FNAREA published an article 10th October on Broker Upgrades and their reasoning of which as summary is below:
Consensus price: $2.98
Morgans: $3.95 (up)
Macquarie $3.00 (up)
Morgan Stanley: $1.98 (down)
Barrenyjoey: $2.32 (up)
Nothing new here but :
Upside:Downside:
- production guidance higher on successful Bauna campaign
- Success at Patola
- Further discovery and drilling at Neon-Goia or further M&A activity
- Global demand from recession causing a drop in the price of oil.
- Poor result at Patola
Source: FNARENA
In reaction to OPEC’s move, Citi raises its forecast December quarter 2022 Brent average price to US$97/bbl from US$85/bbl, while increasing its 2023 forecasts to US$88/bbl from US$75/bbl. The medium-term price forecast is raised to US$75/bbl in 2024, and toward US$65/bbl thereafter.
In the broker’s hard-landing scenario, global economic growth will fall to zero in 2023 from a base case of 2.1% growth, while global oil demand growth could fall to zero from 2.2mb/d.The economic impact on oil demand is more exaggerated because of the typical macro-induced slowdown in oil consumption, as well as a slower recovery of the aviation sector, which was supposed to super-charge oil demand growth in 2023, explain the analysts.
Recessions normally result in falling commodity prices, leading to surpluses, which then require a further fall in price. However, Citi suggests further production cuts by OPEC may limit price declines to around the US$70/bbl mark.
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Last
$1.88 |
Change
-0.025(1.31%) |
Mkt cap ! $1.506B |
Open | High | Low | Value | Volume |
$1.90 | $1.91 | $1.86 | $24.90M | 13.24M |
Buyers (Bids)
No. | Vol. | Price($) |
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5 | 117095 | $1.88 |
Sellers (Offers)
Price($) | Vol. | No. |
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$1.89 | 7732 | 2 |
View Market Depth
No. | Vol. | Price($) |
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1 | 250 | 1.880 |
6 | 71517 | 1.875 |
10 | 327855 | 1.870 |
6 | 188265 | 1.865 |
16 | 83269 | 1.860 |
Price($) | Vol. | No. |
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1.885 | 7732 | 2 |
1.890 | 48611 | 5 |
1.895 | 149299 | 6 |
1.900 | 168996 | 6 |
1.905 | 8168 | 2 |
Last trade - 16.10pm 15/05/2024 (20 minute delay) ? |
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Last
$1.88 |
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Change
-0.025 ( 1.10 %) |
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Open | High | Low | Volume | ||
$1.90 | $1.91 | $1.86 | 2330538 | ||
Last updated 15.59pm 15/05/2024 ? |
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