Tuesday, February 2, 2021

WTI Surges; Trades Higher Than OPEC Basket -- February 2, 2021


Perfect storm:

  • pipeline bans, drilling lease bans
  • winter storm Orlena
  • weak dollar

Pre-market trading (6:07 a.m. CT, February 2, 2021):

  • WTI: surges 2.33%; up over $1.25; trading at $54.80
  • natural gas: surges almost 5%; up over 13.3 cents; trading just under $3.00
  • OPEC basket: flat; no change; trading at $54.51
  • Brent: up 2.25%; trading at $57.62
  • Urals: flat; no change; trading at $42.22

COP earnings: press release --

  • loss lighter than expected; loss at 72 cents/share; same qtr last year, earned 65 cents/share;
  • EPS beats by 6 cents:
  • beats on revenue; beats by $1.36 billion
  • production: 1,118 vs 1,154 Mboe/d forecast;
  • cash flow fell 44% to $1.67 billion but topped forecast of $1.39 billion;
  • dividend unchanged at 43 cents/share;

Overnight, social media:



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