GTT Shares Fall 3%, Weighed Down by Oil Drop Below $95
The designer of LNG carrier tanks loses ground in the late afternoon, contrary to the well-oriented SBF 120. The decline in oil prices, which affects all French oil-related stocks, catches up with a title that was otherwise well established in its annual trend.
The Stock Follows Brent's Drop and Loses 2.5% During the Session
GTT's stock falls to €201, down 3.18% from €207.60 the previous day. This movement is part of the generalized downturn in the French oil-related sector, as Brent loses more than 5% during the session to settle around $94.50 a barrel, amid talks between Washington and Tehran deflating the geopolitical risk premium built up over several sessions. The barrel has now lost nearly 15% since May 18. Technip Energies, Vallourec, and Eramet are also in the red on the SBF 120 (up 0.72% at 6,262.35 points). The session contrasts with the annual dynamics of the stock, which still shows a gain of 24.55% over the year and 5.31% over three months. The decline remains contained on a weekly scale (-1.27% over seven days).
Below the MM20, GTT Approaches a Technical Threshold at €203.20
Today's downturn brings the price below the 20-day moving average (€206.17) and in contact with the MM50 at €203.20, a line crossed during the session. The MM200, at €177.48, remains 14% lower and reflects the underlying upward trend. The RSI at 54 indicates a neutral configuration, without excessive selling at this stage. Should the decline continue, the next support identified at €194.50 would be the next reference point, with resistance remaining fixed at €212. Regarding order flow, the tank designer's order book has been robust in recent weeks, including the selection for four BW LNG methane carriers announced on May 21 and an FSRU order from Samsung Heavy Industries on May 13. The stock's performance in the coming sessions will largely depend on the trajectory of the oil price and the holding of the €200 zone.
