|Bid||124.70 x 0|
|Ask||124.78 x 0|
|Day's range||121.50 - 129.78|
|52-week range||1.41 - 2,334.50|
|Beta (5Y monthly)||1.49|
|PE ratio (TTM)||N/A|
|Earnings date||18 Feb 2020|
|Forward dividend & yield||0.15 (11.49%)|
|Ex-dividend date||23 Apr 2020|
|1y target est||4.95|
You can share your thoughts with Thyagaraju Adinarayan (firstname.lastname@example.org), Joice Alves (email@example.com) and Julien Ponthus (firstname.lastname@example.org) in London. While Wall Street’s overnight rally and a positive session in Asia may give traders some comfort, European futures this morning are anything but reassuring. U.S. futures are also down about 1.5%.
The London-listed company said it would shutter its oil operations in Chad, some coal and ferroalloys operations in South Africa and Colombia, as well as nickel and zinc mines in Canada. "To date, our larger operations have not been materially impacted, however a number of our smaller assets have had to restrict or stop operations," the miner said in a statement. Glencore joins peers such as Anglo American , Antofagasta , Codelco and Teck Resources in temporarily closing or slowing some operations, hitting global supply of commodities.
Colombian mining companies, including coal producers Cerrejon and Drummond, will reduce operations to slow the spread of coronavirus, the sector's guild said on Tuesday. Some 15,000 workers directly employed in the industry will stop working, as will 18,000 indirect workers, the Colombian Mining Association (ACM) said in a statement. The Andean country will enter a nationwide 19-day quarantine late on Tuesday aimed at preventing further spread of coronavirus, which has killed more than 15,300 people worldwide.
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(Bloomberg) -- South Africa’s iconic mines, from the ever-deepening gold shafts on which the economy was founded to massive iron ore pits and rich platinum seams, are about to go silent.From midnight Thursday, all but a few coal operations needed to fuel the country’s power stations are expected to be included in a nationwide lockdown aimed at containing the coronavirus. The sweeping shutdown is unprecedented in the 150-year history of South Africa’s mining industry, which today employs more than 450,000 people.President Cyril Ramaphosa is moving quickly to curb the virus spread as infections threaten to spiral out of control in a country with an already strained health system and rampant unemployment. The army will help police to enforce the lockdown, with grocers, pharmacies, banks, filling stations and other essential services allowed to remain open.Producers from Harmony Gold Mining Co., the nation’s biggest producer of the precious metal, to top platinum miner Sibanye Stillwater Ltd. said they’re bracing for earnings hits as mines move to care and maintenance, an industry term for when production stops but essential services like underground water pumping continue. Anglo American Plc said it will review the detailed regulations on the lockdown when they’re published, including for potential exemptions.“This would be unprecedented in the history of mining in South Africa,” said Roger Baxter, the chief executive officer of the Minerals Council South Africa, the main industry group. “There were certain times when components of the industry were closed, for example during the second world war, but this is unprecedented.”Labor IntensiveSouth Africa’s mining industry is labor intensive, and digging underground means workers regularly enter narrow elevators together to travel beneath the surface. Many of the thousands of workers who will be affected by the shutdown live in close proximity to one another in mining communities around the operations.“Companies whose operations require continuous processes such as furnaces, underground mine operations will be required to make arrangements for care and maintenance to avoid damage to their continuous operations,” Ramaphosa said Monday.For global metal markets, the biggest impact may be in platinum and palladium -- South Africa accounts for 75% and 38% respectively of global supply. Prices for both metals, which are used in autocatalysts, extended gains Tuesday, with spot palladium rising more than 15%, the biggest intraday gain since 1998. Shares in MMC Norilsk Nickel PJSC, the world’s top producer of palladium, jumped as much as 23%.Palladium was in a persistent and widening global deficit before the health crisis took hold around the world. Still, sweeping factory closures by carmakers are likely to limit the effect of South Africa’s shut down on global metal supplies as demand tumbles.South African operations are also crucial for some of the world’s biggest miners. Anglo American was projected to get about 50% of its profits from the country this year, according to BMO Capital Markets. Glencore Plc and South32 Ltd. are also active in the country, while smaller miners such as Petra Diamonds Ltd. and Bushveld Minerals Ltd. have the majority of their operations there.The two biggest industry labor groups, the Association of Mineworkers and Construction Union and National Union of Mineworkers, both welcomed the measures announced by Ramaphosa.The Minerals Council is also exploring what will be required to prevent the lockdown leading to permanent damage of the industry, it said in a statement.“There are marginal and lossmaking mines that would likely be unable to reopen should they be required to close fully, without remedial measures,” the group said.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Russian state-controlled VTB bank, which has been expanding its grain business, has bought a half of the Taman grain terminal in the Russian part of the Black Sea from Ukraine's Kernel, it said on Monday. Global trade giant Glencore, which owns the other half of the terminal, remains VTB's partner in it, VTB added. Russia is the world's largest wheat exporter, which has only a limited number of grain terminals in deep-water ports.
Glencore's Mopani Copper Mines unit in Zambia said on Friday it would review all parts of its business due to the increasing economic uncertainty caused by the coronavirus pandemic. Mopani Copper Mines is owned 73.1% by Glencore, 16.9% by First Quantum Minerals, and 10% by Zambia's mining investment arm ZCCM-IH.
Trading house Glencore has chartered the 3 million barrel crude carrier 'Europe' to store oil at sea for at least 6 months, trading sources on Tuesday. The vessel is one of two so-called ultra large crude carriers (ULCC), the largest tankers in the world. Glencore booked the vessel at a rate of $37,000 a day for the first six months, according to the sources.
(Bloomberg Opinion) -- Oil majors and big miners have been falling over themselves to promise better behavior when it comes to greenhouse gases. A significant number now say they are targeting zero emissions. Unfortunately, not everyone agrees on exactly what that means. It leaves investors clear on good intentions, but far less so on how to price transition risk, compare strategies and judge success.The real trouble sits with the widest and most significant category of emissions — those that don’t come directly from operating a well or mine, but are produced indirectly when oil, gas, iron ore or coal is burned or processed by customers. For outfits like BP Plc and BHP Group, these so-called Scope 3 emissions can add up to as much as 90% of their total footprint. They’re also far harder to control, as they aren’t produced by the reporting companies themselves.Resources giants, even poorly performing oil majors, have the scale and financial clout to manage a transition to a carbon-light economy — should they choose to. The rapid destruction of value in segments of the coal sector has left few in doubt of how quickly they could be left behind if they ignore such downstream emissions. This week's collapse in oil prices is another memento mori for carbon-intensive businesses.That doesn’t mean everyone has embraced the idea of targeting Scope 3 emissions. Rio Tinto Group, for one, has said it can’t set targets for its clients, though it will engage in as yet unspecified projects with the likes of China Baowu Steel Group Corp. BHP will produce numbers later this year. Others, like BP, have promised to eliminate Scope 3 emissions where they’ve drilled the oil, but won’t commit to doing the same if they’re only doing the refining. Spain’s Repsol SA is among the few to be promising an absolute zero target for all three sets of emissions.In this flurry of green activity, what should investors be demanding?The first thing should be transparency. Many of the biggest emitters have yet to make full Scope 3 disclosures, including such pillars of developed-market stock indexes as Exxon Mobil Corp., Anglo American Plc, and Fortescue Metals Group Ltd. At this point, that decision is almost churlish: It isn’t hard for investors to do their own calculations. Those that don’t face up to the reality of decarbonization will increasingly be treated like any other business that’s careless about its medium- and long-term liabilities.A second point is comparability. Although the overwhelming majority of Scope 3 emissions for resources companies come from the processing and combustion of their products, the standard incorporates a range of other activities such as waste disposal, product distribution, and even business travel and staff commuting.To add to that complexity, companies can replace the standardized emissions factors used to produce the figures with bespoke ones if their customers operate particularly efficient plants. Without full transparency about where those savings come in, companies could reduce their footprint by leaning on overly generous assumptions, and claim credit that more rigorous competitors would miss out on.There is also the unsolved question of how to manage double-counting, when, for example, coking coal and iron ore are sold to a producer that will use both in making steel.Investors should demand the means to measure progress, and success. Laying out ambitions for emissions 30 years hence is all but meaningless unless you’re also describing a path to get there. If investors are to take these numbers seriously, they’ll want to see plans for the steps along the way.That won’t be easy. For oil majors, it will require nothing less than a reinvention of their entire businesses, moving into industries that have historically produced lower returns than fossil fuels, as former BP Chief Executive Officer Bob Dudley has pointed out.Mining giants that have depended on revenues from high-volume bulk commodities such as coal and iron ore will have to either push their customers to switch to new technologies such as hydrogen-reduced steel, or depend on less lucrative base metals, specialty commodities and agricultural inputs.Providing too much detail about the road ahead risks disclosing a company’s business strategy, too, or tilting the market. How much of the reductions will come, as with Glencore Plc, from allowing mines and wells to deplete naturally as their reserve base is used up? How much will depend on selling assets, such as BP’s near-20% stake in Rosneft? How much will rely on technology that exists, but is not yet used on a wide scale, like carbon capture and storage?The last point on fund manager wish lists should be consistency. Investors will benchmark talk of long-term ambitions against performance on actual, shorter-term activity.Gabriel Wilson-Otto, head of stewardship, Asia Pacific, at BNP Paribas Asset Management, suggests that will mean keeping an eye on capital spending: Projects that generate downstream emissions decades into the future should be attracting more scrutiny. Similarly, corporate lobbying will be monitored for evidence it is allowing organisations to flash up green ambitions but still campaign against action on climate.None of this should be a burden on good governance. The CDP, a nonprofit research group that pushes for greenhouse disclosure, found in 2014 that the return on investment for companies that do so was 67% higher than for those that didn’t.The winds of decarbonization are blowing through the commodities industry. Companies that don’t bend in the face of these changes will break. To contact the authors of this story: Clara Ferreira Marques at email@example.comDavid Fickling at firstname.lastname@example.orgTo contact the editor responsible for this story: Matthew Brooker at email@example.comThis column does not necessarily reflect the opinion of Bloomberg LP and its owners.Clara Ferreira Marques is a Bloomberg Opinion columnist covering commodities and environmental, social and governance issues. Previously, she was an associate editor for Reuters Breakingviews, and editor and correspondent for Reuters in Singapore, India, the U.K., Italy and Russia.David Fickling is a Bloomberg Opinion columnist covering commodities, as well as industrial and consumer companies. He has been a reporter for Bloomberg News, Dow Jones, the Wall Street Journal, the Financial Times and the Guardian.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
(Bloomberg) -- President Donald Trump declared a state of emergency that would free up $50 billion for the testing and care of the rising number of coronavirus cases in the U.S. in a tight election year battered by financial collapse.“Two very big words,” he said after declaring the national emergency. Trump also outlined a public-private partnership in testing. Stocks gained the most since 2008.House Speaker Nancy Pelosi said she’d drafted a bill with free testing and 14 days sick leave. The Senate will vote next week.New York Governor Andrew Cuomo said the state -- now with the most cases in the U.S. -- won approval to do its own testing.Germany pledged to spend billions, and the European Union is ready to allow fiscal stimulus as the bloc expects the economy to shrink this year.Key Developments:Cases rose to 138,166 worldwide, with deaths topping 5,100China cases drop to single digits for the first time since JanuaryRoche advanced after approval for faster new testAustralian minister who met Ivanka Trump last week tests positiveEuropean stocks jump the most since 2008, and U.S. shares bounce backSubscribe to a daily update on the virus from Bloomberg’s Prognosis team here.Click VRUS on the terminal for news and data on the coronavirus and here for maps and charts. For analysis of the impact from Bloomberg Economics, click here. To see the impact on oil and commodities demand, click here.D.C. Scales Back Mass Transit (3 p.m. NY)The Washington, D.C., transit agency will scale back bus and subway service starting Monday as system employees deal with school closings in Maryland, Virginia and the District, which are keeping more children at home.The Washington Area Metropolitan Area Transit Authority said trains will run every 12 minutes Monday through Friday, less frequently than every five minutes typical during weekdays, while bus service will run on a Saturday schedule.The system carried an average of 631,000 riders daily in January.Pelsoi Announces Democratic Plan to Fight Virus (2:30 p.m. NY)Speaker Nancy Pelosi said the House will pass a bill helping Americans deal with the spreading coronavirus. It was drafted without direct input from President Trump, though with one of his top aides, Treasury Secretary Steven Mnuchin.Majority Leader Steny Hoyer said separately that the bill “incorporates nearly all of what the administration and Republicans have requested.”In an email to House Democrats, Pelosi said the deal included free testing and 14 days of paid sick leave. The Senate would not take up any bill until next week.Eiffel Tower Emptied; Louvre Remains Shut (2:25 p.m. NY)Two of Paris’s landmarks are closed: The Eiffel Tower shut down on Friday, Agence France Presse reported. And the Louvre has not reopened since Sunday.France banned any gathering of more than 5,000 people.Cuomo Says NY Will Do Its Own Testing (2:03 p.m. NY)New York Governor Andrew Cuomo said he spoke with President Donald Trump and Vice President Mike Pence and they agreed to let the state run its own testing.The approval means that by next week, New York will be able to perform 6,000 tests per day, Cuomo said at a press briefing. To date, the state has tested about 3,200.He also said New York now has the largest number of coronavirus cases in the nation, 421, with 154 in an increasingly shuttered New York City.More New Cases Being Reported Than China Did at Peak (1 p.m. NY)Europe has become the epicenter of the outbreak and the world is reporting more new cases of Covid-19 each day than China did when the disease peaked in that country, the head of the World Health Organization said at a briefing. Director-General Tedros Adhanom Ghebreyesus said canceling sporting events can help slow the spread and he called on political and religious leaders to give more moral guidance. He said the 5,000 reported deaths is a “tragic milestone.”“The virus will always get you if you don’t move quickly,” and social distancing, while not a panacea, can slow the spread, said Mike Ryan, head of the WHO’s health emergencies program. Countries shouldn’t abandon contact tracing, and blanket travel bans often don’t prevent the disease from crossing borders, he said. The WHO will speak more about ongoing clinical trials on therapies next week, he added.The situation will worsen in many countries before it gets better, said Maria Van Kerkhove, a WHO epidemiologist. While the situation is improving in Asia, countries where the disease has peaked could experience relapses, she said.Louisiana, London to Postpone Upcoming Votes (12:44 p.m. NY)Louisiana has postponed its April 4 presidential primary over concerns about coronavirus, the first state to consider suspending voting since the outbreak began.Boris Johnson delayed U.K. local elections scheduled for May 7, including the London mayoral vote.The European Union’s two highest courts, based in Luxembourg, will postpone all hearings that were scheduled for the next two weeks.NYC Hotels Face Bankruptcy, Closures (10:30 a.m. NY)The rapidly escalating restrictions on travel and social gatherings will make it hard for New York City hotel owners to keep creditors at bay, the head of a local trade group said.Revenue per available room, a metric known as RevPar that combines occupancy and pricing, is down as much as 70% at some hotels, according to Vijay Dandapani, chief executive officer at the Hotel Association of New York City.Virus Fears Hit Sports Leagues Around the World (10:15 a.m. NY)The Masters golf tournament was postponed, and other sports events including the NCAA basketball tournament, Major League Baseball, the PGA Tour and the National Hockey League were suspended. England’s Premier League called off all matches after Arsenal Football Club head coach Mikel Arteta tested positive.U.S. President Donald Trump suggested the Tokyo Olympics should be postponed, as the events’ organizers denied they were considering changing the start planned for July 24. “I would say maybe they postpone it for a year,” Trump said, but added that he does not plan on making the recommendation to Japanese Prime Minister Shinzo Abe.The Indian Premier League, a cricket tournament set to start March 29, has been suspended until April 15. And Formula One confirmed it will cancel this year’s season-opening Australian Grand Prix event in Melbourne.European Economy Expected to Shrink (9:20 a.m. NY)Economic output for the euro area and the EU as a whole is likely to shrink this year, with the rate of change potentially “considerably below zero,” a European Union official told reporters in Brussels.The baseline assumption for the bloc’s executive arm is that EU GDP will contract by around 1% this year, a separate official said.Cases Jump Across Europe (8:50 a.m. NY)Diagnosed cases in Spain jumped to 4,209, from 3,004 on Thursday evening, the Health Ministry reported. The country reported 120 deaths, compared with 84 the previous day. Prime Minister Pedro Sanchez is scheduled to make a statement this afternoon.U.K. coronavirus cases rose to 798 from 590. Fatalities in the Netherlands doubled overnight, bringing the total to 10. Confirmed cases spiked 31% to 804.Switzerland reported a 24% jump in confirmed cases to 1,009, with seven deaths so far. The southern canton of Ticino, which borders Italy and has a 68,000-strong Italian labor force commuting across the border every day, said schools would be closed from Monday.EU Set to Green Light Spending, Germany Pledges Cash (8:45 a.m. NY)The EU’s executive arm pledged maximum flexibility in the bloc’s fiscal and state-aid rules. The European Commission signaled the bloc’s draconian fiscal rules could be suspended altogether, allowing cash injections to companies struggling with the fallout of the viral outbreak, such as airlines and the tourist industry, as well as emergency spending on healthcare services.Earlier, Germany pledged to spend whatever is needed to mitigate the economic impact of the coronavirus. The country’s goal is to make sure firms have sufficient liquidity to get through the crisis unleashed by the outbreak, the finance and economy ministries said in a joint statement Friday. Finance Minister Olaf Scholz said there will be no limit to the money available and Germany may need to take on additional debt to finance the spending spree.Xerox to Postpone Meetings With HP Shareholders (8:35 a.m. NY)The company said it is prudent to postpone releases of additional presentations, interviews with media and meetings with HP shareholders to focus on protecting its various stakeholders from the pandemic.Iran’s Army to Empty Streets; Cases Surge (8:35 a.m. NY)Iran’s army will be emptying streets, roads and shops across the country within 24 hours, semi-official ISNA reported. The commander of the army’s ground forces said disinfecting streets and roads across all cities was part of the group’s agenda, a day after Supreme Leader Ali Ayatollah Khamenei called on the armed forces to help combat the virus.The health ministry earlier reported 1,289 new coronavirus cases and 85 deaths in the past 24 hours, bringing the nationwide totals to 11,364 cases and 514 deaths. A ministry spokesman said emergency room admissions in recent days have reduced, with empty beds in some hospitals. About 3,529 people have recovered from the virus so far.U.S. Testing to Accelerate Within a Week, Fauci Says (8:10 a.m. NY)Testing for coronavirus in the U.S. will accelerate within the next week because of increased coordination with private companies, the government’s top infectious disease scientists said. “I think we are going to see a much different situation than we saw just a few weeks ago,” Anthony Fauci, director of the National Institute for Allergy and Infectious Diseases, told MSNBC.Fauci had told U.S. lawmakers on Thursday that the testing of Americans thus far “is a failing.”“What has changed is that there has been a major involvement of the private sector -- the companies that generally do these kinds of tests as a living -- are now going to be major league involved in getting these tests to the public,” Fauci said Thursday. “Whereas before it was mostly on the burden of the CDC as a public health organization.”Roche Holding AG won emergency approval from the U.S. government for a highly automated coronavirus test, potentially allowing a 10-fold acceleration in the ability to test patients.U.K.’s SFO Shuts London Office (7:55 a.m. NY)The U.K.’s Serious Fraud Office shut its London office and sent staff home after a possible outbreak of coronavirus. More than one member of staff has suspected symptoms, although no cases have been confirmed, a spokesperson said. Employees have been working from home since Thursday as a precautionary measure and offices will re-open once it’s deemed safe.Glencore London Employee Tests Positive (7:03 a.m. NY)The company has asked everyone in its London office to work remotely while deep cleaning takes place on Friday and over the weekend, as a precautionary measure. Glencore’s London office is the company’s base for its oil trading team.Outbreak Could Lead to Millions of Tourism Job Losses (6:38 a.m. NY)The coronavirus outbreak that has left hundreds of flights grounded and dozens of cruises docked could result in 50 million jobs lost in the tourism industry globally, according to an estimate from the World Travel and Tourism Council, an organization that represents the tourism private sector. The figure was calculated estimating that the outbreak will impact the sector for 3 months, said WTTC director Virginia Messina.Nordic Countries Try to Limit Fallout (6:20 a.m. NY)With the number of confirmed cases now well above 2,000, the Nordic region has cut interest rates, introduced business tax breaks and shuttered schools, as policy makers attempt to contain the spread of the coronavirus in Europe’s northern tip.The central banks of Norway and Iceland both held unscheduled meetings to reduce their benchmark rates this week, while Norway has followed Denmark’s example by shutting schools and universities for weeks. Governments have also vowed to support businesses and financial institutions with tax breaks, loan facilities and lower capital requirements. Sweden’s Riksbank has decided to lend up to $51 billion to the country’s banks.Frankfurt Airport’s Traffic Drop Reveals Extent of Virus Hit (6:12 a.m. NY)Frankfurt airport said passenger numbers are declining exponentially, almost halving in recent days, in a stark illustration of the devastation the coronavirus is wreaking on the global travel market. The tally slumped 30% last week from a year earlier, double the drop seen toward the end of February.Correct: U.K. Strategy for Millions to Catch Virus (6:10 a.m. NY)The U.K. government’s strategy to tackle the outbreak will need almost 40 million Britons to catch the disease to work, according to the country’s top scientific adviser. “Sixty percent is the sort of figure you need to get herd immunity,” the government’s Chief Scientific Adviser Patrick Vallance told Sky News.He was referring to the point where a high enough proportion of the population has had an illness -- and gained immunity to it -- that it won’t be transmitted to those who haven’t had it. The government wants to achieve this over the summer months, before the next winter sets in.The figure is likely to be controversial, and comes a day after Johnson told reporters many families can expect to lose their loved ones and that the nation is facing the greatest public health crisis in a generation. His approach has been criticized by other medical experts because measures announced so far are relatively restrained compared to other countries.Asia’s Central Banks Try to Calm Virus-Hit Markets (1) (5:21 p.m. HK)Asian central banks moved aggressively to counter the market carnage, pumping liquidity into the financial system and discussing emergency action. The People’s Bank of China injected $79 billion into the economy through a reduction in reserve ratios for banks. The Bank of Korea is considering a special meeting to tackle wild swings in the foreign-exchange market, and Japan offered to provide as much as 2.2 trillion yen ($20.8 billion) of liquidity in three different operations.Regulators Step In to Steady Markets (4:54 p.m. HK)After a brutal trading session on Thursday, Italian and Spanish securities regulators banned short sales during Friday on some stocks. The Spanish ban will affect 69 stocks, while in Italy 85 stocks will be affected. Italy’s FTSE MIB plunged 17% on Thursday, while Spain’s IBEX-35 slumped 14%, both record losses, amid a global sell-off. Both benchmarks rose at least 3.3% on Friday.In Germany, short selling will not be banned for now, a spokesman for the Deutsche Boerse said. Switzerland’s SIX Exchange isn’t planning a ban, while Dutch market regulator AFM said it is monitoring the situation.Short-selling restrictions were also put in place for some Asian markets, with South Korea’s Financial Services Commission going the furthest by banning short-selling of shares listed on Kospi, Kosdaq and Konex for six months. In Thailand, short sales were not banned, but rules are being adjusted for current market conditions, according to the President of the country’s stock exchange.(A previous version was corrected to fix Patrick Vallance’s title)\--With assistance from Sophie Alexander, John Tozzi, Dina Bass, John Martens, James Paton, Olivia Konotey-Ahulu, Nick Rigillo, Laura Millan Lombrana, Yasna Haghdoost, Elizabeth Wasserman, Caitlin Webber, Viktoria Dendrinou, Jennifer Jacobs, Saleha Mohsin, Jenny Leonard, Bryce Baschuk, Alex Morales and Henry Goldman.To contact Bloomberg News staff for this story: Adveith Nair in London at firstname.lastname@example.orgTo contact the editors responsible for this story: Stuart Wallace at email@example.com, ;Drew Armstrong at firstname.lastname@example.org, Ian FisherFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Thursday is arguably the day the impact became tangible, as a slew of UK companies warned coronavirus was hurting their business.
Middle East crude benchmarks Oman and Dubai dropped further on Thursday in contango market structures. Glencore bid for a cargo of Murban crude at a discount of $2.10 to its official selling price (OSP) via RIM Trading Board but did not attract any sellers. The Brent-Dubai crude's Exchange of Futures for Swaps (EFS) , a spread for oil traders to gauge the relative price strength of Brent-linked and Dubai-linked crude, slumped further to negative $1.35, the lowest since at least 2004 when Refinitiv Eikon data became available, the data showed.
Momentum is sticky and persists for longer than investors tend to anticipate. The downside of this is that stocks with recent negative momentum are likely to c8230;