On September 16, the spot commodity market saw significant price movements, with crude oil leading the daily gainers. The spot price of crude oil climbed 4.38% in a single trading day, rising from $101.39 per barrel the previous day to a latest price of $105.83 per barrel.

Looking at the broader trend, crude oil spot prices have surged 13.76% over the past week and an impressive 28.43% over the past month, according to data as of September 16, 2026. This rapid acceleration has drawn attention to oil and gas companies that stand to benefit from the rising price environment.

Key Drivers Behind the Crude Oil Rally

Several factors have converged to push crude oil prices sharply higher. First, supply disruption concerns have intensified following the shutdown of Saudi Arabia's East-West pipeline, which has led to the cancellation of some delivery commitments to Europe, fueling expectations of tighter supply.

Second, geopolitical tensions have escalated as Houthi militants attacked targets in Saudi Arabia and threatened shipping routes in the Red Sea and the Bab el-Mandeb Strait, adding a significant risk premium to market prices.

Third, regional supply disruptions in Libya, where several oil fields and pumping stations have suspended operations, have further reinforced expectations of a crude shortage.

Fourth, speculative capital has amplified the upward momentum as oil prices broke through key technical levels, attracting momentum traders and magnifying the rally.

Affected Stocks and Core Business Highlights

Among the companies poised to benefit from higher crude prices, Cnooc Limited stands out as China's largest offshore crude oil and natural gas producer and a globally leading independent oil and gas exploration and production company. The stock currently trades at a price-to-earnings ratio of 9.2 with a market capitalization of 1.03 trillion yuan.

Petrochina Company Limited, China's largest and globally leading oil and gas producer and seller, is another key beneficiary with a P/E ratio of 9.5 and a market cap of 1.93 trillion yuan.

China Petroleum & Chemical Corporation, operating as Sinopec, is China's largest supplier of refined oil products and petrochemicals. As the world's largest oil refiner and second-largest chemical company, it also operates the second-largest gas station network globally, with a P/E of 12.3 and market cap of 600 billion yuan.

Other notable names include Xinchao Energy, which holds two high-value oilfield assets in the United States, with a P/E of 41.9 and market cap of 27.6 billion yuan. Zhongman Petroleum, China's first private oil company to pass national reserve addition filing, has built a complete industry chain from equipment manufacturing to exploration and development, trading at a P/E of 51.7 with a market cap of 10.2 billion yuan.

Runner-Up: PET Resin Prices Jump 4.25%

Following crude oil, PET resin spot prices rose 4.25% on September 16, increasing from 8,662.08 yuan per ton to a latest price of 9,030.42 yuan per ton. The material's price trend shows gains of 8.90% over the past week and 19.10% over the past month.

The rally in PET resin, a material positioned between petrochemicals and packaging, is driven by multiple factors. Rising crude oil and xylene prices have pushed up production costs for raw materials like PTA and MEG. Supply tightening has emerged as Middle East turmoil disrupts petrochemical feedstock supplies and shipping routes. Strong demand from the beverage and food packaging sectors continues to support market activity, while gains in polyester-related futures have boosted spot market sentiment. Additionally, Brazil's anti-dumping duties on certain imported PET resins have altered regional supply flows and expectations.

Company Spotlight in PET Sector

China National Electric Apparatus Research Institute, with a P/E of 16.6 and market cap of 7.8 billion yuan, is highlighted in this sector for its long-term research into environmental adaptability of electrical products.

It is important to note that rising commodity prices do not necessarily translate into synchronized gains for related stocks, as individual share prices are also influenced by company performance, policy changes, and overall market sentiment. This content is compiled by AI for reference purposes only and should not be construed as investment advice.