Oslo’s main stock index is down 0.2 percent after 50 minutes of trading.
Brent crude oil is currently trading at $90.20 a barrel as of 9:52 AM CET, down 1.2 percent since midnight.
The decline follows reports that the International Energy Agency (IEA) is considering the largest release ever from strategic oil reserves, according to The Wall Street Journal.
Oil stocks on the Oslo Stock Exchange initially felt the impact, but have since reversed course:
- Equinor is up 0.8 percent.
- Aker BP is up 0.5 percent.
- Vår Energi is up 0.3 percent.
IEA member countries are expected to meet later today to make a decision.
Meanwhile, the British military reports that a container ship is on fire after being hit by a projectile in the Strait of Hormuz.
The oil price rose from $87.3 to $89.5 a barrel following the news.
This represents significantly higher than before the attacks between the U.S. And Israel on Iran, and Iran’s retaliatory strikes. Prior to the escalation, oil was trading at $73 per barrel.
Shipping stocks on the Oslo Stock Exchange are too experiencing declines Wednesday. Reports of mines in the Strait of Hormuz, coupled with the incident involving the British container ship, are contributing to the downward pressure.
Here’s how some of the shipping stocks are performing just before 10:00 AM:
- Frontline is down 2.9 percent.
- Okeanis is down 2.6 percent.
- BW LPG is down 6.9 percent.
Natural gas prices are moving in the opposite direction.
As of Wednesday morning, the price of Dutch TTF is up 0.8 percent to nearly €48 per megawatt-hour, after falling around 2 percent immediately after the open.
On Tuesday, gas prices closed at €47 per megawatt-hour, a decrease of 16 percent for the day.
Norsk Hydro is down 0.1 percent, while Kongsberg Gruppen is down 1.2 percent.
Industrial company Elkem announced Wednesday morning that it will restructure the group and reduce its workforce, saving NOK 600 million per year.
Elkem will also reduce its global workforce by around 300 positions by the end of 2026, as reported.
The stock is down 0.9 percent from the start of trading Wednesday.
