{"id":2335,"date":"2008-06-29T06:33:14","date_gmt":"2008-06-29T06:33:14","guid":{"rendered":"http:\/\/blogs.thesocialmedia.com\/leblogenergie\/2008\/06\/29\/les-valeurs-ptr\/"},"modified":"2012-07-12T08:58:56","modified_gmt":"2012-07-12T08:58:56","slug":"les-valeurs-ptr","status":"publish","type":"post","link":"https:\/\/blogs.thesocialmedia.com\/leblogenergie\/2008\/06\/29\/les-valeurs-ptr\/","title":{"rendered":"Les valeurs p\u00e9troli\u00e8res constituent un bon refuge sur les March\u00e9s actions."},"content":{"rendered":"<p>&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;<strong><span style=\"font-size: 1.4em\">L<\/span><\/strong>a semaine boursi\u00e8re s&rsquo;est termin\u00e9e par une baisse g\u00e9n\u00e9ralis\u00e9e des indices. L&rsquo;indice Dow Jones a perdu 500 points en une semaine \u00e0 11346 et le CAC 40 a l\u00e2ch\u00e9 112 points \u00e0 4397, revenant \u00e0 des&nbsp; valeurs connues trois ans auparavant. Dans ce casse pipe g\u00e9n\u00e9ralis\u00e9 toujours orchestr\u00e9 par les valeurs bancaires qui recapitalisent \u00e0 tout va, avec les p\u00e9trodollars des pays du Golfe Persique, recyclage bien st\u00e9rile de ces capitaux. Mais dans ce paysage lunaire, il appara\u00eet que les indices des actions p\u00e9troli\u00e8res tiennent le choc. L&rsquo;Amex Oil Index qui rassemble un panier de p\u00e9troli\u00e8res et de raffineurs am\u00e9ricains et europ\u00e9ens ( <a href=\"http:\/\/www.amex.com\/?href=\/othProd\/prodInf\/OpPiIndMain.jsp?Product_Symbol=XOI\">LIRE<\/a> la composition pond\u00e9r\u00e9e de cet indice) a gagn\u00e9 cette semaine 14 points \u00e0 1508. La raison est simple: depuis le d\u00e9but de l&rsquo;ann\u00e9e, malgr\u00e9 l&rsquo;envol\u00e9e des cours du gaz naturel et du p\u00e9trole, les cours des actions p\u00e9troli\u00e8res sont rest\u00e9s calmes (FIG.)<a href=\"http:\/\/clabedan.typepad.com\/photos\/uncategorized\/2008\/06\/28\/exxontotal2008.jpg\"><img loading=\"lazy\" decoding=\"async\" height=\"387\" alt=\"Exxontotal2008\" src=\"http:\/\/blogs.thesocialmedia.com\/leblogenergie\/files\/2012\/07\/exxontotal2008.jpg\" width=\"480\"  \/><\/a> <\/p>\n<p>&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp; Exxon Mobil qui est la valeur &quot;benchmark&quot; du secteur a perdu 9% de sa valeur depuis la fin 2007, la remise en cause du management d&rsquo;Exxon par certains actionnaires y est s\u00fbrement pour beaucoup; mais l&rsquo;action Total qui profite de la bonne image de son patron, n&rsquo;a pas vari\u00e9 en dollars \u00e0 New York depuis la fin 2007, \u00e0 plus de 83$. Elle a perdu 7% de sa valeur en euros \u00e0 Paris, pour cause de taux de changes. <\/p>\n<p>&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp; Les valeurs p\u00e9troli\u00e8res n&rsquo;ont pas depuis le mois de F\u00e9vrier int\u00e9gr\u00e9 dans leurs cours la formidable envol\u00e9e des cours du gaz (pass\u00e9s de 8$ \u00e0 plus de 13$ le million de BTU) et du p\u00e9trole (courbe rouge). Les Groupes p\u00e9troliers int\u00e9gr\u00e9s font actuellement de gros profits sur l&rsquo;amont (gaz naturel et p\u00e9trole), gagnent correctement leur vie sur le gazole et le k\u00e9ros\u00e8ne, mais perdent de l&rsquo;argent sur l&rsquo;essence et sa distribution. Leurs programmes d&rsquo;investissements se sont fortement accrus, en raison d&rsquo;un plus grand effort d&rsquo;exploration et de mises en production, mais aussi en raison de l&rsquo;accroissement des co\u00fbts de sous-traitance. Cette utilisation du cash, vitale pour la p\u00e9rennit\u00e9 et le d\u00e9veloppement des Groupes, paradoxalement ne plait pas aux milieux financiers.<\/p>\n<p>&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp; Cette divergence entre cours du gaz ou du p\u00e9trole et la valorisation des soci\u00e9t\u00e9s, permet de penser que les actions des groupes p\u00e9troliers int\u00e9gr\u00e9s bien g\u00e9r\u00e9s, comme Total ou BP, constituent des valeurs refuges de premier choix dans ces moments boursi\u00e8rement agit\u00e9s.<\/p>\n<p>Le 29 Juin 2008.<\/p>\n<p>&#8211;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;La semaine boursi\u00e8re s&rsquo;est termin\u00e9e par une baisse g\u00e9n\u00e9ralis\u00e9e des indices. L&rsquo;indice Dow Jones a perdu 500 points en une semaine \u00e0 11346 et le CAC 40 a l\u00e2ch\u00e9 112 points \u00e0 4397, revenant \u00e0 des&nbsp; valeurs connues trois ans auparavant. Dans ce casse pipe g\u00e9n\u00e9ralis\u00e9 toujours [&hellip;]<\/p>\n","protected":false},"author":341,"featured_media":9347,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-2335","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-actualites"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Les valeurs p\u00e9troli\u00e8res constituent un bon refuge sur les March\u00e9s actions. - leblogenergie.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/blogs.thesocialmedia.com\/leblogenergie\/2008\/06\/29\/les-valeurs-ptr\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Les valeurs p\u00e9troli\u00e8res constituent un bon refuge sur les March\u00e9s actions. - leblogenergie.com\" \/>\n<meta name=\"twitter:description\" content=\"&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;La semaine boursi\u00e8re s&rsquo;est termin\u00e9e par une baisse g\u00e9n\u00e9ralis\u00e9e des indices. 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