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HELLENiQ ENERGY Holdings SA is an energy group company. The company's activities include Refining, Supply and Trading; Marketing (Domestic and International); Production and Trading of Petrochemicals; Electricity Generation (from conventional and renewable energy) & Trading and Natural Gas; Exploration and Production of Hydrocarbons and Electromobility.

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Oil prices surge on anticipation of increased demand and ongoing supply constraints. Goldman Sachs projects continued demand growth until 2034.

WTI Crude Hits $80, Notches Best Day In Over 2 Months: &#39;Peak Oil Demand Still A Decade Away&#39;

HELLENIC PETROLEUM SA ORD by HELLENiQ ENERGY Holdings SA

HELLENiQ ENERGY Holdings SA

HELLENiQ ENERGY Hldgs

Oil prices had their strongest session in over two months Tuesday, with West Texas Intermediate (WTI) light crude climbing 2% to $80 a barrel, and Brent crude rising 1.7%<a href="https://www.benzinga.com/topic/oil"> to $84 a barrel.</a>



The surge in prices is attributed to the anticipation of increased demand with the start of the driving season and ongoing supply constraints. The market expects that OPEC+ will maintain its voluntary output cuts of 2.2 million barrels per day into the second half of the year during its upcoming June 2 meeting. 



The United States Oil Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/USO#NYSE">USO</a>), which tracks the WTI price, rose 3%, factoring in Monday&#8217;s oil performance while U.S. markets were closed for Memorial Day.



Energy stocks also rallied, with the Energy Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>) up 1%, outperforming all other S&amp;P 500 sectors.



<h3 class="wp-block-heading">Chart: WTI Rebounds To $80, Breaking April-May Downtrend</h3>



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="500" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/28152847/image-117-1024x500.png" alt="" class="wp-image-359445" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/28152847/image-117-1024x500.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/28152847/image-117-300x147.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/28152847/image-117-768x375.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/28152847/image-117-1536x750.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/28152847/image-117.png 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



<h3 class="wp-block-heading">Goldman Sachs Raises Long-Term Oil Demand Outlook</h3>



Goldman Sachs has revised its long-term global crude demand forecast upward, projecting continued growth until 2034, after which it expects oil consumption to plateau.



&#8220;Peak oil demand is still a decade away,&#8221; Goldman analysts said in a report. Goldman Sachs now forecasts global oil demand to reach 108.5 million barrels per day (mb/d) by 2030, up from a previous estimate of 106 mb/d. The firm predicts peak demand around 2034 at approximately 110 mb/d, followed by a flat trend to 2040.



&#8220;Our view is more bullish than the IEA, which assessed that oil demand peaks before 2030,&#8221; Goldman Sachs said. 



The investment bank foresees a potential scenario where oil demand could even rise to about 113 mb/d by 2040, driven by a slower transition to electric vehicles.



&#8220;The EV market is facing a few headwinds,&#8221; analysts said. 



&#8220;EV subsidies are being cut in several European markets, and continued price competition has led to profit pressure for OEMs and a slower pace of new EV investments. Our Auto team thinks our EV slow-adoption scenario, which predicts a pause this year in EV sales penetration increase, has become more realistic.&#8221;



Goldman Sachs said capital expenditure on crude oil production is slowing, contributing to medium-term supply constraints across the oil value chain.



Goldman Sachs named 23 Buy- and Sell-rated stocks across the energy sector to reflect its long-term views on the oil market.



<h2 class="wp-block-heading">Goldman Sachs&#8217; Energy-Stock Strategies</h2>



<h3 class="wp-block-heading">Upstream/Integrated Exposure</h3>



Theme 1: Own FCF Leaders



Goldman Sachs highlights Buy-rated Shell plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SHEL#NYSE">SHEL</a>), Petrobras (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PBR#NYSE">PBR</a>), CNOOC Ltd., Cenovus Energy (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVE#NYSE">CVE</a>), and Canadian Natural Resources Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CNQ#NYSE">CNQ</a>) as free cash flow leaders.



Sell-rated ONGC has weaker FCF due to limited production growth.



Theme 2: Own Growth Assets



The firm points to Buy-rated ENI S.p.A. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/E#NYSE">E</a>), ConocoPhillips (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COP#NYSE">COP</a>), and Devon Energy Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DVN#NYSE">DVN</a>) as companies with significant growth assets, citing successful exploration and shale oil access as key opportunities.



Theme 3: Own Profitable Projects



Goldman Sachs identifies Buy-rated PTTEP, Santos Ltd. (OTCPK: SSLZY), and Chevron Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVX#NYSE">CVX</a>) as leaders based on the profitability of their projects.



<h3 class="wp-block-heading">Refining Exposure</h3>



Theme 1: Own Exposure to Refining Market Tightness



The investment bank recommends Buy-rated Thai Oil Public Co. (OTCPK: TOIPF), S-Oil, Reliance Industries, and Repsol S.A. (OTCPK: REPYY) for their high exposure to middle distillates. It also favors Buy-rated HF Sinclair Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DINO#NYSE">DINO</a>), Marathon Petroleum Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MPC#NYSE">MPC</a>), and Phillips 66 (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PSX#NYSE">PSX</a>) as beneficiaries of broader refining margin strength.



Theme 2: Own Biofuel Leaders



Goldman Sachs highlights Buy-rated Neste Oyj (OTCPK: NTOIY) and Calumet Specialty Products Partners L.P. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CLMT#NASDAQ">CLMT</a>) for their exposure to sustainable aviation fuel.



Theme 3: Avoid Demanding Valuation



The firm is Sell-rated on Indian Oil Corp. and HelleniQ Energy Holdings S.A. (OTCPK: HLPMF), citing high valuations and weaker FCF generation.



Read now: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/05/39044604/us-stocks-waver-nvidia-lifts-chipmaker-boats-gamestop-spikes-moderna-tumbles-whats-">US Stocks Waver, Nvidia Lifts Chipmakers, GameStop Spikes, Moderna Tumbles: What&#8217;s Driving Markets Tuesday?</a>



Photo via Shutterstock.

WTI Crude Hits $80, Notches Best Day In Over 2 Months: 'Peak Oil Demand Still A Decade Away'

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Latest HELLENiQ ENERGY Hldgs Stock News | OTC:HLPMF | Benzinga

Tuesday, May 28, 2024

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