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Chevron and Exxon - Just how big a hit can the oil giants take?

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A glut of oil firms reporting results this week and among them Chevron and ExxonMobil, both companies which focus more on the 'downstream' sector of the oil industry and therefore are perhaps more immune to the oil price slump, compared to those more closely involved in drilling and exploration.

Saxo Bank's Head of Equity Strategy Peter Garnry  previews Q3 results for both firms against a background of a poor outlook for the energy sector. Energy stock analysts are bracing themselves for up to seven more quarters of downward pressure on oil firms.

Peter identifies Chevron as a target for a shorting strategy and outlines his trade.