Oil in London jumped by the most since June as Pfizer Inc. reported a potential Covid-19 vaccine breakthrough. Crude futures spiked following news the vaccine, being developed by Pfizer and BioNTech SE, prevented more than 90% of infections in a study of tens of thousands of volunteers. Markets globally surged. WTI climbed more than 10% in New York, while global equities soared. It led to broader strength in the oil futures curve, with timespreads also moving sharply higher. A vaccine “would be the most meaningful type of mitigator to the situation,” Saudi Energy Minister Prince Abdulaziz Bin Salman said prior to the Pfizer announcement at a conference on Monday. “We’re still hopeful that vaccine is found and that vaccine or vaccines spread and hopefully mobility would be regained.” Since Covid first emerged, oil markets have been steadily recovering from the biggest crash in consumption in a generation. Transport use in Asia has rebounded strongly, but the renewed resurgence of the virus in Europe has continued to weigh on demand in the region. The emergence of a vaccine would not only help regions suffering form renewed lockdowns, but could also help spur the return of aviation demand -- the hardest hit corner of the market.
PRICES: West Texas Intermediate for December delivery jumped as much as 11.3% to trade at $41.33; the U.S. benchmark was trading up 9.6% at $40.70 by 8:51 a.m. local time Brent for January settlement rose 8.4% to $42.77 The relief in the market was seen in the profits from turning crude into transport fuels. Gasoline cracks in the U.S. reached their highest since mid-October, while those in Europe also gained. Jet fuel was also gaining relative to the value of other transport fuels in Europe, Bloomberg fair value data show. Prices had earlier rallied as Joe Biden declared victory in the U.S. presidential election and began preparations to navigate America’s pandemic-hit economy out of crisis, with potential shifts coming on a range of policies from fiscal stimulus to Iranian sanctions. At the same time, Saudi Arabia said that OPEC+ could extend oil cuts through 2022 as the group seeks to re-balance the glutted market. Before news of the vaccine, speculators had built up bumper short positions in the market in recent weeks as the virus spread afresh. Such large positions often leave crude markets open to sharp spikes in the opposite direction as traders rush to cover bearish bets. “That could be the potential game changer as it will speed up the demand recovery,” Ole Hansen, head of commodities strategy at Saxo Bank A/S said of the potential vaccine.
Today all Mabel Energy 11 Battleships has started moving.
Earlier Mabel Energy Yinson Holdings Bhd’s net profit in the second quarter (Q2) ended July 31, 2020 rose 144 per cent to RM100.36 million from RM41.14 million in the same quarter last year. Earlier her elder Sister Mabel Energy Bumi Armada recorded another stellar 155 per cents rose in profits to RM 114 million from previous quarter. When combine, it creates the World Biggest FPSO. All these two FPSO operator has operating presence in Asia, Africa and Europe. FPSOs contracts are bankable, providing steady visibility (long-term charters, termination protection) with reasonable project IRRs. FPSOs tender pipeline are strong and steady. Currently, Armada and Yinson is ranked in P2 in Mabel Energy collection Fossil Fuel Battleships.
Looking forward for an exciting Q3 Results for these Super Tankers...
uhuk uhuk. OnG suddenly all wake up together. brother armada and sapnrg and sister velesto all sailing together. all the supertankers floating. no more sinking ship.
Donator, just beginning of the bull market nia... It will continue to spike up tommorrow onwards !
T.p by Dec 2020 => Break above 0.50 T.p by Mar 2021 => Break above RM1.00 T.p by Jun 2021 => Break above RM1.50 T.p by Sep 2021 => Break above RM2.00 T.p by Dec 2021 => Break above RM2.50 T.p by Mar 2022 => Break above RM3.00
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
strattegist
23,459 posts
Posted by strattegist > 2020-11-09 20:02 |
Post removed.Why?