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Petrobras - Petroleo Brasileiro (NYSE:PBR): Closing price $ 20.01
The state-managed oil giant is exploiting high electricity prices, due to low hydroelectric reservoirs and hot summer weather boost energy demand, Chief Executive Maria das Gracas Foster said late Wednesday, who noted that Petrobras “is searching for the best profits possible.” She added that it is possible to make some quick revenue during days when spot-market electricity rates soar due to strong demand. It is summer in Brazil, and a drought has left reservoirs in the country’s hydroelectric power system at near-record lows; unseasonably hot weather has contributed to worries that Latin America’s largest economy could face energy rationing.
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