The price of WTI crude oil has slipped further once again, to close at $US97.80 per barrel.
Oil Search reported positive production numbers for the September quarter yesterday, but the market was not enthused as oil and gas sales came in 19 per cent lower, compared with the previous September quarter. Oil Search only gained 0.12 per cent.
Threats of additional oil supply coming onto the market, weakening global demand and other energy alternatives have kept the energy sector flat over the past month against a broader index gain of 2.3 per cent.
Others to watch today include Santos and Woodside Petroleum. Origin Energy will also be on the radar due to its annual general meeting today.
Holding its annual general meeting today, Treasury Wine Estates will likely have some tough questions to answer from investors. Of focus will be the amount of losses the company would incur, largely from poor inventory management announced in July.
Since chief executive officer David Dearie’s shock resignation from his position late September, the wine maker and distributor has gained 6.3 per cent.
A new chief executive is yet to be announced. The longer this draws on, the greater the risk to earnings so it is reasonable to expect some guidance today.