kind Bat_4341 commented on a stock · Nov 19, 2024 18:10

Trump's drill-baby-drill casualty

$HIBISCS (5199.MY)$ Another O&G is trending down and broken all supports , does not looking positive in the short to mid term.

1. Depressing oil price due to groomy economy forecast around the world i.e. China, Europe

2. Oversupply will be exacerbated with peace deals being hammered out after Trump''s inauguration + more “drill-baby-drill”activities in US. Today, US is the largest O&G producer and net exporter .. the oil price is no longer decided by OPEC+ as witnessed there were virtually no impact on oil price from the oil production cut by OPEC+ this year.

3. Strong USD rally in short to mid term likely to suppress commodities prices like oil.

4. Green energy movement around the world with millions of EVs, and PVs being produced by China will further reduce the demand for oil.

Most O&G counters may rebound 5-10% due to negative news such as, Opec's supply cut, terrorist attack etc but overall is still trending down; And its opportunity to switch when rebound …

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kind Bat_4341

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