Vopak Shares Reach High Since Covid Crisis, Boosted by Brent at $100
This Friday, March 13, Vopak reached a historical high since 2020 at 48.06 euros, surpassing the previous peak of 48.28 euros set on February 25. The stock of the Dutch energy storage specialist progressed by 0.13% during the session, amid major geopolitical tensions around the Strait of Hormuz. Over a week, the stock has risen by more than 5%, and by 28% over three months.
Impact of Brent Crude Crossing the $100 Mark
With Brent crude surpassing the symbolic threshold of $100 per barrel amid the ongoing armed conflict in the Middle East, now in its fourteenth day, petroleum and gas storage infrastructures have become central concerns. The blockade of the Strait of Hormuz, through which a significant portion of the world's crude supply passes, forces market players to resort to alternative supply routes and to build up additional reserves. Vopak, whose global network of storage terminals covers oil, liquefied natural gas, and chemicals, naturally benefits from this reorganization of energy flows. The surge in crude prices enhances the strategic value of storage capacities, while the disruption of usual maritime routes increases logistical needs in regions not directly affected by the conflict. Meanwhile, the CAC 40 remains stable during the session at 7,984.33 points, highlighting Vopak's unique trajectory compared to the general trend of European markets.
Technical Analysis of Vopak's Stock
From a technical perspective, Vopak's stock is currently very close to its major resistance level at 48.12 euros, a threshold that the stock nearly touched during the session with its new record at 48.06 euros. A confirmed crossing of this level could potentially pave the way for a bullish extension, while a rejection might lead to a consolidation phase. The RSI indicator, which measures the relative strength of the movement, is currently at 72, above the conventional threshold of 70 indicating an overbought zone. This level reflects the intensity of the buying momentum in recent sessions but also calls for increased vigilance regarding a possible slowdown in progress. The stock is now well above its 50-day and 200-day moving averages, positioned at 42.68 euros and 40.47 euros respectively, confirming the strength of the medium and long-term upward trend. The performance of 19.43% over a year illustrates the ascending trajectory of the Dutch group's stock, whose negative beta of -0.18 indicates a historically decoupled behavior from major stock indices.
