Список проголосовавших за комментарий " Sector Summary: Energy trades lower while the broader market rallies, crude drops to fresh 2017 lows for the 3rd consecutive session, & natural gas remains on track to extend yesterday's post-EIA gains<p>The Energy Sector (<strong>XLE</strong>, -0.2%) continues its slide while the broader market (<strong>SPY</strong>, +0.2%) rallies in early afternoon trading. Crude oil (<strong>USO</strong>, -1.6%) futures remain on track to close at a fresh low of 2017 for the 3rd day in a row ahead of today's rig count data. The significant drop over the past 3 days comes on the heels of Wednesday's EIA data, which showed that US crude oil inventories have swelled to fresh all-time highs for the second week in a row. Lastly, natural gas (<strong>UNG</strong>, +0.7%) futures extend yesterday's post-EIA gains & remain on track to close the week +5.7%, compared to last Friday's pit trading close level.</p><p>Factors weighing on the price of oil this week:</p><ul><li><strong>The significant drop to fresh 2017 lows over the past 3 days comes on the heels of Wednesday's EIA data, which showed that US crude oil inventories have swelled to fresh all-time highs for the 2nd week in a row.</strong></li><li>Although we are at the tail-end of 'shoulder season', a time when refineries shut down for maintenance to begin producing a summer blend of gasoline, the persistent crude oil builds over the past several weeks have been consistently larger-than-expected, eventually leading to Wednesday's sell-off.</li><li><strong>Note, the initial downward move on Wed after the EIA data was further exacerbated by short-term trading conditions.</strong> Specifically, As noted in last week's Mar 2 morning commodities summary, data last week from the CFTC showed that investors held 951,312 lots worth of U.S. & Brent crude futures/options, equivalent to nearly 1 bln barrels of oil at a value of about $52 bln at the time and representing a record net long position. This was pointed out as a factor that could potentially exacerbate a move to the downside, given a negative catalyst (negative catalyst realized with the release of Wednesday's bearish EIA data).</li><li><strong>Also weighing on crude is the lack of clear direction from OPEC regarding whether or not they will extend the production cuts another 6 months</strong>, or potentially push for deeper cuts. At Ceraweek taking place from Mar 6-10, the OPEC Secretary General Barkindo discussed that it is still too early to talk about extending the production cut agreement. This stance was also reiterated by the Saudi minister in his presentation. Lastly, it is worth noting that today Alexander Novak expressed this very same stance, confirming that he is in agreement that at this time it is still too early to discuss production cut extensions.</li></ul><p><strong>Reminder:</strong> Baker Hughes (<strong>BHI</strong>, -0.4%) rig count data will be released today at 1 pm ET.</p><ul><li>Last Friday's data showed the total active US rig count, which includes oil and natural-gas rigs, rose by 2 to 756 rigs, following the previous week's increase of 3 rigs.</li><li>Of this total, US rigs drilling for oil rose by 7 to 609 rigs. This marked the 7th weekly increase in a row for US oil rigs.</li></ul><p><strong>Notable Gainers:</strong></p><ul><li><strong>Oil & Gas Drilling & Exploration: Approach Resources (AREX, +7%)</strong></li><li><strong>Equipment and services: Willbros Group (WG, +7%)</strong></li><li><strong>Independent oil & gas: Fieldpoint Petroleum (FPP, +6%)</strong></li><li><strong>Major-integrated: Statoil (STO, +1%)</strong></li><li><strong>Refining & Marketing: BP Prudhoe Bay Royalty Trust (BPT, +9%)</strong></li><li><strong>Pipelines: Star Gas Partners (SGU, +2%)</strong></li></ul><p><strong>Notable Laggards:</strong></p><ul><li><strong>Oil & Gas Drilling & Exploration: Seadrill (SDRL, -7%)</strong></li><li><strong>Equipment and services: Gulfmark Offshore (GLF, -19%)</strong></li><li><strong>Independent oil & gas: Houston American Energy (HUSA, -10%)</strong></li><li><strong>Major-integrated: YPF (YPF, -0.3%)</strong></li><li><strong>Refining & Marketing: Ferrellgas Partners (FGP, -7%)</strong></li><li><strong>Pipelines: Blueknight Energy Partners (BKEP, -2%)</strong></li></ul><p><strong>In current trade:</strong></p><ul><li>April WTI crude oil futures: <strong>down</strong> about $0.39 around the $48.89/barrel level (-0.8%)</li><li>April natural gas futures: <strong>up</strong> about $0.02 around the $2.99/MMBtu level (+0.5%)</li><li>April RBOB gasoline futures: <strong>down</strong> about $0.02 around the $1.61/gallon level (-1.0%)</li><li>April heating oil futures: <strong>down</strong> about $0.01 around the $1.52/gallon level (-0.7%)</li></ul><p>Earnings/News</p><ul><li>Tahoe Resources (<strong>TAHO</strong>, -7.3%) missed by $0.08, missed on revs<ul><li>Reports Q4 (Dec) earnings of $0.06 per share, $0.08 worse than the Capital IQ Consensus of $0.14; revenues rose 22.3% year/year to $189.4 mln vs the $228.25 mln Capital IQ Consensus.</li></ul></li><li>Gastar Exploration (<strong>GST</strong>, +0.4%) reported EPS in-line, beat on revs; guided Q1, FY17 production<ul><li>Reported a Q4 loss of $0.06 per share, excluding non-recurring items, in-line with the Capital IQ Consensus of ($0.06); revenues fell 19.5% year/year to $18.2 mln vs the $17.45 mln Capital IQ Consensus.</li></ul></li><li>MRC Global (<strong>MRC</strong>, -0.3%) signed a 5-year agreement to be the primary global provider of valve and valve automation products and services to ExxonMobil (<strong>XOM</strong>, %)</li><li>Western Gas Partners (<strong>WES</strong>, -0.1%) filed for an offering of 21,922,831 common units issued or issuable upon conversion of Series A Preferred units issued to selling unitholders.</li></ul><p>Broker Calls</p><ul><li>EnLink Midstream Partners (<strong>ENLK</strong>, -1.6%) initiated with a Neutral at Janney</li><li>Forum Energy Tech (<strong>FET</strong>, +0.3%) upgraded to Buy at Gabelli & Co</li><li>Keane Group (<strong>FRAC</strong>, +0.2%) upgraded to Buy at BofA/Merrill</li><li>Marathon Oil (<strong>MRO</strong>, -1.9%) upgraded to Positive from Neutral at Susquehanna</li></ul>"