On June 13, the stock market faced a downturn due to geopolitical tensions in the Middle East, but oil stocks surprisingly surged more than 3%, including GAS, PVD, BSR, and PLX. Brent crude oil prices rose by 9% to $75 per barrel, marking the highest increase in two months. This surge was driven by reduced crude oil reserves in the US and expectations that the Fed would cut interest rates, boosting oil consumption. SSI Research predicts oil prices will range from $70-75 per barrel in 2025, with better profit outlooks for oil companies due to improved exploration and production (E&P). BSR’s profits are expected to rise by 73%, while PVD and PVS may maintain growth thanks to significant contracts from the Lô B project. Major projects in the oil sector, including LNG port expansions and the Lô B – Ô Môn project, are also in progress, expected to complete by 2027.
Leave a Reply