Exxon Mobil SVP Warns of $150-$160 Oil as Global Inventories Deplete
XOM sits 48% above its 52-week low of $101.73 on light trading volume (0.3× avg).
Summary
Exxon Mobil Senior VP Neil Chapman warns that critically low global oil inventories could push Brent crude to $150-$160 a barrel. This comes as the Strait of Hormuz remains effectively closed, a geopolitical situation previously highlighted in April news. Such a significant price increase would be a major tailwind for Exxon Mobil's revenue and profitability, potentially reversing recent earnings declines reported in Q1. Industry analysts suggest a tipping point could be reached by the end of June if the Strait of Hormuz situation does not normalize.
At the time of this announcement, XOM was trading at $150.29 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $622.9B. The 52-week trading range was $101.73 to $176.41. This news item was assessed with positive market sentiment and an importance score of 9 out of 10. Source: Reuters.