Hackers lend a hand to crude oil speculation. In the energy sector, theupon decommissioning of the pipeline that brings crude oil distillates to the entire East Coast of the United States is in fact overheating the price of diesel: +3%. In the same hours, the share price of Tenaris, the multinational of the Rocca family, leader in the production of pipes and services for the exploration and production of oil and gas. But from the initial leap forward of an abundant 3%, the price settled on a more modest +1,7%.
Although the Colonial Pipeline's operator said it was unable to provide guidance on whether service would resume, markets are convinced that within hours the situation will clear up. The time to reach an agreement with the computer pirates who are asking for a ransom to unblock the situation even if Washington will never admit the collapse which, among other things, occurs at a delicate moment for the perception of inflation by the markets. just two days after the publication of the data on the price trendi to consumption closely linked to the trend in fuel prices, especially at the beginning of the summer. Attacks of this kind, writes the Financial Times this morning, are far from rare and are profitable on average ransoms in the order of $100.000. This time, however, the hackers have raised the bar and announces a more robust intervention by the authorities already on the alert after the attack on SolarWind attributed to hackers arriving from Russia. Furthermore, the attack comes two days before the next discussion in the Senate of Biden plan on infrastructure which provides for 2,3 billion investments to strengthen the infrastructure network for gas and oil.
But the increase in fuel prices contributes to fuel for now the rush of raw materials which restarted with the start of the new week. The one just concluded was the sixth positive in a row.
After all, oil does nothing but follow the trend of theBloomberg commodity index (94,0 points) which hit new highs since 2015 on the seventh consecutive day of up, we are on the highs since 2015. The copper is up 3%, on new period highs , a trend common to the iron, up 10 percent but also to ETFs based on precious metals, silver on the head.
In this context, for Bestinver securities (rating buy and target price under review) Tenaris is heading towards a decidedly favorable second quarter. “The trend in the United States has remained positive in the last week and Canada should resume growth after hitting a seasonal low in April due to climatic factors”, the analysts point out. But the analysis dates back to a few days ago, before the piracy factor entered the scene.
