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Hong Kong Stock Anomalies | Oil Stocks Continue to Decline, WTI and Brent Crude Prices Fall, JPMorgan Points Out International Oil Prices Fail to Reflect Middle East Supply Disruption
Bloomberg News APP has learned that oil stocks continue to decline. As of the latest report, CNOOC (00883) fell 3.54% to HKD 27.78; PetroChina (00857) dropped 2.36% to HKD 10.33; Sinopec (00386) decreased 1.05% to HKD 4.73.
On the news front, on Wednesday, WTI crude oil futures fell by 2% to $93.62 per barrel. However, S&P Global Platts reported that the Dubai crude oil spot assessment for May loading reached a record $157.66 per barrel on Tuesday, surpassing the 2008 Brent crude futures high of $147.50. Meanwhile, Oman crude futures hit a new high of $152.58 per barrel on Tuesday.
JPMorgan Chase believes there is a clear disconnect between the international benchmark crude prices and the Middle Eastern supply disruptions. The core issue is that Brent and WTI are benchmark indicators at both ends of the Atlantic basin, while current shocks are concentrated in the Middle East. In this context, the apparent price stability of Brent and WTI should not be seen as evidence of ample global supply. Instead, it reflects temporary buffers created by regional inventory surpluses, benchmark composition, and policy interventions.