Jinwu Financial News | Petroleum stocks generally fell. CNOOC Oilfield Services (02883) fell 5.02%, while CNPC (00857), Yanchang Petroleum International (00346), and Sinopec (00386) fell 2.29%.
According to Sino-Singapore Economic Daily, a new round of price adjustment window for domestic refined oil products will officially open. According to the General Agency, the price of refined oil products will fall for the second time in 2024. During the current pricing cycle, international crude oil prices first fell and then rose. On the supply side, the geographical conflict has gradually abated, but instability still exists. A number of OPEC+ oil producers have stated that they will firmly push for production cuts, and the pattern of tightening supply will continue.
On the demand side, although US crude oil inventories have declined, the traditional peak fuel consumption season has yet to arrive. Short-term demand is still weak, and the driving effect on oil prices is weak. The US dollar continued to fluctuate slightly at a high level and did not break out of a major trend, which also caused oil prices to fluctuate in a narrow range.