Changes in Hong Kong stocks | Petroleum stocks continue to decline, international oil prices continue to be sluggish, and the market strengthens expectations of global oversupply next year

The Zhitong Finance App learned that petroleum stocks continued to decline. As of press release, CNPC (00857) fell 2.26% to HK$8.23; Sinopec (00386) fell 2.05% to HK$4.3; and CNOOC Services (02883) fell 0.55% to HK$7.18.

According to the news, recently, global commodity trading giant Tock Group issued a warning that as new supply from the international crude oil market hits the economic slowdown next year, there will be a “super oversupply” situation in the oil market. Analysts pointed out that since the large amount of new supply that will pour in may collide head-on with weak demand, crude oil prices, which are already low, may weaken further next year. As of December 10 intraday, Brent crude oil had fallen 17% during the year, close to the worst performance since 2020.

Furthermore, the US Energy Information Administration (EIA) recently stated that US oil production this year is expected to set a larger record than previously anticipated. The EIA raised its oil production forecast for 2025 by 20,000 barrels to an average of 13.61 million b/d, which will reach a record high. However, the agency lowered its total production forecast for 2026 by 50,000 barrels to an average of 13.53 million b/d. The EIA raised its US production forecast for this year, strengthening expectations that there will be an oversupply in the oil market.