Even the rain does not know the spring to go, a clear to know the deep summer. Since May, OPEC + oil producing countries have started to reduce production, and crude oil exports in the Middle East have risen in price. Many factors have pushed international crude oil prices to $40 / barrel. On June 8, domestic energy chemical futures and stocks soared. Analysts pointed out that oil and gas assets are expected to remain strong against the backdrop of many favorable factors supporting the rebound in oil prices.
After OPEC + oil producing countries cut production and raised prices, international oil prices continued to rise in the near future. After NYMEX crude oil futures set a record one month increase in May, the oil price has not stopped rising since June, and the record production reduction news is boosting the oil price to keep rising.
By the time of press release on June 8, the main contract of NYMEX crude oil futures had broken through $40 / barrel, reaching a maximum of $40.89/barrel, a new high since the beginning of March. Domestic crude oil futures rose in response, with a peak of 297.7 yuan / barrel in the main contract of 2007, a new high since April 14; and a peak of 1795 yuan / ton in the main contract of 2009, a new high since April 13.
In terms of A-share, the oil and petrochemical sector led the way. According to wind data, by the end of August 8, CITIC’s first-class petroleum and petrochemical index rose 1.6%, ranking the second in the industry. Within the sector, COSL rose 7.26%, Haiyue energy rose 5.63%, and satellite petrochemical and hi tech Petrochemical rose more than 4%.
As crude oil soared, the market re ignited expectations for the cyclical return of related targets.
On the subject matter of futures, Dong Dandan, an analyst with chaos Tiancheng futures, believes that as of last week, crude oil prices rose for the sixth consecutive week driven by two reasons: first, the production reduction alliance discussed the continuation of deep production reduction, and second, the expectation of economic recovery brought by the improvement of US employment data. Other fundamentals are also positive, such as the U.S. production dropped 14.5% from its peak and the number of wells drilled reached a record low for the fourth consecutive week. In addition, the global crude oil market is gradually opening in June.