December 9, 2022

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Oil stocks are up 50 percent - 240 percent so far this year

Oil stocks are up 50 percent – 240 percent so far this year

Golden Energy Offshore It rose 16.4 per cent to 2.06 kroner, thus boosting in the last month by nearly 180 per cent.

In fact, physical sales of Russian oil stopped from time to time during the invasion of Ukraine. ABG analyst Petter Haugen explains why many players don’t want to touch the oil with seaweed

disruptive to growth

Brent oil rose 6.2 percent to $125 a barrel on Monday morning, while West Texas Intermediate crude rose 6.4 percent to $122.51 a barrel.

At its highest, oil prices are trading today at $139.13 a barrel, and prices are now at their highest level since the 2008 financial crisis.

Anders Johansen, chief strategist at Danske Bank, told TDN Direkt that a higher oil price can be very detrimental to economic growth and more likely to lead to stagflation, which means you get high inflation and low growth.

– I think the fear in the market that we see today is simply that sanctions against Russian oil could lead to higher oil prices killing growth in the economy, he says.

Johansen does not have an official view when it comes to the Oslo Stock Exchange, but he notes that the risk of being overweight. In turn, it will affect the Oslo Stock Exchange.

According to Johansen, Danske Bank has a neutral recommendation when it comes to stocks at the moment.

Our main scenario is still that the situation right now is a bit confusing and uncertain in the short term, but over the next six to twelve months, I think stocks are higher than they are today, he says.

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Asia is the only region where Danske Bank recommends gaining weight.

– We think they’ll do better with this. The United States is also doing well, but they did so well last year that expectations there are much higher, he says.

oil province

The sharp jump in oil prices came after the US Secretary of State said on Sunday that Americans and European allies are considering a ban on Russian oil and gas imports. The US is also considering banning oil imports from Russia even without allies in Europe doing the same.

Teodor Sveen-Nilsen of SpareBank 1 Markets believes oil and gas prices will fall somewhat in the future.

– We now consider that the probability of Russian exports being directly affected by sanctions is very high. The action also indicates that the market has not considered the possibility of direct sanctions on Russian oil, ANZ commodity analyst Daniel Haynes tells CNBC.

However, Russian oil makes up a very small portion of US oil imports, and a smaller portion of oil consumption, so most Americans wouldn’t notice much of a boycott. However, the situation is different if European countries stop buying Russian oil, DNB Markets wrote in its morning report.

Figures from Eurostat show that 27 percent of the oil imported from the European Union is from Russia, making the country by far the union’s most important oil supplier.

Rystad analyst Sindre Knutsson thinks we’re approaching the top.

Equinor It rose 5.90 percent to NOK 313.20, and the stock traded mostly for NOK 322.35 today. It’s an all-new high during the day.

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Aker BP Strengthened 4.65 percent to 326.30 crowns, the newcomer our energy It rose 3.67 percent to 35.89 crowns.