Technical Analysis on Chevron and Exxon Mobil: A Bearish Trail for the Industry PR Newswire LONDON, January 22, 2013 LONDON, January 22, 2013 /PRNewswire/ -- Oil prices have been range bound over the last two years and the trend is likely to continue in 2013. In this current environment, our commodities analysts have prepared and posted technical reports on Chevron Corporation (NYSE: CVX) and Exxon Mobil Corporation (NYSE: XOM). These free reports can be accessed at http://www.stockcall.com/registration Oil Remains Moderately Bearish Although there has been an increase in demand from the developing world, the outlook for oil remains bearish in the near-term. Earlier this week, the Organization of Petroleum Exporting Countries (OPEC) said in its monthly oil report that world oil demand is expected to grow by 0.8 million barrels per day in 2013. Natural gas prices fell to a 10-year low of $1.82 per million btu in April last year due to a sharp increase in supply. Although prices recovered later in the year, they are still low and the trend is likely to continue in 2013. Speaking at the New York Energy Forum, Katherine Spector, Head of Commodities Strategy at CIBC World Markets and a member of the Energy Forum Board, said that she is not bullish but simply less bearish on natural gas markets in 2013. She expects an average 2013 Henry Hub price of $3.40 per million btu unless there is a sustained period of extremely cold weather in the U.S. and Canada. Given the weak fundamentals of the oil and gas market, 2013 is expected to be another tough year for oil and gas companies. Chevron, However, is a Bull Chevron Corporation, a major integrated oil and gas company, recently provided an interim update for the fourth quarter of 2012. The company said that its earnings for the fourth quarter of 2012 are expected to be notably higher than the third quarter of 2012. The oil and gas giant will release its quarterly results on February 1, 2013. Get the report on Chevron now by signing up for free at http://www.StockCall.com/CVX012213.pdf Although integrated oil and gas companies like Chevron and Exxon Mobil Corp. [ Free report on XOM ] ^(1) have been negatively impacted by lower oil and gas prices, their strong balance sheets, substantial cash flows and diversified operations still make them attractive. As part of its ongoing strategy to grow its business across Asia/Pacific, Chevron this week announced that its China subsidiary entered into production sharing contracts (PSC) with China National Offshore Oil Corporation (CNOOC) for two exploration blocks in the South China Sea's Pearl River Mouth Basin. As per the terms of the PSC agreements, Chevron's China subsidiary, Chevron China Energy Company will hold a 100% interest in blocks 15/10 and 15/28 in the Pearl River Mouth Basin. Exxon's Outlook Exxon Mobil, meanwhile, announced earlier this month that it will develop the Hebron oil field offshore the Canadian province of Newfoundland and Labrador, utilizing a gravity-based structure that will recover over 700 million barrels of oil, which is an increase from earlier estimates. Neil W. Duffin, President of Exxon Mobil Development Company, noted that Hebron is one of the several large-scale oil developments the company plans to bring on stream in the next five years. So, although the overall outlook for oil is not so good in 2013, blue chip stocks like Chevron and Exxon are neither down nor out, and investors holding them can lay safely anchored to a pair of good bets in the long-term. Footer: 1.Exxon Mobil Corporation Technical Analysis [ http://www.StockCall.com/ExxonMobilCorporation012213.pdf ] About StockCall.com StockCall.com is a financial website where investors can have easy, precise and comprehensive research and opinions on stocks making the headlines. Sign up today to talk to our financial analyst at http://www.stockcall.com Contact: William T. Knight, Email: email@example.com, Contact Number: +1(646)-396-9857 (9:00 am EST - 01:30 pm EST)
Technical Analysis on Chevron and Exxon Mobil: A Bearish Trail for the Industry
Press spacebar to pause and continue. Press esc to stop.