ASX Pre-Market Report 11/10/22
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ASX:PLS – Pilbara Minerals Ltd – BEARISH BIAS (short term)
- Key levels on the chart – consider taking trades from key support/resistance areas.
Skyrocketing oil prices and tight supply make oil an attractive investment.
A decade of low oil prices and growing ESG concerns have caused a structural scarcity of fossil fuels. The conflict in Eastern Europe has put additional pressure on oil supplies throughout Europe.
- Rising oil and gas prices around the world have made Occidental a ticket-printing machine in 2022.
- Occidental Petroleum is an American oil giant focused primarily on shareholder returns through dividends, share buybacks and debt repayments.
- Buffett believes that oil prices over the next decade will be much higher than most people expect. Berkshire now owns more than 20% of the entire company and has SEC approval to buy significantly more.
- Buffett also likes the low P/E and Oxy’s focus on returning cash to shareholders.
ASX Key Events Calendar (TODAY)
Major Economic Events (TODAY)
Major Economic Events (YEST)
Article of the day: Will slowing services growth eat into Apple stock price?
Podcast of the day: Doomberg on Nord Stream sabotage and monetary chaos
EXPECTATIONS: Energy LOWER (fall in oil prices) & Materials LOWER on the overall decline in commodity prices.
(All news and data sourced from AFR/The Australian/Bloomberg/Reuters/CNBC/Wall Street Journal/Morningstar/OPTO/Trading Economics)
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