Changes in Hong Kong stocks | Petroleum stocks continue to fall recently, multiple negative effects hit international oil prices, oil stocks focus on forward crude oil supply and demand expectations

The Zhitong Finance App learned that petroleum stocks continued their recent decline. As of press release, CNOOC Oilfield Services (02883) fell 3.18% to HK$7.61; China Petrochemical (00386) fell 2.50% to HK$4.49; CNPC (00857) fell 2.40% to HK$9.555; and CNOOC (00883) fell 1.89% to HK$23.9.

According to the news, EIA data shows that US crude oil inventories fell by 640,000 barrels last week, the previous value decreased by 391,000 barrels, and the median estimate was a decrease of 1.5 million barrels. Furthermore, the Federal Reserve voted to raise the federal funds rate target range by 25 basis points to 3.75%-4.00%, the first rate hike since July 2023. Furthermore, Saudi Aramco is working to bypass the damaged section of its oil pipeline and plans to restore about half of its capacity within a few days. Multiple downsides hit international oil prices. On Thursday, the main WTI crude oil futures contract fell more than 1% during the day, and Brent crude fell below 105 US dollars/barrel.

It is worth noting that although the price of crude oil has reached a high level of 100 US dollars, the oil sector has been falling continuously in recent trading days. The sensitivity of stock prices to rising oil prices has decreased, and the increase accumulated in the previous period is under pressure to take back profits. Analysts pointed out that the core of petroleum stock pricing is a discount on future cash flow. Currently, there has been no panic rise in forward oil prices. The market has avoided excessive pricing of the tight supply and demand situation of forward crude oil, which has put pressure on petroleum stocks recently.