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Trending Stocks Today: A METAVERSE Soars 100%
Major bank rating | Goldman Sachs: It is expected that PetroChina and CNOOC will see a quarterly profit decline of 10% to 13% in the third quarter.
Morgan Stanley released a research report stating that oil prices are expected to drop by about $7 per barrel in the third quarter, and refinery profits of companies are also expected to decrease due to inventory losses. In addition, wholesale natural gas profits may increase quarterly due to lower import costs of natural gas. It is currently forecasted that the third-quarter profits of PetroChina and CNOOC may decline by 10% to 13% quarterly, while Sinopec may record even larger profit declines due to inventory losses. Morgan Stanley pointed out that although the weakening of crude oil prices and the appreciation of the Renminbi in the third quarter may drag down the upstream business profits of PetroChina, the expected quarterly decrease in import costs of natural gas is expected to partially offset the impact. The company is believed to still be on track as planned.
Trending Industry Today: CHINA RAILWAY Leads Losses In Belt & Road Initiative Stocks
S&P Global: Under the escalation of the Middle East situation, the global economy is facing an unprecedented 'dangerous period.'
S&P Global Vice Chairman and energy expert Daniel Yergin stated on Tuesday that due to escalating tensions in the Middle East, the global economy is entering an unprecedented "dangerous period." Yergin pointed out that he expects Israel's retaliation to be not just a replay of April, but to be "more intense."
Crude Oil Futures Pull Back After Rally -- Market Talk
Why Oil and Gas Markets Are Dreading the Risk of Supply Disruption in the Strait of Hormuz