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Hong Kong stock movement | Petroleum stocks continue to decline as the market worries about an oversupply in the oil market. Trump plans to increase Oil & Gas production.
Petroleum stocks continue to decline. As of the time of writing, China Oilfield Services (02883) is down 2.59%, trading at 7.16 HKD; KUNLUN ENERGY (00135) is down 1.62%, trading at 7.31 HKD; and PetroChina (00857) is down 0.98%, trading at 6.06 HKD.
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Behind the sharp drop in oil prices, jpmorgan's "confusion": where did the sudden emergence of 45 million barrels of oil in the market come from?
JPMorgan believes that global crude oil inventories are underestimated as a key factor. The additional inventories may be stored in underground facilities, causing satellite monitoring companies to be unable to accurately track specific changes. Oil industry authority Ilia Bouchouev stated that when estimating crude oil supply and demand data, investors are like groping in the dark, making it difficult to obtain accurate results.
