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1.6.2023 6 MARKETS Symbol Volume Value Trades High Low Open Closing Change Code Traded Traded Trades Price Price Price Price EQUITIES APS 7,526 4,515.60 1 0.600 0.600 0.600 0.600 0.000 BMIT 135,625 58,318.75 5 0.430 0.430 0.430 0.430 0.000 BOV 73,352 81,346.38 7 1.130 1.090 1.110 1.130 0.040 GO 9,400 27,778.00 4 2.960 2.940 2.960 2.940 0.000 HLI 1,800 410.40 1 0.228 0.228 0.228 0.228 0.000 HSB 109,863 119,750.67 4 1.090 1.090 1.090 1.090 0.000 MIA 19,973 108,882.85 4 5.500 5.450 5.500 5.450 0.000 PG 83,900 161,386.52 7 1.940 1.920 1.920 1.940 0.020 CORPORATE STOCKS G32G 10,000 10,365.00 1 103.650 103.650 103.650 103.650 -0.580 G34A 58,400 60,718.48 1 103.970 103.970 103.970 103.970 -1.030 G40A 216,000 192,302.18 7 99.000 88.280 98.000 88.280 -2.220 G43AA 25,000 24,835.00 1 99.340 99.340 99.340 99.340 -0.910 CORPORATE BONDS AX24A 25,000 25,250.00 1 101.000 101.000 101.000 101.000 0.990 AX29A 4,300 4,203.25 1 97.750 97.750 97.750 97.750 -0.200 BB33A 8,500 8,712.50 1 102.500 102.500 102.500 102.500 0.500 BV30B 27,200 24,147.46 8 89.200 88.500 88.510 89.200 1.190 CE33A 10,100 10,100.00 1 100.000 100.000 100.000 100.000 0.000 DF26A 20,000 20,000.00 1 100.000 100.000 100.000 100.000 0.010 HF28A 5,000 4,675.50 1 93.510 93.510 93.510 93.510 0.010 IB32A 10,000 10,000.00 1 100.000 100.000 100.000 100.000 0.000 IH26A 13,500 13,600.65 3 100.750 100.740 100.740 100.750 0.000 IH31A 4,000 3,720.00 1 93.000 93.000 93.000 93.000 0.000 JD32A 9,100 9,044.35 2 99.850 99.010 99.850 99.010 -0.840 MI23A 9,000 8,998.35 2 100.000 99.970 99.970 100.000 0.800 MP32A 5,000 4,970.00 1 99.400 99.400 99.400 99.400 -0.100 ON34A 16,000 15,360.00 2 96.000 96.000 96.000 96.000 -2.000 SF27A 10,000 10,000.00 1 100.000 100.000 100.000 100.000 0.700 SP29A 3,000 2,970.00 1 99.000 99.000 99.000 99.000 0.000 ST27A 33,000 33,000.00 4 100.000 100.000 100.000 100.000 0.000 VR27A 300 289.50 1 96.500 96.500 96.500 96.500 -2.400 Malta Stock Exchange Regulated Main Market Trading Date: 6 June 2023 Saudis remind global oil market who is king SAUDI Arabia has once again reminded the global oil market who is king. That's what Bjarne Schieldrop, the Chief Commodity Analyst at Skandinaviska Enskilda Banken AB (SEB), said in a statement on the latest OPEC+ moves this week. "The big surprise to the mar- ket was the unilateral one mil- lion barrel per day cut of Saudi Arabia for July 2023," Schieldrop noted in the statement. "The additional cut will make sure the oil price won't fall be- low $70 per barrel, prevent in- ventories from rising, and make for a great tactical negotiation setup for the next OPEC+ meet- ing on July 4-6," he added. "If the one million barrel per day July cut is unnecessary, then it will be unwound for August and if it indeed was needed then Saudi Arabia can strong-arm rest of OPEC+ to make a com- bined cut from August," he con- tinued. "The cut will unite Saudi Ara- bia and Russia and open the way for joint cuts if needed, for example, it could move Russia from involuntary reductions to deliberate reductions," he went on to note. In the statement, the SEB an- alyst highlighted that $80 per barrel is the new $60 per barrel and said that is probably what Saudi Arabia is aiming for. "Not just because that is what Saudi Arabia needs but also be- cause that is what the market needs," Schieldrop said in the statement. "Another aspect is of course inflation. If the old oil price nor- mal was $60 per barrel then the new should be closer to $80 per barrel adjusting for a cumulative inflation increase of 30 percent," he added. "There are still lots of concerns for a global recession, weaken- ing oil demand and lower oil prices due to the extremely large and sharp rate hikes over the past year. That is the reason for bearish speculators but OPEC+ has the upper hand," he contin- ued. Unambiguously bullish In a report this week, analysts at Macquarie Bank Limited said, "in the near-term, the addition- al Saudi cut should contribute to further seasonal tightening (rising refining runs and end de- mand), appears unambiguously bullish, and could help drive ad- ditional upside in crude". "That said, beyond this appar- ently temporary (but extenda- ble) cut, the meeting produced no binding change to '23 pro- duction levels," they added. "Continuation of voluntary cuts through '24 could represent a bullish medium-term develop- ment, but potential for slippage persists and macro pressures may ultimately dominate next year's balances," the analysts continued. In this report, the Macquarie Bank Limited analysts also warned that "continuing to cut supply/support prices in the face of macro headwinds and non-OPEC+ growth may simply function to concentrate risk in '24". "Cyclically speaking, we an- ticipate potentially falling shale costs in '24, with meaningful re- ductions in OCTG [Oil Country Tubular Goods] already materi- alizing and potential for contin- uing supply chain relief/healthi- er labor dynamics," they added.

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