On the 11th, oil refining stocks are falling across the board. After U.S. President Trump's remarks about an "imminent end to the war," international oil prices stabilized, which is seen as dampening investor sentiment. When international oil prices rise, refiners' refining margins tend to improve, increasing the likelihood of higher profits.
As of 10:10 a.m. that day, S-Oil was trading on the Korea Exchange at 112,100 won, down around 5% from the previous session. In contrast, SK Innovation and GS Holdings, previously classified as refinery stocks, are rising. In the past, refining made up a large portion of these companies' businesses, but now other businesses, such as secondary batteries, are drawing more attention, so they are seen as less affected by international oil prices. GS Holdings is a holding company with equity in GS Caltex.
Oil-related theme stocks are plunging. With international oil prices having recently surged, stocks such as Hung-gu Oil and Kukdong Oil & Chemicals, which also jumped, are falling sharply.
President Trump, on the 9th and 10th, repeatedly mentioned the possibility of an end to the war. On the 9th, in an interview with CBS, Trump said, "The war is almost over. The war could end soon," and noted, "The war is progressing much faster than the 4–5 week timeline I initially expected."
On expectations that the war in the Middle East will be wrapped up, international oil prices fell, and investors' interest in refining and oil stocks appears to have cooled.
Overnight, on the New York Mercantile Exchange, West Texas Intermediate (WTI) for April delivery tumbled $11.32, or 11.94%, to settle at $83.45 per barrel from the previous session.