On July 30, CNOOC rose 3.06% in regular trading, trading at 24.18 HKD/share, with turnover of 538 million HKD.

On the news front, international oil prices have continued to strengthen, with Red Sea tanker attack incidents pushing up geopolitical risk premiums and Brent crude approaching the $100/barrel mark. Concurrently, global crude and refined product inventories remain severely depleted, with the IEA warning of gasoline and diesel shortage risks as the peak consumption season arrives. These supply-side pressures have broadly lifted the oil sector.

Earlier this week, the stock briefly came under pressure after Macquarie flagged that CNOOC's first-half earnings may fall below market expectations, citing a widening discount between its realized oil price and Brent futures — estimated at $9.6/barrel in Q2 versus $5.5 in Q1, driven by weak China demand and an unusually large spot-futures spread. However, the sustained strength in oil prices has offset these concerns, with the stock accumulating over 18% gains month-to-date.

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