Petroleum stocks declined today. As of press release, CNOOC (02883) fell 5.54% to HK$8.69; CNOOC (00883) fell 1.42% to HK$19.38; Sinopec (00386) fell 1.35% to HK$5.11; and CNPC (00857) fell 0.52% to HK$7.68.
The Zhitong Finance App learned that petroleum stocks declined today. As of press release, CNOOC (02883) fell 5.54% to HK$8.69; CNOOC (00883) fell 1.42% to HK$19.38; Sinopec (00386) fell 1.35% to HK$5.11; and CNPC (00857) fell 0.52% to HK$7.68.
According to the news, the International Energy Agency (IEA) recently lowered its forecast for oil demand growth in 2024, further widening the agency's differences of opinion with the Organization of Petroleum Exporting Countries OPEC (OPEC) on the outlook for global oil demand this year. As for global oil demand in 2025, the IEA expects a daily increase of 1.2 million barrels. In contrast, the OPEC organization expects oil demand to grow by 1.85 million b/d next year.
China Merchants Futures pointed out that there are many potential benefits on the crude oil supply side, and the potential impact is greater. In the context of low inventories, the supply side provides strong support for oil prices. Demand-side expectations are weak, but actual demand may not be too bad. In the short term, the focus is on whether the peak gasoline consumption season in June-August and the peak refinery season can be achieved.