Carax Alphavalue | The recent OPEC deal was more than welcomed by the Norwegian oil company which has more than 60% of its production coming from the Continental Shelf. With little by way of refining compared to its integrated oil peers’, Statoil’s (Add, Norway) earnings are a near direct call on oil prices.
2016 Brent/WTI oil price
Calls for keeping a low-key profile till the new UK Prime Minister takes office and agrees terms with its EU partners on the broad Brexit strategy seem to be being largely ignored. Mr Juncker jumped on the opportunity to deliver a stern and ill-timed warning to the UK.
UBS | We’ve marked to market for 4Q15 and lowered our 2016 Brent/WTI oil price forecasts ($/Bbl) to $42.50/$40.00 (from $57.50/$52.50), reflecting the much weaker 4Q outturn and lower entry point into 2016. In the near-term the market remains oversupplied and we expect global inventories to continue building until 3Q16, dampening any potential price recovery.