Oil down as crude falls, Saipem holds up with Middle East contract on the horizon
Eni and Tenaris among the worst on the Ftse Mib. Saipem is in pole position for the Dorra project developed by Al Khafji Joint Operations with a total value of around $10 billion
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(Il Sole 24 Ore Radiocor) - On a day of rises for Piazza Affari (the FTSE MIB is at record levels), oil stocks are bucking the trend in Europe (-1% for the sector's Euro Stoxx 600) and in Italia, where Eni and Tenaris are among the worst performers, although they have reduced their declines compared to the early part of the session. Limiting the declines Saipem, which turned negative after starting out in positive territory: according to Italia media, it is among the main bidders for the Dorra project developed by Al Khafji Joint Operations with a total value of around USD 10 billion (it is not yet clear what the Italian group's share would be).
According to UpstreamOnline, the consortium formed by Saipem and Indian multinational Larsen & Toubro is reportedly in pole position for the award of offshore packages 2A and 2B of the Dorra gas field, developed by Saudi Arabia and Kuwait. The work includes offshore structures, subsea pipelines and more than 50,000 tonnes of fabrication activities. For Banca Akros analysts 'the contract may have significant value', which is why the 'buy' rating with a target price of EUR 4.4 is confirmed.
What is driving the performance of oil stocks, however, is the swing in crude oil, today down (-1.8% to USD 90.5 per barrel for Wti, -2% to USD 93.08 for Brent) with the possible clearing up in the Middle East. After the halt to talks between the United States and Iran on the eve of Israel's attacks in Lebanon, US President Donald Trump acted as mediator and let it be known that Israel and Hezbollah are ready for a ceasefire in Lebanon and, consequently, an agreement with Iran, with the reopening of the Strait of Hormuz, may come next week.
However, the lack of progress in the peace process between the US and Iran is a fact and often contrary news adds to the volatility of the stock markets: "The market is currently focused on any concrete progress or setbacks in the negotiations between the US and Iran, the tone and content of statements from both sides (particularly on Iran's threats related to the Strait of Hormuz) and the actual movements of tankers through that waterway," say the experts at Kcm Trade, explaining that "the course of the negotiations will determine whether the current risk premium will remain embedded in oil prices or begin to decline."
