GO
| HSI1 | 24,175.12 | +144.94 | 339.59B |
| HSCEI1 | 8,039.19 | +41.90 | 95.13B |
| Back Zoom + Zoom - Block Traded | |
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2026-07-09 12:09:17 China has become an important swing factor in global oil consumption, BofA Securities published a report stating. Customs data showed that China's crude oil imports in May dropped 29% YoY to 7.8 million bpd. As shipping traffic through the Strait of Hormuz gradually normalizes, China is anticipated to gradually ramp up crude oil imports instead of rapidly returning to pre-US-Iran conflict levels, in light of ample crude oil inventories, weak domestic demand leading to low refinery utilization rates, and persistent logistics bottlenecks. The broker trimmed its 2026 crude oil demand forecast to 15 million bpd, down 5% YoY, while net import forecasts were cut to 10.6 million bpd, down 8% YoY. The broker cut PETROCHINA (00857.HK)'s earnings forecasts for FY2026/FY2027 by 8% to reflect its latest Brent crude oil price assumptions of USD77 for 2H26 and USD70 for FY2027. The TP was lowered from HKD12 to HKD11, while the Buy rating was maintained. Please refer to another table for the broker's target prices on energy stocks. ~ AASTOCKS Financial News Website: www.aastocks.com | |