Today there is a general retreat of 3% in the stock exchange, with only one stock of TA35 still green, the Israeli refinery BAZAN. What is happening? the air transport industry has crashed, no demand for refined products, the price of oil is near zero.
Could it be that BAZAN's competition is exiting the market? Turkey’s largest oil refiner Tüpraş will temporarily stop production at its 220,000-barrel-per-day İzmir oil refinery as coronavirus lockdowns hit fuel demand, the firm has said in a stock exchange filing. Output at the refinery, which has an annual processing capacity of 11.9 million tons, will be suspended from May 5 until July 1.
I am not buying because of the uncertainty. I am in cash.
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