Exxon Mobil Stock: Exxon Mobil ( NYSE:XOM ) and Chevron ( NYSE:CVX ), coming off record profits in the second quarter, are anticipated to again see Q3 earnings soar when they report on Friday. The two energy behemoths’ capital investment forecasts will be closely watched because U.S. oil producers have been sitting on their hands, keeping production practically steady while gasoline and diesel prices have skyrocketed. On Thursday, the prices of Chevron and Exxon Mobil both increased.
It is unclear if Exxon Mobil ( NYSE:XOM ) and Chevron ( NYSE:CVX ) would hear President Joe Biden and raise production or follow OPEC’s lead and maintain the production reins tight in light of the forecasted recession and potential destruction of demand.
The Organization of the Petroleum Exporting Countries, sometimes known as OPEC+, and some of its major allies, notably Russia, decided in early October to reduce their oil production by 2 million barrels per day in November. Due to predictions of an economic slowdown and a lowered outlook for energy demand, the group has been warning of a potential output cut.
As the midterm elections approach, Biden has begun releasing millions of barrels of oil from the U.S. Strategic Petroleum Reserve in an effort to contain the price of oil and fuel in the United States.
“I want to tell the oil firms that they are sitting on record profits and that we are giving them more security. In order to expand oil output, you can do it right away “In a speech on October 19, Biden noted.
As U.S. exports reached record highs and refineries operated at unusually high levels, U.S. crude futures increased by more than 3% to more than $89 per barrel on Thursday. In the meantime, the price of US natural gas decreased to about $5.56 per million BTUs. Futures prices last Friday reached their lowest levels in seven months, falling below $5 per mi...
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