With the recent surge in oil prices, many energy and oil and gas related stocks have soared 12% to 54% in the past eight trading days, and trading has been extremely active. The escalation of conflict between Israel and Iran last week was the main driving force behind the rise in energy and oil and gas stocks. However, analysts interviewed believed that this rise will soon weaken, the situation is unpredictable and full of uncertainty, and it is not advisable to bet heavily on such stocks.
The strongest stock price performance was oil and gas exploration and production company Rex International. The main board listed company’s stock price rose nearly 54% during this period and was flat at 0.215 yuan on Thursday (June 19). Rex International continued to rank among the top five stocks with the highest trading volume in the entire market, ranking fourth on Thursday with a trading volume of 30.8 million shares.
During this period, Brent crude oil prices rose 14.5% from about $67 per barrel to nearly $77, and the price of West Texas Intermediate (WTI) crude oil in the United States also rose 15.6% from about $65 per barrel to more than $75.
The other three energy and oil and gas stocks whose share prices “rose with the tide” were RH Petrogas, Mermaid Maritime, and Kim Heng. RH Petrogas rose 3.54% to $0.205 on Thursday, making it the third most active stock in the market, with a trading volume of more than 31 million shares, and a 45% increase in the past eight trading days.