Hin Leong Trading, one of Singapore's largest independent oil traders, said that it failed to declare “about $800 million in futures losses over the years,” Reuters reported, citing a court filing dated April 17. The company is seeking a six-month moratorium on its roughly $3.85 billion debt load owed to 23 banks.
Hin Leong Trading, one of Singapore's largest independent oil traders, said that it failed to declare “about $800 million in futures losses over the years,” Reuters reported, citing a court filing dated April 17. The company is seeking a six-month moratorium on its roughly $3.85 billion debt load owed to 23 banks.
Brent oil price, the international benchmark, rises around 6% Crude oil futures climbed sharply on Thursday, at least partly supported by Saudi Arabia’s decision to lift prices to help stabilize values, while China’s appetite for the commodity picked up in April compared with prior months. Saudi Arabia, the most influential member of the Organization of Petroleum Exporting Countries, is raising crude prices for its customers world-wide, according to Bloomberg TV.
Meanwhile, China’s imports rose to 10.42 million barrels a day in April from 9.68 million in March, according to Reuters data. Overall imports for the world’s second-largest economy and the biggest oil importer were down 14.2% from the year-ago period. However, exports from the country grew an unexpected 3.5% from the previous year. That data combined with hope of a slowdown in production by global oil producers and a gradual revival of economies around the globe after restrictions due to the COVID-19 pandemic are lifted are expected to eventually lift crude prices. “Oil is ruining up on hopes on rebounding demand,” wrote Peter Cardillo, chief market economist at Spartan Capital Securities in a daily research note. West Texas Intermediate crude for June delivery CL CLM20+9.38% on the New York Mercantile Exchange, rose $2, or 8.3%, to $25.99 a barrel, after settling 2.4% lower on Wednesday, which snapped a five-session streak of gains. Global benchmark July Brent crude UK:BRNN20+5.99% picked up $1.54, or 5.2%, at $31.26 a barrel on ICE Futures Europe, following a 4% decline in the prior session.
The EIA reported Wednesday that U.S. crude inventories rose 4.6 million barrels for the week ended May 1. The data, which excludes changes in the SPR, marked a 15th consecutive weekly rise, but was smaller than the average increase of 7.1 million barrels forecast by analysts polled by S&P Global Platts. Investors are also digesting the U.S. weekly jobless claims data Thursday which showed more than 3 million Americans lost employment, adding to the already 30 million figure that has been racked up over the past six weeks. Some signs of easing tensions between China and the U.S. may also be providing a lift to crude prices, as Bloomberg News reported on Thursday that U.S. trade negotiator Robert Lightihizer and his counterpart Liu He are scheduled to have a call to discuss progress on a phase-one trade deal between the countries that had looked in jeopardy of being quashed by President Donald Trump.
Heng ah! ong ah! u stuck kah always promote but no change also the price wahahhaah i have decades of experience and this kind of stock wont move for the next 3-5 years.. only when want to raise fund move abit.. now sleep until no money then when need money only move.. dont waste time here my advice. bye bye
Gigit jari because other o&g goes up but this one don’t move. Look at the past trend. It never move for years. Will continue not moving for years. Don’t waste ur time here.
there are many other cheap undervalue counters to pick up from the list. turnaround story will not interest buyers atm. healtcare alone will make you tonnes.
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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....
BanglaMan
870 posts
Posted by BanglaMan > 2020-04-23 14:12 | Report Abuse
waiting for acquisition to happen to this sad counter