North Atlantic En. stock rises 2.5% amid crude oil surge
The oil group's stock benefits from the renewed tensions in the Middle East that are driving up crude oil prices. The Paris session is marked by caution, yet energy-related stocks are performing well. This movement allows the stock to consolidate a weekly rebound.
A rebound fueled by the new surge in Brent above $78
North Atlantic Energies' stock has risen 2.56% to €54.10, bringing its weekly gain to 6.71%. The stock is aligning with the rise in oil prices, as Brent crude jumps 3.38% to $78.58 following a new round of U.S. strikes against Iranian targets over the weekend. The Revolutionary Guards have claimed attacks on U.S. bases in Kuwait and Bahrain, with each side asserting control over the Strait of Hormuz, through which about 20% of the world's oil passed before the conflict.
According to the IEA, the global supply remains 9.4 million barrels per day below pre-conflict levels despite a rise in June, maintaining a risk premium on crude oil. Meanwhile, the CAC 40 inches up 0.14%, highlighting the divergence between energy stocks and the rest of the market.
Stock surpasses two moving averages but remains below the MM200
Today's progress positions the stock 13.46% above the MM20 (€47.68) and 3.60% above the MM50 (€52.22), indicating a short-term bullish momentum has returned. However, the MM200 at €58.88 is still 8.12% above the current price, representing the next resistance zone to overcome for a more sustained reversal. The RSI at 59 indicates buying pressure without excess, while the MACD has moved back into positive territory.
Over three months, the stock still shows a decline of 4.94%, but it has gained 26.5% over the year. As a reminder, the company reported in April an EBITDA increase of 209% with a net loss of €93 million, linked to a depreciation of €206 million following its separation from ExxonMobil. The support at €44 and the stock's ability to approach the MM200 will be the next technical benchmarks to watch.
