Jingu Finance | Most petroleum stocks are rising, Sino Oil & Gas (00702) up 10.29%, CNOOC (00883) up 2.08%, Yanchang Petro (00346) up 1.96%, Kunlun Energy (00135) up 1.3%, Sinopec (00386), and PetroChina (00857) following the trend.
The Middle East conflict may escalate, causing market tension. Investors predict that this may lead to a tightening of global crude oil supply, and international oil prices have risen for 5 consecutive trading days. NYMEX crude oil futures closed at $80.06 per barrel overnight, up 4.2%. Brent crude oil futures closed at $82.3 per barrel, up 3.3%.
Vikas Dwivedi, the global energy strategist at Macquarie Group, said that oil prices may experience a correction in the fourth quarter, partly due to the accelerated growth of US oil supply and the partial return of OPEC+ oil. Dwivedi said that oil prices may be supported in the next few weeks due to reduced inventory. However, he believes that fundamental factors could push prices back. He pointed out that speculative net long positions in WTI crude oil and Brent crude oil are decreasing, and the liquidation of long positions exceeds the increase of short positions.