Jacques Rousseau Quotes

We maintain our overweight rating on the integrated oil sector, believing that the stocks are only pricing in, on average, a $41-a-barrel crude oil price.

- Jacques Rousseau

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Maintain | Overweight | Rating | Integrated | Sector |

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Using Valero's forecast and a 4.3% 3-year historical average for this period, we estimate an incremental supply loss of about 260,000 b/d over this 4-month period. Moreover, with much of the turnaround work expected to focus on the refineries' cat cracking units, a disproportionate amount of the production loss will likely be gasoline, reducing inventories (currently at historically average levels) ahead of the summer driving season. - Jacques Rousseau

The last calendar year that Exxon Mobil was the top-performing stock in the peer group was 1998, when crude oil, natural gas and refining margins all declined vs. the previous year. - Jacques Rousseau

While sanctions would be aimed at coercing Iran to abandon its nuclear-testing program, the world is reliant on Iran continuing to export crude oil into the global markets in order to keep prices from rising, which is a point that Iranian officials have been quick to make. - Jacques Rousseau