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ExxonMobil plans to reach 400,000 bpd capacity. - 2
The LNG market may witness limited growth this year, report suggests.
Energy sector is slowly moving towards net zero emissions. However, the industrial and residential transportational sector still remains the major contributor to increasing greenhouse gasses. This may impact oil consumption across the globe negatively. However, ExxonMobil Corporation (NYSE: XOM), a Texas-based oil and gas company, recently announced that they will add a new crude distillation unit (CDU) in the state.
States Emphasizing on Fuel Taxes
XOM stock remained intact yesterday, but has shown a declining trend over the last couple of weeks. The company said that they are repairing a vacuum distillation unit (VDU) attached to one of the CDUs in the refinery, Reuters reported. Moreover, the company plans to bring CDU to full capacity by the end of this March.
The company is looking to raise their output in Guyana by optimizing a couple of the production vessels — Liza Destiny and Liza Unity. Both the vessels are collectively producing 380,000 barrels per day. Prosperity, their third vessel, may depart to Singapore, reports suggest.
Oil market, alongside other sectors, was affected drastically due to Russia’s full scale invasion in Ukraine and the natural calamity in Turkey and Syria. The earthquake led authorities to close oil pipelines supplying the Kurdistan region to avoid any damage. A US Energy Information Agency (EIA) suggests that liquid natural gas (LNG) may see limited growth.
In another report, the agency highlighted that many states have raised their fuel taxes. Illinois topped Chicago with highest taxes at $0.674. While natural gas consumption in the residential segment decreased from 4,674 Bcf in 2020 to 4,151 Bcf in 2022. Overall consumption eventually increased from 2019 to 2022, while transportation remained almost neutral.
XOM Stock Price Action
The company shares gained over 35% between September 2022 and January 2023. Exxon stock started showing a negative momentum between November-December last year before sustaining the position between $101 and $106 until the year’s end. Price chart shows a constructive movement in the first week of February 2023.
However, the stock rejected the trend before entering the bear zone. XOM stock has lost around 7% value in the last couple of weeks. Fib retracement shows the price breaking down below 0.382 level. The shares may retest a resistance level at around $111 while a support close to $101. Moving average convergence divergence (MACD) shows a constant seller build while average true range (ATR) highlights declining price volatility in forthcoming days.
ការមិនទទួលខុសត្រូវ
ទស្សនៈ និងគំនិតដែលសរសេរដោយអ្នកនិពន្ធ ឬមនុស្សណាម្នាក់ដែលមានឈ្មោះក្នុងអត្ថបទនេះគឺសម្រាប់គោលបំណងផ្តល់ព័ត៌មានតែប៉ុណ្ណោះ ហើយមិនបង្កើតហិរញ្ញវត្ថុ ការវិនិយោគ ឬដំបូន្មានផ្សេងទៀតទេ។ ការវិនិយោគលើ ឬជួញដូរទ្រព្យសកម្មគ្រីបតូមកជាមួយហានិភ័យនៃការបាត់បង់ហិរញ្ញវត្ថុ។
Source: https://www.thecoinrepublic.com/2023/02/26/xom-stock-analysis-seller-dominance-increasing-in-the-market/