On June 10, CNOOC declined 3.3% in regular trading, trading at HK$25.84/share, with trading volume of HK$1.051 billion. The decline was driven by a de-escalation in Middle East geopolitical tensions that triggered a sharp retreat in crude oil prices.
On June 8, Iran announced the end of its military operations against Israel, signaling a phased easing of Middle East tensions. WTI crude oil prices subsequently dropped sharply from an intraday high near $93.50/barrel to approximately $90.93. Goldman Sachs previously estimated that $15-20 of the WTI price rally consisted of geopolitical risk premium, which rapidly dissipated once ceasefire negotiations showed positive signals.
The broader Hong Kong-listed oil and gas sector declined in tandem, with the three major Chinese oil majors collectively weakening. Within the Oil and Gas Exploration and Production sector, CNOOC-R fell 2.78%, UNITEDENERGY GP fell 3.49%, SUNSHINE OIL fell 3.64%, EPI Holdings fell 2.33%, and CHINA ENERGY fell 1.46%.
(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.)