequently quoted in the media as the price of oil. Though Brent crude and WTI crude are the most popular benchmarks, their prices are often contrasted. The difference in price between Brent and WTI is called the Brent-WTI spread.
“People are trying to weigh up the economic news out of China – what are the potential implications for demand,” Helima Croft with RBC Capital Markets told CNBC’s “Worldwide Exchange” on Monday. The industry with the best average Zacks Rank would be considered the top industry (1 out of 265), which would place it in the top 1% of Zacks Ranked Industries. The industry how to download metatrader 4 on mac with the worst average Zacks Rank (265 out of 265) would place in the bottom 1%. An industry with a larger percentage of Zacks Rank #1’s and #2’s will have a better average Zacks Rank than one with a larger percentage of Zacks Rank #4’s and #5’s. The Cushing hub delivery system consists of 35 (20 inbound and 15 outbound) pipelines and 16 storage terminals.
The most oversold stocks in the energy sector presents an opportunity to buy into undervalued companies. Upgrade to MarketBeat All Access to add more stocks to your watchlist. Get updates on the IEA’s latest news, analysis, data and events delivered twice monthly. The deadly attack on U.S. troops comes on the heels of attacks by Yemen-based Houthi rebels on an oil tanker transiting the Red Sea on Friday. A petroleum products tanker vessel, operated on behalf of Trafigura, caught fire after it was struck by a missile in the Gulf of Aden.
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The hub has 90 million barrels of storage capacity and accounts for 13% of U.S. oil storage. WTI is the underlying commodity of the New York Mercantile Exchange’s (NYMEX) oil futures contract and is considered a high-quality oil that is easily refined. Sign-up to receive the latest news and ratings for W&T Offshore and its competitors with MarketBeat’s FREE daily newsletter.
Shareholders of record on Tuesday, November 28th will be given a dividend of $0.01 per share on Friday, December 22nd. The company is scheduled to release its next quarterly earnings announcement on Tuesday, March 5th 2024. W&T Offshore’s stock was trading at $3.26 at the beginning of the year.
Zacks Ranks stocks can, and often do, change throughout the month. Certain Zacks Rank stocks for which no month-end price was available, pricing information was not collected, or for certain other reasons have been excluded from these return calculations. Global oil supplies are more than adequate right now, and idle excess global production capacity is actually quite high as well.
15 employees have rated W&T Offshore Chief Executive Officer Tracy W. Krohn on Glassdoor.com. Tracy W. Krohn has an approval rating of 55% among the company’s employees. This puts Tracy W. Krohn in the bottom 25% of approval ratings compared to other CEOs of publicly-traded companies. 52.0% of employees surveyed would recommend working at W&T Offshore to a friend. W&T Offshore declared a quarterly dividend on Wednesday, November 8th.
Which stocks are major institutional investors including hedge funds and endowments buying in today’s market? Click the link below and we’ll send you MarketBeat’s list of thirteen stocks that institutional investors are buying up as quickly as they can. As oil prices remain at currently elevated levels, and if they rise even higher from here, every oil producer on the planet will produce more oil, including OPEC+ and all of its members.
Brent futures fell $1.15, or 1.38%, to settle $82.40 a barrel, while U.S. West Texas Intermediate dropped $1.23, or 1.58%, to settle at $76.78 a barrel. In most cases the # of brokers listed above is less than the # of brokerage firms that have a recommendation on the stock. That is because some firms prohibit Zacks from displaying detailed information on their recommendations such as in the upgrade/downgrade table. Many of the brokerage firms who provide Zacks data ask that we keep their identity confidential. The Zacks Industry Rank assigns a rating to each of the 265 X (Expanded) Industries based on their average Zacks Rank.