The Harbour Energy PLC (LON: HBR) share price rallied 7.92% in two days as investor interest in the company turned positive after bouncing off its recent lows in the past few days. As the chart below shows, HBR stock recently hit new lows at 217.91p and rallied higher.
YOUR CAPITAL IS AT RISK. 76% OF RETAIL CFD ACCOUNTS LOSE MONEY.
Harbour Energy is the largest UK-listed independent oil and gas company aiming to deliver value responsibly for all stakeholders according to global standards, ensured by strong corporate governance, and to become Net Zero by 2035.
Top Broker Recommendation
- eToro Top stock trading platform with 0% commission – Read our Review
- Admiral Markets More than 4500 stocks & over 200 ETFs available to invest in – Read our Review
- BlackBull 26,000+ Shares, Options, ETFs, Bonds, and other underlying assets – Read our Review
- IG Top-tier regulation – Read our Review
- XTB UK regulated by the FCA – Read our Review
YOUR CAPITAL IS AT RISK. 76% OF RETAIL CFD ACCOUNTS LOSE MONEY
The lack of news releases from the oil and gas company has left it to be buffeted by changes in investor sentiment towards it, including positive and negative swings in sentiment. The latest swing in sentiment is positive, which has recently driven HBR shares higher.
The company’s share price initially fell amid investor concerns about future oil demand as the global economy stutters, driven by record-high inflation and high interest rates set by most central banks led by the US Federal Reserve.
Heightened concerns about slowing global economic growth will lower oil demand and prices, affecting oil and gas companies such as Harbour Energy. The rally in HBR shares could also be attributed to the surge in crude oil prices witnessed yesterday.
Luckily for Harbour Energy, most of the oil it produces is consumed within the UK, where demand for oil and gas remains relatively high after the country ditched cheap Russian oil imports due to the Russia-Ukraine war.
Overall, Harbour Energy remains well-positioned as a crucial pillar of the UK’s energy supply chain and will always have a market for its crude oil. Therefore, the company is less likely to be affected by oil supply cuts announced by OPEC and its allies.
However, the company is not entirely immune from OPEC+’s actions, as was demonstrated the last time the cartel announced output cuts to boost oil prices. Still, HBR shares might be a buy after falling 18.23% since the year started.
*This is not investment advice.
Harbour Energy (HBR) share price.
The Harbour Energy share price surged 7.92% in two days from a low of 233.10p on Monday to its current price of 251.55p.
YOUR CAPITAL IS AT RISK. 76% OF RETAIL CFD ACCOUNTS LOSE MONEY.