Oil and gas shares fluctuate strongly on oil price

March 10, 2021 - 06:34

Oil and gas shares finished lower on Tuesday, reversing course after surging in the previous session as the oil price climbed above US$70 per barrel for the first time since the COVID-19 pandemic started.

Dung Quất oil refinery plant in Bình Sơn District, Quảng Ngãi Province is operated by Bình Sơn Refining and Petrochemical Company Limited. Photo bsr.com.vn

HÀ NỘI — Oil and gas shares finished lower on Tuesday, reversing course after surging in the previous session as the oil price climbed above US$70 per barrel for the first time since the COVID-19 pandemic started.

The attacks on oil facilities Saudi Arabia, including a Saudi Aramco facility at Ras Tanura - a crucial port for petroleum exports, lifted Brent to its highest since January 8, 2020.

The news supported oil and gas stocks in global markets, including Việt Nam.

Despite the benchmark VN-Index on the Hồ Chí Minh Stock Exchange (HoSE) declining by 0.04 per cent on Monday, gas and oil stocks posted outstanding performance.

PetroVietnam Power Corporation (POW) closed Monday with a gain of 5.2 per cent, PetroVietnam Gas JSC (GAS) was up 2.7 per cent, PetroVietnam Drilling & Well Services Corporation (PVD) was up 1.8 per cent.

On the Hà Nội Stock Exchange (HNX), PetroVietNam Chemical And Services JSC (PVC) also climbed 9.62 per cent. Bình Sơn Refining and Petrochemical Company Limited (BSR), traded on UpCOM, also increased 3.14 per cent.

However, the rally ended on Tuesday as the oil price retreated from $70/barrel after Riyadh said there was no damage to the largest oil facility in the world.

POW edged lower in Tuesday's trade, down 3.89 per cent, GAS lost 1.37 per cent. Other stocks including PVD and BSR were down 4.67 - 6.02 per cent.

The VN-index continued downward trend on Tuesday, down 0.54 per cent to finish the trading day at 1,161.97 points. — VNS

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