2023-09-03 23:35:22
(Original title: Sustained tightening of the supply side combined with strong demand, international oil prices hit a new high this year)
As of the close on September 1, WTI crude oil futures in New York broke through $86 a barrel, setting a new high for the year. It has risen more than 7% in the past week, its biggest weekly gain since the end of March. Russia said a few days ago that it had agreed with its OPEC+ partners to cut oil exports. Markets expect Saudi Arabia to extend supply curbs through October through voluntary output cuts of 1 million bpd. On the demand side, the U.S. Energy Information Administration’s survey showed continued strong U.S. demand for oil, with commercial crude inventories falling in five of the last six weeks.
Cinda Securities believes that whether it is traditional oil and gas resources or US shale oil, capital expenditure is the main reason for restricting crude oil production. Considering the long-term insufficient capital expenditure of global crude oil, the elasticity of crude oil supply will decrease. In the process of transition from old to new energy sources, the demand for crude oil is still growing, and the world may continue to face the problem of tight supply and demand of crude oil for many years. In the medium and long term, oil prices may continue to maintain a medium-to-high level.
Everbright Securities previously pointed out that it is expected that oil prices will remain at a medium-to-high level in the medium and long term. It is recommended to pay attention to the following targets: first, the upstream sector, PetroChina, CNOOC, Sinopec, ENN, Zhongman Petroleum; second, the oil service sector, COSL, COOEC, CNOOC Development, Petrochemical Oil Service, BOMEC; third, private large refining and chemical sector, Hengli Petrochemical, Rongsheng Petrochemical, Dongfang Shenghong, Hengyi Petrochemical, Tongkun; fourth, light hydrocarbons In the pyrolysis sector, Satellite Chemical and Donghua Energy; fifth, coal-to-olefins, Baofeng Energy; sixth, the three major chemical companies Baima, Wanhua Chemical, Hualu Hengsheng and Yangnong Chemical.
This article comes from: Financial circles
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