Petroleum stocks are all down. As of publication, PetroChina (00857) fell 3.39% to HKD 6.84; CNOOC (00883) fell 3.01% to HKD 19.98; Sinopec (00386) fell 1.21% to HKD 4.88.
According to the Smart Finance app, petroleum stocks are all down. As of publication, PetroChina (00857) fell 3.39% to HKD 6.84; CNOOC (00883) fell 3.01% to HKD 19.98; Sinopec (00386) fell 1.21% to HKD 4.88.
On the news front, overnight oil prices stopped falling and rebounded due to a decrease in U.S. crude and fuel inventories and a continual rise in crude production risks due to Canadian wildfires. However, concerns over weak global demand have kept oil prices near their lowest level in six weeks. In addition, a new round of price adjustments for refined oil products will begin at 24:00 on July 25th. According to data monitored by Zhuochuang Information's monitoring model, as of the close on July 23rd, the reference crude oil change rate on the 9th working day in China was -2.87%, and it is expected that the reduction in gasoline and diesel prices will be 125 yuan/ton, with the price of No. 92 gasoline and No. 0 diesel falling by 0.1 and 0.11 yuan, respectively.
Zhuochuang Information's refined oil analyst, Xu Lei, said that the strong U.S. dollar and market concerns about oil demand, coupled with expectations of a relaxation of the tense Middle East situation overshadowing the prospects of a U.S. interest rate cut, have led to bearish news dominating the crude oil market and international crude oil prices continuing to fall. Liu Bingjuan, a refined oil analyst at Longzhong Information, believes that although expectations for a U.S. interest rate cut in September have increased, it will take time, and the U.S. dollar is still showing strength in the short term, coupled with difficult-to-solve economic and demand concerns, which may put pressure on international oil prices going forward.