** Mizuho says the sheer volume of oil coming to market from OPEC+ should overwhelm robust demand and escalate geopolitical tensions early in 2026
** "Weak power generation demand, higher than expected supply, and unexpected LNG maintenance combined to push gas storage back above 5-year averages" - Mizuho
** However, brokerage raises price targets for refiners to reflect sustained strength in cracks
Brokerage changes PT on following companies:
Company | New PT | Old PT | Upside/downside to last close |
Exxon Mobil XOM.N | $123 | $124 | 9.6% |
Chevron CVX.N | $191 | $192 | 21.5% |
ConocoPhillips COP.N | $120 | $125 | 30% |
Viper Energy VNOM.O | $51 | $55 | 32.2% |
EQT Corp EQT.N | $60 | $66 | 10% |
Occidental Petroleum OXY.N | $58 | $65 | 27% |
Permian Resources PR.N | $19 | $20 | 38.6% |
Devon Energy DVN.N | $40 | $43 | 16% |
APA Corp APA.O | $18 | $19 | 21% downside |
Crescent Energy CRGY.N | $10 | $12 | 15.3% |
Phillips 66 PSX.N | $142 | $140 | 8.6% |
Marathon Petroleum MPC.N | $188 | $184 | 4.3% |
(Reporting by Dharna Bafna)
((Dharna.bafna@thomsonreuters.com))