TotalEnergies shares could still rise by 10% in the short term
The TotalEnergies stock could climb back to its highest level of the year recorded at the beginning of June at around €57, but a crossing of this threshold seems relatively unlikely given the deterioration in the economic outlook on both sides of the Atlantic which not only affects the risk appetite of market operators, but also the fundamentals of the oil market.
The publications of the non-manufacturing ISM on Wednesday and the monthly report on employment in the United States on Friday should therefore be important for TotalEnergies. Unlike most other sectors, the energy sector should benefit from a strong employment report, as this would suggest that the US economy is slowing less than expected and therefore oil demand remains strong.
In addition to the economic downturn, the health situation in China will be watched very closely given the zero contamination policy still in place. The authorities could decide to recontaminate a major city in the country overnight in the event of a new wave of contamination, which would worsen the fundamentals of the oil market and the global economic outlook.