Hedge funds buy into N America O&G firms
They're betting on a generally contrarian view, that oil prices are poised to rebound
Add BT as a preferred source
DeeperDive is a beta AI feature. Refer to full articles for the facts.
New York
ELLIOT Management Corp and Omega Advisors Inc are among activist hedge funds buying stakes in North American oil and gas producers whose stock has fallen because of weaknesses exposed by the collapse of energy prices.
It is a bet on a view that is contrary to some analysts: that oil prices are poised to rebound. This month, Citigroup cut its crude price forecasts, saying that West Texas Intermediate could go as low as US$20 a barrel before recovering. West Texas crude is currently at about US$51 a barrel, up from a low of US$43.58 in January.
Copyright SPH Media. All rights reserved.
TRENDING NOW
Autobahn Rent A Car directors declared bankrupt over S$50 million each owed to DBS
Amazon’s MGM Studios gains creative control over ‘James Bond’ franchise
UOB’s Wee Ee Cheong says S$4.9 billion Citi deal ‘paying off’ as Asean push accelerates
In taxing wealth, how far can Singapore push property owners?
