Oil is a dying commodity. Renewable, electric cars , Uber and the sharing economy will al limit the use in years to come. Artistically propped up by speculators and supply control.
— Tony Fernandes (@tonyfernandes) September 16, 2019
On the positive side malaysia currency should strengthen with oil price rise. Also Goverment doing a good job on the fiscal side.
— Tony Fernandes (@tonyfernandes) September 15, 2019
Good that we hedged crude at us 60 for 85 percent and 75 percent next year . But we have not hedged crack whcih is stil toppish
— Tony Fernandes (@tonyfernandes) September 15, 2019
KUALA LUMPUR (Sept 16): AirAsia Group Bhd group chief executive officer Tan Sri Tony Fernandes said today the ringgit should strengthen with the rise in crude oil prices after an attack on Saudi Arabia’s oil facilities on Saturday cut more than 5% of world supply of the commodity.
"On the positive side, (the) Malaysia currency should strengthen with oil price rise. Also goverment (is) doing a good job on the fiscal side.
"Oil is a dying commodity. Renewable (energy), electric cars , Uber and the sharing economy will all limit the use (of oil) in years to come. (Oil prices) Artistically propped up by speculators and supply control," Fernandes said via Twitter today.
The ringgit, which was last traded at 4.1653 against the US dollar, is deemed a beneficiary of higher crude oil prices because Malaysia is a major exporter of the commodity.
Malaysian markets are closed today in conjunction with the Malaysia Day holiday.
Reuters reported that oil prices retreated on Monday after hitting their highest since May at the open, on fears over supply disruptions following an attack on Saudi Arabia’s oil facilities on Saturday that cut more than 5% of global oil supply.
It was reported that international benchmark Brent crude futures rose US$7.06 a barrel or 11.7% from their New York close on Friday to stand at US$67.28 per barrel by 0108 GMT, after soaring more than 19% to a session high of US$71.95 per barrel at the opening.
It was reported that US West Texas Intermediate futures climbed US$5.76 a barrel or 10.5% to US$60.60 a barrel, after jumping more than 15% to a session high of US$63.34 a barrel.
In currency markets, Reuters reported that the US dollar fell while safe-havens and currencies of oil producing countries rallied on Monday, following an attack on Saudi Arabian refining facilities that disrupted global oil supply and heightened Middle East tensions.
"The Canadian dollar rose 0.5% in morning trade in Asia to 1.3224 per dollar. The Norwegian krone rose almost 0.6% to 8.9363 per dollar. Both currencies often move together with the oil price because the countries are major oil exporters," Reuters said.
https://www.theedgemarkets.com/article/tony-fernandes-ringgit-strengthen-crude-oil-prices-soar
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Created by Tan KW | Aug 07, 2024
Created by Tan KW | Aug 07, 2024
Tony, it would be good that you read this and reflect before saying oil is a dying commodity: https://criticalspectator.com/environment/nobody-gives-a-damn-about-climate.
Yes Ringgit has more or less de-coupled from oil price if one bother to research on it. Malaysia has a deeper secular problems that causes the Ringgit to depreciate, please refer my earlier article: https://klse.i3investor.com/blogs/teoct_blog/165332.jsp
Electric vehicles are like Concorde, expensive and toys for the rich. When it become mainstream than maybe, maybe it is the end of oil.
Happy investing.
2019-09-16 15:42
Malaysia has been a net crude oil importer since 2014. https://www.thestar.com.my/business/business-news/2015/01/21/clearing-the-air-treasury-sec-gen-malaysia-net-importer-of-crude-oil-petroleum-products-since-2014
2019-09-17 23:25
chinaman
Post removed.Why?
2019-09-16 15:09