September 28, 2022

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Red in the Oslo Stock Exchange - large movements in oil stocks

Red in the Oslo Stock Exchange – large movements in oil stocks

Norwegian Exchange Figures shown for the fourth quarter on Tuesday. The company reported a pre-tax profit of minus 11.1 million NOK in the fourth quarter of 2021, compared to minus 7.0 million NOK in the same period last year. The stock fell 11.6 percent to 6.10 Norwegian crowns.

Norsk Hydro Operating profit before depreciation and writedowns tripled to more than NOK 9 billion in the fourth quarter. The stock rose 0.05 percent.

sass It will now cut costs by as much as 7.5 billion, after losing a new billion in November and January. The airline giant is now announcing “robust” big cuts after another loss of billions. DNB Markets and SpareBank 1 Markets are issuing a strong warning to SAS shareholders today. They both believe in track breakdown and extreme mitigation. The stock rose 2.5 percent to 1.10 Norwegian crowns.

“We view the quarterly report as negative, with lower-than-expected numbers and confirmation that SAS is heading for a major restructuring,” DNB Markets wrote.

Backfrost It posted an operating profit of DKK 120 million in the fourth quarter, much weaker than analysts’ expectations of DKK 174 million. The stock fell 8.2% to 606.00 Norwegian crowns.

The numbers were somewhat weaker than we expected, driven by unusual costs in the Faroe Islands, says marine analyst Alexander O’Conner at DNB Markets.

oil prices

After it became known that Putin was ordering the entry of troops into Ukraine, oil prices rose sharply.

Brent oil rose 0.4 percent to $97.68 a barrel. Fat. West Texas Intermediate crude fell 0.5% to $93.48 a barrel. Fat. By comparison, the price of a barrel of North Sea oil was $94.56 at the close of the Oslo Stock Exchange yesterday.

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SEB commodity analyst Bjarne Schieldrop thinks the price of oil looks cheap.

– The oil market, no matter what happens in Ukraine, is incredibly narrow. The market is not driven by financial speculators, but the physical balance between supply and demand, says head of commodity analysis Bjarne Schieldrop at SEB.

Oil analyst Andy Lipow told CNBC that oil prices could rise to $110 if the Ukraine crisis worsens.

– If Russian oil stops exports to Europe by about 3 million barrels. Today, we can quickly see the price of Oil rise another $10 to $15.

Equinor It rose more than 4 percent earlier today, but is now down 0.2 percent to 275.40 crowns. Aker BP It rises 2.8 percent to 268.10 crowns. our energy It rose 5.9 percent to 28.97 crowns.

He explains, is it forbidden that Russia escalates the conflict and sends the Oslo Stock Exchange in the opposite direction to other stock exchanges?