Brent Bucks The Trend Oil & Gas Stays Hot
Brent Bucks The Trend Oil & Gas Stays Hot
The oil and gas sector continues to maintain a positive outlook, buoyed by robust upstream activities and strong demand, despite ongoing volatility in global markets. July 2024 saw a notable rise in Brent crude oil prices, alongside a dip in natural gas prices, reflecting the complex dynamics currently shaping the energy landscape.
儘管全球市場仍然波動不定，但油氣板塊由於強勁的上游活動和強勁的需求，仍然保持着積極的前景。2024年7月，隨着自然氣價格下跌，布倫特原油價格出現明顯上漲，反映了目前形塑能源格局的複雜動態。
In July 2024, Brent crude oil prices averaged USD83.01 per barrel, marking a 4.6% year-on-year increase and a 2.1% rise from the previous year's average. This upward movement was driven by several factors, including extended OPEC+ production cuts, escalating conflicts in the Middle East, a decrease in global oil inventories, and heightened summer demand.
2024年7月，布倫特原油價格平均爲83.01美元/桶，同比增長4.6%，較上年平均水平上漲2.1%。這一上漲趨勢受多種因素推動，包括延長的OPEC+產量削減、中東地區的衝突加劇、全球石油庫存的下降以及旺盛的夏季需求。
Conversely, Henry Hub natural gas prices fell by 13.2% year-on-year to USD2.22 per MMBtu, driven by oversupply, higher inventory levels, and reduced demand due to milder summer temperatures. The decline was further exacerbated by a relatively flat production rate.
相反，由於供應過剩、庫存水平較高以及夏季溫度較爲溫和導致的需求減少，Henry Hub天然氣價格同比下降13.2%，降至每百萬英熱單位2.22美元。這一下降趨勢受到原油價格相對穩定的影響。
The KL Energy Index (KLEN) continued its upward trajectory, gaining 14.9% year-on-year in July 2024, supported by strong performances in the energy sector and elevated oil prices. However, the index remains vulnerable to geopolitical risks and potential interest rate cuts in the US, which could increase market volatility. Despite these challenges, the sector is expected to benefit from ongoing developments in carbon capture and storage (CCS) and biofuel projects. These initiatives are likely to see further advancements in the near future, reflecting the industry's commitment to sustainability and innovation.
2024年7月，KL能源指數(KLEN)繼續上升，同比增長14.9%，得益於能源行業的強勁表現和高企的油價。然而，該指數仍然面臨地緣政治風險和美國潛在的利率下調等挑戰，這可能會增加市場波動性。儘管存在這些挑戰，該行業有望從碳捕集和儲存（CCS）以及生物燃料項目的持續發展中受益。這些倡議在不久的將來可能會進一步發展，反映出該行業對可持續發展和創新的承諾。
Among the companies in focus, MISC Bhd and Dialog Group Bhd stand out as strong performers. MISC Bhd, which maintains a 'Buy' rating with a target price of RM9.75, reported resilient earnings in 1QFY24, driven by robust tanker rates and long-term contractual stability. The company also shows high potential in the LCO2C shipbuild and operations for CCS.
在受關注的公司中，MISC Bhd和Dialog Group Bhd展現出強勁的表現。其中，MISC Bhd在1QFY24報告了強勁的收益，受到強勁的油輪運費和長期合同穩定的推動，目標價爲9.75令吉，仍維持着『買入』評級。該公司在碳捕集船的建造和運營方面具有較高的潛力。
Dialog Group Bhd, also rated 'Buy' with a target price of RM2.72, demonstrated a strong performance in 3QFY24, supported by its integrated operations and strategic investments in upstream assets and renewable products. The company's shareholder equity return remains strong at 10%.
Dialog Group Bhd也是強勁的表現者，在3QFY24表現出了強勁的業績，得益於其綜合運營以及在上游資產和可再生產品領域的戰略投資，目標價爲2.72令吉。該公司的股東權益回報率仍然保持在10%左右。
Positive results are anticipated for the upstream oil and gas division in 2QFY24/1HFY24, particularly for Oil and Gas Services and Equipment (OGSE) companies. Notably, Halliburton, Baker Hughes, and Schlumberger reported year-on-year earnings gains, reflecting the sector's resilience. However, major oil companies like ExxonMobil, BP, and Chevron experienced declines in 1HFY24 profits due to lower margins on refined product sales and decreased natural gas realisations. Despite these setbacks, upstream operations remained strong, underpinned by higher crude sales and production.
預計2024年第二季度/上半年，上游石油和天然氣部門將表現出積極的狀態，特別是石油和天然氣服務設備(OGSE)公司。值得注意的是，哈里伯頓、Baker Hughes和斯倫貝謝報告的同比盈利增幅，反映出該行業的韌性。但是，埃克森美孚、英國石油和雪佛龍等主要石油公司在1HFY24的利潤下降，是由於精細鍊油產品銷售利潤降低和天然氣實現收入減少所導致的。儘管存在這些挫折，上游的運營仍然強勁，得益於原油銷售和產量的增長。
譯文內容由第三人軟體翻譯。