PetroChina's Class A shares, traded under ticker 601857, advanced 2.3% on Friday, closing at 10.77 yuan. This gain contrasted with a 0.25% decline in the Shanghai Composite Index, highlighting a sector-specific rally driven by energy markets.
Oil Market Dynamics
Brent crude futures settled at $68.05 per barrel, rising 0.74%, while U.S. West Texas Intermediate gained 0.41% to $63.55. The rebound followed earlier losses as traders assessed geopolitical developments, including ongoing U.S.-Iran nuclear negotiations and new European Union sanctions proposals targeting Russian oil shipments.
Approximately 198.5 million PetroChina shares changed hands during the session, with the stock trading between 10.30 and 10.80 yuan. Over the past year, shares have ranged from 7.33 to 11.15 yuan, currently trading near the higher end of that spectrum.
Broader Sector Movement
Other Chinese state-owned energy companies followed PetroChina higher. Sinopec's A-shares increased approximately 1.6%, while CNOOC's Shanghai-listed stock advanced about 1.8%. These gains occurred despite broader market weakness, with the CSI 300 index falling 0.57%.
Market participants remain focused on demand indicators from China, the world's largest oil importer. Recent statements from Chinese leadership emphasized meeting annual economic targets and stimulating domestic consumption, which could support fuel demand.
Looking Ahead
Analysts caution that oil's recovery may prove temporary if geopolitical tensions ease. A recent Reuters survey projected Brent crude could average around $62 per barrel in 2026 amid potential oversupply concerns.
Investors await PetroChina's full-year earnings report, scheduled for release around March 30. The company's financial performance will provide crucial insights into how energy price volatility and geopolitical factors are affecting China's largest oil and gas producer.