KUALA LUMPUR (March 20): Oil and gas stocks saw some respite alongside market-wide gains today, as crude oil gained traction above the US$25/bbl range seen over the last two days.

At press time, most O&G stocks across Bursa Malaysia traded in the green — although still near the recent lows. 

The counters led top actives in the market today, especially with Sapura Energy Bhd up 0.5 sen or 7.69% to 7 sen, with trading volume at its 200-day average of 92.52 million shares.

Also leading the active stocks were Hibiscus Petroleum Bhd, up 3 sen or 11.54% to 29 sen, with trading volume double its 200-day average at 51.26 million shares. 

Trailing behind was Bumi Armada Bhd, which rose 1 sen or 8.69% to 12.5 sen, with 41.71 million shares traded. 

The biggest gainers in the sector were Petronas Dagangan Bhd (up 42 sen or 2.09% to RM20.50), Petron (M) Refining & Marketing Bhd (up 16 sen or 6.4% to RM2.66) and Yinson Holdings Bhd (up 11 sen or 2.43% to RM4.62). 

The Bursa Malaysia Energy Index rose 4.83% to 538.57 points. 

The benchmark sector index had lost over 40% in recent weeks due to low oil prices and sour investor sentiment from the Covid-19 outbreak.

The Wall Street Journal reported that The US administration is considering intervening in the Saudi-Russia oil price war, and Texas regulators are weighing whether to curtail crude production for the first time in decades, as US producers suffer from a historic crash in prices.

Administration officials are exploring a diplomatic push to get the Saudis to cut oil production and threats of sanctions on Russia aimed at stabilising prices, after US oil companies pressed them to intercede, people familiar with the matter said.

Brent crude oil price gained 0.98% to US$28.75/bbl at the time of writing, having traded at 27.93/28.80 earlier.