This Commodity Price Forecast article was written by Yu Yao – Financial Analyst at I Know First.
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Oil and gas market has suffered major decline over the last couple of years. Times of prices $70 per barrel are gone and most of the recent OPEC+ discussions were circulating around efforts to keep the gears turning at $40 level on global scale. Around start of this Spring some traders expressed sentiments that excessive oil supply may cause some storage issues. However, the uncertainty around this subject was such that no one wanted to take responsibility to give any solid estimates on the WTI and BRENT futures prices until end of Spring to Summer of this year. Then May 2020 WTI delivery futures have gone negative.
This article was written by Graham Ellinson, a Financial Analyst at I Know First currently studying Mathematics at Northumbria University Newcastle.
“Now, more than ever, it is crucial that the United States use its abundant energy resources to support friends and allies abroad” - Sean Strawbridge, CEO of the Port of Corpus Christi
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(Source: Wikipedia)
VAALCO Energy, Inc., an independent energy company, acquires, explores for, develops, and produces crude oil and natural gas. The company holds Etame production sharing contract related to the Etame Marin block located offshore the Republic of Gabon in West Africa. It also owns interests in an undeveloped block offshore Equatorial Guinea, West Africa. VAALCO Energy, Inc. was founded in 1984 and is headquartered in Houston, Texas.
The reason lies in the company’s outstanding growth results in Q1 2018 with the following highlights:
These workovers were conducted safely and efficiently with no injuries or environmental incidents. The completed workover program was within cost guidance, adding 1,100 Barrels of Oil Per Day (BOPD) in net production capabilities. This provides investors with greater confidence in future production capabilities.
Production for the second quarter averaged 3,549 barrels of oil per day net and sold for $74.53/barrel, higher than the $66.86/barrel in Q1 2018. Net production expense excluding workovers also decreased from $27.17 in Q1 2018 to $26.08 in Q2 2018.
VAALCO has no debt on the balance sheet for the first time since June 30, 2014.
On May 4th, I Know First AI Algorithm gave a bullish 3 month forecast on VAALCO Energy, Inc. (NYSE: EGY). The Forecast shows a signal of 58.48 and a predictability of 0.46. In agreement with the forecast, EGY has returned 174.55% over the three month period, from $1.11 to $3.02 per share, demonstrating the accuracy of the I Know First Algorithm.
IKF algorithm forecast performance
How to read the I Know First Forecast and Heatmap
Please note-for trading decisions use the most recent forecast.
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