ExxonMobil projects stability in global oil demand through 2050
ExxonMobil has released a report projecting that global oil demand will remain stable until 2050 despite the accelerating shift towards renewable energy sources. According to ExxonMobil, oil demand is expected to stabilise after 2030, maintaining levels above 100 million barrels per day, closely aligning with the current 102.2 million barrels per day. This forecast starkly contrasts with its competitor, BP, which anticipates a decline to 75 million barrels per day by 2050.
The report highlights that petroleum products will continue to play a critical role in industrial processes and heavy transportation sectors such as shipping, trucking, and aviation. Moreover, ExxonMobil notes that despite the increased adoption of electric vehicles and other renewable energy resources, oil and natural gas are projected to constitute over half of the global energy mix by 2050. This outlook supports an optimistic long-term scenario for ExxonMobil's core oil and gas operations.
Technical analysis of Exxon Mobil Corporation (NYSE: XOM)
Reviewing potential trading strategies based on the technical setup of ExxonMobil's stock:
ExxonMobil's shares currently benefit from positive momentum, having broken the upper boundary of a descending channel. A successful breach of the key resistance at 120.00 USD would signify an exit from a Triangle pattern, potentially strengthening the bullish momentum with a target at 127.60 USD, aligned with the pattern's projected outcome.
Investors should closely monitor ExxonMobil's movements, especially in light of its optimistic oil demand forecast and the potential impact on its stock price in the context of prevailing market dynamics and energy sector trends.
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Ideas and other content presented on this page should not be considered as guidance for trading or an investment advice. RoboMarkets bears no responsibility for trading results based on trading opinions described in these analytical reviews.
The material presented and the information contained herein is for information purposes only and in no way should be considered as the provision of investment advice for the purposes of Investment Firms Law L. 87(I)/2017 of the Republic of Cyprus or any other form of personal advice or recommendation, which relates to certain types of transactions with certain types of financial instruments.
Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 65.68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
The report highlights that petroleum products will continue to play a critical role in industrial processes and heavy transportation sectors such as shipping, trucking, and aviation. Moreover, ExxonMobil notes that despite the increased adoption of electric vehicles and other renewable energy resources, oil and natural gas are projected to constitute over half of the global energy mix by 2050. This outlook supports an optimistic long-term scenario for ExxonMobil's core oil and gas operations.
Technical analysis of Exxon Mobil Corporation (NYSE: XOM)
Reviewing potential trading strategies based on the technical setup of ExxonMobil's stock:
- Timeframe: Daily (D1)
- Current trend: the stock is trending upward within an ascending channel, having recently rebounded from the support level at 114.00 USD and approaching a critical resistance at 120.00 USD
- Short-term target: the immediate upside target lies at the resistance level of 123.65 USD
- Medium-term target: a breach of the 123.65 USD resistance could pave the way for further gains towards 127.60 USD
- Key support: positioned at 114.00 USD
- Reversal indicator: if the stock breaks below the key support at 114.00 USD, it will negate the current bullish scenario, potentially driving prices down to 108.45 USD
ExxonMobil's shares currently benefit from positive momentum, having broken the upper boundary of a descending channel. A successful breach of the key resistance at 120.00 USD would signify an exit from a Triangle pattern, potentially strengthening the bullish momentum with a target at 127.60 USD, aligned with the pattern's projected outcome.
Investors should closely monitor ExxonMobil's movements, especially in light of its optimistic oil demand forecast and the potential impact on its stock price in the context of prevailing market dynamics and energy sector trends.
—
Ideas and other content presented on this page should not be considered as guidance for trading or an investment advice. RoboMarkets bears no responsibility for trading results based on trading opinions described in these analytical reviews.
The material presented and the information contained herein is for information purposes only and in no way should be considered as the provision of investment advice for the purposes of Investment Firms Law L. 87(I)/2017 of the Republic of Cyprus or any other form of personal advice or recommendation, which relates to certain types of transactions with certain types of financial instruments.
Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 65.68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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