- Global oil demand may rise according to the International Energy Agency.
- IMPP stock witnessed a sudden price surge on Monday.
Imperial Petroleum, a petroleum shipping company, has seen a rising interest among its institutional investors since last year. Data shows that British universal bank, Barclays PLC, raised their stake in the organization by 16,000% percent in Q3 2022 while UBS Group AG, a multinational investment group, acquired 54,688 shares in the last quarter. Meanwhile, following their announcement regarding the financial earnings call, IMPP stock skyrocketed by over 36% on Feb 13th 2022.
Russia and China Keeping Oil Demand ‘Steady’
The global oil demand may shed a negative impact on the companies associated with the sector. According to Reuters, the Organization of Petroleum Exporting Countries (OPEC) has increased global oil demand following relaxation in China’s covid-19 restrictions. They believe the demand will rise 2.32 Million barrels per day (bp/d). In the meantime, the organization expects the Dragon to generate 590,000 b/pd alone.
According to the International Energy Agency’s (IEA) oil market report, global oil demand is set to spike from 1.9 million barrels per day (mb/d) to 101.7 m/bd. Jet fuel is expected to remain the core source in this growth. Moreover, Russia and China may keep demand steady considering the negative impacts of the war in Ukraine and loosening pandemic policies.
A segment of the report highlights that the Organization for Economic Cooperation and Development (OECD), an intergovernmental body, oil demand has plummeted by 900 kb/d following the dire weather conditions — which has led the US runs to decline by 910 kb/d — and weak industrial activities. Additionally, Russian oil exports fell to 7.8 mb/d between December 2022 to January 2023 after the European Union (EU) implemented פּרייַז caps on the country.
Furthermore, companies may see increased productivity considering easing freight rates on large carriers. However, it climbed on the product routes as a direct effect of EU’s ban on Russian oil products.
IMPP Stock Price Action
The chart shows a three drive pattern between September to December 2022. The price tested 0.318 zone multiple times during October and November before plummeting to $0.242 by the year’s end. Anchored VWAPs show an average price range around $0.35 which the stock attained miraculously in a day.
Sudden spike in IMPP stock has caused all the indicators to bolt upright. The RSI indicates an oversold zone while bull bear power highlights buyer dominance, which is likely to fall considering the unexpected price fluctuation on Feb 13 2022. Ultimate oscillator has moved above 60, pointing towards underscoring a potential downfall just like the others.
Currently, IMPP stock is changing hands at $0.3535 with a support at $0.3009 and a resistance around $0.3550.
אָפּלייקענונג
די מיינונגען און מיינונגען סטייטיד דורך דער מחבר, אָדער קיין מענטשן געהייסן אין דעם אַרטיקל, זענען בלויז פֿאַר ינפאָרמיישאַנאַל צוועקן און טאָן ניט פאַרלייגן פינאַנציעל, ינוועסמאַנט אָדער אנדערע עצה. ינוועסטינג אין אָדער טריידינג קריפּטאָ אַסעץ קומט מיט אַ ריזיקירן פון פינאַנציעל אָנווער.
Anurag איז ארבעטן ווי אַ פונדאַמענטאַל שרייַבער פֿאַר די קאָינס רעפובליק זינט 2021. ער לייקס צו געניטונג זיין טשיקאַווע מאַסאַלז און פאָרשונג טיף אין אַ טעמע. כאָטש ער קאָווערס פאַרשידן אַספּעקץ פון די קריפּטאָ אינדוסטריע, ער איז גאַנץ לייַדנשאַפטלעך וועגן די וועב 3, NFTs, גיימינג און מעטאַווערס, און ווייזן זיי ווי די צוקונפֿט פון די (דיגיטאַל) עקאנאמיע. א לייענער און שרייבער אין האַרץ, ער רופט זיך אַ "דורכשניטלעך גיטאַרע שפּילער" און אַ שפּאַס פאָאָטבאַללער.
Source: https://www.thecoinrepublic.com/2023/02/15/imperial-petroleum-nasdaq-impp-stock-accelerates-on-monday/