Brent Bucks The Trend Oil & Gas Stays Hot
Brent Bucks The Trend Oil & Gas Stays Hot
The oil and gas sector continues to maintain a positive outlook, buoyed by robust upstream activities and strong demand, despite ongoing volatility in global markets. July 2024 saw a notable rise in Brent crude oil prices, alongside a dip in natural gas prices, reflecting the complex dynamics currently shaping the energy landscape.
尽管全球市场仍然波动不定，但油气板块由于强劲的上游活动和强劲的需求，仍然保持着积极的前景。2024年7月，随着自然气价格下跌，布伦特原油价格出现明显上涨，反映了目前形塑能源格局的复杂动态。
In July 2024, Brent crude oil prices averaged USD83.01 per barrel, marking a 4.6% year-on-year increase and a 2.1% rise from the previous year's average. This upward movement was driven by several factors, including extended OPEC+ production cuts, escalating conflicts in the Middle East, a decrease in global oil inventories, and heightened summer demand.
2024年7月，布伦特原油价格平均为83.01美元/桶，同比增长4.6%，较上年平均水平上涨2.1%。这一上涨趋势受多种因素推动，包括延长的OPEC+产量削减、中东地区的冲突加剧、全球石油库存的下降以及旺盛的夏季需求。
Conversely, Henry Hub natural gas prices fell by 13.2% year-on-year to USD2.22 per MMBtu, driven by oversupply, higher inventory levels, and reduced demand due to milder summer temperatures. The decline was further exacerbated by a relatively flat production rate.
相反，由于供应过剩、库存水平较高以及夏季温度较为温和导致的需求减少，Henry Hub天然气价格同比下降13.2%，降至每百万英热单位2.22美元。这一下降趋势受到原油价格相对稳定的影响。
The KL Energy Index (KLEN) continued its upward trajectory, gaining 14.9% year-on-year in July 2024, supported by strong performances in the energy sector and elevated oil prices. However, the index remains vulnerable to geopolitical risks and potential interest rate cuts in the US, which could increase market volatility. Despite these challenges, the sector is expected to benefit from ongoing developments in carbon capture and storage (CCS) and biofuel projects. These initiatives are likely to see further advancements in the near future, reflecting the industry's commitment to sustainability and innovation.
2024年7月，KL能源指数(KLEN)继续上升，同比增长14.9%，得益于能源行业的强劲表现和高企的油价。然而，该指数仍然面临地缘政治风险和美国潜在的利率下调等挑战，这可能会增加市场波动性。尽管存在这些挑战，该行业有望从碳捕集和储存（CCS）以及生物燃料项目的持续发展中受益。这些倡议在不久的将来可能会进一步发展，反映出该行业对可持续发展和创新的承诺。
Among the companies in focus, MISC Bhd and Dialog Group Bhd stand out as strong performers. MISC Bhd, which maintains a 'Buy' rating with a target price of RM9.75, reported resilient earnings in 1QFY24, driven by robust tanker rates and long-term contractual stability. The company also shows high potential in the LCO2C shipbuild and operations for CCS.
在受关注的公司中，MISC Bhd和Dialog Group Bhd展现出强劲的表现。其中，MISC Bhd在1QFY24报告了强劲的收益，受到强劲的油轮运费和长期合同稳定的推动，目标价为9.75令吉，仍维持着‘买入’评级。该公司在碳捕集船的建造和运营方面具有较高的潜力。
Dialog Group Bhd, also rated 'Buy' with a target price of RM2.72, demonstrated a strong performance in 3QFY24, supported by its integrated operations and strategic investments in upstream assets and renewable products. The company's shareholder equity return remains strong at 10%.
Dialog Group Bhd也是强劲的表现者，在3QFY24表现出了强劲的业绩，得益于其综合运营以及在上游资产和可再生产品领域的战略投资，目标价为2.72令吉。该公司的股东权益回报率仍然保持在10%左右。
Positive results are anticipated for the upstream oil and gas division in 2QFY24/1HFY24, particularly for Oil and Gas Services and Equipment (OGSE) companies. Notably, Halliburton, Baker Hughes, and Schlumberger reported year-on-year earnings gains, reflecting the sector's resilience. However, major oil companies like ExxonMobil, BP, and Chevron experienced declines in 1HFY24 profits due to lower margins on refined product sales and decreased natural gas realisations. Despite these setbacks, upstream operations remained strong, underpinned by higher crude sales and production.
预计2024年第二季度/上半年，上游石油和天然气部门将表现出积极的状态，特别是石油和天然气服务设备(OGSE)公司。值得注意的是，哈里伯顿、Baker Hughes和斯伦贝谢报告的同比盈利增幅，反映出该行业的韧性。但是，埃克森美孚、英国石油和雪佛龙等主要石油公司在1HFY24的利润下降，是由于精细炼油产品销售利润降低和天然气实现收入减少所导致的。尽管存在这些挫折，上游的运营仍然强劲，得益于原油销售和产量的增长。