＜Research＞UBS Raises 2H24 Oil Price Forecasts, Still Prefers 3 Major Oil Stocks

　　UBS reported that the Brent oil price was flat MoM at US$83 per barrel in June. The broker raised its oil price forecast for 2H24, from US$84 to US$86 per barrel in 3Q and from US$81 to US$83 per barrel in 4Q.

　　The report pointed out that a huge supply deficit of 1.4 million barrels per day is expected in 3Q24 and will fall back to 500,000 barrels per day in 1Q25 due to a seasonal drop in demand as oil demand rebounds seasonally and supply growth remains limited. In addition, OPEC+ announced on 2 June that it was phasing out voluntary production cuts, but UBS forecasted that it would first resume production raise in 2Q25.

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　　UBS still preferred and recommended the 3 major oil stocks i.e. CNOOC (00883.HK) +0.150 (+0.641%) Short selling $319.25M; Ratio 13.911% , PETROCHINA (00857.HK) +0.140 (+1.701%) Short selling $572.09M; Ratio 33.180% and SINOPEC CORP (00386.HK) +0.080 (+1.563%) Short selling $109.81M; Ratio 16.704% , as OPEC+ production cuts could support oil prices in 3Q24.

　　(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2024-07-02 16:25.)

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