Research & Stock Picks

Company Reports

07 October 2024

By

Oil Weekly (07 October 2024): USD 75.0/bbl (+2.4% WoW)

Recent Catalysts Driving the Price

  • In 30 Sep – 04 Oct 2024, Brent prices rose +2.4% WoW (from USD 73.2/bbl), while WTI prices increased +2.5% WoW (from USD 69.5/bbl). On 3 October, oil prices spiked caused by escalating geopolitical tensions in the Middle East.
  • The oil market is on an upward trajectory due to escalating concerns over Israel’s potential retaliation against Iran, which threatens critical shipping routes like the Strait of Hormuz. Any disruption to this vital passage, responsible for a significant share of global oil flow, could result in sharp price spikes. Furthermore, OPEC+ extended its 2.2 mmbopd cut until Dec-24 and the 1.66 mmbopd cut until the end of 2025.
  • We maintain our average oil forecast at USD 79/bbl (avg YTD: USD 81.3/bbl) due to sustained price pressure, though some upside persists from potential production cuts in 4Q24 and 2025. 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:

pasar minyak tertekan

Download PDF

Download PDF

UPDATE_Oil_Weekly_20241007

Download PDF

UPDATE_Oil_Weekly_20241007

More Related

Economic Reports

Nov 13, 2024

Technical Stock Analysis

Nov 13, 2024

Morning Briefs

Nov 13, 2024

Economic Reports

Nov 12, 2024

Company Reports

Nov 12, 2024

Technical Stock Analysis

Nov 12, 2024

Economic Reports

Nov 11, 2024

Company Reports

Nov 11, 2024

Company Reports

Nov 11, 2024

Economic Reports

Nov 11, 2024

Morning Briefs

Nov 11, 2024

Technical Stock Analysis

Nov 11, 2024

Economic Reports

Nov 8, 2024

Technical Stock Analysis

Nov 8, 2024

Morning Briefs

Nov 8, 2024

Economic Reports

Nov 8, 2024

Company Reports

Nov 7, 2024

Technical Stock Analysis

Nov 7, 2024

Morning Briefs

Nov 7, 2024

Economic Reports

Nov 6, 2024

Company Reports

Nov 6, 2024

Technical Stock Analysis

Nov 6, 2024

Morning Briefs

Nov 6, 2024

Economic Reports

Nov 5, 2024

Company Reports

Nov 5, 2024

Economic Reports

Nov 5, 2024

laba antam

Company Reports

Nov 5, 2024

Economic Reports

Nov 5, 2024

Technical Stock Analysis

Nov 5, 2024

Company Reports

Nov 5, 2024

Company Reports

Nov 5, 2024

Economic Reports

Nov 4, 2024

Company Reports

Nov 4, 2024

laba bersih bukit asam

Company Reports

Nov 4, 2024

Morning Briefs

Nov 4, 2024

Technical Stock Analysis

Nov 4, 2024

Economic Reports

Nov 1, 2024

Economic Reports

Nov 1, 2024

Technical Stock Analysis

Nov 1, 2024

Morning Briefs

Nov 1, 2024

Economic Reports

Nov 1, 2024

Company Reports

Oct 31, 2024

laba bersih FILM

Company Reports

Oct 31, 2024

Technical Stock Analysis

Oct 31, 2024

Morning Briefs

Oct 31, 2024

Economic Reports

Oct 30, 2024

kinerja positif assa

Company Reports

Oct 30, 2024

Morning Briefs

Oct 30, 2024

Economic Reports

Oct 29, 2024

Technical Stock Analysis

Oct 29, 2024

Morning Briefs

Oct 28, 2024

Technical Stock Analysis

Oct 28, 2024

Technical Stock Analysis

Oct 25, 2024

Morning Briefs

Oct 25, 2024

Technical Stock Analysis

Oct 24, 2024

Morning Briefs

Oct 24, 2024

Morning Briefs

Oct 23, 2024

Technical Stock Analysis

Oct 23, 2024

Technical Stock Analysis

Oct 22, 2024