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Shell-CNOOC JV to Shut Steam Cracker in China Amid Feedstock Supply Disruptions

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CNOOC

Yinhua CSI Oil & Gas Resources ETF

China Universal CSI Oil & Gas Resources ETF

Shell

E Fund CSI Petrochemical Industry ETF

Invesco Great Wall CNI Oil&Gas ETF

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Shell-CNOOC JV to Shut Steam Cracker in China Amid Feedstock Supply Disruptions

SHEL.WI

Shell-CNOOC China joint venture to close steam cracker due to feedstock disruption, sources say

Shell PLC

Shell-CNOOC China joint venture to close steam cracker due to feedstock disruption, sources say

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Morgan Stanley has raised its forecast for Brent crude oil prices in 2026 to USD 72.5 per barrel and has upgraded the target prices for the "three oil giants," all recommending "overweight." The target price for PetroChina H shares has been increased from HKD 10.25 to HKD 13.25, Sinopec H shares from HKD 6.4 to HKD 6.98, and CNOOC H shares from HKD 17.6 to HKD 28.9. The firm is optimistic about the strategic value and profitability sustainability of PetroChina due to energy security and believes that Sinopec's profit outlook is positive

AASTOCKS

Sinopec Corp.

SINOPEC CORP

PETROCHINA

SINOPEC SSC

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Morgan Stanley raised its Brent crude oil forecast for this year to USD 72.5 per barrel and upgraded the target prices for the "three oil giants," urging to "overweight."

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Hong Kong stocks closed mixed: the Hang Seng Index rose 0.28% to 25,321.34, the Tech Index fell 0.69% to 4,796.33, and the National Enterprises Index fell 0.38% to 8,451.43. The technology internet and energy sectors weakened, with Alibaba down 2.77% and Tencent down 0.79%, dragging the market; the top trading volumes were Alibaba at HKD 1,811,139.75 thousand, Tencent at HKD 1,216,376.63 thousand, and China National Offshore Oil Corporation at HKD 589,461.73 thousand, with overall sentiment being neutral to cautious

- On March 5, 2026, the three major indices showed mixed results, with a cautious market sentiment and short-term focus on overcoming earlier highs. 
- The Hang Seng Index closed up by 0.28% at 25,321.34 points, while the Hang Seng Tech Index fell by 0.69% to 4,796.33 points, reflecting a pullback from previous highs. 
- Key sectors like oil and gas faced pressure, and major stocks such as Alibaba and Tencent experienced declines, emphasizing an increase in cautious market behavior.

Market Heartbeat

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Hong Kong Stock Market Closing | Hang Seng Index rose 0.28%, Tech Index fell 0.69%, AIA Group rose 5.06%

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China sets crude annual output target at 200 mln tons for next five years

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China sets crude annual output target at 200 mln tons for next five years

China's government has instructed its largest oil refiners to halt diesel and petrol exports due to disruptions in crude supply from the Persian Gulf amid escalating conflict. The National Development and Reform Commission (NDRC) met with refinery executives to request a temporary suspension of refined product shipments, effective immediately. Exceptions were made for jet and bunker fuel for bonded storage and supplies to Hong Kong and Macau. This move reflects China's prioritization of domestic needs as the crisis in the Middle East intensifies, impacting regional fuel supplies.

Businesstimes News

China tells top refiners to halt diesel and petrol exports

As of noon, the Hang Seng Index reported 25,459.66 points, up 0.83%; the Hang Seng Tech Index reported 4,829.29 points, basically flat; the National Enterprises Index reported 8,503.16 points, up 0.23%. The sectors showed divergence, with internet content and information rising, Tencent up 0.49%, Baidu up 1.30%, and Kuaishou up 0.84%; oil and gas exploration and production fell, with China National Offshore Oil down 1.40%; retailers weakened, with Alibaba down 1.15% and JD.com down 0.71%. Funds focused on internet leaders and earnings report events, while oil and gas faced downward pressure

- As of March 5, Hong Kong's major indices showed mixed performance, with the Hang Seng Index at 25,459.66, up 0.83%, indicating continued volatility.  
- Retail stocks fell amid concerns over company events and financial reporting, with Alibaba down 1.15% and JD.com down 0.71%, while the internet sector rallied, led by Tencent and Baidu.  
- Macro factors include Fed policies affecting local liquidity and market valuation, with a focus on tech performance and fluctuating local currencies impacting investor sentiment.

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Hong Kong Stock Midday Review | Hang Seng Index up 0.83%, tech stocks strengthen while oil and gas weaken

UBS has raised its average price forecast for Brent crude oil in 2026 to $72, and based on this, has upgraded the earnings forecasts and target prices for PetroChina and CNOOC. The target price for PetroChina's H shares has been raised by 10% to HKD 12.6, while the target price for CNOOC's H shares has increased by 12% to HKD 33.6. The bank has also raised its natural gas price forecasts and maintains CNOOC's H shares and PetroChina's H shares as industry favorites, with all related stocks rated as "Buy."

UBS raises the average price of Brent crude oil to USD 72 this year, upgrading the target prices for PetroChina and CNOOC

CNOOC increased shareholdings in co's A-shares by 705,500 shares for RMB30 mln from Oct 9 to Mar 4

CNOOC increased shareholdings in co's A-shares by 705,500 shares for RMB30 mln from Oct 9 to Mar 4

CNOOC's Actual Controller Boosts Shareholding

CNOOC's Actual Controller Boosts Shareholding

CNOOC Group has increased its stake in CNOOC Limited to approximately 62.14% through purchases of A shares in Shanghai and H shares via the Shanghai–Hong Kong Stock Connect. The group invested around RMB403 million and committed to maintaining its stake during the lock-up periods. Analysts rate CNOOC Limited stock as a Buy with a price target of HK$26.00. CNOOC Limited is a major oil and gas producer listed in both Shanghai and Hong Kong, with a market cap of HK$1322.4B.

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CNOOC Group Lifts Stake in CNOOC Limited to Over 62%

$CNOOC(00883.HK) has performed well these days.

CNOOC-R

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Shell-CNOOC JV to Shut Steam Cracker in China Amid Feedstock Supply Disruptions

Shell-CNOOC China joint venture to close steam cracker due to feedstock disruption, sources say

Morgan Stanley raised its Brent crude oil forecast for this year to USD 72.5 per barrel and upgraded the target prices for the "three oil giants," urging to "overweight."

Hong Kong Stock Market Closing | Hang Seng Index rose 0.28%, Tech Index fell 0.69%, AIA Group rose 5.06%

China sets crude annual output target at 200 mln tons for next five years