Saudi Arabia plowed $1 billion into Shell and other European oil producers
C.T. Fitzpatrick has beaten 99% of his peers since the financial crisis. He shares his 4-part strategy for dominating a coronavirus-hit market — and names 6 companies that will benefit from the fallout.
The novel coronavirus pandemic has disrupted global trade, forced factories to cut back or close, and led to widespread lockdowns intended to slow its spread, slashing demand for fuel. Saudi and Russia are also locked in an oil-price war after failing to agree on output cuts, meaning there's a supply glut.
Shares in Anglo-Dutch behemoth Shell, Norwegian oil giant Equinor, French producer Total, and Italian rival Eni have all slumped more than 30% since January. Equinor's stock was flat in early trading on Thursday, while the other three climbed about 1%.Shell, Equinor, and Eni declined to comment to The Journal. Meanwhile, the Saudi Public Investment Fund and Total didn't respond to a request for a comment from the newspaper.
Business Insider has reached out to all the involved parties but a comment was not immediately available.The Fed temporarily eases restrictions on Wells Fargo to boost lending amid 'extraordinary disruptions' »
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