News

Glonghui April 10th｜Bernstein has lowered the target price of the music streaming platform Spotify from $650 to $625.

On Friday, fuel oil prices at ports east of the Suez Canal diverged. In Zhoushan, low-sulphur fuel oil and high-sulphur fuel oil prices fell by $62 and $46 respectively, while high-sulphur fuel oil in Singapore rose by $13. The price of low-sulphur marine gasoil in Zhoushan plunged by $148 in a single day, the largest drop among Asia's three major bunker ports. However, it still maintains a substantial premium of $248 over Singapore and $222 over Fujairah.Spot fuel supply of all products in Zhoushan has tightened, with most suppliers recommending a stocking time of 5 to 10 days for low-sulphur marine gasoil, up from 3 to 5 days last week. Supply at India’s Kandla Port remains tight, requiring 7 to 8 days for stocking. High-sulphur fuel oil stock in Mumbai is nearly depleted, and all fuel types in Tuticorin and Mormugao are close to exhaustion. In contrast, all product supplies at Colombo Port, Sri Lanka, remain stable, with about three days required for stocking.On Friday, Brent crude oil futures edged down by $0.23 to $97.92 per barrel. Upward pressure mainly stems from concerns over Saudi supply disruptions and the continued near-halt of tanker traffic through the Strait of Hormuz. The official Saudi Press Agency quoted an energy ministry official as saying that attacks on the country’s energy infrastructure have reduced oil production capacity by about 600,000 barrels per day, while oil throughput along the East-West pipeline has fallen by about 700,000 barrels per day.Institutional analysts warn that even if navigation through the Strait of Hormuz resumes, the return of energy supply is unlikely to be immediate. Oil field output has already declined, refinery operations are restricted or temporarily shut down, and it may take several weeks or even longer to fully reverse some supply disruptions. The two-week ceasefire agreement between the US and Iran showed signs of tension within just one day, and concerns remain in the market over further supply interruptions.

Glonghui, April 10 – Mizuho has raised the target price for Western Digital from $340 to $400; Mizuho has also raised the target price for SanDisk from $710 to $1,000.