Research & Stock Picks

Company Reports

15 November 2024

By

Oil Weekly (15 November 2024): USD 72.5/bbl (-3.2% WoW)

Recent Catalysts Driving the Price

  • Between 8 – 14 November 2024, Brent prices declined -3.2% WoW (from USD 74.9/bbl), and WTI prices dropped -3.7% WoW (from USD 71.4/bbl), as China’s early November stimulus failed to boost demand from the world's second-largest oil consumer.
  • Subsiding Rafael storm in the Gulf of Mexico eased supply constraints in US. This, along with the increase in DXY to USD c.106 (+1.6% WoW), weighed on commodity prices. Furthermore, EIA projected 2025F US oil production to reach 13.53 mmbpd (+2.3% from expected 2024 production), adding further pressure on oil prices.
  • We maintain our average oil forecast at USD 80/bbl (YTD avg: USD 80.5/bbl) due to sustained price pressure and potential supply increases from certain OPEC+ members, though some upside remains from extended production cuts into 4Q24 and 2025. At this stage, MEDC remains our top pick, with a 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_20241115

Download PDF

UPDATE_Oil_Weekly_20241115

More Related

Technical Stock Analysis

Jan 17, 2025

Morning Briefs

Jan 17, 2025

Economic Reports

Jan 16, 2025

Technical Stock Analysis

Jan 16, 2025

Morning Briefs

Jan 16, 2025

Economic Reports

Jan 15, 2025

Economic Reports

Jan 15, 2025

Company Reports

Jan 15, 2025

Company Reports

Jan 15, 2025

Technical Stock Analysis

Jan 15, 2025

Economic Reports

Jan 15, 2025

Morning Briefs

Jan 14, 2025

Technical Stock Analysis

Jan 14, 2025

Economic Reports

Jan 13, 2025

Company Reports

Jan 13, 2025

Economic Reports

Jan 13, 2025

Morning Briefs

Jan 13, 2025

Technical Stock Analysis

Jan 13, 2025

Technical Stock Analysis

Jan 10, 2025

Morning Briefs

Jan 10, 2025

Economic Reports

Jan 10, 2025

Company Reports

Jan 9, 2025

Technical Stock Analysis

Jan 9, 2025

Economic Reports

Jan 8, 2025

Morning Briefs

Jan 8, 2025

Technical Stock Analysis

Jan 8, 2025

Economic Reports

Jan 7, 2025

Company Reports

Jan 7, 2025

Technical Stock Analysis

Jan 7, 2025

Morning Briefs

Jan 7, 2025

Economic Reports

Jan 7, 2025

Morning Briefs

Jan 6, 2025

Technical Stock Analysis

Jan 6, 2025

Morning Briefs

Jan 3, 2025

Technical Stock Analysis

Jan 3, 2025

Morning Briefs

Jan 2, 2025

Technical Stock Analysis

Jan 2, 2025

Morning Briefs

Dec 30, 2024

Morning Briefs

Dec 27, 2024

Technical Stock Analysis

Dec 27, 2024

Company Reports

Dec 24, 2024

laba bank bmri

Company Reports

Dec 24, 2024

laba bni

Company Reports

Dec 24, 2024

Morning Briefs

Dec 24, 2024

Technical Stock Analysis

Dec 24, 2024

Morning Briefs

Dec 23, 2024

Technical Stock Analysis

Dec 23, 2024

Economic Reports

Dec 22, 2024

peluang aces ditengah gejolak ekonomi

Company Reports

Dec 20, 2024

Company Reports

Dec 20, 2024

penurunan nikel

Company Reports

Dec 20, 2024

Technical Stock Analysis

Dec 20, 2024

Morning Briefs

Dec 20, 2024

Economic Reports

Dec 20, 2024

Economic Reports

Dec 19, 2024

Morning Briefs

Dec 19, 2024

Technical Stock Analysis

Dec 19, 2024

Economic Reports

Dec 19, 2024