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MarketScreener Homepage  >  Equities  >  MOSCOW INTERBANK CURRENCY EXCHANGE  >  NK Lukoil PAO    LKOH   RU0009024277

NK LUKOIL PAO

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Oil slips as trade worries offset Cushing drawdown

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11/11/2019 | 03:05pm EST
FILE PHOTO: Oil pump jacks work at sunset near Midland, Texas

Oil prices edged lower on Monday as little progress on U.S.-China trade negotiations kept prices pressured, but bullish inventory data in the United States offered some support.

Brent crude futures lost 33 cents to settle at $62.18 a barrel, after falling to $61.57 earlier in the session. U.S. West Texas Intermediate (WTI) crude fell 38 cents to settle at $56.86 a barrel.

Investors are worried about fallout from the 16-month U.S.-China trade war, which has slowed economic growth around the world and prompted analysts to lower forecasts for oil demand, raising concerns that a supply glut could develop in 2020.

"We expect the sideward trading to continue for the time being, with the trade conflict headlines likely to dictate the direction," Commerzbank said in a note.

U.S. President Donald Trump said on Saturday that trade talks with China were moving along "very nicely" but the United States would only make a deal if it was the right one for America.

Trump also said there had been incorrect reporting about U.S. willingness to lift tariffs as part of a "phase one" agreement, news of which had boosted markets.

Underlining the impact of the trade war, data over the weekend showed that China's producer prices fell the most in more than three years in October.

Auto sales in China fell for a 16th consecutive month in October, data showed on Monday.

Prices pared losses on Monday after data showed that crude inventories at Cushing, the delivery point for WTI, fell about 1.2 million barrels in the week to Nov. 8, traders said, citing market intelligence firm Genscape.

"There were no real compelling stories to drive us over the weekend, and all of a sudden we have one piece of hard data that suggests that maybe oil supplies will fall this week," said Phil Flynn, an analyst at Price Futures Group in Chicago.

Cushing inventories have grown for five weeks in a row, according to government data, up till its latest report in the week ending Nov. 1. But analysts expected that to switch after the closure on Oct. 30 of the 590,000-bpd Keystone Pipeline, an important artery for Canadian heavy crude imports to the U.S Midwest, following an oil spill.

However, TC Energy Corp said on Sunday that the pipeline has returned to service, operating at reduced pressure with a gradual increase of volumes.

Meanwhile, investors are concerned about excess supplies of crude, analysts said.

Saudi Arabia raised its oil output in October to 10.3 million barrels per day but kept its supply to the oil markets below its OPEC output target, a Saudi industry source familiar with the kingdom's oil operations told Reuters.

The Organization of the Petroleum Exporting Countries and its allies, a group known as OPEC+, will probably extend a deal to limit crude supply but are unlikely to deepen their cuts, Oman's energy minister said, as the United Arab Emirates said it was not worried about long-term growth in oil demand.

OPEC+, which has since January cut output by 1.2 million bpd under a deal set to last until March 2020, will next meet in early December.

Lukoil, Russia's second biggest oil producer, expects the global oil production cut deal to be extended, its chief said.

By Stephanie Kelly

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Financials (USD)
Sales 2019 118 B
EBIT 2019 11 931 M
Net income 2019 9 417 M
Debt 2019 2 192 M
Yield 2019 5,19%
P/E ratio 2019 7,32x
P/E ratio 2020 7,81x
EV / Sales2019 0,56x
EV / Sales2020 0,54x
Capitalization 64 123 M
Income Statement Evolution
Consensus
Sell
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Mean consensus BUY
Number of Analysts 11
Average target price 98,37  $
Last Close Price 95,36  $
Spread / Highest target 19,6%
Spread / Average Target 3,15%
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NameTitle
Vagit Yusufovich Alekperov President, Chief Executive Officer & Director
Valery Isaakovich Grayfer Chairman
Ravil Ulfatovich Maganov Vice Chairman & First Executive Vice President
Lyubov Nikolayevna Khoba Director, Chief Accountant & Vice President
Victor Vladimirovich Blazheev Director
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