Petroleum stocks rebounded today. As of press time, China Oilfield Services (00283) rose by 4.73% to HKD 6.86; Sinopec (00386) rose by 3.51% to HKD 5.01; CNOOC (00883) rose by 2.66% to HKD 20.45; and PetroChina (00857) rose by 2.09% to HKD 6.83.
According to the WiseNews app, petroleum stocks rebounded today. As of press time, China Oilfield Services (00283) rose by 4.73% to HKD 6.86; Sinopec (00386) rose by 3.51% to HKD 5.01; CNOOC (00883) rose by 2.66% to HKD 20.45; and PetroChina (00857) rose by 2.09% to HKD 6.83.
China Securities Co., Ltd. pointed out that under Trump's trade, oil prices fell, but the current Middle East situation is more uncertain than during his previous term. We continue to emphasize the option value of short-term crude oil supply in Middle East conflict events. With the current oil price, downward space is limited, and we pay attention to the pulse of events related to Middle East tensions in the third quarter. GTJA Futures also pointed out that the market has been dominated by emotional trading in the past week, and there is a risk of overselling. Currently, the probability of reducing production in the OPEC+ in the third quarter remains unproven, which supports oil prices. Downstream de-stocking is also in progress, and we need to be wary of oil price rebounds under the game of capital.
Everbright Securities previously stated that considering that the majority of OPEC+ production cuts will continue to be implemented before the end of 2025, we expect the probability of significant changes in the 24H2 crude oil supply side to be low, and that OPEC+ cuts are expected to remain an important support for the crude oil supply side in the second half of the year. The bank pointed out that the Middle East geopolitical situation is tense, and under the guidance of OPEC+, the supply and demand of crude oil are expected to tighten, and we are bullish on oil prices maintaining a high level. "Three barrels of oil" have shown strong business resilience during periods of oil price volatility, and profit centers are expected to continue to rise. Global upstream capital expenditures are expected to continue to rise, and the oilfield service market is expected to maintain prosperity. The oilfield services under the "three barrels of oil" are expected to benefit fully.