Volatile financial markets have welcomed European traders and investors this morning after the U.S. President Donald Trump and his wife Melania had tested positive for coronavirus and went into quarantine. Trump tests positive Donald Trump confirmed on Twitter that he and his wife Melania are positive on COVID-19 infection.
Oil price is pressured by the reported return of Libyan exports but it is also under pressure from Covid-19 fears. The price of crude oil has weakened from $40.7 to $37.6 in less than several days and the current price stands around $38. Fundamental analysis: Demand for oil has weakened…
Shares of Siemens Energy (ETR: ENR1n) have rallied 6% today to recover yesterday’s losses. The stock opened lower-than-anticipated on their market debut on the Frankfurt stock exchange on Monday. Fundamental analysis: A disappointing debut The German giant Siemens (ETR: SIE) decided to make its energy division independent. Siemens Energy…
Copper prices fell 4.65% this week to follow the vast majority of other commodities lower. Crude oil prices also closed lower, nearly 2%, but still managed to force a close above $40 per barrel. Silver price crashed nearly 15% to log the 2-month low. Copper imports limited India aims…
Crude oil prices continued to trade sideways this week as the buyers struggled to cope with an increase in the number of new coronavirus cases worldwide. Fundamental analysis: COVID-19 infections rising The number of COVID-10 cases surged in the United States, particularly in the Midwest and New York City, which…
MKM Partners analyst recommended clients take advantage of a “cyclically opportunistic” stock and buy Chevron Corporation (NYSE: CVX). Does this signal a broader opportunity for other global energy companies? The bullish details MKM Partners analyst John Gerdes initiated coverage of Chevron’s stock with a Buy rating and believes it…
Shares of Royal Dutch Shell PLC (LON: RDSB) are trading over 55% lower since the beginning of the year. Although the stock is trading relatively cheap, it’s difficult to structure a bull case. Fundamental analysis: Major campaign launched Royal Dutch Shell plans to slash 40% of producing oil…
The price of crude oil has advanced from $37 above $42 in less than several days and the current price stands around $41. At its latest meeting, the OPEC agreed to extend the compensation period for overproduction till the end of December. Fundamental analysis: IEA cut its 2020 demand forecast…
Crude oil prices fell around 7% in the last two weeks on Monday on concerns regarding the delayed global economic recovery. Moreover, the troubles related to Libyan supply are causing more headaches for oil bulls. Fundamental analysis: Global economic recovery slower than expected Investors are increasingly pessimistic that the global…
Gazprom (OTCMKTS:GZPMF) is a global energy company that holds the world’s largest natural gas reserves. The company accounts for 12 % of the global gas output and 68% of domestic gas production. In only several months the price of this stock has weakened from $8 below $5 and…
It wasn’t too long ago energy giant Exxon Mobil Corporation (NYSE: XOM) was the largest U.S. company. Today, it is not only a fraction of the size of tech behemoths but no longer considered worthy to be included in the prestigious Dow Jones Industrial Average index. When Exxon…
Shares of Chevron Corporation (NYSE: CVX) are likely to join other oil stocks in tumbling on Monday after the company has been forced to shut production and commence evacuation of its crews from the US Gulf of Mexico ahead of tropical storms. Fundamental analysis: Another issue for oil producers…
Crude oil price closed the week 0.17% higher in another low-volume weekly trading session. Reuters reports that some OPEC+ countries will have to slash their production in August and September to offset oversupply. Fundamental analysis: OPEC+ must cut supply In order to balance the excessive production and output levels from…
Shares of BP PLC (LON: BP.) rose 8% on Tuesday after the oil giant announced a dividend ‘reset’ by 50%. BP stock price is now trading above GBX300 again as it attempts to break the descending trend line. Fundamental analysis: New strategy presented BP reported a loss of $16.8…
WPX Energy (NYSE: WPX) is a mid-size Oklahoma-based oil and gas company that reported an EPS beat in its second quarter results. On Friday, WPX Energy CEO Rick Muncrief returned to the financial media universe for his first CNBC interview in years. Q2 review WPX Energy considers itself…
Crude oil prices are trading 2.5% lower today as the number of new COVID-19 cases hits a new daily record. Prices of the black gold rose this week due to a weak US dollar, but the gains got capped quickly. Fundamental analysis: Weak dollar and a steep drop in U.S.
British Petroleum (LON: BP) said on Saturday that it has invested £790 million in India’s Reliance Industries. The investment, it added, will get the British oil major a minority stake in Reliance’s fuel retail business. BP recently raised £9.50 billion via its first hybrid bonds issue. Shares of…
April 2020 was a historic month for financial markets as oil prices traded in the negative territory for the first time ever. The demand was practically non-existent in April, which led to OPEC+ countries cutting production to its lowest levels in 30 years. Historically low production from OPEC+ members…
Crude oil price closed over 2% in the red despite posting the 3-week high above the $40 mark. Investors are worried that the surge in the number of new coronavirus cases will slow down the economic recovery. Fundamental analysis: Infection cases on the rise again Crude oil price closed this…
Shares of Repsol SA (ETR: REP) closed the week over 6% in the red for the third week in a row. The stock price has now pared back gains and it trades almost 3% down in June. Fundamental analysis: Repsol inks new contracts Repsol SA, the tenth biggest company…
Shares of Petrofac Limited (LON: PFC) have slumped over 10% today after the company reported it expects a 70% decline in revenue for its two divisions. As a result, Petrofac share price has erased gains recorded in the past four days. Fundamental analysis: Weak oil demand hurting the company…
E-commerce giant Amazon.com, Inc. (NASDAQ: AMZN) created a new internal venture-capital fund and will allocate $2 billion towards clean energy and green investments, The Wall Street Journal reported. Improving image Amazon’s environmental record has come under criticism from multiple watch groups and even its own employees. Most notably, a…
Crude oil price is wavering today as worries of a second coronavirus wave outweigh the falling US and Canadian oil rig count. Brent, the international benchmark, is up by 0.35% while West Texas Intermediate (WTI) is up by 0.20%. At the same time, the Bloomberg Commodities Index is up by…
British Petroleum (LON: BP) said on Thursday that its hybrid bonds issue raised a total of £9.50 billion in debt in multiple currencies. As per a BP’s spokeswoman, the company wishes to benefit from low-interest rates to strengthen its balance sheet. Learn more about the key balance sheet…
Saudi Aramco said on Wednesday that it has completed its deal with Saudi Basic Industries. Aramco now has a 70% stake in the Riyadh-based petrochemicals company that it purchased for £55.10 billion. Aramco also announced a 3-year extension on the payment period to 2028, aimed at providing support against weak…