Chinese Oil Majors' Price Correction Creates Opportunity -- Market Talk

Dow Jones

2024/09/17

0353 GMT - Chinese oil majors led the share-price pullback in most oil-and-gas plays, but this creates an upside for investors of these stocks, DBS Group Research writes in a report. DBS sees value emerging for PetroChina, upgrading the stock to buy from hold, though it cuts the target price to HK$6.90 from HK$7.60 after trimming earnings forecasts for the energy company to account for lower crude prices. However, oil could stage a technical rebound in the near term given the markets' bearishness, "with paper markets in Brent crude being 'net short' for the first time in history," the research team says. DBS lowers its oil-price outlook through 2025, as demand concerns in China continue and the OPEC+ supply increase is ahead. (kimberley.kao@wsj.com)

(END) Dow Jones Newswires

September 16, 2024 23:53 ET (03:53 GMT)

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DBS sees value emerging for PetroChina, upgrading the stock to buy from hold, though it cuts the target price to HK$6.90 from HK$7.60 after trimming earnings forecasts for the energy company to account for lower crude prices. However, oil could stage a technical rebound in the near term given the markets' bearishness, \"with paper markets in Brent crude being 'net short' for the first time in history,\" the research team says. DBS lowers its oil-price outlook through 2025, as demand concerns in China continue and the OPEC+ supply increase is ahead. (kimberley.kao@wsj.com) \n</p>\n<pre>\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  September 16, 2024 23:53 ET (03:53 GMT)\n</p>\n<p>\n  Copyright (c) 2024 Dow Jones &amp; Company, Inc.\n</p>\n</font>","source":null,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Chinese Oil Majors' Price Correction Creates Opportunity -- Market Talk</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nChinese Oil Majors' Price Correction Creates Opportunity -- Market Talk\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2024-09-17 11:53</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<font class=\"NormalMinus1\" face=\"Arial\">\n<p>\n     0353 GMT - Chinese oil majors led the share-price pullback in most oil-and-gas plays, but this creates an upside for investors of these stocks, DBS Group Research writes in a report. DBS sees value emerging for PetroChina, upgrading the stock to buy from hold, though it cuts the target price to HK$6.90 from HK$7.60 after trimming earnings forecasts for the energy company to account for lower crude prices. However, oil could stage a technical rebound in the near term given the markets' bearishness, \"with paper markets in Brent crude being 'net short' for the first time in history,\" the research team says. DBS lowers its oil-price outlook through 2025, as demand concerns in China continue and the OPEC+ supply increase is ahead. (kimberley.kao@wsj.com) \n</p>\n<pre>\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  September 16, 2024 23:53 ET (03:53 GMT)\n</p>\n<p>\n  Copyright (c) 2024 Dow Jones &amp; Company, Inc.\n</p>\n</font>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU0831103253.SGD","symbol_name":"JPMorgan Funds - Asia Pacific Income A (mth) SGD","start_time":0,"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","article_id":"2468077268","we_media_id":"106","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2468077268","pubTimestamp":1726545180,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"Dow Jones","introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"summary":"0353 GMT - Chinese oil majors led the share-price pullback in most oil-and-gas plays, but this creates an upside for investors of these stocks, DBS Group Research writes in a report. DBS sees value emerging for PetroChina, upgrading the stock to buy from hold, though it cuts the target price to HK$6.90 from HK$7.60 after trimming earnings forecasts for the energy company to account for lower crude prices. However, oil could stage a technical rebound in the near term given the markets' bearishness, \"with paper markets in Brent crude being 'net short' for the first time in history,\" the research team says. DBS lowers its oil-price outlook through 2025, as demand concerns in China continue and the OPEC+ supply increase is ahead. 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DBS sees value emerging for PetroChina, upgrading the stock to buy from hold, though it cuts the target price to HK$6.90 from HK$7.60 after trimming earnings forecasts for the energy company to account for lower crude prices. However, oil could stage a technical rebound in the near term given the markets' bearishness, \"with paper markets in Brent crude being 'net short' for the first time in history,\" the research team says. DBS lowers its oil-price outlook through 2025, as demand concerns in China continue and the OPEC+ supply increase is ahead. (kimberley.kao@wsj.com) \n\n\n \n\n\n  (END) Dow Jones Newswires\n\n\n  September 16, 2024 23:53 ET (03:53 GMT)\n\n\n  Copyright (c) 2024 Dow Jones & Company, Inc.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":true,"code":"91000000","status":"200"}}}