I. International market and policy
1. China-US tariff game impacts energy trade
Against the backdrop of China-US trade tariff game, some news websites have been reported for publishing false information about the "supply chain outsourcing" of energy companies. Beijing's Internet reporting cases show that related rumors have damaged the reputation of companies in the oil industry chain, exacerbating market concerns about the reconstruction of the energy trade chain.
2. Marathon Crude Oil's financial report is under pressure
Marathon Crude Oil (MPC) announced its first quarter financial report for 2025, with revenue of US$31.85 billion (-4.1% year-on-year) and net profit of US$346 million (-73.63% year-on-year), reflecting the dual dilemma of cost pressure and weak demand for refining companies.
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II. China's market and price fluctuations
1. Decline in petroleum coke industry chain index
On May 8, the petroleum coke industry chain index was 111.71 points, down 51.14% from the highest point of the cycle (2022), reflecting the continued sluggish market demand for refining by-products.
2. Biofuel-related futures rose
The main contract of rapeseed oil futures (OI2509) of Zhengzhou Commodity Exchange was reported at 9,367 yuan/ton in the afternoon, an increase of 84 yuan in a single day, which may be related to the expectation of biodiesel policy.
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III. Corporate capital trends
1. Heshun Petroleum received attention from funds
Heshun Petroleum's stock price rose by 1.4% on the day, and the main capital had a net outflow of 2.0047 million yuan, but the net profit in the first quarter increased by 36.6% year-on-year, showing the profitability resilience of refining and trading companies.
2. Taishan Petroleum's net profit surged
Taishan Petroleum's net profit attributable to the parent company in the first quarter was 52.9657 million yuan (up 185.74% year-on-year), and the gross profit margin increased to 17.68%, mainly due to the synergy between the refined oil retail business and the non-oil business.
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IV. Related industry dynamics
- Cultured diamond sector changes
The main funds of Power Diamond had a net outflow of 14.65 million yuan on the day, but the cultured diamond sector rose by 0.55% overall. As an energy-intensive industry, its technological breakthroughs may indirectly affect the investment flow of the oil industry.
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Summary and suggestions
On May 8, the oil industry showed the characteristics of "policy disturbance dominated and corporate differentiation intensified":
- Risk points: Sino-US tariff game, refining profit decline;
- Opportunity points: performance elasticity of the leading refined oil retail company, biofuel policy expectations.
It is recommended to pay attention to targets such as Taishan Petroleum and Heshun Petroleum that have both profit improvement and policy dividends, and be wary of the risk of fluctuations in the crude oil supply chain.