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$BAUTO (5248.MY)$ going to downtrend direction? target RM2.20
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$HIBISCS (5199.MY)$ (Kuala Lumpur news on the 11th) With the continuous decline in international oil prices, Brent crude oil fell below $70 per barrel yesterday, entering a bear market. Analysts believe that the supply of non-OPEC countries is strong, especially weak demand in the Chinese market, and the limited upward potential for oil prices. They have lowered their oil price forecasts for this year.
Global benchmark Brent crude oil fell below $70 on Tuesday, reaching its lowest level since December 2021. Compared to its high point in April this year, Brent crude oil has now fallen by more than 22%, officially entering a bear market.
Both BIMB Research and Fenglong Research have lowered their average price forecasts for Brent crude oil in 2024 from $85 per barrel to $80, and the forecast for 2025 has also been lowered to $75.
BIMB Research analysts pointed out in their report that the price of Brent crude oil recently fell to $70 per barrel due to weak demand in China.
In the first seven months of this year, China's oil imports decreased by 2.5% compared to an 11% growth rate in 2023. China's petroleum producers have reduced production rates due to low profit margins.
In addition, the International Energy Agency (IEA) predicts that even if the Organization of the Petroleum Exporting Countries and its allies (OPEC+) maintain production cuts, the excess oil stock in 2025 will reach 0.86 million barrels per day.
The Energy Agency also predicts that in 2024 and 2025, the oil from non-OPEC countries will...
Global benchmark Brent crude oil fell below $70 on Tuesday, reaching its lowest level since December 2021. Compared to its high point in April this year, Brent crude oil has now fallen by more than 22%, officially entering a bear market.
Both BIMB Research and Fenglong Research have lowered their average price forecasts for Brent crude oil in 2024 from $85 per barrel to $80, and the forecast for 2025 has also been lowered to $75.
BIMB Research analysts pointed out in their report that the price of Brent crude oil recently fell to $70 per barrel due to weak demand in China.
In the first seven months of this year, China's oil imports decreased by 2.5% compared to an 11% growth rate in 2023. China's petroleum producers have reduced production rates due to low profit margins.
In addition, the International Energy Agency (IEA) predicts that even if the Organization of the Petroleum Exporting Countries and its allies (OPEC+) maintain production cuts, the excess oil stock in 2025 will reach 0.86 million barrels per day.
The Energy Agency also predicts that in 2024 and 2025, the oil from non-OPEC countries will...
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1. $UNIQUE (0257.MY)$
Short term uptrend broken. Will need to secure back above 0.365 in order for it to challenge 0.365 again for a chance to get back uptrend. Expect downtrend continuation to retest 0.310 next should 0.340 fails to hold.
2. $PERDANA (7108.MY)$
Strong rebound at 0.370 currently challenging previous crucial support at 0.450. Best to secure back above 0.450 in upcoming days in order for it to challenge 0.495 again for uptrend...
Short term uptrend broken. Will need to secure back above 0.365 in order for it to challenge 0.365 again for a chance to get back uptrend. Expect downtrend continuation to retest 0.310 next should 0.340 fails to hold.
2. $PERDANA (7108.MY)$
Strong rebound at 0.370 currently challenging previous crucial support at 0.450. Best to secure back above 0.450 in upcoming days in order for it to challenge 0.495 again for uptrend...
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Sarawak Petroleum (Petros) became the only local gas aggregator (gas aggregator).
Islamic Bank Securities believes that this may have a negative impact on Malaysia's liquefied natural gas (LNG) exports, but it is not expected to affect upstream investment by Petronas (Petronas).
An Islamic Bank securities analyst pointed out that the Sarawak government may use locally produced natural gas more to meet internal demand, thereby reducing Malaysia's overall natural gas exports.
“If this were the case, CNPC's revenue from the natural gas or liquefied natural gas business would face a negative impact.”
A so-called natural gas aggregator is a merchant that aggregates and processes natural gas trading activities within the relevant region. Therefore, after becoming the sole aggregator in Sarawak, all natural gas transactions within the region need to be carried out through Petros.
Long-term stable supply must be guaranteed
Today, Petros is about to begin implementing the 10-year Sarawak Natural Gas Roadmap (SGR), with the goal of increasing the domestic gas consumption share to 30% by 2030.
In response, the analyst said that no matter who becomes the aggregator, whether SGR can meet the standards, it is necessary to rely on a long-term stable supply of natural gas.
“The Sarawak government needs continuous upstream oil and gas investment, especially new oil and gas field projects, to ensure a stable supply of natural gas over the long term. Considering that Sarawak still requires large oil and gas investments, we...
Islamic Bank Securities believes that this may have a negative impact on Malaysia's liquefied natural gas (LNG) exports, but it is not expected to affect upstream investment by Petronas (Petronas).
An Islamic Bank securities analyst pointed out that the Sarawak government may use locally produced natural gas more to meet internal demand, thereby reducing Malaysia's overall natural gas exports.
“If this were the case, CNPC's revenue from the natural gas or liquefied natural gas business would face a negative impact.”
A so-called natural gas aggregator is a merchant that aggregates and processes natural gas trading activities within the relevant region. Therefore, after becoming the sole aggregator in Sarawak, all natural gas transactions within the region need to be carried out through Petros.
Long-term stable supply must be guaranteed
Today, Petros is about to begin implementing the 10-year Sarawak Natural Gas Roadmap (SGR), with the goal of increasing the domestic gas consumption share to 30% by 2030.
In response, the analyst said that no matter who becomes the aggregator, whether SGR can meet the standards, it is necessary to rely on a long-term stable supply of natural gas.
“The Sarawak government needs continuous upstream oil and gas investment, especially new oil and gas field projects, to ensure a stable supply of natural gas over the long term. Considering that Sarawak still requires large oil and gas investments, we...
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Recently, Malaysia obtained palm oil trade agreements worth more than 230 million ringgit at the 15th China International Edible Oil Industry Expo held in Nanjing, China.
In addition, Malaysian palm oil companies and enterprises signed four memorandums of understanding (MoUs) at an event held on July 11, including using Taobao to develop online B2B and B2C sales channels, and using tocotrienols (a potent form...
In addition, Malaysian palm oil companies and enterprises signed four memorandums of understanding (MoUs) at an event held on July 11, including using Taobao to develop online B2B and B2C sales channels, and using tocotrienols (a potent form...
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$HIBISCS (5199.MY)$ The National Oil Company granted a 65% PSC participation right, which is a equity for 24 years. So Dà hóng huā Shíyóu Gōngsī really became the "national flower"! Money keeps rolling in!
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$JTIASA (4383.MY)$ Trust me jtiasa, I'll wait for you at the top of the mountain
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青峰1928 : The cheapest time.