NEW YORK: Oil prices jumped on Wednesday, as the European Union, the world's largest trading bloc, spelled out plans to phase out imports of Russian oil, raising concerns about further market tightness as those nations hunt for adequate supply. Crude benchmarks have risen steadily over the past two months following Moscow's invasion of Ukraine. Until now, the European Union has been reluctant to fully cut off imports of Russian oil and gas, and its plans still do not suggest a full ban for all EU members. Europe imports some 3.5 million barrels of Russian oil and oil products daily, and also depends on Moscow's gas supplies. "Inventories are so tight, so against this backdrop, when you're talking about this ban, there are a lot of questions on how (Europe) is going to make up for this," said Phil Flynn, senior analyst at Price Futures Group. Brent crude LCOc1 futures settled up $5.17, or 4.9%, to $110.14 a barrel. West Texas Intermediate crude CLc1 futures settled at $107.81 a barrel, up $5.40, or 5.3%. European Commission President Ursula von der Leyen on Wednesday proposed a phased oil embargo on Russia, as well as sanctioning Russia's top bank. The Commission's measures include phasing out supplies of Russian crude within six months and refined products by the end of 2022, von der Leyen said. She also pledged to minimise the impact of the move on European economies.
Hungary and Slovakia, however, will be able to continue buying Russian crude oil until the end of 2023 under existing contracts, an EU source told Reuters. Russia could offset the loss of one of its primary customers by selling oil to other importers including India and China. Neither country has stopped buying from Moscow. Needs for much greater supplies are not likely to be met at a meeting on Thursday of the Organization of Petroleum Exporting Countries and allied producers. OPEC+ is expected to stick to its plan for a gradual ramp-up of monthly production. In the United States, crude stocks rose modestly last week, according to the U.S. Energy Information Administration. Stocks were up 1.2 million barrels as the United States released more barrels from its strategic reserves. Fuel stocks fell, in part due to stronger exports of products since Russia's invasion as buyers have sought other sources. EIA/S The markets largely shook off the Federal Reserve's announcement that it would raise interest rates by a half percentage point to try to bring down rising inflation. "The market was up so strong before the announcement I think (the Fed) was a foregone conclusion," said Gary Cunningham, director of market research at Tradition Energy.- Reuters
walao you also bargaining llike aunty uncle kah. You so strong believer must be sapu more lah. Why keep asking ppl to sapu leh. Bo risk one kah. Correct?
stockraider
Good steady prospect of capital gain if invest in current cheap price of 3.5 to 4 sen loh!
#Mikecyc Haha MHC ? Haha my bet posted in TDM .. MHC ( cost 0.30 , oredi cut win ) n TSH ( cost 0.70 , oredi cut win )..
my selection is based on :
1. Monthly output as related to Palm Trees year of ages .. also to reduce replanting cost risk ..
2. Gearing Ratio
3. Yearly Profit
MHC n TSH have few Power Plant which use empty kernel bunch as fuel to generate steady income from TNB ...
—- Posted by Mabel > 6 days ago | Report Abuse
BTW what is MHC?
Mickey Horrible Counter..
Hahaha.. 07/05/2022 2:34 PM
Haha...no need to go for MHC as Mabel has Tenaga and TSH under my collection...
As for TDM, it has 44,247 Ha of fully planted oil palm plantation and based on Rm 70,000 per Ha, which has an open market value of Rm 3,100,000,000.
TDM has 5 private hospitals. Based on an average cost of Rm 100 million per hospital, TDM’s 5 hospitals has an open market value of Rm 500 million.
TDM has Rm 54,685,000 loan and 216 million trade payable Rm, total debt Rm 270 million.
TDM net asset value is Rm 3100 million from plantation + Rm 500 million from the 5 hospitals – Rm 270 million debt = Rm 3,330 million.
Total number of issued shares is 1,725 million. Net assets value Rm 3,330 million divided by 1,725 shares = Rm 1.93 per share. The last traded price is 31 sen and its NTA is Rm 1.93.
The Hospitals is really good to have as it compliment Mabel's Sime Darby Medical Centres, Sunway Hospital and IHH...
Although Indonesia is the biggest producer of Palm oil, Malaysia has over taken Indonesia as the World Biggest Exporter of Pam Oil. Oil Palm is producing fruit all year round and it is the also the most efficient oil crop, squeezing out more oil per hectare than any other vegetable oil. Coupled with the availability of cheap labour from neighbouring Indonesia, Malaysia has been able to produce this oil not only abundantly, but also cheaply.
Here the Top 6 World Class Plantations. The Top 5 is under Mabel’s collection:
1. Singapore Mabel Wilmar International Limited 2. Malaysia Mabel Sime Darby Berhad 3. Malaysia Mabel IOI Corporation Berhad 4. Malaysia Mabel Kuala Lumpur Kepong Berhad. 5. Indonesia Mabel Golden Agri-Resources Ltd. 6. Indonesia Astra Agro Lestari
A liquified natural gas (LNG) crisis is brewing for European countries dealing with energy insecurity in the wake of Russia’s invasion of Ukraine, as demand will outstrip supply by the end of this year, Rystad Energy research shows. Although soaring demand has spurred the greatest rush of new LNG projects worldwide in more than a decade, construction timelines mean material relief is unlikely only after 2024. Global LNG demand is expected to hit 436 million tonnes in 2022, outpacing the available supply of just 410 million tonnes. A perfect winter storm may be forming for Europe as the continent seeks to limit Russian gas flows. The supply imbalance and high prices will set the scene for the most bullish environment for LNG projects in more than a decade, although supply from these projects will only arrive and provide relief from after 2024
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....
bish_bish
223 posts
Posted by bish_bish > 2022-05-03 22:24 | Report Abuse
https://www.theedgemarkets.com/article/syed-zaid-albar-now-set-takeover-sc-chairman-post-nov-1
Change of Ship Captain:
SC: occured (April 2022)
Bursa: not yet
Petronas: not yet
MOF: not yet
PNB: not yet
Khazanah: not yet
BNM: not yet
etc...