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The Zacks Analyst Blog Highlights: Occidental Petroleum, Royal Dutch Shell, Exxon Mobil, Range Resources and SilverBow Resources
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For Immediate Release
Chicago, IL – February 18, 2021 – Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include: Occidental Petroleum Corporation (OXY - Free Report) , Royal Dutch Shell plc , Exxon Mobil Corporation (XOM - Free Report) , Range Resources Corporation (RRC - Free Report) and SilverBow Resources, Inc. (SBOW - Free Report) .
Here are highlights from Wednesday’s Analyst Blog:
Oil and Natural Gas Prices Soar on Sustained Winter Blast
The sharp drop in temperatures across the United States has curbed crude production from some regions. With a number of oil wells shut in due to a winter storm and a blast of arctic snow, there are fears of further widespread losses in domestic output.
In fact, industry observers believe that the deep freeze is causing daily production loss to the tune of 2 million barrels (or, nearly a fifth of the country's overall volumes) with the primary casualties being West Texas' Permian Basin as well as the Eagle Ford in southern Texas and the Anadarko Basin in Oklahoma. Such has been the extent of disruption that Occidental Petroleum — one of the largest producers in the Permian Basin — had to declare force majeure (or legal suspension of delivery contracts) to suppliers.
At the same time, the cold snap has caused outages and stalled pipeline operations. Finally, the unprecedented weather has forced the temporary closure of refineries including Zacks Rank #1 (Strong Buy) Royal Dutch Shell's Deer Park and Exxon Mobil's Baytown and Beaumont.
With the cold blast-related complications limiting oil production in a big way, the commodity has been gaining momentum over the past few days. Earlier this week, U.S. prices breached the $60-a-barrel level for the first time since January 2020.
Apart from pushing crude prices to levels not seen in 13 months, the winter cold and snowy storm has also resulted in strong natural gas demand. A ramp up in the use of heaters on the back of a frigid winter has catapulted natural gas futures to over $3 per MMBtu on the New York Mercantile Exchange. Consequently, gas producers like Range Resources and SilverBow Resources have been on a tear lately.
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Past performance is no guarantee of future results. Inherent in any investment is the potential for loss. This material is being provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. All information is current as of the date of herein and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Zacks Investment Research does not engage in investment banking, market making or asset management activities of any securities. These returns are from hypothetical portfolios consisting of stocks with Zacks Rank = 1 that were rebalanced monthly with zero transaction costs. These are not the returns of actual portfolios of stocks. The S&P 500 is an unmanaged index. Visit https://www.zacks.com/performance for information about the performance numbers displayed in this press release.
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The Zacks Analyst Blog Highlights: Occidental Petroleum, Royal Dutch Shell, Exxon Mobil, Range Resources and SilverBow Resources
For Immediate Release
Chicago, IL – February 18, 2021 – Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include: Occidental Petroleum Corporation (OXY - Free Report) , Royal Dutch Shell plc , Exxon Mobil Corporation (XOM - Free Report) , Range Resources Corporation (RRC - Free Report) and SilverBow Resources, Inc. (SBOW - Free Report) .
Here are highlights from Wednesday’s Analyst Blog:
Oil and Natural Gas Prices Soar on Sustained Winter Blast
The sharp drop in temperatures across the United States has curbed crude production from some regions. With a number of oil wells shut in due to a winter storm and a blast of arctic snow, there are fears of further widespread losses in domestic output.
In fact, industry observers believe that the deep freeze is causing daily production loss to the tune of 2 million barrels (or, nearly a fifth of the country's overall volumes) with the primary casualties being West Texas' Permian Basin as well as the Eagle Ford in southern Texas and the Anadarko Basin in Oklahoma. Such has been the extent of disruption that Occidental Petroleum — one of the largest producers in the Permian Basin — had to declare force majeure (or legal suspension of delivery contracts) to suppliers.
At the same time, the cold snap has caused outages and stalled pipeline operations. Finally, the unprecedented weather has forced the temporary closure of refineries including Zacks Rank #1 (Strong Buy) Royal Dutch Shell's Deer Park and Exxon Mobil's Baytown and Beaumont.
You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
With the cold blast-related complications limiting oil production in a big way, the commodity has been gaining momentum over the past few days. Earlier this week, U.S. prices breached the $60-a-barrel level for the first time since January 2020.
Apart from pushing crude prices to levels not seen in 13 months, the winter cold and snowy storm has also resulted in strong natural gas demand. A ramp up in the use of heaters on the back of a frigid winter has catapulted natural gas futures to over $3 per MMBtu on the New York Mercantile Exchange. Consequently, gas producers like Range Resources and SilverBow Resources have been on a tear lately.
Legal Marijuana: An Investor's Dream
Imagine getting in early on a young industry primed to skyrocket from $17.7 billion in 2019 to an expected $73.6 billion by 2027.
Although marijuana stocks did better as the pandemic took hold than the market as a whole, they've been pushed down. This is exactly the right time to get in on selected strong companies at a fraction of their value before COVID struck. Zacks' Special Report, Marijuana Moneymakers, reveals 10 exciting tickers for urgent consideration.
Download Marijuana Moneymakers FREE >>
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Past performance is no guarantee of future results. Inherent in any investment is the potential for loss. This material is being provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. All information is current as of the date of herein and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Zacks Investment Research does not engage in investment banking, market making or asset management activities of any securities. These returns are from hypothetical portfolios consisting of stocks with Zacks Rank = 1 that were rebalanced monthly with zero transaction costs. These are not the returns of actual portfolios of stocks. The S&P 500 is an unmanaged index. Visit https://www.zacks.com/performance for information about the performance numbers displayed in this press release.