Oil in light on tensions in MO, Tenaris jumps in Milan
The company is also benefiting from a ruling by the Brazilian Supreme Court of Justice, as well as the rising value of crude oil
2' min read
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(Il Sole 24 Ore Radiocor) Oil stocks in the spotlight across Europe on the back of rising crude oil prices due to rising tensions in the Middle East. In Milan, Tenaris - also thanks to a ruling by Brazil's Supreme Court of Justice, which rejected an appeal by subsidiary Confab but halved the size of the compensation - Eni andSaipem. TotalEnergies rose in Paris, in Amsterdam purchases rewarded Shell, while Equinor shone in Oslo.
Going in order, news from the Middle East pushed up the price of crude oil, with the North Sea Brent at 71.9 dollars a barrel (+1.1%) and the Wti at 67.99 dollars (+1.18%). In Syria, the Assad family regime dissolved after 54 years with its last exponent, President Bashar al Assad, in power for a quarter of a century, having fled to Moscow with his family under the protection of Vladimir Putin after the rebel siege in Damascus. Yesterday, the leader of the Turkish-backed jihadists, Abu Muhammad al Jolani, entered the capital as a triumphant man. Also affecting oil prices was Opec+'s decision to postpone planned production increases until the end of 2026 in an attempt to offset concerns over weak demand.
Returning to Piazza Affari, also favouring purchases on Tenaris is the news that Brazil's Superior Court of Justice has published its decision to reject an appeal filed by Tenaris's subsidiary Confab, together with Ternium's subsidiaries (which make up the T/T Group) to overturn the Court's decision of 18 June ordering the T/T Group to pay Companhia Siderurgica Nacional (Csn) compensation in relation to the 2012 acquisition of a stake in Usiminas. This is apparently bad news, but the fact that the Court has decided to change the monetary adjustment mechanism and place a limit on legal costs should be taken into consideration: the total amount potentially owed by Confab would be around USD 90 million, half the USD 180 million set in June. Equita points out that Tenaris continues 'to believe that all of Csn's claims and allegations are unfounded, and that in connection with the acquisition of Usiminas the T/T Group was neither required to launch a public offer nor to pay an indemnity to Csn'. Intermonte emphasises that Confab intends to 'continue to defend its rights and file all available motions and appeals against the decisions' of the Brazilian court.
