Oil & gas sector in the spotlight as energy prices rally, Eni shines in Milan

(Il Sole 24 Ore Radiocor) - Energy stocks surged across Europe on the back of the rally in the price of oil, which has climbed back to 80 dollars a barrel. The war in Iran also casts doubt on the viability of the Strait of Hormuz, one of the main bottlenecks in global supply chains, fuelling uncertainty about inflation prospects and also pushing up natural gas prices.

Both Brent and Wti futures are up sharply at the moment, although both have partially moderated their advances from the highs reached at $75.49 and $82.37 respectively. In Amsterdam, meanwhile, on the Ttf platform natural gas rose 20% above EUR 38 per megawatt hour. Returning to the stock market, in a context of generalised selling, the oil & gas sector stands out as a countertrend. On the Ftse Mib of Piazza Affari, purchases rewarded Eni , Italgas , A2a and Tenaris , while outside the main basket the Gas Plus , the pink jersey of the entire list, stood out. In the rest of Europe, Paris Total , Madrid Repsol , Amsterdam Shell and London Bp are running. Banca Akros analysts calculate that for Eni a one dollar per barrel change in the price of oil translates into 140 million euros of adjusted net profit and that on the natural gas front one euro per megawatt hour more or less implies for Enel a delta of 0.1% in terms of gross profit, for Erg by 0.6%, for Iren by 0.3% and for A2a by 0.5%.