In early trading on the 10th, oil refining stocks are plunging across the board. Overnight, U.S. President Donald Trump suggested the war with Iran could end soon, and the prospect of releasing strategic oil reserves compounded the pressure, dampening investor sentiment.
As of 9:55 a.m. on the same day, KIM ANKOR Oilfield Overseas Resources Development Fund was transaction at 351 won on the Korea Exchange, down 108 won (23.53%) from the previous session.
At the same time, Joong Ang Enervis was also down 5,150 won (15.90%) to 27,250 won on the KOSDAQ market. In addition, related oil refining stocks were weak, including Hung-gu Oil (15.56%), Kukdong Oil & Chemicals (10.54%), and S-Oil (7.77%).
On the 9th (local time), President Trump held a press conference at Trump National Doral Miami, a golf resort in Doral, Florida, and said, "We are making significant progress toward achieving our military objectives, and some say it is almost complete," raising the possibility of an early end to the war.
When asked if it could end within this week, Trump answered, "No," but added, "But soon. Very soon," repeating the point.
On the same day, finance ministers from the Group of Seven (G7), led by the chair France, held a virtual meeting to share the international oil price situation stemming from the Middle East war and to discuss responses. After the meeting, the ministers said in a statement, "We will continue to closely monitor energy market conditions and developments," and "We stand ready to take necessary measures, including releasing strategic oil reserves."
As the likelihood of releasing strategic oil reserves grew, international oil prices fell. At the same time, Brent crude was transaction at $89.26 per barrel, and West Texas Intermediate (WTI) futures at $86.15, both falling below the $90 level.