600028 China Petroleum & Chemical Corporation
- 6.57
- +0.01+0.15%
China Petroleum & Chemical Corporation News
USA refinery producers are slowing down production, exacerbating concerns about global crude oil oversupply.
Some top oil refiners in the USA are reducing their operation of refining facilities this quarter, which is exacerbating concerns about the global oversupply of crude oil products.
Poor economy drags down the market and soaring risk aversion pressures oil prices to plummet.
This week (8.1-8.7), crude oil product overall showed a trend of falling first and then rising. The average price of WTI this week was $74.24 per barrel, a decrease of $2.54 per barrel or -3.31% from the previous week.
Three Chinese Firms Join Top 10 in 2024 Fortune Global 500 List
Huabao Securities: Hydrogen Price Index sees a decrease in supply and consumer demand, fuel cell vehicle production and sales enter the peak season.
With the implementation of relevant policies and completion of project construction, the market supply and demand for green hydrogen production and co-combustion of green hydrogen/green ammonia are expected to see double growth.
Crude Oil Prices Trending Down – NAB Group
Oil Prices Fall on Demand Concerns as U.S. Data Points to Slowing Economy
WTI Falls to Near $73.00 Despite Rising Supply Risks Due to Middle East Tensions
Petroleum stocks fell across the board. CNOOC (00883) fell 4.31%. OPEC+ announced the cancellation of some production cuts starting October.
Jingu Caixun | Oil stocks fell across the board. As of press time, CNOOC (00883) fell 4.31%, PetroChina (00857) fell 3.67%, China Oilfield (02883) fell 2.7%, and Sinopec Corp (00386) fell 2.59%. On the news front, although the geopolitical tensions in the Middle East have significantly escalated this week, concerns about the US economic recession dominate market sentiment. Investors are worried about the demand side, and crude oil prices have fallen sharply. Brent crude oil futures for December fell below the June 4th
Hong Kong stocks fluctuate | Petroleum stocks continue recent decline, US non-farm data significantly lower than expected, institutions say oil price increase is highly limited.
Petroleum stocks continued their recent decline. As of press time, CNOOC (00883) fell by 3.92% to HK$19.6; PetroChina (00857) fell by 2.35% to HK$6.65; and Sinopec (00386) fell by 1.6% to HK$4.93.
Concerns about demand have become the main market tone. Brent crude oil fell to a six-month low at one point, while US oil fell more than 4% during trading hours.
Despite the significant escalation of geopolitical tensions in the Middle East this week, which once briefly pushed up crude oil prices, the concern about economic recession has become the main market sentiment, and investors are worried about the demand for crude oil. Oil prices fell sharply on Friday, falling for four consecutive weeks, marking the longest decline since December last year.
Oil Rises on Middle East Tensions But Demand Concerns Linger
Poor prospects for supply and demand expectations led to a drop in oil prices to a two-month low.
Crude oil product showed a trend of first suppression and then rise overall this week (7.25-7.31).
Oil: Recent Price Action Is Associated With Global Macro Flows – TDS
Hong Kong stocks change | China oilfield services (02883) rose more than 4%, leading the petroleum sector. The Middle East situation still has uncertainty and institutions are bullish on maintaining high oil prices.
Petroleum stocks rebounded today. As of press time, China Oilfield Services (00283) rose 4.73% to HKD 6.86; Sinopec (00386) rose 3.51% to HKD 5.01; CNOOC (00883) rose 2.66% to HKD 20.45; PetroChina (00857) rose 2.09% to HKD 6.83.
Oil Rises After Industry Report Shows Another US Stockpile Draw
The Biden administration is seeking additional funds to bolster the petroleum reserves. The energy department only has 1.2 billion US dollars left in its account to purchase crude oil products.
The US Department of Energy has been slowly replenishing its global strategy petroleum reserves, which have decreased to an unprecedented low since the Russia-Ukraine conflict, reaching the lowest level in forty years.
The decline in international oil prices dragged down the stock performance of the 'Big Three' oil companies. PetroChina (00857) fell 3.91%.
Jingu finance news | International oil prices fell, dragging down the performance of the three major oil companies. PetroChina (00857) fell 3.91%, CNOOC (00883) fell 3.69%, and Sinopec (00386) fell 1.62%. The market ignored the escalation of geopolitical tensions in the Middle East, and international oil prices fell to their lowest level since early June. The price of light crude oil futures for delivery in September on the New York Mercantile Exchange closed at $75.81 per barrel, down 1.75%; Brent crude oil futures for delivery in September closed at $79.78 per barrel, down 1.66%.
Hong Kong stock market anomaly | PetroChina (00857) fell more than 3%, leading the decline of petroleum stocks. Macroeconomic sentiment disturbed oil prices, and international oil prices continued to weaken.
Petroleum stocks across the board fell. As of press time, PetroChina (00857) fell 3.18%, reporting 6.69 Hong Kong dollars; CNOOC (00883) fell 3.01%, reporting 19.98 Hong Kong dollars; and Sinopec (00386) fell 2.23%, reporting 4.82 Hong Kong dollars.
HK stocks' unusual movement: China Oilfield Services (02883) rose more than 3%, leading the way for petroleum stocks. The escalation of the Middle East situation stimulated the rise of international oil prices.
Most petroleum stocks are up. As of press time, China Oilfield Services (02883) rose 3.3% to HKD 6.89; CNOOC Limited (00883) rose 2.76% to HKD 20.45; Sinopec Shanghai Petrochemical (00338) rose 0.95% to HKD 1.06.
Wall Street determines: Trump's bearish on oil prices.
Goldman Sachs and Citigroup both believe that Trump's tariff policy may bearish for oil prices. Goldman Sachs said that if tariffs severely affect the global economy, oil prices may fall by $11 to $19 per barrel next year.
Analysis
Price Target
No Data
