Oil posted its third straight weekly rise on improving demand, with the International Energy Agency warning the market will need extra supply next year.
Futures in New York rose 1.9% this week, extending its rally to the highest settle since October 2018. The IEA said that OPEC and its allies will need to lift output to keep the market adequately supplied, though the agency predicted demand will not reach pre-virus levels until late 2022.
Meanwhile, road traffic in the US and much of Euro
Companies: FO 88E DEC EME GTC TRIN UOG
Despite an unparalleled disruption caused by Covid-19, Getech grew its subscription-based revenues and the order book remained strong. Despite a drop in revenue driven by Getech's customers reducing short-term project service work and related data sales, gross margins were protected by Getech's cost saving measures. Furthermore, the Services division swung back into operating profit. Following the Company's £6.25m equity raise, Getech is well positioned to grow and diversify its activities acros
Companies: GETECH Group plc
Oil and gasoline futures both posted their second weekly gain in a row as expectations for a demand pick-up from the northern hemisphere's summer begin to come to fruition.
Futures in New York rose nearly 5% this week, the largest such increase since mid-April. A string of data this week so far affirmed the market's bet that higher vaccination rates and continuing reopening efforts are unleashing pent-up demand this summer.
On the supply side, oil is garnering support from deferred expecta
Oil posted its biggest weekly gain since the middle of April ahead of the US Memorial Day weekend that kicks off the country's summer driving season.
West Texas Intermediate rose 4.3% this week. A spate of positive US economic data this week continued to highlight the recovery taking shape in the world's largest oil-consuming country, while Americans are expected to unleash demand built up during the pandemic from this weekend onward.
With more drivers taking to the road and with some of t
Trinity Exploration & Production, Diversified Energy Company, Getech Group, Kistos, Phoenix Global Resources, Union Jack Oil, Rockhopper Exploration, Sound Energy, Siccar Point Energy, SDX Energy, Nostrum Oil & Gas, Pantheon Resources, Gran Tierra Energy, Hurricane Energy, Wintershall DEA
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Oil in New York surged the most in a month on Friday as prices garnered support from a recovery in equities and a softer dollar.
West Texas Intermediate climbed back above $65 a barrel, eking out a third straight weekly gain as a weakening dollar boosted appeal for commodities priced in the currency. Concerns persist over the spread of Covid-19 in Asia, which has tempered further gains.
Progress on reopening economies in countries including the US supports expectations for heavy summer tra
Oil posted a gain this week as expectations for growing economic activity in nations from the US to Europe fuelled optimism around stronger summer demand. Futures in New York advanced 2.1% this week in the first back-to-back weekly increase since early March. Fuel sales in the UK rose to the highest since the pandemic again, and in the US, refineries are running at their highest rate since the pandemic began as they gear up for the summer driving season.
Crude's advance this week comes amid s
Oil rose this month with a slew of positive economic data and signs of a budding fuel consumption revival in key economies offsetting a worsening coronavirus crisis elsewhere.
Futures in New York rose this week, extending its monthly gain to 7.5%. The near-certain likelihood of higher fuel consumption in the US, China and the UK has brightened the overall demand outlook, even as a resurgent pandemic in countries such as India, Brazil and Japan cloud those prospects. OPEC and its allies see wo
Catena Group (CTNA.L) to complete reverse takeover and be renamed Insig AI and is acquiring the remaining shares of Insight Capital Partners. Insight, which is based in the UK, is a data science and machine learning solutions company that provides bespoke web-based applications, advanced analytical tools and modern technology infrastructure to make machine learning accessible to investment professionals. Insight has developed five products specifically aimed at accelerating an asset manager's d
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Oil posted the biggest weekly gain since early March as signs emerged of a recovery from the pandemic gaining traction in the US and China.
Futures in New York advanced 6.4% this week, despite eking out a small loss on Friday. On the heels of robust economic figures out of the US, data from China showed its gross domestic product climbed 18.3% in the first quarter from a year prior as consumer spending beat forecasts. In March, China's refiners processed about 20% more crude than a year earli
Oil posted its worst week in three amid concerns that rising global coronavirus cases are slowing the economic recovery.
West Texas Intermediate futures ended the week down 3.5%, the biggest weekly loss since mid-March. With the Organisation of Petroleum Exporting Countries and its allies planning to start raising output, markets are now focused on whether the demand recovery will be enough to absorb growing supplies.
While consumption is climbing in India and the US, rising virus cases an
West Texas Intermediate (WTI) and Brent crude oil futures posted solid increases Thursday.
WTI for May delivery gained $2.29 to settle at $61.45 per barrel. The benchmark traded within a range from $58.86 to $61.75.
The June Brent futures price closed at $64.86 per barrel, reflecting a gain of $2.12.
Oil futures received a boost from the OPEC+ group of major producers' decision to ease output from May to July.
The May reformulated gasoline (RBOB) contract price added less than a penn
Oil in New York barely nudged this week despite whipsawing over several days, as renewed lockdowns in some regions blunted near-term demand outlooks and muted the impact of a standstill at the Suez.
West Texas Intermediate futures fell less than 1% to close the week at $60.97, while Brent crude just barely eked out a gain, snapping a streak of back-to-back weekly declines. Futures rose almost 6% and fell nearly 5% in sessions this week as traders recalibrated their positions from day-to-day.
Oil came back from a sell-off that investment banks from Goldman Sachs to Morgan Stanley said was excessive and offered an opportunity to buy, with physical crude markets still showing signs of strength in the long run.
Futures in New York rose 2.4% on Friday, after a plunge of more than 7% in the previous session. While the market may have gotten too long for its own good, the recent price weakness is likely temporary as signs remain that demand is set to recover, and supplies will tighten.
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The Group has reported excellent progress in FY2021, despite Covid disruption, delivering adj. operating profit growth of 35.8%, some 5% ahead of that indicated in April’s trading update. The business has benefited from its diverse and resilient sector exposures, alongside exposure to a number of growth markets that include data centres and EV charge cables where revenue growth was 38% and 193% respectively. The business is well positioned into FY2022 with strong trading noted in the first 2 mon
Companies: Volex plc
Seeing Machines has announced that its DMS software is now available across five additional vehicle models from world-leading automotive manufacturers.
It has been working closely with Joyson Safety Systems since 2011 to integrate the Company's software into the General Motors' Super Cruise driver assistance feature. This system, based on the Company's FOVIO e-DME (embedded Driver Monitoring Engine) software, is now available in three new vehicle models including the General Motors' 2021 Cadill
Companies: Seeing Machines Limited
Based on the commentary related to AFC Energy's interim results, we anticipate further near-term momentum growth from the company. Most importantly, AFC Energy has indicated that it has a current book of 50 qualified fuel cell deployment enquiries – the majority of which represent multiple order potential. From that book the company anticipates announcing further system deployments in the second half of the year. We highlight that AFC Energy's interim results for the six months ended 30 April 20
Companies: AFC Energy plc
Successful completion of the first commercial flight using Velocys sustainable aviation fuel is clearly an important milestone for the company. We also think it shows that the collaboration agreement deal with Toyo Engineering is progressing, vindicating the company’s low capital licencing model, and opening the way to commercial revenues.
Companies: Velocys plc
FY 20 EBIT was in line with the guidance in the April trading statement. We maintain our FY 21 and FY 22 earnings estimates, which we recently updated to reflect the raise and no tax charge. FY 20 spot net debt (excluding leases) reduced from £36.2m in H1 20 to £8.8m, helped by management effort. We maintain our FY 21 IAS 17 spot net debt estimate of £36m as the VAT creditor unwinds. At Recruitment GB, EBIT only decreased 9% despite the disruption from the pandemic, and skills shortages are emer
Companies: Staffline Group plc
As midsummer’s day looms (where has this year gone?), there is greater optimism, in general, than may have been anticipated a few months ago. A post-pandemic, ‘vaccine-driven’ recovery demonstrated by increased consumer spending as lockdown measures are lifted has been one of the catalysts. The FTSE 100 has been range-bound in the last month 6,900-7,100. We have seen a combination of broadly positive company results across a range of sectors, further examples of M&A activity and a sequence of ne
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Construction and engineering services company nmcn has today announced the details of its previously reported intention to refinance the Group, which had been hit by trading- and pandemic-hit losses. A total of £24m of equity and convertible bridging finance has been conditionally agreed with UK restructuring specialist Svella and other investors, while existing shareholders can participate through an additional £5m open offer - all priced at 20p per share. The Group’s existing bank, Lloyds, has
Companies: nmcn plc
The declaration of the interim dividend, albeit modest, is the next step in the recovery of Smiths News as it signals that not only was trading at the interim stage in line with management expectations, but also that the company is on track to meet market expectations for the full year. Trading beyond the current year also has good visibility given that most of its contracts are in place until at least 2024. Debt is expected to fall to 1.0x EBITDA by the end of FY23, and dividends are well cover
Companies: Smiths News PLC
OPG shares have been soft of late, reflecting concerns over the COVID-19 situation in India, where the company’s key power plant is based in the industrial city of Chennai. Today’s update is therefore reassuring, both for the fiscal year just completed and given commentary that the current lockdown appears to be having a more limited impact than the prior one in calendar 2020. From an investment perspective, cash generation remains key as the deleveraging should continue to shift value from the
Companies: OPG Power Ventures Plc
Directa Plus has released a positive AGM update this morning. Following the very strong start to the year, trading remains in line with expectations at the half year point. Environmental has been a key driver of recent progress and is now seeing some benefit from the higher oil price (increasing demand for remediation/oil reclamation). The emerging Batteries vertical is also continuing to make good progress under the partnership with NexTech. We make no changes to forecasts this morning and rema
Companies: Directa Plus Plc
It’s a heady mix. Lockdown the country, pump £100bns into the economy, displace millions of workers, don’t allow them to spend for 12 months, and then push the release button. Hey presto, you end up with a ‘V-shaped’ recovery, together with a shortage of qualified staff. Particularly anything related to technology, green power & engineering, as corporates accelerate their digitisation plans, alongside the secular expansion of renewables, electrification, defence (cyber & marine) and infrastructu
Companies: Gattaca plc
Blackbird plc* (BIRD.L, 32.25p/£108.7m) | Audioboom plc* (BOOM.L, 820p/£128.5m) | CAP-XX Ltd* (CPX.L, 7.65p/£33.8m) | Starcom plc* (STAR.L, 0.975p/£3.4m)
Companies: BIRD BOOM CPX STAR
Half-year results place the group on track to achieve existing expectations. The earlier signal that some train sector project revenues were being rescheduled into FY22 has been not much worse than management anticipated, with activity building in Q4 and strong order book for FY22 and beyond. Swift action to reduce costs has contained the impact on profits and this focus on cash has resulted in a £0.5m reduction in net debt to £1.95m. No change to trading forecasts, with a higher tax credit resu
Companies: LPA Group Plc
c. £241m firm placing at the top of the target range of £190m to £240m at a 17% discount. As expected the raise will be used to reduce the debt and fund investment. This is the final milestone in the group’s strategy. There is no update on trading but as we wrote last month Kier is turning a corner. We show our key placing assumptions. We estimate 6% and 60% FD EPS dilution in FY 21 and FY 22 respectively. We expect net cash at FY 21 and close to average cash neutral in FY 23. TP unchanged at 15
Companies: Kier Group plc
Despite the challenges presented by Covid-19, TP Group was able to report organic revenue growth of 9% YoY in FY20A, and total revenue up 20% YoY. Aided by strategic acquisitions, non-core business disposals, and investments made within the group, the company should be well placed to benefit as trading conditions normalise. With visibility improving, we release new forecasts for FY21E and FY22E (Adj EBITDA of £4.2m and £5.1m respectively). Given the improving outlook, and a record order book (£6
Companies: TP Group Plc