摩根士丹利：中国能源与化工_3Q24预览
摩根大通·2024-10-13 16:43
M Idea China Energy & Chemicals | Asia Pacific October 8, 2024 09:00 PM GMT 3Q24 Preview Oil price fell ~$7/bbl QoQ and refining margins contracted due to inventory loss. Wholesale gas profit should rise QoQ thanks to import gas cost deflation. We see a low-teens decline QoQ in earnings in 3Q for PetroChina and CNOOC, and a greater drop for Sinopec due to inventory loss. PetroChina: Although the weakened crude oil price trend and appreciation of Rmb may have dragged PetroChina's upstream profitability in 3Q ...