About two months ago, I showed you this chart: It showed front-month oil future rebounding in a solid uptrend, but heading for a ceiling. I warned that oil producers could see a short-term pop, but that it would be temporary. I also said that higher oil prices would positively affect quarterly earnings reports. I was mostly right… Take a look. This first snapshot is of Exxon Mobil’s (NYSE: XOM) quarterly income: This second snapshot is of ConocoPhillips’ (NYSE: COP) income: Both showed substantial growth in gross profits quarter over quarter. Year over year, XOM’s… Read More
About two months ago, I showed you this chart: It showed front-month oil future rebounding in a solid uptrend, but heading for a ceiling. I warned that oil producers could see a short-term pop, but that it would be temporary. I also said that higher oil prices would positively affect quarterly earnings reports. I was mostly right… Take a look. This first snapshot is of Exxon Mobil’s (NYSE: XOM) quarterly income: This second snapshot is of ConocoPhillips’ (NYSE: COP) income: Both showed substantial growth in gross profits quarter over quarter. Year over year, XOM’s revenues grew 18.45% in the quarter ending June 30, while COP revenues grew 11.17%. COP released earnings on July 28 and XOM released earnings three days later. Since the earnings release, stock prices have climbed about 4.6% and 2.3% respectively, with some volatility. But I wasn’t entirely right in my article… You see, oil prices did some tricky dance moves since early June. This chart shows the same trendlines from the ones I included in my chart back in early June. I’ve marked when my article hit the airwaves with a blue circle. In that article,… Read More