Oil and Gas Companies Still Faces Volatility Price in Coming Years
United States (US), Germany, and United Kingdom Manufacturing Purchasing Manager' index data for March out today - Photo: Special

JAKARTA (TheInsiderStories) – Good Morning! United States (US), Germany, and United Kingdom Manufacturing Purchasing Manager’ index data for March out today. From US, investors responded negatively to President Joe Biden’ plan to raise tax rates and the heating up bilateral relation with China.

While, commerce department reported durable goods orders fell 1.1 percent and core orders fell 0.9 percent, a disappointing hopes for a more modest slowdown in growth. Then, the Energy Information Administration reported, that US’ oil stockpiles unexpectedly jumped 1.91 million barrels last week. Distillate stockpiles, include diesel and heating oil also rose to 3.81 million barrels in the same week.

Refinery crude runs were 956,000 barrels with weekly refinery utilization rate was 5.5 percent and gasoline inventories rose 203,000 barrels. Other news that affected the market from the Suez Canal after a large container ship ran aground, blocking vessels passing through one of the world’ most important waterways.

In the commodity market, oil price rises after experienced oversold in days. This morning West Texas Index and Brent crude price settled up 2.0 percent to $58.95 and $61.98 a barrel compared to the previous day. 

In Europe, France announced to re-impose a lockdown and the World Health Organization stated that the addition of COVID-19 cases in the world is still worrying. But, Germany canceled plans to impose a strict quarantine over the weekend following protests from the public.

Instead, the government asks residents to stay at home for holidays. Germany, with a population of 83 million, reported 15,813 infections, an increase of some 2,000 from seven days ago, while the death toll rose by 248 to 75,212 on Wednesday.

On Tuesday, Indonesian Rupiah closed down 0.15 percent to Rp14,420 against the US Dollar and the Jakarta Composite Index (JCI) also fell 1.54 percent to 6.156,14 compared to previous day. The weakening occurred after investors saw a deep decline in the major regional indexes after some countries in Europe to re-impose a lockdown.

Investors also responded negatively to Biden’ plan and the statement of finance ministry, Sri Mulyani Indrawati, that the economic growth in the first quarter still contracted has been responded negatively by the market. With these various information, Rupiah is estimating move in the range 14,400 – 14,450 and the JCI  between 6,150 – 6,250 on Thursday.

Stocks to be watch for today are PT Telkom Indonesia Tbk (IDX: TLKM), PT Semen Indonesia Tbk (IDX: SMGR), PT Indofood Sukses Makmur Tbk (IDX: INDF), PT Indofood CBP Sukses Makmur Tbk (IDX: ICBP), PT Bank Rakyat Indonesia Tbk (IDX: BBRI), PT Bank MandirI Tbk (IDX: BMRI), and PT AKR Corporindo Tbk (IDX: AKRA).

May you have a profitable Day!

Written by Linda Silaen and Editorial Team, Please Read Our News to Get More information about Indonesia