Hong Kong Stock Concept Tracking | International oil prices hit the largest single-day increase in nearly a year, causing fluctuations in the crude oil industry chain (with concept stocks)
International oil prices rose due to the escalating conflict in the Middle East, with WTI crude oil futures closing up 5.2%, marking the largest single-day increase in nearly a year. Oil prices have risen by 8.1% over the past three days. The IMF warns that the conflict will have a significant impact on the Middle East and the global economy, with GDP in the Gaza region expected to decline by 86%. Analysts predict that Israeli strikes on Iran could reduce oil supply by 1.5 million barrels per day. Related companies include CNOOC, CNPC, and others
Overnight, WTI crude oil futures for the near month contract rose by 5.2% to $73.71 per barrel, marking the third consecutive trading day of gains for the futures contract.
This also represents the largest single-day increase in oil prices since October 13, 2023.
Due to the escalating scope of the Middle East conflict, oil prices have risen by 8.1% over the past three trading days.
Reports suggest that U.S. President Biden appears to have confirmed that the U.S. is advising Israel to target Iran's oil facilities, driving the surge in oil futures prices.
Traders believe that there is room for further upside in crude oil futures, with Robert Yawger, head of the U.S. energy futures department at Mizuho Securities, speculating in a report that the next resistance level could be around $74.50 per barrel. Brent crude oil futures rose by 5% to $77.62 per barrel.
On the 3rd local time, the International Monetary Fund stated that the escalation of conflict in the Middle East could have a significant impact on the economies of the region and the world. It is expected that GDP in the Gaza Strip will decrease by 86% year-on-year in the first half of this year, the West Bank by 25%, and the economic situation in Israel in the first half of this year is also not optimistic.
Meanwhile, the conflict has brought huge losses to Lebanon.
The International Monetary Fund stated that the conflict in the Middle East has led to higher prices for international commodities such as oil and food, and attacks by Houthi forces on ships in the Red Sea have also led to higher shipping prices, all of which will impact the global economy.
Analysts at Citigroup stated this week that a significant blow to Israel's oil export capacity could reduce oil supply by as much as 1.5 million barrels per day. Analysts also noted that if Israel were to attack downstream assets and other small-scale infrastructure, production could be reduced by 300,000 to 450,000 barrels.
Related companies in the crude oil industry chain:
Exploration and Production: CNOOC (00883), PetroChina (00857), Sinopec (00386), Kunlun Energy (00135)
Oilfield Services and Equipment: CNOOC Oilfield Services (02883), Anton Oilfield Services (03337), Sinopec Oilfield Service (01033), Shandong Molong (00568)
Transportation: COSCO Shipping Energy (01138)