Refiners on a high


It’s the fumes, innit?

Dateline 2017-08-07, The Edge (no, not U2):

Last week, the Brent crude oil price rebounded to over US$50 (RM214) per barrel for the first time in two months, partly thanks to a drawdown in the US crude inventories, coupled with the threat of sanctions against Opec member Venezuela.

Interestingly, the news did not put a lid on the share price rally in Petron Malaysia Refining & Marketing Bhd and Hengyuan Refining Co Bhd as higher crude prices mean more costly feedstocks for them.

Instead, the two stocks climbed further last week.

Petron’s shares surged to an all-time high of RM9.76 last Friday, while Hengyuan soared to a 42-month high of RM7.97. Both counters were in the top five gainers of Bursa Malaysia last Friday.

 

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