Petroleum stocks rebounded today. As of press time, Sinopec (00386) rose 3.55% to HKD 4.96; Kunlun Energy (00135) rose 2.85% to HKD 8.3; CNOOC (00883) rose 1.72% to HKD 20.7.
According to the Wise News app, petroleum stocks rebounded today. As of press time, Sinopec (00386) rose 3.55% to HKD 4.96; Kunlun Energy (00135) rose 2.85% to HKD 8.3; CNOOC (00883) rose 1.72% to HKD 20.7; PetroChina (00857) rose 0.43% to HKD 7.07.
On the news front, according to API, crude oil inventories fell by 3.857 million barrels in the week ending July 19 in the USA, with an expected decline of 2.484 million barrels. The API reported that inventories of crude oil from Cushing fell by 1.575 million barrels, compared to a decline of 0.746 million barrels in the previous week. Xingzheng Futures pointed out that due to weak demand for refined oil products last week and the easing of the situation in the Middle East, oil prices weakened. However, last night's unexpected reduction in crude oil inventories from API showed some improvement. In the third quarter, considering that OPEC+ still has room to reduce production, the fundamental of crude oil is not pessimistic, and there is still support for tight supply from below.
Everbright Securities stated that the tense geopolitical situation in the Middle East and the trend of tightening supply and demand for crude oil under OPEC+ may lead to bullish oil prices. The 'Big Three' oil companies have demonstrated strong performance resilience during periods of oil price fluctuations, and their profit centers are expected to continue to rise. Global upstream capital spending is expected to continue to rebound, and the oil service market is expected to maintain prosperity. The oil service subsidiaries under the 'Big Three' oil companies are expected to benefit fully.