January 25, 2022

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Decline in the stock exchange - the day marked by falling oil prices and confirmation of Omicron infection in Oslo

Decline in the stock exchange – the day marked by falling oil prices and confirmation of Omicron infection in Oslo

On Thursday, the main index on the Oslo Stock Exchange fell 0.96 percent.

Thursday began with a decline of 1.14 percent at the opening. Later, the decline increased after the drop in oil prices and the Omicron infection was confirmed after Christmas dinner in Oslo. However, in the last hour before the closing, Borsen recovered and thus reduced the decline to less than one per cent.

OPEC + announced, Thursday, that it has decided to stick to the already approved plans to increase production by 400,000 barrels per day in January, according to a press release on Thursday afternoon.

Among individual stocks, drilling company Seadrill is down nearly six percent, while Aker Carbon Capture and Aker Offshore Wind are down correspondingly. Shares of e-learning company Kahoot and hydrogen company Nel are down just over five percent.

Among the heavyweights, Equinor, Aker BP and Hydro were all down about 2 percent.

GNP Energy’s stake is down nearly seven percent since the start, after it became clear Wednesday afternoon that Chief Financial Officer Ole Kristian Haga has resigned. At 15.30, the stock was down 2 percent.

big fluctuations

Recently, the uncertainty associated with the new corona variant omikron has caused turmoil in the stock market. Both on the Oslo Stock Exchange and in the global market, there have been significant volatility in the past week.

On Wall Street, stocks pointed lower at closing time on Wednesday.

After an initial rally of nearly 2 percent, US stock markets fell again yesterday and the S&P 500 closed at -1.2 percent after news that the first case of omicron was confirmed in the US, SEB wrote in its morning report.

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Witnessing an improvement in the supply crisis

In Norway, several cases of the new virus have been confirmed. On Wednesday, two omicron cases of coronavirus were detected in the municipality of Øygarden and two cases of travelers to Gardermoen. At the same time, a case of omicron was confirmed after a Christmas dinner in Oslo. In total, at least 50 people were diagnosed with coronary heart disease after the Christmas table, and work is now underway to determine the number of omicrons.

– We have several samples for sequencing, and there will be answers to them at the end. We consider it likely that more people will also be infected with the omicron virus, says Assistant District Physician Tine Ravlo in Frogner to NTB.

oil meeting table

Thursday afternoon, the price of oil fell to nearly two percent. The price of a barrel of North Sea oil on Wednesday afternoon was about $67.10.

Later on Thursday, the expanded OPEC+ oil group will meet to decide whether to raise production as planned, or whether the 400,000 bpd production increase will be delayed. According to Reuters, production will rise as planned.

If there is a new round of shutdowns, global demand could drop by three million barrels per day, writes TDN Direkt and points out Rystad Energy.


An expected 3,000 seasonal workers from Eastern Europe – municipal doctors fear that many will not test themselves

dnPlus

– The recent development with the further spread of the virus and lower demand has led to increased speculation that the group will announce a pause in the original plans to increase global production by 400,000 barrels per day planned in January. After announcing last week that the United States and several other countries were using some of their strategic oil stocks to curb oil prices, it has in many ways become a political game, the SEB wrote in a report Wednesday morning. (Terms)Copyright Dagens Næringsliv AS and/or our suppliers. We would like you to share our cases using a link that leads directly to our pages. All or part of the Content may not be copied or otherwise used with written permission or as permitted by law. For additional terms look here.