Hang Seng Index Company: The Hang Seng Stock Connect State-Owned Enterprise Value Index has risen by more than 26% since the beginning of the year, significantly outperforming the market.
Heng Seng Index Company stated that state-owned enterprises have significantly outperformed in the Hong Kong stock market in recent years.
OPEC Monthly Report: Oil supply shortages may occur in the coming months as countries such as Russia have not yet fulfilled their production cuts.
On Wednesday, according to the latest monthly report from OPEC, although Russia significantly reduced its crude oil production in June, the three main OPEC+ members, Russia, Iraq, and Kazakhstan, still supply tens of thousands of barrels per day more than their quotas set earlier this year.
Crude Oil Regains Some Track – TDS
Crude oil's resilience has seen Commodity Trading Advisors (CTAs) add back their notable length in WTI. The impact to oil supply from hurricane Beryl was less than expected, TDS analysts note.
OPEC Holds Oil-Demand View Steady, Expects Faster Economic Growth -- Update
The Organization of the Petroleum Exporting Countries kept its bullish outlook for oil-demand growth unchanged and raised its economic-growth forecast for this year, citing solid momentum across major economies.
Crude Oil Prices Ease as Investors Digest Fed Chair Remarks, ANZ Bank Says
Crude oil prices ended the previous session lower and saw some volatility as investors considered Federal Reserve Chair Jerome Powell's semiannual monetary policy report, which said the U.S. is "no
Hong Kong stocks are turbulent | Petroleum stocks' afternoon decline expanded. Concerns about supply tensions eased, and international oil prices continued to fall.
Petroleum stocks fell in the afternoon. As of press time, Kunlun Energy (00135) fell 3.29% to HKD 8.52; Sinopec (00386) fell 3.17% to HKD 4.88; PetroChina (00857) fell 3.15% to HKD 7.98; CNOOC (00883) fell 2.4% to HKD 22.4.
Petroleum stocks fell generally, Kunlun Energy (00135) fell by 2.61%. Concerns about tight supplies have eased and international oil prices have fallen.
Jingu Finance | Petroleum stocks fell across the board. As of the time of publication, Kunlun Energy (00135) fell 2.61%, PetroChina (00857) fell 2.06%, Sinopec Corp (00386) fell 1.59%, and Sino Oil & Gas (00702) and CNOOC (00883) followed suit. On the news front, Hurricane Belier did not cause significant damage to crude oil production and refining infrastructure along the Gulf of Mexico, easing market concerns about supply shortages and causing international oil prices to fall. Overnight, NYMEX crude oil futures closed at $81.41 per barrel, down 92 cents, or 1.1%, while Brent in London...
Supply Risk Drives Oil Market Upside – TDS
Oil market upside is driven by supply side risk. Meanwhile, the impact to oil supply from hurricane Beryl was less than expected, adding further downward pressure to the market, TDS Senior Commodity Strategist Ryan McKay notes.
First Shanghai: first initiated a "buy" rating for PetroChina with a target price of HKD 10.06.
First Shanghai released a research report stating that it gives a buy rating to PetroChina (00857) and a target price of HKD 10.06. It is predicted that PetroChina's net profit will increase by 7% to 9% year-on-year from this year to 2026, corresponding to earnings per share of RMB 0.95 to 1.09. The bank expects moderate recovery in global oil demand, relative tightness in overall supply and demand, and oil prices are expected to continue to maintain a high range. It is expected that the company's oil and gas and new energy sector revenue will maintain a growth of over 2% from this year to 2026, while the refining sector's operating income will remain high. The bank also pointed out that the domestic gas market benefits from gas price reform, and gas prices can be guided to the end users.
Boosted by significant price drops, Saudi Arabia's crude oil export to China is expected to rise for the first time in four months in August.
Saudi Arabia's crude oil exports to China in August will rebound to at least 44 million barrels.
GTJA Securities: Crude oil prices continue to trade in line with seasonal expectations.
Last week, crude oil prices continued to remain strong and broke through previous resistance levels. In terms of demand, according to the EIA report, the demand for refined products improved marginally month-on-month and crude oil inventory reduction was better than expected.
Sinopec Corp will distribute a cash dividend of 0.2 yuan per A share on July 16th.
Sinopec Corp (00386) announced that it will distribute a cash dividend of RMB 0.2 per share (including tax) for A shares on July 16, 2024.
Crude Oil Declines on Monday, WTI Faces Familiar Technical Levels as Tropical Storm Fears Ease
Crude Oil Declines on Monday, WTI Faces Familiar Technical Levels as Tropical Storm Fears Ease
Sinopec Corp (00386) will distribute a cash dividend of 0.2 yuan per share for its A-shares on July 16th.
Sinopec Corp (00386) announced that the company will distribute A shares at a rate of per share on July 16, 2024...
Brokerage Focus: First Shanghai initiates a buy rating for PetroChina (00857) with a target price of HKD 10.06.
First Shanghai's research report states that PetroChina (00857), as an oil & gas company with integrated operation in the upstream exploration, development, storage and transportation, midstream refining and chemical, downstream sales, has strong risk resistance. At the same time, as the oil company with the largest reserves in China, the company has excellent resource endowment. The policy background of increasing reserves and production highlights the company's full industry chain advantages, and the income level of midstream and downstream business is expected to be significantly improved. The bank believes that the oil and gas mining sector revenue of the company is highly positively correlated with international oil prices, and upstream oil and gas resource business will operate at high oil prices.
Global commodity inventory is in a state of emergency: inventory days of available commodities outside of China experienced the largest month-on-month decline in 31 months.
JPMorgan said that the main reason for this decline was due to the decrease in crude oil and refined product inventories. The global available days of oil and refined products in June decreased sharply by 2.5 days, the largest monthly decline in four years.
Credit Suisse maintains a "shareholding" rating for China Petroleum & Chemical Corporation (00386) and raises the target price to HKD 5.73.
According to Daiwa Securities, there is still room for a revaluation of China Petroleum & Chemical Corporation (00386) in terms of valuation.
Optimistic prospects for interest rate cuts have led to a general increase in major overseas asset classes such as US stocks, gold, silver, and crude oil. Weekly report on major overseas assets.
After the release of non-farm data for the week of July 1-5, the US stock and bond markets rose and the US dollar came under pressure. Upon realizing the 'data detail' that the data in the first two months before non-farm was cut by 0.11 million, US bonds sharply rebounded and the yield curve became steeper.
U.S. Oil Growth Is Slowing. What's Next for Prices. -- Barrons.com
Growing U.S. oil production has played an enormous role in the energy market since the pandemic.
Market concerns are being triggered by the poor implementation of production cuts. OPEC+ urges member countries to make up for quota cheating.
In the effort to support the global oil market, OPEC+ is pushing member countries to make up for cheating on supply quotas. However, there is little indication that they are changing.
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