Research & Stock Picks

Company Reports

02 September 2024

By

Oil Weekly (02 September 2024): USD 79.7/bbl (+2.9% WoW)

Recent Catalysts Driving the Price

  • Between 26-30 August 2024, Brent prices increased +2.9% WoW (from USD 77.4/bbl) and WTI prices rose +2.4% WoW (from USD 73.6/bbl). Oil prices reached nine-month high, supported by OPEC's production cuts of -1 MMbopd and rising global demand, particularly from the US.
  • Outlook for global oil demand has improved significantly as the Federal Reserve hinted at potential rate cuts beginning in September, bolstering expectations for 2.2 MMbopd increase in oil demand by year-end. Additionally, a sudden halt in Libya's 1.2 million barrels per day oil production added to supply constraints, contributing to oil price hike and reinforcing bullish market sentiment.
  • In terms of price, we maintain average oil forecast at USD 84.5/bbl (avg YTD: USD 82.3/bbl), as we expect some support stemming from extended supply cuts. At this stage, we retain MEDC as our top pick, with target price of IDR 2,200, reflecting FY24F valuation of 4.9x EV/EBITDA.

Share This:

Download PDF

Download PDF

UPDATE_Oil_Weekly_20240902

Download PDF

UPDATE_Oil_Weekly_20240902

More Related

laba astra

Company Reports

Oct 15, 2024

Economic Reports

Oct 15, 2024

Technical Stock Analysis

Oct 14, 2024

Morning Briefs

Oct 14, 2024

Economic Reports

Oct 11, 2024

Technical Stock Analysis

Oct 11, 2024

Morning Briefs

Oct 11, 2024

Economic Reports

Oct 10, 2024

Morning Briefs

Oct 10, 2024

Technical Stock Analysis

Oct 10, 2024

Economic Reports

Oct 9, 2024

Technical Stock Analysis

Oct 9, 2024

Morning Briefs

Oct 9, 2024

Economic Reports

Oct 8, 2024

Technical Stock Analysis

Oct 8, 2024

Morning Briefs

Oct 7, 2024

Technical Stock Analysis

Oct 7, 2024

Economic Reports

Oct 4, 2024

Technical Stock Analysis

Oct 4, 2024

inflasi tahunan indonesia

Morning Briefs

Oct 4, 2024

Technical Stock Analysis

Oct 3, 2024

Morning Briefs

Oct 3, 2024

Economic Reports

Oct 2, 2024

Technical Stock Analysis

Oct 2, 2024

Morning Briefs

Oct 2, 2024

Economic Reports

Oct 1, 2024

bank jago

Company Reports

Oct 1, 2024

laba bank bmri

Company Reports

Oct 1, 2024

Economic Reports

Oct 1, 2024

Economic Reports

Oct 1, 2024

Technical Stock Analysis

Oct 1, 2024

Economic Reports

Sep 30, 2024

Technical Stock Analysis

Sep 30, 2024

Morning Briefs

Sep 30, 2024

Technical Stock Analysis

Sep 27, 2024

Economic Reports

Sep 27, 2024

Morning Briefs

Sep 27, 2024

Technical Stock Analysis

Sep 26, 2024

Morning Briefs

Sep 26, 2024

Economic Reports

Sep 25, 2024

Morning Briefs

Sep 25, 2024

Technical Stock Analysis

Sep 25, 2024

Technical Stock Analysis

Sep 24, 2024

Economic Reports

Sep 24, 2024

Economic Reports

Sep 23, 2024

Technical Stock Analysis

Sep 23, 2024

Morning Briefs

Sep 23, 2024

peluang aces ditengah gejolak ekonomi

Company Reports

Sep 20, 2024

Technical Stock Analysis

Sep 20, 2024

Economic Reports

Sep 20, 2024

Morning Briefs

Sep 20, 2024

Economic Reports

Sep 19, 2024

Morning Briefs

Sep 19, 2024

Economic Reports

Sep 18, 2024

Economic Reports

Sep 18, 2024

Morning Briefs

Sep 18, 2024

Technical Stock Analysis

Sep 18, 2024

Economic Reports

Sep 17, 2024

Technical Stock Analysis

Sep 17, 2024

Technical Stock Analysis

Sep 13, 2024

Morning Briefs

Sep 13, 2024

laba astra

Company Reports

Sep 12, 2024

Economic Reports

Sep 12, 2024

Morning Briefs

Sep 12, 2024