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CEO of China National Petroleum Corporation Meets with Canadian Prime Minister to Discuss Enhancing Energy Cooperation

China National Petroleum Corporation to Complete Phase II Ethylene Project and Promote Domestic Oil and Gas Exploration in 2026

Vitol and Trafigura Negotiate Venezuelan Crude Sales to India and China

Several Brokers Update Ratings and Target Prices

Daqing Oilfield Sees Record High in Natural Gas Output and Renewable Energy Generation

US Military Action After China Assesses Loan Exposure to Venezuela

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Xian Wang Investment Increases Holdings of PetroChina by 11.9 million H Shares

China National Petroleum Corporation Buys Additional Shares of China Petroleum

Sinopec New Oil New Energy Co., Ltd. Officially Established with Registered Capital of 3 Million RMB

Talimu Oilfield Achieves New High in Photovoltaic Power Generation, Exceeding 2 Billion KWh

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National Innovation Center for Oil and Gas Geophysical Exploration Unveiled and Construction Promotion Meeting Held

China National Petroleum signs 2026 financial business forecast agreement with Zhongyou Finance

Fumu Oilfield Sets New Record in Annual Oil and Gas Production

China National Petroleum Continues to Renew Derivatives Framework Agreement for 2026

Former Secretary of China National Petroleum Corporation's Oilfield Service Company Under Investigation

ALLEGRO CULTURE

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SKYWORTH GROUP

P.B. GROUP

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ALCO HOLDINGS

SHIFANG HLDG

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LING YUI

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China's naphtha imports to rise ahead of tax revamp, traders say

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SINOPEC CORP

COSL

CHINA OILFIELD

PETROCHINA

SINOPEC KANTONS

RSPC

CNOOC

Guotai CSI Oil & Gas Industry ETF

E Fund CSI Petrochemical Industry ETF

Sinopec Corp.

ChinaAMC CSI Petrochemical Industry ETF

Bosera CSI Oil & Gas Resources Index ETF

China Universal CSI Oil & Gas Resources ETF

China's naphtha imports to rise ahead of tax revamp, traders say

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Asia's diesel market remains subdued, with timespreads easing slightly amid ongoing February refiner sales. Traders are monitoring China's expected diesel exports of 250,000-300,000 metric tons and jet fuel exports of 2.1 million tons. Refining margins have increased slightly to around $20 per barrel. Physical cargo activity is thin, with cash differentials stable at premiums of 15 cents per barrel. Indonesia's Pertamina is seeking jet fuel deliveries, while China's crude oil imports from Russia fell 0.7% year-on-year in December, despite reaching a high for 2025.

Reuters

CHK OIL

Yinhua CSI Oil & Gas Resources ETF

Asia Distillates-Diesel timespreads ease slightly despite thin trade; Feb refiner sales ongoing

The National Development and Reform Commission announced that starting from midnight tonight, the domestic prices of gasoline and diesel will increase by 85 yuan per ton due to fluctuations in international oil prices. Companies such as PetroChina, Sinopec, and CNOOC must ensure stable production and supply of refined oil, and relevant departments will strengthen market supervision to maintain normal market order

AASTOCKS

Mainland China will raise the prices of refined oil starting at midnight tonight

On January 15th, Dai Houliang, Chairman of China National Petroleum Corporation, met with Canadian Prime Minister Mark Carney in Beijing, and the two sides exchanged views on promoting and expanding China-Canada oil and gas cooperation. (China Petroleum News)

Wallstreetcn

Chairman of China National Petroleum Corporation Dai Houliang visits Canadian Prime Minister Mark Carney

Vitol and Trafigura are negotiating Venezuelan crude oil sales to Indian and Chinese refiners for March delivery. They have agreements with the U.S. government to market stranded Venezuelan oil, allowing exports to resume after a halt due to political changes in Venezuela. Indian refiners like IOC and HPCL are considering purchases, while Trafigura is also in talks with PetroChina. The traders are offering cargoes at a discount to Brent prices and are securing shipping logistics for the sales, with the first cargo expected to load soon.

Vitol, Trafigura offer Venezuelan oil to Indian, Chinese refiners for March delivery, sources say

Investment Ratings and Target Prices for Oil Stocks by Citigroup in "Big Banks" (Table)

On January 7th, at the close, PetroChina Company Limited (857.HK) exhibited an increasingly cautious atmosphere, with short-term pressure permeating the market. Shortly after the opening, the main funds tended to adopt a wait-and-see approach, and the buying and selling forces appeared more balanced than earlier, but there was still no large-scale inflow. The continuous adjustment of international oil prices has caused the entire oil and gas sector to cool down to freezing point, with local funds' risk aversion sentiment rising, and northbound capital gradually retreating, leading to an overall dull trading volume. Recently, the market focus has been on the OPEC production increase issue and the global oil market outlook. Just yesterday, the news of Saudi Arabia's "moderate" price adjustment once again sparked public opinion, with the market interpreting the profit margins for oil giants as not yet improved in terms of supply and demand. Related companies in the sector followed suit, and the atmosphere for cyclical stocks cooled down, with PetroChina, as a heavyweight, inevitably facing pressure. Investors are generally concerned that if international oil prices continue to be sluggish, the company's short-term profit expectations may struggle to shine, which also leads to every rebound during the day being suppressed by the main funds. 

From a technical perspective, the MACD has shown a turning point signal, with the 5, 10, and 20-day moving averages collectively declining, indicating a clear willingness to retrace in trend. The support around 8.24-8.28 yuan is under close attention; if it is breached during the day, the risk of a second downward probe will suddenly increase. In the short term, the pressure at 8.43 yuan remains heavy, and there is insufficient confidence for a short-term breakthrough in the funds. The market generally tends to wait on the right side, focusing on whether there will be any abnormal stabilization in the intraday movements, as a major market rally may still require resonance with overseas oil prices. In any case, the technical bottom has not yet been confirmed, and risks during the low-volume consolidation phase should not be taken lightly

Technical Forecast

Morning Trend | PETROCHINA approaches support, is the main force about to act?

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The Hang Seng Index opened 108 points lower this morning and continued to decline, dropping as much as 302 points, currently reported at 26,439 points, down 270 points or 1.01%. Major blue-chip stocks "ATM" led the decline, with Alibaba down 4%, Tencent down 2%, and Meituan down 2.2%. International oil prices fell, with PetroChina and CNOOC down 3.2% and 2.8% respectively. Precious metal stocks performed strongly, with Luoyang Molybdenum up 5.7% and Rusal up 5.5%. The three major U.S. stock indices continued to rise, with the Dow Jones reaching a new closing high, while gold and silver prices increased and oil prices fell

- The Hang Seng Index opened down 108 points, continuing its decline with a low of 26,408 points before recovering to 26,439 points by noon, down 270 points or 1.01%.  
- Major tech stocks like Alibaba and Tencent led the drop amid new regulations on live commerce in Mainland China, which aim to protect consumer rights and ensure fair market competition.  
- In contrast, precious metal-related stocks performed well, with several companies seeing significant gains amidst rising gold and silver prices driven by geopolitical tension.

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Alibaba

BABA-W

Tencent

Tencent Holdings Limited

TENCENT

The Hang Seng Index fell 270 points in the half-day session, with ATM leading the decline. The three major oil companies dropped, while precious metal stocks rose against the trend | Hong Kong stock market opening

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JP Morgan believes that the situation in Venezuela has little impact on China's major oil companies, although oil production may temporarily drop by 50% after Maduro's departure. However, if stability is restored, production is expected to recover to 1.4 million barrels per day within two years. Sinopec and CNOOC have no commercial assets in Venezuela, so the loss of crude oil has limited impact. PetroChina's natural gas business is decoupled from oil prices, and it is expected that dividends could reach RMB 0.26 in the second half of the year. HLSH has received an upgraded rating, while Sinopec has received a neutral rating due to weak short-term profit prospects

HLSH

JP Morgan expects that the situation in Venezuela will have little impact on China's major oil companies, and may benefit chemical stocks

The National Development and Reform Commission announced that due to slight fluctuations in international oil prices, there will be no adjustment to domestic refined oil prices today. According to the current pricing mechanism, the adjustment amount is less than 50 RMB, and the unadjusted amount will be accumulated for the next price adjustment. Companies such as PetroChina, Sinopec, and CNOOC must ensure stable production and supply of refined oil, and relevant departments will strengthen market supervision to maintain normal market order

Mainland refined oil prices will not be adjusted today according to the mechanism

After the United States took military action against Venezuelan President Maduro, Chinese financial regulators required banks to report on the risks of loans to Venezuela. China is Venezuela's main creditor, having provided over $62 billion in loans since 2007. The stock prices of the three major oil companies fell by 2 to 3% due to their business in Venezuela. Venezuela's economic crisis is severe, with inflation rates reaching as high as 650 times and the currency depreciating by more than 62%

Airstrike on Venezuela | Reports indicate that the mainland has requested banks to report loan risk exposure. The three major oil companies have local operations, and their stock prices have fallen

Fearing Western sanctions, China's oil giants suspend seaborne Russian oil purchases

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PetroCN HK SDR 1to2

Oil control

JP#PETCHRC2611B(69651.HK)

China's naphtha imports to rise ahead of tax revamp, traders say

Asia Distillates-Diesel timespreads ease slightly despite thin trade; Feb refiner sales ongoing

Mainland China will raise the prices of refined oil starting at midnight tonight

Chairman of China National Petroleum Corporation Dai Houliang visits Canadian Prime Minister Mark Carney

Vitol, Trafigura offer Venezuelan oil to Indian, Chinese refiners for March delivery, sources say

Oil control