The first production line at Chevrons Gorgon liquefied natural gas export plant in Australia has reportedly been closed. According to a spokesperson for the company, the outage may last a month, due to the replacement of a defective device.
Chevron shares closed higher for the first time in the past three trading sessions on Monday. The stock went up 0.84% ($0.89) to $106.85, after touching an intraday high at $107.71, or a price level not seen since April 13th ($108.73). In the week ended on May 14th the shares of the energy giant added 0.16% to their market value compared to a week ago, which marked the smallest increase since the week ended on August 21st 2016. The stock has neutralized earlier losses and is now up 0.14% so far during the current month, following a 0.62% slump in April. The latter has been a second consecutive month of decline. For the entire past year, Chevron shares gained 30.84%.
“Production on Gorgon Train 1 was stopped on May 12 due to a failure of a flow measurement device”, Chevron Corporation said in a statement, cited by Reuters. “Train 1 is expected to be down approximately one month for this replacement and we will take this opportunity to perform other routine maintenance”.
Meanwhile, trains 2 and 3 were performing normally and cargo shipments had not been disrupted, the company said.
The third production line at the plant was introduced this March, which increased the projects combined export capacity to 15.6 million tonnes.
Chevron has a controlling stake of 47.3% in the $54-billion project, ExxonMobil and Shell hold a 25% stake each, while the remainder is owned by Osaka Gas, Tokyo Gas and JERA.
According to CNN Money, the 23 analysts, offering 12-month forecasts regarding Chevron’s stock price, have a median target of $125.00, with a high estimate of $147.00 and a low estimate of $105.00. The median estimate is a 16.99% surge compared to the closing price of $106.85 on May 15th.
The same media also reported that 17 out of 28 surveyed investment analysts had rated Chevron Corporation’ stock as “Buy”, while 11 – as “Hold”.
Daily and Weekly Pivot Levels
With the help of the Camarilla calculation method, todays levels of importance for the Chevron stock are presented as follows:
R1 – $106.94
R2 – $107.04
R3 (Range Resistance – Sell) – $107.13
R4 (Long Breakout) – $107.42
R5 (Breakout Target 1) – $107.75
R6 (Breakout Target 2) – $107.88
S1 – $106.76
S2 – $106.66
S3 (Range Support – Buy) – $106.57
S4 (Short Breakout) – $106.28
S5 (Breakout Target 1) – $105.95
S6 (Breakout Target 2) – $105.82
By using the traditional method of calculation, the weekly levels of importance for Chevron Corporation (CVX) are presented as follows:
Central Pivot Point – $105.95
R1 – $107.09
R2 – $108.22
R3 – $109.36
R4 – $110.50
S1 – $104.82
S2 – $103.68
S3 – $102.55
S4 – $101.42
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