Energy stocks are set to open higher, rebounding from a stretch of losses this week and seeking to carry over yesterday’s gains. Oil prices have recently turned higher. Earnings results continue to pick up across the sector.
Oil prices have reversed losses and are now positive by ~a quarter percent. Prices were lower overnight as a surprise build-up in U.S. crude inventories and a resurgence of COVID-19 cases in India and Japan raised demand recovery concerns.
“An unexpected and high increase in the U.S. inventories fuelled concerns over weak demand,” said Rakuten Securities analyst Satoru Yoshida. “What is hurting the market sentiment is also the fact that the COVID-19 pandemic is spreading again at a fast pace in India and Japan despite hopes that vaccinations would improve the infection situation.”
Serinus Energy plc (LON:SENX) is an international oil company with operations in Romania and Tunisia. The focus of the Company is to enhance shareholder value by growing oil and gas production through the efficient allocation of capital.