spot_img
spot_img
spot_img
spot_img
ThecoinrepublicNewsImperial Petroleum (NASDAQ: IMPP) Stock Accelerates on...
google-news-img

Trending

Hamster

Hamster

notco

Notcoin

mogutou

Mogutou

immersion
spot_img

Imperial Petroleum (NASDAQ: IMPP) Stock Accelerates on Monday

  • Global oil demand may rise according to the International Energy Agency.
  • IMPP stock witnessed a sudden price surge on Monday.

Imperial Petroleum, a petroleum shipping company, has seen a rising interest among its institutional investors since last year. Data shows that British universal bank, Barclays PLC, raised their stake in the organization by 16,000% percent in Q3 2022 while UBS Group AG, a multinational investment group, acquired 54,688 shares in the last quarter. Meanwhile, following their announcement regarding the financial earnings call, IMPP stock skyrocketed by over 36% on  Feb 13th 2022.

Russia and China Keeping Oil Demand ‘Steady’

The global oil demand may shed a negative impact on the companies associated with the sector. According to Reuters, the Organization of Petroleum Exporting Countries (OPEC) has increased global oil demand following relaxation in China’s covid-19 restrictions. They believe the demand will rise 2.32 Million barrels per day (bp/d). In the meantime, the organization expects the Dragon to generate 590,000 b/pd alone.

According to the International Energy Agency’s (IEA) oil market report, global oil demand is set to spike from 1.9 million barrels per day (mb/d) to 101.7 m/bd. Jet fuel is expected to remain the core source in this growth. Moreover, Russia and China may keep demand steady considering the negative impacts of the war in Ukraine and loosening pandemic policies.

A segment of the report highlights that the Organization for Economic Cooperation and Development (OECD), an intergovernmental body, oil demand has plummeted by 900 kb/d following the dire weather conditions — which has led the US runs to decline by 910 kb/d — and weak industrial activities. Additionally, Russian oil exports fell to 7.8 mb/d between December 2022 to January 2023 after the European Union (EU) implemented price caps on the country.

Furthermore, companies may see increased productivity considering easing freight rates on large carriers. However, it climbed on the product routes as a direct effect of EU’s ban on Russian oil products.

IMPP Stock Price Action

The chart shows a three drive pattern between September to December 2022. The price tested 0.318 zone multiple times during October and November before plummeting to $0.242 by the year’s end. Anchored VWAPs show an average price range around $0.35 which the stock attained miraculously in a day.

Sudden spike in IMPP stock has caused all the indicators to bolt upright. The RSI indicates an oversold zone while bull bear power highlights buyer dominance, which is likely to fall considering the unexpected price fluctuation on Feb 13 2022. Ultimate oscillator has moved above 60, pointing towards underscoring a potential downfall just like the others.

Currently, IMPP stock is changing hands at $0.3535 with a support at $0.3009 and a resistance around $0.3550.

Disclaimer

The contents of this page are intended for general informational purposes and do not constitute financial, investment, or any other form of advice. Investing in or trading crypto assets carries the risk of financial loss. The forecasted data (also called “price prediction”) on this page are subject to change without notice and are not guaranteed to be accurate.

Our Newsletter

Subscribe to our newsletter to get the latest news and promotions.

Adarsh Singh
Adarsh Singh
Adarsh ​​Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
spot_img
spot_img

Related News

Hong Kong
Maxwell Mutuma

Hong Kong Expands Crypto Offerings with Inverse Bitcoin ETF

Memecoins
Kelvin Munene
Crypto ETF
Maxwell Mutuma

ETF Store Pres Sees Combined Crypto ETF Filing Soon

Memecoin
Andrew Smith

Memecoins & American Politics: How They Got Tied Together

SOLANA
Adarsh Singh
Crypto Mining
Varuni Trivedi

Texas Might Tax Crypto Mining and AI, Energy Crisis Looms

spot_img