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zheshang Securities: Some terms of the OPEC+ meeting fell short of expectations, but still bullish on crude oil prices in the medium term.
With supply contraction and peak season demand, the expectation of a US interest rate cut has strengthened, and the crude oil product price is bullish in the medium term.
HK stocks fluctuate | CNOOC (00883) fell more than 3%, leading the decline in petroleum stocks. OPEC's production reduction measures did not meet market expectations, and crude oil fell more than 3%.
According to the Zhitong Financial APP, petroleum stocks collectively fell, as of press time, China Oil (00883) fell 3.09%, to HK$20.4; PetroChina (00857) fell 2.49%, to HK$7.84; Sinopec (00386) fell 2%, to HK$4.91; and China Oilfield Services (02883) fell 1.6%, to HK$8.02. In terms of news, on Sunday, OPEC+ agreed to extend voluntary production cuts until 2025, with Energy Intelligence's Amena Bakr pointing out that the voluntary production cuts will be extended until the third quarter of 2024.
[Broker Focus] CITIC Securities indicates that supply disturbances are the dominant logic of investment in the resource sector in the first half of 2024
Jinwu Financial News | CITIC Securities said that supply disturbances were the dominant logic of investment in the resource sector in the first half of 2024. In particular, copper prices showed the most prominent performance, which reached a record high. Under long-term supply constraints, it is expected that the prices of crude oil, copper, tin, etc. will continue to operate at a high level, and phased supply shortages or increased disturbances are expected to drive up the prices of products such as phosphate ore and manganese ore. In addition, commodity prices such as crude oil and copper will also benefit from the rebalancing of inflation and interest-rate cut transactions, supported by both finance and supply and demand. The bank expects the crude oil price operating range for the second half of 2024 to be 80-90 US dollars/barrel, and the copper price range is 9
Saudi Arabia plans to start resuming part of international oil supply in October in response to falling international oil prices
Oil prices extended their decline as outsiders worried about the outlook for demand and strong supply.
OPEC+ Extends Global Oil Production Cuts Into 2025 -- Barrons.com
The Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, has agreed to maintain current voluntary production cuts through next year. Their decision is expected to keep oil prices higher through the U.S. presidential election.
Sinopec Publie Des Rapports Présentant Les Perspectives De Développement De L'énergie, De L'hydrogène Et De La Chimie En Chine
RIYAD, Arabie saoudite, 30 mai 2024 /PRNewswire/ -- China Petroleum & Chemical Corporation (HKG: 0386, « Sinopec ») a publié des rapports qui mettent en lumière l'avenir du secteur pétrochimique c
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151467742 : $YANZHOU COAL MININ (YZCAY.US)$ Dude, which coal futures market has the most influence?