Movement Alert｜CNOOC Falls 3.06% in Regular Trading, US-Iran Ceasefire Mediation and Institutional Profit-Taking Trigger Oil Sector Pullback

Market Focus07-24

On July 24, CNOOC declined 3.06% in regular trading, trading at 23.52 HKD/share, with turnover of 20.67 billion HKD. The broader oil and gas sector weakened in tandem, with CHK Oil down 14.83% and United Energy Group down 3.9%.

On the news front, the US-Iran conflict mediator has proposed a 10-day ceasefire plan, and Iran's foreign ministry confirmed receipt of the proposal. Both sides are set to negotiate long-term arrangements for the Strait of Hormuz, prompting markets to unwind the geopolitical risk premium accumulated during the prior escalation period. Earlier this month, oil prices had surged over 25% as the conflict intensified, with Brent crude breaching 87 USD/barrel.

Institutions noted that current price levels warrant caution given potential reversals in news flow, recommending partial profit-taking on long positions built during the rally. Looking further ahead, analysts suggest that Gulf production capacity recovery combined with coordinated OPEC+ output increases could push crude prices back lower, removing a key support for oil equities.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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