Jinwu Financial News | Petroleum stocks generally rose. Kunlun Energy (00135) rose 3.49%, CNOOC (00883) rose 2.18%, and CNPC (00857), Shanghai Petrochemical (00338), and Sinopec (00386) followed suit.
The situation in the Middle East region was tense, and international oil prices rose overnight. New York futures closed at 78.5 US dollars per barrel, up nearly 0.8%. London Brent futures closed at $82.6 per barrel, up 0.8%.
In its latest June “Short-Term Energy Outlook” report, the EIA further raised its expectations for global oil demand and predicted that global oil demand may set a record this year. In the May report, the EIA already predicted that global oil demand would reach a record high this year, and in the latest June forecast, the EIA expects global crude oil and liquid fuel consumption to increase by 1.1 million b/d this year to 103 million b/d, a further increase from the previous forecast of 102.8 million b/d. The EIA also predicts that global oil demand may rise to 104.5 million b/d next year, a further increase from the previous estimate of 104.3 million b/d.