Oil prices have slight ripples and "petrochemical two heroes" trend differentiation
Stimulated by the news of the price reduction of refined oil, the trends of the two major oil giants showed obvious differentiation yesterday. PetroChina fell 0.72 percentage points, while Sinopec rose 0.14 percentage points. Analysts pointed out that judging from the different oil stock trends yesterday, the market generally believes that at present, the current situation is At the point, reducing the price of refined oil is beneficial to oil processing enterprises and is not conducive to oil exploitation enterprises.
The trends of the oil giants differentiate
After experiencing deep adjustments in the first two trading days, the Shanghai and Shenzhen stock markets experienced a narrow fluctuation yesterday. Among them, the Shanghai Composite Index rose slightly by 0.07 percentage points and closed at 2410.23 points; while the Shenzhen Component Index fell by 0.16 percentage points and closed at 0.16 percentage points and closed at 0.07 percentage points. At 10277.62 points. However, the tree wants to be quiet but the wind does not stop the narrow fluctuation of the market. Stimulated by the news of the price reduction of refined oil, oil mining stocks and oil processing stocks have quietly differentiated. Looking at the oil mining stocks represented by PetroChina showed a downward trend, with PetroChina falling 0.72 percentage points yesterday and closing at 9.66 yuan. Petrochemical stocks represented by Sinopec generally showed an upward trend. Among them, Sinopec rose 0.14 percentage points yesterday. It closed at 7.12 yuan. In addition, Satellite Petrochemical, the petrochemical sector, hit the daily limit in the afternoon, closing at 49.43 yuan, making it the only stock in oil stocks with a daily limit.
The same is true for the rise and fall from the beginning of the year to the present. From the perspective of Shenwan Level 2 industry, the rise and fall from the beginning of the year to the present is 14.79 percentage, the extraction service sub-industry rose by 18.49 percentage, while the Shanghai Composite Index rose by 9.58 percentage in the same period. Percentage, it can be seen that the two have significantly outperformed the market. In contrast, the oil mining sub-industry has fallen by 0.82 percentage against the market this year, significantly underperforming the market.
Market logic is subject to reality
The different trends of different oil stocks yesterday are undoubtedly related to investors' different interpretations of the price reduction of refined oil. Analysts pointed out that judging from the different trends of oil stocks yesterday, the market generally believes that at the current point in time, the price reduction of refined oil is beneficial. Oil processing enterprises, which are not conducive to oil exploitation enterprises.
Regarding this price cut, CICC report pointed out that this measure means that the official allows the refining and sales sectors to achieve a maximum gross profit of US$28 per barrel at a crude oil import cost of US$118 per barrel. Therefore, the market favors downstream petrochemical stocks. There is logic to follow, but the market logic is limited by two major practical factors. First, the lack of demand has made it difficult for the industry's fundamentals to support the long-term strengthening of stock prices. CICC's report pointed out that due to the slowdown in macroeconomic growth, National engineering infrastructure, mining industry, transportation and industry demand tightens, and high oil prices have also caused diesel demand to be sluggish for a long time. Since the second quarter, domestic crude oil prices have fluctuated and declined, and the procurement costs of refineries have declined, which is likely to cause local refineries to start operating rates. The rebound further leads to an imbalance in supply and demand for refined oil. Secondly, the industry's inventory reduction pressure is relatively high. CICC report believes that the current domestic gasoline and diesel inventory is 6.6 million tons and 11.9 million tons respectively, which is at a historical high level, while downstream demand is not The industry will stay in the inventory destocking stage for a long time.
