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Oil Prices Moving Higher as Demand Grows
Oil held near its highest this month, amid risk-on sentiment in global markets that has helped push crude up recently. Demand for gasoline is also rising as we move into the summer driving season. Bloomberg's Will Kennedy reports.
Bank of America: Oil Demand on the Rocks
HK stocks surge: China Res Gas (01193) rose nearly 5%, leading the gas stock. The gradual implementation of nationwide gas price increase and the expected repair of urban gas profitability.
According to the Zhixun Finance APP, most of the gas stocks are rising. As of press time, China Resources Gas (01193) rose 4.8% to HKD 29.45; Kunlun Energy (00135) rose 3.01% to HKD 8.21; China Gas Holdings Limited (00384) rose 2.03% to HKD 7.55; ENN Energy Holdings Limited (02688) rose 1.15% to HKD 70.15. A recent research report from Soochow Securities pointed out that from 2022 to 2024M5, 52% of prefecture-level and above cities in the country have adjusted residential prices, with a price increase of 0.20 yuan per cubic meter. With the arrival of the off-season, the bank believes that there will be no further hikes.
Exploring June 2024's Top Three Dividend Stocks In Hong Kong
Petroleum stocks are generally rising. Kunlun Energy (00135) rose 3.49%. EIA predicts that global oil demand may reach a record high this year.
Petroleum stocks generally rose, with Kunlun Energy (00135) up 3.49%, CNOOC (00883) up 2.18%, PetroChina (00857), Shanghai Petrochemical (00338), and Sinopec (00386) following the trend. The Middle East's tense situation has pushed up international oil prices overnight, with NYMEX crude oil futures settling at $78.5 per barrel, up nearly 0.8%. Brent crude oil futures settled at $82.6 per barrel, up 0.8%.
Crude oil trade reminder: Middle East tensions push up oil prices, but the Federal Reserve's attack has hit bullish morale.
Oil prices rose and fell on Wednesday, supported by continued tensions in the Middle East. Earlier in the day, oil prices rose nearly 2% to a two-week high, but closed mostly higher as the Federal Reserve's two-day meeting ended with a statement indicating that interest rate may not be lowered until December.
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151467742 : $YANZHOU COAL MININ (YZCAY.US)$ Dude, which coal futures market has the most influence?