Oil price has been averaging higher yet BA continue to fluctuate with no clear sign of strength. Petronas still Play a big part to prop up the the sector in Malaysia, like it or not.
KUALA LUMPUR (July 6): PublicInvest Research has maintained its “overweight” call on the oil and gas sector on the expectation that oil prices could jump to US$80 per barrel, given the rising global oil demand and supply which bode well for oil prices. Over the last 12 months, oil prices rose by over 70% — from around US$40 per barrel in mid-June 2020 to more than US$70 per barrel — due to optimism over the easing of Covid-19 restrictions for some of the world’s largest economies, it said.....
In Malaysia, Rystad said, Petronas is evaluating bids for the Limbayong FPSO with a contract award expected to be handed out before the end of the year. Contractors involved in the bidding process are Yinson, MISC, Sabah International Petroleum, and a consortium comprising Bumi Armada, MTC and Shapoorji Pallonji.
No additional supply at a time when inventories are drawing down and demand is roaring back will likely send oil prices higher in the near term, at least until the group reaches some sort of a deal.
Oil at $85 to $90 a barrel is on the cards if OPEC+ doesn’t raise supply next month, Fereidun Fesharaki, chairman of industry consultant FGE, told Bloomberg TV in an interview. Fesharaki expects the group to reach some sort of compromise over the next one to three weeks, during which oil prices will continue to rise.
“No additional oil in August, at a time when the physical market is incredibly tight, can easily lead to prices overshooting above US$90 a barrel,” Amrita Sen, Director of Research at Energy Aspects, told Bloomberg.
@strattegist don't look at short term. Red or Green, Merah atau Hijau, relax bro! Look at longer term. Half year to One Year, you will get what you looking for. Short term goreng you can try Euro, Dataprp, Serbak and Serbak sisters.
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....
Mabel
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Posted by Mabel > 2021-07-04 23:50 | Report Abuse
55 is Mabel's mid term target....
60 is doable depending on opec outcome aka oil prices development..
Meow