PXE News and Press, Invesco Dynamic Energy Exploration &Production From 05/20/20

By Tajinder Dhillon Oil refineries finished reporting 20Q1 earnings, posting positive earnings surprises across the board. Valero Energy (VLO) posted the largest positive surprise with an actual result of $0.34 compared to consensus of $-0.15 as seen in Exhibit 1. Exhibit 1: S&P 500...

In response to the dramatic decline in oil demand stemming from the COVID-19 pandemic and the resulting price weakness, global oil supply is expected to fall significantly this month, as OPEC+ cuts took effect May 1. Some producers began implementing production cuts early, and Saudi Arabia has...

Brent finished at $32.50 per barrel capping a third consecutive week of gains while WTI topped $29.43 per barrel which was close to a two-month high. The Brent/ WTI spread has narrowed significantly to $3.07 per barrel, which makes US crude oil exports less competitive to other Brent-related...

By Tajinder Dhillon U.S. oil majors finished reporting 20Q1 results in the week starting May 4. The industry beat consensus expectations this quarter, led by Exxon Mobil (XOM), Chevron (CVX), ConocoPhillips (COP), Devon Energy (DVN), and Occidental Petroleum (OXY). As a result, the S&P...

Welcome to the weak cash market edition of Natural Gas Daily! Mother Nature has given the natural gas market a boost over the last 2 weeks. April was much colder than normal, with May starting off colder as well. But even though TDDs were close to doubling the seasonal average, the cash ...

The likelihood that Brent crude oil would follow WTI into negative territory was never a real possibility, one market assessment read. In the US shale patch, it looks like the worst is over, said a pipeline operator. Sentiments like these have put a soft floor under Brent at around $30 per bar...

Energy now better positioned The US energy sector positioning on our allocation framework has improved, pushing us to move to a neutral from underweight view. Energy is in the top-right 'momentum' quadrant, surprisingly in favor with investors but now with above average fundamentals, and h...

A substantial number of midstream companies have released capital spending updates since early March as the collapse in oil prices quickly shifted the reality for midstream, and volumes came into question. While capital expenditures were already moderating (we estimate capex peaked in 2018 o...

With the collapse in oil prices sending shockwaves through the energy sector in March and April, midstream has stood out for its relative resilience. Watch our three-minute update video for a discussion of some of the key factors driving defensive midstream performance, including more sta...

To help us understand the dynamics currently driving the global energy market, we utilize game theory and macro thematic analytical frameworks. Recent developments have caused us to update our energy/Middle East game theater to reflect evolving interests. Historically, this game theater has ...